Flushing Financial Corporation Completes Restructuring, Reports Q4 and Full Year 2024 Results

Flushing Financial Corporation (NASDAQ: FFIC) recently announced the completion of significant restructuring efforts, along with its financial results for the fourth quarter and full year of 2024. These updates were shared in a press release by John R. Buran, the President and CEO of the company.

In the fourth quarter of 2024, Flushing Financial Corporation reported a GAAP loss per share of $(1.61) and $(1.05) for the full year 2024. However, core earnings were reported at $0.14 per share for the fourth quarter and $0.73 per share for the full year. Key actions taken during this period included raising $70 million of common capital, securities transactions, and restructuring of borrowings to enhance profitability and balance sheet strength.

Asset quality remained stable, with NPAs down 6.5% quarter over quarter. Capital improvements were noted, with TCE/TA increasing to 7.82% at December 31, 2024, representing an 82 bps QoQ increase.

Various financial metrics were highlighted, showcasing an increase in net interest margin FTE by 10 bps YoY and 29 bps QoQ to 2.39% in the fourth quarter. Despite challenges, the company emphasized maintaining credit discipline and enhancing profitability moving forward.

The full report delves into detailed performance ratios, asset quality data, and capital ratios for the period. Flushing Financial Corporation underlines its commitment to preserving liquidity and capital strength while focusing on profitability improvements in the upcoming periods.

Investors and stakeholders interested in more in-depth financial data and upcoming strategies can access the complete financial highlights report on the Flushing Financial Corporation website. Analysts and investors are also invited to join the conference call scheduled for January 29, 2025, hosted by John R. Buran and Susan K. Cullen.

The Company plans to release First Quarter 2025 financial results on April 29, 2025, followed by a conference call on April 30, 2025. Further information and updates regarding the earnings release will be communicated closer to the reporting date as per the company’s announcements.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Flushing Financial’s 8K filing here.

Flushing Financial Company Profile

Flushing Financial Corporation operates as the bank holding company for Flushing Bank that provides banking products and services primarily to consumers, businesses, and governmental units. It offers various deposit products, including checking and savings accounts, money market accounts, non-interest bearing demand accounts, NOW accounts, and certificates of deposit.