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Sep 30, 2024
Flushing Financial Q3 2024 Earnings Report
GAAP and Core EPS Increased, and Net Interest Income and NIM Improved QoQ.
Key Takeaways
Flushing Financial Corporation reported a strong third quarter in 2024, with GAAP and Core EPS reaching $0.30 and $0.26, respectively. The company experienced an increase in both GAAP and Core NIM, driven by a decrease in the cost of funds during August and September. Credit quality remained solid, with a decline in NPAs and criticized and classified assets.
GAAP and Core EPS were $0.30 and $0.26, respectively, the best quarter in the past seven.
GAAP and Core NIM increased by 5 and 4 bps QoQ to 2.10% and 2.07%, respectively.
Average total deposits increased 9.4% YoY and 3.7% QoQ.
Period end net loans increased 0.6% QoQ, the first QoQ increase since 4Q23.
Forward Guidance
The Company remains on target to have core noninterest expense growth of mid-single digits for 2024
Positive Outlook
- GAAP and Core NIM increased by 5 bps and 4 bps QoQ, respectively, in 3Q24
- Net reversals and recovered interest from delinquent loans added 5 bps to the GAAP and Core NIM in 3Q24
- Approximately 26% of the loan portfolio consists of floating rate loans (including hedges)
- Average noninterest bearing deposits increased 2.7% QoQ and accounted for 11.3% of average total deposits
- Maintaining ample liquidity with $3.9 billion of undrawn lines and resources as of September 30, 2024
Challenges Ahead
- Net interest margin FTE decreased 12 bps YoY
- Core net interest margin FTE decreased 6 bps YoY
- Period end net loans decreased 1.2% YoY
- Loan closings were down 10.1% YoY
Historical Earnings Impact
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Avg. Return Before/After Earnings
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