FLUSHING FINANCIAL CORP - FORM 8-K - EX-99.1

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8-K - 8-K - FLUSHING FINANCIAL CORP	ffic-20200130x8kfe6c344.htm

EXHIBIT 99.1

Flushing Financial Corporation Reports GAAP Diluted EPS of $0.45, an Increase of 21.6% QoQ; Pristine Credit Quality Continues with Classified Assets at Lowest Level Since 2008

FOURTH QUARTER 20191 HIGHLIGHTS

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

Core net interest margin was 2.33%, unchanged QoQ and down 16bps YoY

GAAP net interest income of $41.2 million, up 5.7% QoQ and 1.3% YoY

Core net interest income of $40.1 million, down 0.2% QoQ and 1.2% YoY

GAAP and core ROAE were 9.1% and 8.4%, respectively, compared with 7.6% and 9.8%, respectively in 3Q19

GAAP and core ROAA were 0.7% and 0.7%, respectively, compared with 0.6% and 0.8%, respectively in 3Q19

FULL YEAR 20191 HIGHLIGHTS

GAAP diluted EPS was $1.44, down 25.0% YoY

Core diluted EPS was $1.65, down 14.9% YoY

Net interest margin was 2.47%, down 25bps YoY

Core net interest margin was 2.40%, down 20bps YoY

GAAP net interest income of $161.9 million, down 3.3% YoY

Core net interest income of $163.6 million, down 2.3% YoY

GAAP and core ROAE were 7.4% and 8.4%, respectively, compared with 10.3% and 10.4%, respectively in 2018

GAAP and core ROAA were 0.6% and 0.7%, respectively, compared with 0.9% and 0.9%, respectively in 2018

Record C&I originations totaling $609.2 million

Classified assets totaled $24.6 million, down 47.1% YoY

UNIONDALE, N.Y., January 30, 2020 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (the “Company”) (Nasdaq-GS: FFIC), the parent holding company for Flushing Bank (the “Bank”), today announced its financial results for the fourth quarter and fiscal year ended December 31, 2019.

John R. Buran, President and Chief Executive Officer, stated, “We are pleased to report GAAP EPS of $0.45, an increase of 22% QoQ. Net interest income increased 6% from 3Q19, as the net interest margin improved by 11bps. The improvement in the net interest margin was driven by an 11bps decline in the cost of funds. The cost of funds has shown continuous improvement throughout the quarter. Concurrently, loan portfolio yields increased four basis points QoQ, as the negative effects on our floating rate C&I portfolio were recorded early in the quarter following the Fed decreasing rates. Our hedging strategies contributed positively to both net interest and non-interest income as the yield curve exhibited a small upward slope. We continue to see additional opportunities for repricing retail CDs downward as we have approximately $1 billion maturing in 2020, at an average cost of 2.20%, compared to the current average cost of new deposits of 1.53%. As a result of the above, our core net interest margin for 4Q19 was unchanged from 3Q19. Our strong credit metrics improved as classified loans hit the lowest level since 2008 and delinquent loans decreased to 34bps of the gross loan portfolio. Loan growth declined from 3Q19, however, we start 2020 with a pipeline of $325 million which exceeds the pipeline we started 2019 with by $128 million.”

“In preparation for 2020, we enhanced our distribution network. We are currently in the testing phase of upgrading our mobile and online banking offerings, which are both components of our digital transformation strategy. We expect this digital transformation to significantly improve the customer experience for both business and consumer customers. In December, we opened our 20th branch. The new branch in Hicksville, NY will expand on our successful ethnic strategy in the Asian market. We also relocated our Bell Boulevard branch to better serve our growing Asian market.”

“Most importantly, is our pending acquisition of Empire Bancorp, Inc. 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.”

“We remain well capitalized and well positioned to deliver profitable growth and long-term value to our shareholders as we continue to execute our strategic objectives.”

Summary of Strategic Objectives

Manage cost of funds and continue to improve funding mix

Increase interest income by leveraging loan pricing opportunities and portfolio mix

Enhance core earnings power by improving scalability and efficiency

Manage credit risk

Remain well capitalized under all stress test scenarios

Earnings Summary:

Net Interest Income

Net interest income for 4Q19 was $41.2 million, an increase of $0.5 million, or 1.3% YoY (4Q19 compared to 4Q18) and $2.2 million, or 5.7% QoQ (4Q19 compared to 3Q19).

Net interest margin of 2.48%, decreased 9bps YoY, but increased 11bps QoQ

Net interest spread of 2.25%, decreased 10bps YoY, but increased 10bps QoQ

Yield on average interest-earning assets of 4.21%, decreased 4bps YoY and 1bp QoQ

Cost of average interest-bearing liabilities of 1.96%, increased 6bps YoY, but decreased 11bps QoQ

Cost of funds of 1.83%, increased 6bps YoY, but decreased 11bps QoQ

Average balance of total interest-earning assets of $6,677.3 million, increased $312.9 million, or 4.9%, YoY and $87.8 million, or 1.3%, QoQ

Net interest income includes prepayment penalty income from loans totaling $0.9 million in 4Q19, $1.7 million in 3Q19 and $0.9 million in 4Q18; recovered interest from delinquent loans of $0.4 million in 4Q19, $0.3 million in 3Q19 and $0.3 million in 4Q18; net gains from fair value adjustments on qualifying hedges totaling $1.0 million in 4Q19 and net losses from fair value adjustments on qualifying hedges totaling $1.3 million in 3Q19 and none in 4Q18

Absent all above items noted in the preceding bullet, the yield on interest-earning assets was 4.07% in 4Q19, a decrease of 11bps from 3Q19 and 4Q18 and the net interest margin was 2.33% in 4Q19 and 3Q19, but decreased 16bps from 4Q18

Provision (benefit) for loan losses

The Company recorded a benefit of $0.3 million in 4Q19 compared to a provision of $0.7 million in 3Q19 and $0.4 million in 4Q18.

4Q19 benefit for loan losses was primarily due to a change in the loan portfolio mix

Net charge-offs (recoveries) of ($34,000) in 4Q19, $0.2 million in 3Q19, and ($0.2) million in 4Q18

We continue to finalize our Day One impact assumptions and expect the adoption of CECL to increase the current allowance between 5% and 15%

The CECL standard will create additional volatility to our future provisions due to the assumptions used for the macroeconomic variables, loan composition and product mix, as they are all subject to change

Non-interest Income

Non-interest income for 4Q19 was $5.0 million, an increase of $6.0 million YoY, and $4.0 million QoQ

Non-interest income included net gains from fair value adjustments of $0.8 million in 4Q19 and net losses from fair value adjustments of $2.1 million in 3Q19 and $3.6 million in 4Q18

Additionally, non-interest income included net losses from the sale of securities of $1.9 million in 4Q18; net gains from sale of assets of $1.1 million in 4Q18; net gains on sale of loans of $0.5 million in 4Q19 and $0.2 million in 3Q19 and life insurance proceeds of $0.4 million in 4Q19

Absent all above items, non-interest income was $3.3 million in 4Q19, a decrease of $0.1 million, or 1.6% YoY, but an increase of $0.4 million, or 12.3% QoQ

Non-interest Expense

Non-interest expense for 4Q19 was $29.6 million, an increase of $3.9 million, or 15.1 % YoY, and $3.6 million, or 13.8% QoQ

Non-interest expense included the benefit of the FDIC small business assessment credit of $0.3 million in 4Q19 and $1.3 million in 3Q19

Additionally, non-interest expense included the impact of the change in the discount rate used to calculate the Company’s liability of BOLI split dollar insurance; the discount rate decreased in 4Q19 resulting in additional expense totaling $1.2 million, while the discount rate increased in 4Q18 resulting in a decrease in expense totaling $0.8 million

Lastly, non-interest expense included merger expenses totaling $1.1 million in 4Q19 and $0.5 million in 3Q19

Absent all above items, non-interest expense was $27.7 million in 4Q19, an increase of $1.2 million, or 4.4% YoY, and $0.9 million, or 3.4% QoQ

The ratio of non-interest expense to average assets was to 1.68% in 4Q19 compared to 1.49% in 3Q19 and 1.54% in 4Q18; absent all above items non-interest expense to average assets was 1.57% in 4Q19 compared to 1.54% in 3Q19 and 1.59% in 4Q18

The efficiency ratio was 65.0% in 4Q19 compared to 58.9% in 3Q19 and 58.5% in 4Q18

Provision for Income Taxes

The provision for income taxes in 4Q19 was $4.0 million, an increase of $2.9 million YoY and $1.4 million QoQ.

Pre-tax income increased by $3.4 million, or 25.4% YoY, and $3.6 million, or 27.4% QoQ

The effective tax rates were 23.4% in 4Q19, 19.1% in 3Q19 and 7.8% in 4Q18

4Q18 reflects the release of a previously accrued tax liability of $1.8 million

Financial Condition Summary:

Loans:

Net loans held for investment were $5,750.5 million reflecting an increase of 4.0% from December 31, 2018, as we continue to focus on the origination of full banking relationship loans through C&I loans, multi-family loans and commercial real estate

Loan closings of commercial business loans, multi-family loans and commercial real estate totaled $241.0 million for 4Q19, or 89.3% of loan production

Loan pipeline was $324.5 million at December 31, 2019, compared to $418.9 million at September 30, 2019 and $196.6 million at December 31, 2018

The loan-to-value ratio on our portfolio of real estate dependent loans as of December 31, 2019 totaled 38.2%

The following table shows the weighted average rate received from loan closings for the periods indicated:


	For the three months ended
	December 31,		September 30,		December 31,
Loan type	2019		2019		2018
Mortgage loans	3.97	%	4.40	%	4.79	%
Non-mortgage loans	4.68	%	4.38	%	5.11	%
Total loans	4.19	%	4.39	%	4.90	%

Credit Quality:

Non-performing loans totaled $13.3 million, a decrease of $3.0 million, or 18.4%, from $16.3 million at December 31, 2018

Non-performing assets totaled $13.5 million, a decrease of $2.8 million, or 16.9%, from $16.3 million at December 31, 2018

Classified assets totaled $24.6 million, a decrease of $21.9 million, or 47.1%, from $46.5 million at December 31, 2018

Loans classified as troubled debt restructured (TDR) totaled $6.5 million, a decrease of $1.9 million, or 22.4%, from $8.4 million at December 31, 2018

We anticipate continued low loss content in the portfolio, as our strong underwriting standards coupled with our practice of obtaining updated appraisals and recording charge-offs early in the delinquency process has resulted in a 26.2% average loan-to-value for non-performing loans collateralized by real estate

Net charge-offs totaled $2.0 million during the year ended December 31, 2019 driven mainly by charge-offs of one commercial business loan relationship

Capital Management:

The Company and Bank, at December 31, 2019, were both well capitalized under all applicable regulatory requirements

Through 4Q19, stockholders’ equity increased $30.2 million, or 5.5%, to $579.7 million primarily due to net income of $41.3 million, partially offset by the declaration and payment of dividends on the Company’s common stock

During 4Q19, the Company did not repurchase any shares; as of December 31, 2019, up to 427,211 shares remained subject to repurchase under the authorized stock repurchase program, which has no expiration or maximum dollar limit

Book value per common share increased to $20.59 at December 31, 2019, from $19.64 at December 31, 2018 and tangible book value per common share, a non-GAAP measure, increased to $20.02 at December 31, 2019, from $19.07 at December 31, 2018

Conference Call Information:

John R. Buran, President and Chief Executive Officer, and Susan K. Cullen, Senior Executive Vice President and Chief Financial Officer, will host a conference call on Friday, January 31, 2020 at 9:30 AM (ET) to discuss the Company’s strategy and results for the fourth quarter

Dial-in for Live Call: 1-877-509-5836

Webcast: https://services.choruscall.com/links/ffic200131.html

Dial-in for Replay: 1-877-344-7529

Replay Access Code: 10137546

The conference call will be simultaneously webcast and archived through January 31, 2021

About Flushing Financial Corporation

Flushing Financial Corporation (Nasdaq: FFIC) is the holding company for Flushing Bank®, a New York State-chartered commercial bank insured by the Federal Deposit Insurance Corporation. The Bank serves consumers, businesses, professionals, corporate clients, and public entities by offering a full complement of deposit, loan, equipment finance, and cash management services through its banking offices located in Queens, Brooklyn, Manhattan, and on Long Island. As a leader in real estate lending, the Bank’s experienced lending team creates mortgage solutions for real estate owners and property managers both within and outside the New York City metropolitan area. Flushing Bank is an Equal Housing Lender. The Bank also operates an online banking division consisting of iGObanking.com®, which offers competitively priced deposit products to consumers nationwide, and BankPurely®, an eco-friendly, healthier lifestyle community brand.

Additional information on Flushing Bank and Flushing Financial Corporation may be obtained by visiting the Company’s website at http://www.flushingbank.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this Press Release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and in other documents filed by the Company with the Securities and Exchange Commission (the “SEC”) from time to time, including those additional risk factors discussed under the heading “Risk Factors” in our Registration Statement on Form S-4/A as filed with the SEC on January 9, 2020, relating to the pending acquisition of Empire Bancorp, Inc. Forward-looking statements may be identified by terms such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “forecasts”, “goals”, “potential” or “continue” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The Company has no obligation to update these forward-looking statements.

- Statistical Tables Follow -

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands, except per share data)

(Unaudited)


	For the three months ended						For the twelve months ended
	December 31,		September 30,		December 31,		December 31,		December 31,
	2019		2019		2018		2019		2018
Interest and Dividend Income
Interest and fees on loans	$	64,316	$	62,825	$	60,722	$	251,744	$	232,719
Interest and dividends on securities:
Interest		5,528		6,287		6,376		25,535		23,022
Dividends		17		18		18		73		67
Other interest income		318		259		317		1,604		1,190
Total interest and dividend income		70,179		69,389		67,433		278,956		256,998

Interest Expense
Deposits		21,517		22,244		20,174		88,057		64,497
Other interest expense		7,483		8,196		6,623		28,959		25,095
Total interest expense		29,000		30,440		26,797		117,016		89,592

Net Interest Income		41,179		38,949		40,636		161,940		167,406
Provision (benefit) for loan losses		(318)		683		422		2,811		575
Net Interest Income After Provision for Loan Losses		41,497		38,266		40,214		159,129		166,831

Non-interest Income
Banking services fee income		844		847		1,065		3,723		4,030
Net loss on sale of securities		—		—		(1,920)		(15)		(1,920)
Net gain on sale of loans		489		204		—		870		168
Net gain on sale of assets		—		—		1,141		770		1,141
Net gain (loss) from fair value adjustments		807		(2,124)		(3,585)		(5,353)		(4,122)
Federal Home Loan Bank of New York stock dividends		1,026		834		946		3,589		3,576
Life insurance proceeds		419		—		—		462		2,998
Bank owned life insurance		984		1,000		779		3,534		3,099
Other income		469		278		588		1,891		1,367
Total non-interest income		5,038		1,039		(986)		9,471		10,337

Non-interest Expense
Salaries and employee benefits		17,470		15,461		15,094		67,765		64,560
Occupancy and equipment		2,950		2,847		2,551		11,328		10,079
Professional services		2,120		2,167		1,821		8,358		8,360
FDIC deposit insurance		306		(589)		472		869		2,115
Data processing		1,476		1,490		1,409		5,878		5,663
Depreciation and amortization		1,476		1,439		1,464		5,930		5,792
Other real estate owned/foreclosure expense (benefit)		59		48		(128)		204		(94)
Net gain from sales of real estate owned		—		—		—		—		(27)
Other operating expenses		3,790		3,182		3,077		14,937		15,235
Total non-interest expense		29,647		26,045		25,760		115,269		111,683

Income Before Income Taxes		16,888		13,260		13,468		53,331		65,485

Provision for Income Taxes
Federal		3,058		2,457		349		10,439		8,574
State and local		899		79		697		1,613		1,821
Total taxes		3,957		2,536		1,046		12,052		10,395

Net Income	$	12,931	$	10,724	$	12,422	$	41,279	$	55,090


Basic earnings per common share	$	0.45	$	0.37	$	0.44	$	1.44	$	1.92
Diluted earnings per common share	$	0.45	$	0.37	$	0.44	$	1.44	$	1.92
Dividends per common share	$	0.21	$	0.21	$	0.20	$	0.84	$	0.80

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in thousands, except per share data)

(Unaudited)


	December 31,		September 30,		December 31,
	2019		2019		2018
ASSETS
Cash and due from banks	$	49,787	$	86,989	$	118,561
Securities held-to-maturity:
Mortgage-backed securities		7,934		7,939		7,953
Other securities		50,954		52,101		24,065
Securities available for sale:
Mortgage-backed securities		523,849		579,010		557,953
Other securities		248,651		246,465		264,702
Loans:
Multi-family residential		2,238,591		2,232,305		2,269,048
Commercial real estate		1,582,008		1,559,581		1,542,547
One-to-four family ― mixed-use property		592,471		587,100		577,741
One-to-four family ― residential		188,216		184,432		190,350
Co-operative apartments		8,663		9,089		8,498
Construction		67,754		64,234		50,600
Small Business Administration		14,445		13,982		15,210
Taxi medallion		3,309		3,513		4,539
Commercial business and other		1,061,478		1,096,164		877,763
Net unamortized premiums and unearned loan fees		15,271		15,363		15,188
Allowance for loan losses		(21,751)		(22,035)		(20,945)
Net loans		5,750,455		5,743,728		5,530,539
Interest and dividends receivable		25,722		26,566		25,485
Bank premises and equipment, net		28,676		28,146		30,418
Federal Home Loan Bank of New York stock		56,921		65,280		57,282
Bank owned life insurance		157,713		158,604		131,788
Goodwill		16,127		16,127		16,127
Other real estate owned, net		239		239		—
Right of use asset		41,254		42,400		—
Other assets		59,494		57,301		69,303
Total assets	$	7,017,776	$	7,110,895	$	6,834,176

LIABILITIES
Due to depositors:
Non-interest bearing	$	435,072	$	421,786	$	413,747
Certificate of deposit accounts		1,437,890		1,506,376		1,563,310
Savings accounts		191,485		193,497		210,022
Money market accounts		1,592,011		1,329,156		1,427,992
NOW accounts		1,365,591		1,461,694		1,300,852
Total deposits		5,022,049		4,912,509		4,915,923
Mortgagors' escrow deposits		44,375		61,803		44,861
Borrowed funds		1,237,231		1,422,440		1,250,843
Operating lease liability		49,367		50,626		—
Other liabilities		85,082		95,125		73,085
Total liabilities		6,438,104		6,542,503		6,284,712

STOCKHOLDERS' EQUITY
Preferred stock (5,000,000 shares authorized; none issued)		—		—		—
Common stock ($0.01 par value; 100,000,000 shares authorized; 31,530,595 shares issued at December 31, 2019, September 30, 2019 and December 31, 2018; 28,157,206 shares, 28,157,206 shares and 27,983,637 shares outstanding at December 31, 2019, September 30, 2019 and December 31, 2018, respectively)		315		315		315
Additional paid-in capital		226,691		225,471		222,720
Treasury stock (3,373,389 shares, 3,373,389 shares and 3,546,958 shares at December 31, 2019, September 30, 2019 and December 31, 2018, respectively)		(71,487)		(71,487)		(75,146)
Retained earnings		433,960		427,062		414,327
Accumulated other comprehensive loss, net of taxes		(9,807)		(12,969)		(12,752)
Total stockholders' equity		579,672		568,392		549,464

Total liabilities and stockholders' equity	$	7,017,776	$	7,110,895	$	6,834,176

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in thousands, except per share data)

(Unaudited)


	At or for the three months ended									At or for the twelve months ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2019			2019			2018			2019			2018
Per Share Data
Basic earnings per share	$	0.45		$	0.37		$	0.44		$	1.44		$	1.92
Diluted earnings per share	$	0.45		$	0.37		$	0.44		$	1.44		$	1.92
Average number of shares outstanding for:
Basic earnings per common share computation		28,723,077			28,730,161			28,422,215			28,709,106			28,709,378
Diluted earnings per common share computation		28,723,077			28,730,161			28,422,517			28,709,109			28,709,833
Shares outstanding		28,157,206			28,157,206			27,983,637			28,157,206			27,983,637
Book value per common share (1)	$	20.59		$	20.19		$	19.64		$	20.59		$	19.64
Tangible book value per common share (2)	$	20.02		$	19.62		$	19.07		$	20.02		$	19.07

Stockholders' Equity
Stockholders' equity	$	579,672		$	568,392		$	549,464		$	579,672		$	549,464
Tangible stockholders' equity		563,837			552,551			533,627			563,837			533,627

Average Balances
Total loans, net	$	5,726,635		$	5,645,503		$	5,438,418		$	5,621,033		$	5,316,968
Total interest-earning assets		6,677,325			6,589,498			6,364,456			6,582,473			6,194,248
Total assets		7,057,094			6,972,403			6,681,161			6,947,881			6,504,598
Total due to depositors		4,527,645			4,422,050			4,453,200			4,535,292			4,288,868
Total interest-bearing liabilities		5,912,284			5,877,740			5,654,560			5,856,953			5,517,552
Stockholders' equity		567,461			564,255			541,067			561,289			534,735

Performance Ratios (3)
Return on average assets		0.73	%		0.62	%		0.74	%		0.59	%		0.85	%
Return on average equity		9.11			7.60			9.18			7.35			10.30
Yield on average interest-earning assets (4)		4.21			4.22			4.25			4.25			4.16
Cost of average interest-bearing liabilities		1.96			2.07			1.90			2.00			1.62
Cost of funds		1.83			1.94			1.77			1.87			1.52
Net interest rate spread during period (4)		2.25			2.15			2.35			2.25			2.54
Net interest margin (4)		2.48			2.37			2.57			2.47			2.72
Non-interest expense to average assets		1.68			1.49			1.54			1.66			1.72
Efficiency ratio (5)		65.00			58.87			58.53			63.89			62.12
Average interest-earning assets to average interest-bearing liabilities		1.13	X		1.12	X		1.13	X		1.12	X		1.12	X

(1) Calculated by dividing stockholders’ equity by shares outstanding.

(2) Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’ common equity is stockholders’ equity less intangible assets (goodwill, net of deferred taxes). See “Calculation of Tangible Stockholders’ Common Equity to Tangible Assets”.

(3) Ratios are presented on an annualized basis, where appropriate.

(4) Yields are calculated on the tax equivalent basis using the statutory federal income tax rate of 21% for the periods presented.

(5) Efficiency ratio, a non-GAAP measure, was calculated by dividing non-interest expense (excluding accelerated employee benefits upon officer’s death, merger expense, OREO expense and the net gain/loss from the sale of OREO) by the total of net interest income (excluding net losses from fair value adjustments on qualifying hedges) and non-interest income (excluding net gains and losses from the sale of securities, assets and fair value adjustments and life insurance proceeds).

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

SELECTED CONSOLIDATED FINANCIAL DATA

(Dollars in thousands)

(Unaudited)


	At or for the twelve			At or for the twelve
	months ended			months ended
	December 31, 2019			December 31, 2018

Selected Financial Ratios and Other Data

Regulatory capital ratios (for Flushing Financial Corporation):
Tier 1 capital	$	615,500		$	586,582
Common equity Tier 1 capital		572,651			546,230
Total risk-based capital		712,251			682,527

Tier 1 leverage capital (well capitalized = 5%)		8.73	%		8.74	%
Common equity Tier 1 risk-based capital (well capitalized = 6.5%)		10.95			10.98
Tier 1 risk-based capital (well capitalized = 8.0%)		11.77			11.79
Total risk-based capital (well capitalized = 10.0%)		13.62			13.72

Regulatory capital ratios (for Flushing Bank only):
Tier 1 capital	$	680,749		$	660,782
Common equity Tier 1 capital		680,749			660,782
Total risk-based capital		702,500			681,727

Tier 1 leverage capital (well capitalized = 5%)		9.65	%		9.85	%
Common equity Tier 1 risk-based capital (well capitalized = 6.5%)		13.02			13.28
Tier 1 risk-based capital (well capitalized = 8.0%)		13.02			13.28
Total risk-based capital (well capitalized = 10.0%)		13.43			13.70

Capital ratios:
Average equity to average assets		8.08	%		8.22	%
Equity to total assets		8.26			8.04
Tangible common equity to tangible assets (1)		8.05			7.83

Asset quality:
Non-accrual loans (2)	$	12,813		$	16,253
Non-performing loans		13,258			16,253
Non-performing assets		13,532			16,288
Net charge-offs		2,005			(19)

Asset quality ratios:
Non-performing loans to gross loans		0.23	%		0.29	%
Non-performing assets to total assets		0.19			0.24
Allowance for loan losses to gross loans		0.38			0.38
Allowance for loan losses to non-performing assets		160.73			128.60
Allowance for loan losses to non-performing loans		164.05			128.87

Full-service customer facilities		20			19

(1) See “Calculation of Tangible Stockholders’ Common Equity to Tangible Assets”.

(2) Excludes performing non-accrual TDR loans.

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

NET INTEREST MARGIN

(Dollars in thousands)

(Unaudited)


	For the three months ended
	December 31, 2019						September 30, 2019						December 31, 2018
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest		Cost		Balance		Interest		Cost		Balance		Interest		Cost


Interest-earning Assets:
Mortgage loans, net	$	4,628,854	$	51,927	4.49	%	$	4,598,898	$	50,462	4.39	%	$	4,555,895	$	49,789	4.37	%
Other loans, net		1,097,781		12,389	4.51			1,046,605		12,363	4.72			882,523		10,933	4.96
Total loans, net (1) (2)		5,726,635		64,316	4.49			5,645,503		62,825	4.45			5,438,418		60,722	4.47
Taxable securities:
Mortgage-backed securities		555,023		3,230	2.33			574,756		3,765	2.62			558,693		4,004	2.87
Other securities		244,075		1,774	2.91			244,757		1,982	3.24			184,592		1,586	3.44
Total taxable securities		799,098		5,004	2.50			819,513		5,747	2.81			743,285		5,590	3.01
Tax-exempt securities: (3)
Other securities		63,825		685	4.29			65,709		706	4.30			114,079		1,018	3.57
Total tax-exempt securities		63,825		685	4.29			65,709		706	4.30			114,079		1,018	3.57
Interest-earning deposits and federal funds sold		87,767		318	1.45			58,773		259	1.76			68,674		317	1.85
Total interest-earning assets		6,677,325		70,323	4.21			6,589,498		69,537	4.22			6,364,456		67,647	4.25
Other assets		379,769						382,905						316,705
Total assets	$	7,057,094					$	6,972,403					$	6,681,161


Interest-bearing Liabilities:
Deposits:
Savings accounts	$	192,818		325	0.67		$	194,736		344	0.71		$	213,091		392	0.74
NOW accounts		1,362,151		5,227	1.53			1,347,145		5,654	1.68			1,312,834		4,968	1.51
Money market accounts		1,456,676		7,165	1.97			1,306,634		6,859	2.10			1,348,873		6,523	1.93
Certificate of deposit accounts		1,516,000		8,752	2.31			1,573,535		9,321	2.37			1,578,402		8,276	2.10
Total due to depositors		4,527,645		21,469	1.90			4,422,050		22,178	2.01			4,453,200		20,159	1.81
Mortgagors' escrow accounts		74,751		48	0.26			60,084		66	0.44			71,108		15	0.08
Total interest-bearing deposits		4,602,396		21,517	1.87			4,482,134		22,244	1.99			4,524,308		20,174	1.78
Borrowings		1,309,888		7,483	2.29			1,395,606		8,196	2.35			1,130,252		6,623	2.34
Total interest-bearing liabilities		5,912,284		29,000	1.96			5,877,740		30,440	2.07			5,654,560		26,797	1.90
Non interest-bearing demand deposits		435,241						400,762						406,501
Other liabilities		142,108						129,646						79,033
Total liabilities		6,489,633						6,408,148						6,140,094
Equity		567,461						564,255						541,067
Total liabilities and equity	$	7,057,094					$	6,972,403					$	6,681,161

Net interest income / net interest rate spread (tax equivalent) (3)			$	41,323	2.25	%			$	39,097	2.15	%			$	40,850	2.35	%

Net interest-earning assets / net interest margin (tax equivalent)	$	765,041			2.48	%	$	711,758			2.37	%	$	709,896			2.57	%

Ratio of interest-earning assets to interest-bearing liabilities					1.13	X					1.12	X					1.13	X

(1) Loan interest income includes loan fee income (which includes net amortization of deferred fees and costs, late charges, and prepayment penalties) of approximately $0.3 million, $0.9 million and $0.5 million for the three months ended December 31, 2019, September 30, 2019 and December 31, 2018, respectively.

(2) Loan interest income includes net gains from fair value adjustments on qualifying hedges of $1.0 million for the three months ended December 31, 2019 and net losses of $1.3 million for the three months ended September 30, 2019.

(3) Interest and yields are calculated on the tax equivalent basis using the statutory federal income tax rate of 21% for the three months ended December 31, 2019, September 30, 2019 and December 31, 2018 totaling $0.1 million, $0.1 million and $0.2 million, respectively.

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

NET INTEREST MARGIN

(Dollars in thousands)

(Unaudited)


	For the twelve months ended
	December 31, 2019							December 31, 2018
	Average				Yield/			Average				Yield/
	Balance		Interest		Cost			Balance		Interest		Cost
Interest-earning Assets:
Mortgage loans, net	$	4,609,439	$	203,440		4.41	%	$	4,494,210	$	193,186	4.30	%
Other loans, net		1,011,594		48,304		4.78			822,758		39,533	4.80
Total loans, net (1) (2)		5,621,033		251,744		4.48			5,316,968		232,719	4.38
Taxable securities:
Mortgage-backed securities		572,223		15,468		2.70			539,771		15,065	2.79
Other securities		243,324		8,102		3.33			140,461		4,658	3.32
Total taxable securities		815,547		23,570		2.89			680,232		19,723	2.90
Tax-exempt securities: (3)
Other securities		60,971		2,580		4.23			121,412		4,261	3.51
Total tax-exempt securities		60,971		2,580		4.23			121,412		4,261	3.51
Interest-earning deposits and federal funds sold		84,922		1,604		1.89			75,636		1,190	1.57
Total interest-earning assets		6,582,473		279,498		4.25			6,194,248		257,893	4.16
Other assets		365,408							310,350
Total assets	$	6,947,881						$	6,504,598


Interest-bearing Liabilities:
Deposits:
Savings accounts	$	198,374		1,378		0.69		$	233,392		1,370	0.59
NOW accounts		1,434,440		23,553		1.64			1,407,945		15,896	1.13
Money market accounts		1,370,038		27,819		2.03			1,164,505		18,707	1.61
Certificate of deposit accounts		1,532,440		35,078		2.29			1,483,026		28,310	1.91
Total due to depositors		4,535,292		87,828		1.94			4,288,868		64,283	1.50
Mortgagors' escrow accounts		70,209		229		0.33			66,255		214	0.32
Total interest-bearing deposits		4,605,501		88,057		1.91			4,355,123		64,497	1.48
Borrowings		1,251,452		28,959		2.31			1,162,429		25,095	2.16
Total interest-bearing liabilities		5,856,953		117,016		2.00			5,517,552		89,592	1.62
Non interest-bearing demand deposits		407,450							380,889
Other liabilities		122,189							71,422
Total liabilities		6,386,592							5,969,863
Equity		561,289							534,735
Total liabilities and equity	$	6,947,881						$	6,504,598

Net interest income / net interest rate spread (tax equivalent) (3)			$	162,482		2.25	%			$	168,301	2.54	%
Net interest-earning assets / net interest margin (tax equivalent)	$	725,520				2.47	%	$	676,696			2.72	%
Ratio of interest-earning assets to interest-bearing liabilities						1.12	X					1.12	X

(1) Loan interest income includes loan fee income (which includes net amortization of deferred fees and costs, late charges, and prepayment penalties) of approximately $2.0 million and $2.1 million for the year ended December 31, 2019 and 2018, respectively.

(2) Loan interest income includes net losses from fair value adjustments on qualifying hedges of $1.7 million and none for the year ended December 31, 2019 and 2018, respectively.

(3) Interest and yields are calculated on the tax equivalent basis using the statutory federal income tax rate of 21% for the year ended December 31, 2019 and 2018 totaling $0.5 million and $0.9 million, respectively.

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

DEPOSIT COMPOSITION

(Unaudited)


									December 2019 vs.				December 2019 vs.
	December 31,		September 30,		June 30,		March 31,		September 2019		December 31,		December 2018
(Dollars in thousands)	2019		2019		2019		2019		% Change		2018		% Change
Deposits
Non-interest bearing	$	435,072	$	421,786	$	413,813	$	401,064	3.1	%	$	413,747	5.2	%
Interest bearing:
Certificate of deposit accounts		1,437,890		1,506,376		1,544,117		1,511,770	(4.5)	%		1,563,310	(8.0)	%
Savings accounts		191,485		193,497		196,820		201,811	(1.0)	%		210,022	(8.8)	%
Money market accounts		1,592,011		1,329,156		1,302,153		1,352,843	19.8	%		1,427,992	11.5	%
NOW accounts		1,365,591		1,461,694		1,368,813		1,542,606	(6.6)	%		1,300,852	5.0	%
Total interest-bearing deposits		4,586,977		4,490,723		4,411,903		4,609,030	2.1	%		4,502,176	1.9	%

Total deposits	$	5,022,049	$	4,912,509	$	4,825,716	$	5,010,094	2.2	%	$	4,915,923	2.2	%

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

LOANS

(Unaudited)

Loan Closings


	For the three months ended						For the twelve months ended
		December 31,	September 30,			December 31,		December 31,	December 31,
(In thousands)	2019		2019		2018		2019		2018
Multi-family residential	$	104,310	$	60,454	$	85,095	$	247,607	$	339,732
Commercial real estate		55,047		66,648		95,772		178,336		270,785
One-to-four family – mixed-use property		18,653		18,167		28,924		66,128		74,156
One-to-four family – residential		5,833		7,421		7,356		25,024		42,660
Co-operative apartments		—		1,817		948		2,117		2,448
Construction		3,542		5,761		8,968		33,919		39,595
Small Business Administration		721		121		1,304		3,426		3,843
Commercial business and other		81,630		237,754		116,365		605,743		477,572
Total	$	269,736	$	398,143	$	344,732	$	1,162,300	$	1,250,791

Loan Composition


									December 2019 vs.				December 2019 vs.
		December 31,		September 30,		June 30,		March 31,	September 2019			December 31,	December 2018
(Dollars in thousands)	2019		2019		2019		2019		% Change		2018		% Change
Loans held for investment:
Multi-family residential	$	2,238,591	$	2,232,305	$	2,263,875	$	2,256,447	0.3	%	$	2,269,048	(1.3)	%
Commercial real estate		1,582,008		1,559,581		1,524,693		1,529,001	1.4	%		1,542,547	2.6	%
One-to-four family ― mixed-use property		592,471		587,100		582,264		582,049	0.9	%		577,741	2.5	%
One-to-four family ― residential		188,216		184,432		184,024		188,615	2.1	%		190,350	(1.1)	%
Co-operative apartments		8,663		9,089		8,137		7,903	(4.7)	%		8,498	1.9	%
Construction		67,754		64,234		58,503		54,933	5.5	%		50,600	33.9	%
Small Business Administration		14,445		13,982		14,511		15,188	3.3	%		15,210	(5.0)	%
Taxi medallion		3,309		3,513		3,555		3,891	(5.8)	%		4,539	(27.1)	%
Commercial business and other		1,061,478		1,096,164		983,573		935,297	(3.2)	%		877,763	20.9	%
Net unamortized premiums and unearned loan fees		15,271		15,363		15,278		15,422	(0.6)	%		15,188	0.5	%
Allowance for loan losses		(21,751)		(22,035)		(21,510)		(21,015)	(1.3)	%		(20,945)	3.8	%
Net loans	$	5,750,455	$	5,743,728	$	5,616,903	$	5,567,731	0.1	%	$	5,530,539	4.0	%

Net Loans Activity


	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(In thousands)	2019		2019		2019		2019		2018
Loans originated and purchased	$	269,736	$	398,143	$	296,397	$	198,024	$	344,732
Principal reductions		(255,977)		(266,894)		(243,263)		(158,815)		(173,061)
Loans sold		(7,129)		(3,553)		(1,970)		(1,043)		—
Loan charge-offs		(95)		(431)		(1,114)		(1,138)		(211)
Foreclosures		—		—		(239)		—		—
Net change in deferred fees and costs		(92)		85		(144)		234		(38)
Net change in the allowance for loan losses		284		(525)		(495)		(70)		(636)
Total loan activity	$	6,727	$	126,825	$	49,172	$	37,192	$	170,786

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

NON-PERFORMING ASSETS and NET CHARGE-OFFS

(Unaudited)


	December 31,			September 30,			June 30,			March 31,			December 31,
(Dollars in thousands)	2019			2019			2019			2019			2018
Loans 90 Days Or More Past Due and Still Accruing:
Multi-family residential	$	445		$	445		$	—		$	—		$	—
Total		445			445			—			—			—

Non-accrual Loans:
Multi-family residential		2,296			3,132			2,008			2,009			2,410
Commercial real estate		367			872			1,488			1,050			1,379
One-to-four family - mixed-use property		274			683			1,752			1,305			928
One-to-four family - residential		5,139			5,050			5,411			5,708			6,144
Construction		—			—			—			950			—
Small Business Administration		1,151			1,151			1,224			1,227			1,267
Taxi medallion(1)		1,641			1,352			1,361			1,372			613
Commercial business and other(1)		1,945			2,020			2,458			2,114			3,512
Total		12,813			14,260			15,702			15,735			16,253

Total Non-performing Loans		13,258			14,705			15,702			15,735			16,253

Other Non-performing Assets:
Real estate acquired through foreclosure		239			239			239			—			—
Other asset acquired through foreclosure		35			35			35			35			35
Total		274			274			274			35			35

Total Non-performing Assets	$	13,532		$	14,979		$	15,976		$	15,770		$	16,288

Non-performing Assets to Total Assets		0.19	%		0.21	%		0.23	%		0.23	%		0.24	%
Allowance For Loan Losses to Non-performing Loans		164.1	%		149.8	%		137.0	%		133.6	%		128.9	%

(1) Not included in the above analysis are non-accrual performing TDR taxi medallion loans totaling $1.7 million in 4Q19, $2.2 million in 3Q19, $2.2 million in 2Q19, $2.5 million in 1Q19 and $3.9 million in 4Q18 and non-accrual performing TDR commercial business loans totaling $0.9 million in 4Q19 and $1.0 million in 3Q19.

Net Charge-Offs (Recoveries)


	Three Months Ended
	December 31,		September 30,		June 30,		March 31,		December 31,
(In thousands)	2019		2019		2019		2019		2018
Multi-family residential	$	(14)	$	183	$	(10)	$	(13)	$	(4)
Commercial real estate		(30)		—		(7)		—		—
One-to-four family – mixed-use property		119		(140)		(2)		(85)		(18)
One-to-four family – residential		(3)		(3)		110		(4)		(199)
Small Business Administration		(8)		(32)		(16)		(4)		170
Taxi medallion		—		—		(50)		(84)		(143)
Commercial business and other		(98)		150		954		1,092		(20)
Total net loan charge-offs (recoveries)	$	(34)	$	158	$	979	$	902	$	(214)

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

RECONCILIATION OF GAAP EARNINGS and CORE EARNINGS

Non-cash Fair Value Adjustments to GAAP Earnings

During 2019, core earnings were higher than GAAP earnings primarily due to the impact of non-cash net losses from fair value adjustments. These fair value adjustments relate primarily to swaps designated to protect against rising rates. As the swaps get closer to maturity the volatility in fair value adjustments will dissipate. Overall, the interest movement of the swaps is benefitting the core net interest margin while the fair value adjustments are offsetting the benefit. In a declining interest rate environment, the movement in the curve exaggerates our mark-to-market loss position. In a rising interest rate environment or a steepening of the yield curve the loss position would experience an improvement.

Core Diluted EPS, Core ROAE, Core ROAA, Core Net Interest Income, Core Yield on Total Loans, Core Net Interest Margin and tangible book value per common share are each non-GAAP measures used in this release. A reconciliation to the most directly comparable GAAP financial measures appears below in tabular form. The Company believes that these measures are useful for both investors and management to understand the effects of certain interest and non-interest items and provide an alternative view of the Company's performance over time and in comparison to the Company's competitors. These measures should not be viewed as a substitute for net income. The Company believes that tangible book value per common share is useful for both investors and management as these are measures commonly used by financial institutions, regulators and investors to measure the capital adequacy of financial institutions. The Company believes these measures facilitate comparison of the quality and composition of the Company's capital over time and in comparison to its competitors. These measures should not be viewed as a substitute for total shareholders' equity.

These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

RECONCILIATION OF GAAP EARNINGS and CORE EARNINGS

(Dollars in thousands, except per share data)

(Unaudited)


	Three Months Ended									Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2019			2019			2018			2019			2019

GAAP income before income taxes	$	16,888		$	13,260		$	13,468		$	53,331		$	65,485

Net (gain) loss from fair value adjustments		(807)			2,124			3,585			5,353			4,122
Net loss on sale of securities		—			—			1,920			15			1,920
Life insurance proceeds		(419)			—			—			(462)			(2,998)
Net gain on sale of assets		—			—			(1,141)			(770)			(1,141)
Net (gain) loss from fair value adjustments on qualifying hedges		(1,039)			1,262			—			1,678			—
Accelerated employee benefits upon Officer's death		—			—			—			455			149
Merger expense		1,080			510			—			1,590			—

Core income before taxes		15,703			17,156			17,832			61,190			67,537

Provision for income taxes for core income		3,841			3,312			2,395			13,957			11,960

Core net income	$	11,862		$	13,844		$	15,437		$	47,233		$	55,577

GAAP diluted earnings per common share	$	0.45		$	0.37		$	0.44		$	1.44		$	1.92

Net (gain) loss from fair value adjustments, net of tax		(0.02)			0.06			0.09			0.14			0.10
Net loss on sale of securities, net of tax		—			—			0.05			—			0.05
Life insurance proceeds		(0.01)			—			—			(0.02)			(0.10)
Net gain on sale of assets, net of tax		—			—			(0.03)			(0.02)			(0.03)
Net (gain) loss from fair value adjustments on qualifying hedges, net of tax		(0.03)			0.04			—			0.05			—
Accelerated employee benefits upon Officer's death, net of tax		—			—			—			0.01			—
Merger expense, net of tax		0.03			0.01			—			0.04			—

Core diluted earnings per common share(1)	$	0.41		$	0.48		$	0.54		$	1.65		$	1.94


Core net income, as calculated above	$	11,862		$	13,844		$	15,437		$	47,233		$	55,577
Average assets		7,057,094			6,972,403			6,681,161			6,947,881			6,504,598
Average equity		567,461			564,255			541,067			561,289			534,735
Core return on average assets(2)		0.67	%		0.79	%		0.92	%		0.68	%		0.85	%
Core return on average equity(2)		8.36	%		9.81	%		11.41	%		8.42	%		10.39	%

(1) Core diluted earnings per common share may not foot due to rounding.

(2) Ratios are calculated on an annualized basis.

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

RECONCILIATION OF GAAP NET INTEREST INCOME and NET INTEREST MARGIN

To CORE NET INTEREST INCOME and NET INTEREST MARGIN

(Dollars in thousands)

(Unaudited)


	Three Months Ended									Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2019			2019			2018			2019			2018
GAAP net interest income	$	41,179		$	38,949		$	40,636		$	161,940		$	167,406
Net (gain) loss from fair value adjustments on qualifying hedges		(1,039)			1,262			—			1,678			—
Core net interest income	$	40,140		$	40,211		$	40,636		$	163,618		$	167,406


GAAP interest income on total loans, net	$	64,316		$	62,825		$	60,722		$	251,744		$	232,719
Net (gain) loss from fair value adjustments on qualifying hedges		(1,039)			1,262			—			1,678			—
Prepayment penalties received on loans		(926)			(1,697)			(892)			(4,548)			(5,200)
Net recoveries of interest from non-accrual loans		(428)			(292)			(276)			(1,953)			(1,756)
Core interest income on total loans, net	$	61,923		$	62,098		$	59,554		$	246,921		$	225,763
Average total loans, net	$	5,726,635		$	5,645,503		$	5,438,418		$	5,621,033		$	5,316,968
Core yield on total loans		4.33	%		4.40	%		4.38	%		4.39	%		4.25	%


Net interest income tax equivalent	$	41,323		$	39,097		$	40,850		$	162,482		$	168,301
Net (gain) loss from fair value adjustments on qualifying hedges		(1,039)			1,262			—			1,678			—
Prepayment penalties received on loans and securities		(926)			(1,697)			(892)			(4,548)			(5,302)
Net recoveries of interest from non-accrual loans		(428)			(292)			(276)			(1,953)			(1,756)
Net interest income used in calculation of Core net interest margin	$	38,930		$	38,370		$	39,682		$	157,659		$	161,243
Total average interest-earning assets	$	6,677,325		$	6,589,498		$	6,364,456		$	6,582,473		$	6,194,248
Core net interest margin		2.33	%		2.33	%		2.49	%		2.40	%		2.60	%

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

CALCULATION OF TANGIBLE STOCKHOLDERS’

COMMON EQUITY to TANGIBLE ASSETS

(Unaudited)


	December 31,			September 30,			December 31,
(Dollars in thousands)	2019			2019			2018
Total Equity	$	579,672		$	568,392		$	549,464
Less:
Goodwill		(16,127)			(16,127)			(16,127)
Intangible deferred tax liabilities		292			286			290
Tangible Stockholders' Common Equity	$	563,837		$	552,551		$	533,627

Total Assets	$	7,017,776		$	7,110,895		$	6,834,176
Less:
Goodwill		(16,127)			(16,127)			(16,127)
Intangible deferred tax liabilities		292			286			290
Tangible Assets	$	7,001,941		$	7,095,054		$	6,818,339

Tangible Stockholders' Common Equity to Tangible Assets		8.05	%		7.79	%		7.83	%

__________________________________

1 See the tables entitled “Reconciliation of GAAP Earnings and Core Earnings” and “Reconciliation of GAAP Net Interest Income and Net Interest Margin to Core Net Interest Income and Net Interest Margin.”

Susan K. Cullen

Senior Executive Vice President, Treasurer and Chief Financial Officer

Flushing Financial Corporation

(718) 961-5400

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