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Dec 31, 2023
Flushing Financial Q4 2023 Earnings Report
GAAP and core NIM expanded QoQ and average total deposits increased.
Key Takeaways
Flushing Financial Corporation reported a GAAP EPS of $0.27 and a core EPS of $0.25 for Q4 2023. The company saw sequential GAAP and core NIM expansion, along with an increase in total average deposits.
GAAP EPS was $0.27 and Core EPS was $0.25.
GAAP NIM was 2.29% while Core NIM amounted to 2.31%.
Average total deposits increased 3.1% YoY and 0.9% QoQ.
Nonperforming assets to total assets increased to 54 bps.
Forward Guidance
Flushing Financial is focused on increasing NIM and reducing volatility, maintaining credit discipline, preserving strong liquidity and capital, and bending the expense curve.
Positive Outlook
- GAAP and Core NIM improved 7 bps and 18 bps QoQ, respectively, in 4Q23
- NIM improved 5 bps QoQ to 2.14%, absent episodic items
- Largely achieved the goal of becoming interest rate neutral to a 100 bps change in rates
- Approximately 25% of the loan portfolio consists of floating rate loans (including interest rate hedges)
- Average noninterest bearing increased 2.5% QoQ and accounted for 12.7% of average total deposits
Challenges Ahead
- Checking account openings declined 6.6% YoY in 4Q23
- 1Q24 seasonal expenses are expected to be less than half of the $4.1 million recorded in 1Q23
- Loan pipeline decreased 35.3% YoY and 55.1% QoQ to $163.1 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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