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Sep 30, 2020
Flushing Financial Q3 2020 Earnings Report
Reported GAAP earnings and record core earnings, driven by record net interest income.
Key Takeaways
Flushing Financial Corporation reported third quarter earnings of $14.3 million, or $0.50 per diluted common share. The company achieved record net interest income and proactively managed credit risk, improving the funding mix with an emphasis on non-interest bearing demand accounts.
GAAP diluted EPS was $0.50, compared to $0.63 in 2Q20 and $0.37 in 3Q19.
Record Core diluted EPS was $0.56 compared to $0.36 in 2Q20 and $0.48 in 3Q19.
Net interest margin was 3.00%, up 13bps QoQ and 63bps YoY.
Record GAAP net interest income was $49.9 million, up 2.5% QoQ and 28.2% YoY.
Flushing Financial
Flushing Financial
Forward Guidance
Flushing Financial Corporation expects to sustain a strong margin and anticipate that their cost of funds will further decline during the fourth quarter.