Flushing Financial Corp (FFIC) Reports 3Q23 GAAP EPS of $0.32, Down 57.9% YoY
Flushing Financial Corp (NASDAQ:FFIC) reported 3Q23 GAAP EPS of $0.32, up 10.3% QoQ, but down 57.9% YoY.
Core EPS totaled $0.32, an increase of 19.2% QoQ, but a decrease of 50.0% YoY.
GAAP NIM of 2.22% increased 4 bps QoQ but declined 85 bps YoY.
Nonperforming assets decreased 23.2% YoY and 3.1% QoQ.
Flushing Financial Corp (NASDAQ:FFIC) released its 3Q23 earnings report on November 1, 2023. The company reported a GAAP EPS of $0.32, marking a 10.3% increase QoQ but a 57.9% decrease YoY. The Core EPS stood at $0.31, reflecting a 19.2% increase QoQ and a 50.0% decrease YoY.
Financial Performance
According to the report, the company's GAAP NIM stood at 2.22%, a 4 bps increase QoQ but an 85 bps decrease YoY. The Core NIM compressed 3 bps QoQ and 89 bps YoY to 2.14%. The company's nonperforming assets decreased 23.2% YoY and 3.1% QoQ, while net recoveries were $42,000 in 3Q23.
"We delivered sequential EPS and GAAP NIM expansion through the continued execution of our action plan to drive long-term profitability while advancing our near-term areas of focus amid persisting challenges in the operating environment." - John R. Buran, President and CEO
Key Financial Metrics
Flushing Financial Corp (NASDAQ:FFIC)'s average total deposits increased 8.6% YoY, but declined 1.2% QoQ to $6.8 billion. Noninterest bearing deposits increased $46.6 million QoQ. The company's net loans decreased 0.8% YoY, but increased 0.9% QoQ. The loan pipeline increased 17.5% YoY, but decreased 12.6% QoQ to $363.3 million.
Future Outlook
Flushing Financial Corp (NASDAQ:FFIC) continues to focus on reducing interest rate risk, increasing yields on new loans, and maintaining stability in available liquidity and capital ratios. The company is confident that its ability to execute will guide it through the near-term challenges and enable the Bank to emerge as a strong and more profitable institution.
About Flushing Financial Corp (NASDAQ:FFIC)
Flushing Financial Corporation (Nasdaq: FFIC) is the holding company for Flushing Bank, an FDIC insured, New York Statechartered commercial bank that operates banking offices in Queens, Brooklyn, Manhattan, and on Long Island. The Bank has been building relationships with families, business owners, and communities since 1929.
Explore the complete 8-K earnings release (here) from Flushing Financial Corp for further details.
This article first appeared on GuruFocus.
