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Dec 31, 2019
Flushing Financial Q4 2019 Earnings Report
Reported GAAP diluted EPS increased by 21.6% QoQ and pristine credit quality continued.
Key Takeaways
Flushing Financial Corporation reported GAAP EPS of $0.45, a 22% increase QoQ. Net interest income increased 6% from 3Q19, and the net interest margin improved by 11bps. Classified loans hit the lowest level since 2008 and delinquent loans decreased to 34bps of the gross loan portfolio.
GAAP diluted EPS was $0.45, up 21.6% QoQ and 2.3% YoY
Core diluted EPS was $0.41, down 14.6% QoQ and 24.1% YoY
Net interest margin was 2.48%, up 11bps QoQ and down 9bps YoY
GAAP net interest income of $41.2 million, up 5.7% QoQ and 1.3% YoY
Flushing Financial
Flushing Financial
Forward Guidance
The acquisition remains on track with an expected closing in the second quarter of 2020. All required applications and notifications have been filed with the respective agencies. As of December 31, 2019, our pro forma balance sheet would be approximately $8.0 billion in assets, $6.4 billion in loans, and $5.9 billion in deposits while expanding into the Suffolk County market. Suffolk County is one of the richest counties in the country with approximately 1.5 million people and 75,000 businesses. Our plans for substantial cost reductions and improvements in the business remain on track.