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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

Commission file number 001-33013

FLUSHING FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation or organization)

11-3209278

(I.R.S. Employer Identification No.)

220 RXR Plaza, Uniondale, New York 11556

(Address of principal executive offices)

(718) 961-5400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

FFIC

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    X   Yes        __No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    X   Yes        __No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  __

Accelerated filer  X

Non-accelerated filer  __

Smaller reporting company  __

Emerging growth company  __

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the exchange act.__

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  ___Yes    X   No

The number of shares of the registrant’s Common Stock outstanding as of April 30, 2021 was 30,954,774.

Table of Contents

TABLE OF CONTENTS

PAGE

PART I  — FINANCIAL INFORMATION

ITEM 1. Financial Statements - (Unaudited)

Consolidated Statements of Financial Condition

1

Consolidated Statements of Income

2

Consolidated Statements of Comprehensive Income

3

Consolidated Statements of Cash Flows

4

Consolidated Statements of Changes in Stockholders’ Equity

6

Notes to Consolidated Financial Statements

7

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

42

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

56

ITEM 4. Controls and Procedures

56

PART II  — OTHER INFORMATION

ITEM 1. Legal Proceedings

57

ITEM 1A. Risk Factors

57

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

57

ITEM 3. Defaults Upon Senior Securities

57

ITEM 4. Mine Safety Disclosures

57

ITEM 5. Other Information

57

ITEM 6. Exhibits

58

SIGNATURES

60

i

Table of Contents

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Financial Condition

(Unaudited)

Item 1.   Financial Statements

March 31, 

December 31, 

    

2021

    

2020

(Dollars in thousands, except per share data)

Assets

 

  

 

  

Cash and due from banks

$

174,420

$

157,388

Securities held-to-maturity:

 

  

 

Mortgage-backed securities (including assets pledged of $5,529 and $5,853 at March 31, 2021 and December 31, 2020, respectively; fair value of $8,492 and $8,991 at March 31, 2021 and December 31, 2020, respectively)

 

7,909

 

7,914

Other securities, net of allowance for credit losses of $915 and $907 at March 31, 2021 and December 31, 2020, respectively, (none pledged; fair value of $52,543 and $54,538 at March 31, 2021 and December 31, 2020, respectively)

 

49,912

 

49,918

Securities available for sale, at fair value:

 

  

 

Mortgage-backed securities (including assets pledged of $301,048 and $264,968 at March 31, 2021 and December 31, 2020, respectively; $481 and $505 at fair value pursuant to the fair value option at March 31, 2021 and December 31, 2020, respectively)

 

518,781

 

404,460

Other securities (including asset pledged of $6,220 and $6,453 at March 31, 2021 and December 31, 2020, respectively; $13,867 and $13,998 at fair value pursuant to the fair value option at March 31, 2021 and December 31, 2020, respectively)

 

242,440

 

243,514

Loans:

 

 

Multi-family residential

2,525,967

2,533,952

Commercial real estate

1,721,702

1,754,754

One-to-four family - mixed-use property

595,431

602,981

One-to-four family - residential

239,391

245,211

Co-operative apartments

7,965

8,051

Construction

61,528

83,322

Small Business Administration

267,120

167,376

Taxi medallion

2,757

Commercial business and other

1,326,657

1,303,225

Net unamortized premiums and unearned loan fees

(445)

3,045

Allowance for loan losses

 

(45,099)

 

(45,153)

Net loans

 

6,700,217

 

6,659,521

Interest and dividends receivable

 

44,941

 

44,041

Bank premises and equipment, net

 

27,498

 

28,179

Federal Home Loan Bank of New York stock, at cost

 

41,498

 

43,439

Bank owned life insurance

 

182,707

 

181,710

Goodwill

 

17,636

 

17,636

Core deposit intangibles

3,013

3,172

Right of Use Asset

53,802

 

50,743

Other assets

 

94,410

 

84,759

Total assets

$

8,159,184

$

7,976,394

Liabilities

 

  

 

  

Due to depositors:

 

  

 

  

Non-interest bearing

$

917,189

$

778,672

Interest-bearing

 

5,409,388

 

5,312,061

Total Deposits

6,326,577

6,090,733

Mortgagors' escrow deposits

 

74,348

 

45,622

Borrowed funds:

 

 

Federal Home Loan Bank advances

 

814,218

 

887,579

Subordinated debentures

 

89,990

 

90,180

Junior subordinated debentures, at fair value

 

44,712

 

43,136

Total borrowed funds

 

948,920

 

1,020,895

Operating lease liability

58,080

59,100

Other liabilities

 

112,058

 

141,047

Total liabilities

 

7,519,983

 

7,357,397

Stockholders' Equity

 

  

 

  

Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued)

 

 

Common stock ($0.01 par value; 100,000,000 shares authorized; 34,087,623 shares issued at March 31, 2021 and December 31, 2020; 30,954,458 shares and 30,775,854 shares outstanding at March 31, 2021 and December 31, 2020, respectively)

 

341

 

341

Additional paid-in capital

 

260,019

 

261,533

Treasury stock, at average cost (3,133,165 shares and 3,373,389 shares at March 31, 2021 and December 31, 2020, respectively)

 

(65,479)

 

(69,400)

Retained earnings

 

455,023

 

442,789

Accumulated other comprehensive loss, net of taxes

 

(10,703)

 

(16,266)

Total stockholders' equity

 

639,201

 

618,997

Total liabilities and stockholders' equity

$

8,159,184

$

7,976,394

The accompanying notes are an integral part of these consolidated financial statements.

-1-

Table of Contents

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

For the three months ended

    

March 31, 

(Dollars in thousands, except per share data)

    

2021

    

2020

Interest and dividend income

Interest and fees on loans

$

69,021

$

61,109

Interest and dividends on securities:

 

  

 

  

Interest

 

3,072

5,256

Dividends

 

8

 

15

Other interest income

36

 

290

Total interest and dividend income

 

72,137

 

66,670

Interest expense

 

  

 

  

Deposits

 

6,105

 

18,778

Other interest expense

 

5,140

 

7,066

Total interest expense

 

11,245

 

25,844

Net interest income

 

60,892

 

40,826

Provision for credit losses

 

2,820

 

7,178

Net interest income after provision for credit losses

 

58,072

 

33,648

Non-interest income

 

  

 

  

Banking services fee income

 

2,725

 

798

Net loss on sale of securities

 

 

(37)

Net gain on sale of loans

 

31

 

42

Net gain on sale or disposition of assets

 

621

 

Net gain (loss) from fair value adjustments

 

982

 

(5,993)

Federal Home Loan Bank of New York stock dividends

 

689

 

964

Bank owned life insurance

 

997

 

943

Other income

 

266

 

419

Total non-interest income (loss)

 

6,311

 

(2,864)

Non-interest expense

 

Salaries and employee benefits

 

22,664

 

18,620

Occupancy and equipment

 

3,367

 

2,840

Professional services

 

2,400

 

2,862

FDIC deposit insurance

 

1,213

 

650

Data processing

 

2,109

 

1,694

Depreciation and amortization

 

1,639

 

1,536

Other real estate owned/foreclosure recoveries

 

(10)

 

(164)

Other operating expenses

 

4,777

 

4,342

Total non-interest expense

 

38,159

 

32,380

Income (loss) before income taxes

 

26,224

 

(1,596)

Provision(benefit) for income taxes

Federal

 

5,071

 

989

State and local

 

2,114

 

(1,195)

Total taxes

 

7,185

 

(206)

Net income (loss)

$

19,039

$

(1,390)

Basic earnings (loss) per common share

$

0.60

$

(0.05)

Diluted earnings (loss) per common share

$

0.60

$

(0.05)

Dividends per common share

$

0.21

$

0.21

The accompanying notes are an integral part of these consolidated financial statements.

-2-

Table of Contents

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Comprehensive Income

(Unaudited)

For the three months ended

March 31, 

(In thousands)

    

2021

    

2020

    

Net income (loss)

$

19,039

$

(1,390)

Other comprehensive income (loss), net of tax:

 

  

 

  

Amortization of actuarial losses, net of taxes of ($36) and ($30) for the three months ended March 31, 2021 and 2020, respectively.

 

81

 

67

Amortization of prior service credits, net of taxes of $6 for each of the three months ended March 31, 2021 and 2020, respectively.

 

(15)

 

(14)

Net unrealized losses on securities, net of taxes of $986 and $4,642 for the three months ended March 31, 2021 and 2020, respectively.

 

(2,217)

 

(10,202)

Reclassification adjustment for net losses included in income, net of taxes of ($12) for the three months ended March 31, 2020.

 

 

25

Net unrealized gains (losses) on cash flow hedges, net of taxes of ($3,461) and $6,190 for the three months ended March 31, 2021 and 2020 respectively.

 

7,798

 

(13,605)

Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of $36 and ($489) for the three months ended March 31, 2021 and 2020.

 

(84)

 

1,096

Total other comprehensive income (loss), net of tax

 

5,563

 

(22,633)

Comprehensive income (loss)

$

24,602

$

(24,023)

The accompanying notes are an integral part of these consolidated financial statements.

-3-

Table of Contents

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

For the three months ended March 31, 

    

2021

    

2020

(In thousands)

CASH FLOWS FROM OPERATING ACTIVITIES

Net income (loss)

$

19,039

$

(1,390)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

  

Provision for credit losses

 

2,820

 

7,178

Depreciation and amortization of bank premises and equipment

 

1,639

 

1,536

Amortization of premium, net of accretion of discount

107

1,642

Net (gain) loss from fair value adjustments

(982)

5,993

Net (gain) loss from fair value adjustments on qualifying hedges

(1,427)

2,073

Net gain from sale of loans

 

(31)

 

(42)

Net loss from sale of securities

 

 

37

Net gain from sale or disposition of asset

 

(621)

 

Net loss from OREO

 

 

31

Income from bank owned life insurance

 

(997)

 

(943)

Amortization of core deposit intangibles

 

159

 

Stock-based compensation expense

 

3,470

 

3,430

Deferred compensation

 

(1,754)

 

(1,296)

Deferred income tax benefit

 

 

(2,318)

Increase in other liabilities

 

(4,881)

 

(7,106)

(Increase) decrease in other assets

 

(6,972)

 

2,440

Net cash provided by operating activities

 

9,569

 

11,265

CASH FLOWS FROM INVESTING ACTIVITIES

 

  

 

  

Purchases of bank premises and equipment

 

(958)

 

(759)

Net redemptions (purchases) of Federal Home Loan Bank of New York shares

 

1,941

 

(17,079)

Proceeds from maturities and calls of securities held-to-maturity

 

 

180

Proceeds from prepayments of securities held-to-maturity

 

 

150

Purchases of securities available for sale

 

(352,637)

 

(63,434)

Proceeds from sales and calls of securities available for sale

 

7,500

 

64,600

Proceeds from maturities and prepayments of securities available for sale

 

227,829

 

40,383

Net originations of loans

 

(41,680)

 

(55,906)

Purchases of loans

 

(25,948)

 

(77,233)

Proceeds from sale of loans

 

8,249

 

580

Net cash used in investing activities

 

(175,704)

 

(108,518)

-4-

Table of Contents

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statements of Cash Flows (Contd.)

(Unaudited)

For the three months ended March 31, 

    

2021

    

2020

(In thousands)

CASH FLOWS FROM FINANCING ACTIVITIES

Net increase in non-interest bearing deposits

138,517

54,126

Net increase (decrease) in interest-bearing deposits

 

97,227

 

(247,777)

Net increase in mortgagors' escrow deposits

 

28,726

 

28,676

Net proceeds from short-term borrowed funds

 

 

410,000

Proceeds from long-term borrowings

 

 

50,000

Repayment of long-term borrowings

 

(73,361)

 

(80,456)

Purchases of treasury stock

 

(1,290)

 

(3,835)

Cash dividends paid

 

(6,652)

 

(6,084)

Net cash provided by financing activities

 

183,167

 

204,650

Net increase in cash and cash equivalents

 

17,032

 

107,397

Cash and cash equivalents, beginning of period

 

157,388

 

49,787

Cash and cash equivalents, end of period

$

174,420

$

157,184

SUPPLEMENTAL CASH FLOW DISCLOSURE

 

  

 

  

Interest paid

$

9,935

$

25,617

Income taxes paid

 

1,579

 

1,094

Taxes paid if excess tax benefits on stock-based compensation were not tax deductible

 

1,254

 

868

The accompanying notes are an integral part of these consolidated financial statements.

-5-

Table of Contents

PART I – FINANCIAL INFORMATION

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Consolidated Statement of Changes in Stockholders’ Equity

(Unaudited)

    

    

    

Additional

    

    

    

Accumulated Other

Common

Paid-in

Retained

Treasury

Comprehensive 

(Dollars in thousands, except per share data)

Total

Stock

Capital

Earnings

Stock

Income (Loss)

Balance at December 31, 2020

$

618,997

$

341

$

261,533

$

442,789

$

(69,400)

$

(16,266)

Net Income

 

19,039

 

 

 

19,039

 

 

Award of common shares released from Employee Benefit Trust (5,682 shares)

 

74

 

 

74

 

 

 

Vesting of restricted stock unit awards (248,896 shares)

 

 

 

(5,058)

 

(153)

 

5,211

 

Stock-based compensation expense

 

3,470

 

 

3,470

 

 

 

Repurchase of shares to satisfy tax obligation (70,292 shares)

 

(1,290)

 

 

 

 

(1,290)

 

Dividends on common stock ($0.21 per share)

 

(6,652)

 

 

 

(6,652)

 

 

Other comprehensive income

 

5,563

 

 

 

 

 

5,563

Balance at March 31, 2021

$

639,201

$

341

$

260,019

$

455,023

$

(65,479)

$

(10,703)

    

    

    

Additional

    

    

    

Accumulated Other

Common

Paid-in

Retained

Treasury

Comprehensive

(Dollars in thousands, except per share data)

Total

Stock

Capital

Earnings

Stock

Income (Loss)

Balance at December 31, 2019

$

579,672

$

315

$

226,691

$

433,960

$

(71,487)

$

(9,807)

Impact of adoption of ASC 326 - Credit Losses

 

(875)

 

 

 

(875)

 

 

Net loss

 

(1,390)

 

 

 

(1,390)

 

 

Award of common shares released from Employee Benefit Trust (116,414 shares)

 

1,398

 

 

1,398

 

 

 

Vesting of restricted stock unit awards (272,946 shares)

 

 

 

(5,626)

 

(156)

 

5,782

 

Stock-based compensation expense

 

3,430

 

 

3,430

 

 

 

Purchase of treasury shares (142,405 shares)

 

(2,342)

 

 

 

 

(2,342)

 

Repurchase of shares to satisfy tax obligation (74,145 shares)

 

(1,493)

 

 

 

 

(1,493)

 

Dividends on common stock ($0.21 per share)

(6,084)

 

 

(6,084)

 

 

Other comprehensive loss

 

(22,633)

 

 

 

 

 

(22,633)

Balance at March 31, 2020

$

549,683

$