UNITED STATES
SECURITIES and EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 11-K

ANNUAL REPORT PURSUANT TO SECTION 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021

001-33013
(Commission File Number)

Full title of the plan and the address of the plan, if different from that of the issuer named below:

FLUSHING BANK 401(k) SAVINGS PLAN

 

Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

Flushing Financial Corporation
220 RXR Plaza

Uniondale, New York 11556


FLUSHING BANK 401(k) SAVINGS PLAN

Index

Page(s)

Reports of Independent Registered Public Accounting Firms

2

Financial Statements:

Statements of Net Assets Available for Benefits

as of December 31, 2021 and 2020

4

Statement of Changes in Net Assets Available for Benefits

for the year ended December 31, 2021

5

Notes to Financial Statements

6-13

Supplemental Schedule*:

Schedule H (Form 5500), line 4i - Schedule of Assets (Held at End of Year)

15

Signatures

16

Index to Exhibits

17

* Other schedules required by 29 CFR 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 (“ERISA”) have been omitted as they are not applicable.


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Administrator and Participants

Flushing Bank 401(k) Savings Plan

Uniondale, New York

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Flushing Bank 401(k) Savings Plan (the “Plan”) as of December 31, 2021 and 2020, the related statement of changes in net assets available for benefits for the year ended December 31, 2021, and the related notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan’s management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

2


Supplemental Information

The supplemental information in the accompanying Schedule H, line 4i - schedule of assets (held at end of year) as of December 31, 2021 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but included supplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ BDO USA, LLP

We have served as the Plan’s auditor since 2015.

New York, New York

June 17, 2022

3


FLUSHING BANK 401(k) SAVINGS PLAN

Statements of Net Assets Available for Benefits

At December 31,

2021

2020

Assets:

Investments, at fair value

$

101,216,330

$

77,213,760

Investments, at contract value

11,492,903

10,024,861

Total investments

112,709,233

87,238,621

Receivables:

Employer contributions receivable

6,198,776

2,872,065

Notes receivable from participants

1,228,126

1,140,625

Total receivables

7,426,902

4,012,690

Net assets available for benefits

$

120,136,135

$

91,251,311

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

4


FLUSHING BANK 401(k) SAVINGS PLAN

Statement of Changes in Net Assets Available for Benefits

For the year ended

December 31, 2021

Additions:

 

  

Investment income:

Net appreciation in fair value of investments

$

21,159,489

Dividends and interest

 

1,979,628

Total investment income

 

23,139,117

 

Interest income on notes receivable from participants

60,621

 

 

Contributions:

 

Employer cash contributions

 

6,201,536

Employer non-cash contributions (FFIC common stock)

943,909

Participant contributions

 

3,904,925

Participant rollovers

 

1,691,191

Total contributions

 

12,741,561

Total additions

 

35,941,299

 

 

Deductions:

 

Administrative expenses

 

157,995

Benefits paid to participants

6,898,480

Total deductions

7,056,475

 

Net increase

 

28,884,824

Net assets available for benefits – December 31, 2020

 

91,251,311

 

Net assets available for benefits – December 31, 2021

$

120,136,135

The accompanying notes are an integral part of this financial statement.

5


FLUSHING BANK 401(k) SAVINGS PLAN

Notes to Financial Statements

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2021

1.Description of the Plan:

The following description of the Flushing Bank 401(k) Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions. Flushing Bank (the “Bank”) is a wholly-owned subsidiary of Flushing Financial Corporation (the "Company", “Plan Sponsor”, “Employer”), a publicly-held corporation whose stock trades on the Nasdaq under the symbol FFIC.

a.General:

The Plan is a tax-deferred savings plan which began on September 1, 1987, and covers all salaried employees age 21 and older of the Bank and participating affiliates.  However, participants are not eligible to receive the Bank contributions until they have completed one year of service. Effective January 1, 2020, the Company froze eligibility for Profit Sharing (“PS”) and Defined Contribution Retirement Program (“DCRP”) contributions. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). The Plan Trustee is Prudential Bank & Trust, FSB. The Plan is comprised of the following three components: participant deferrals (including Bank matching contributions), PS contributions and DCRP contributions. All three components of the Plan, as well as all earnings and losses thereon, are segregated by component.  

b.Contributions:

Participant contributions can be no less than 1% nor greater than 25% of the participant’s eligible base compensation for each plan year. Participant contributions cannot exceed $19,500 annually for the plan year ended December 31, 2021, adjusted as prescribed under the Internal Revenue Code. Participants who have reached the age of 50 before the end of the Plan year are eligible to make catch-up contributions, up to a maximum of $6,500 for 2021. The Bank will match 50% of each participant’s eligible base contributions up to a maximum of 3% of the participant’s eligible base compensation. Of the 50% match, one half of the match will be made in Company common stock, which the participant has the ability to immediately re-allocate. The remaining half of the match will be invested into corresponding participant directed investment accounts. Currently, contributions to the Plan are not subject to Federal, State, or Local income taxes until withdrawn from the Plan. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans.

Under the DCRP, eligible employees who have met the Plan's age and service eligibility requirements will annually have a contribution made to their individual accounts equal to 4% of their eligible base compensation. PS contributions will be made annually at the Bank’s Board of Directors’ discretion. Any such contribution shall be allocated among eligible employees in proportion to each such employee’s eligible compensation for the entire year in which the effective date occurs. PS and DCRP contributions will be initially invested in Company common stock, which the participant has the ability to immediately re-allocate. Employer contributions reported on the Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2021, include $6,198,776 in contributions receivable. This receivable represents contributions made in cash totaling $5,764,732, with $4,192,416 to the PS and $1,572,316 to the DCRP and contributions made in Company common stock totaling $434,044 with $400,704 to the PS and $33,340 in matching contributions of participant deferrals. These receivables were settled in January and February 2022.

6


FLUSHING BANK 401(k) SAVINGS PLAN

Notes to Financial Statements

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2021

c.Participant accounts:

Each eligible participant’s account is credited with the participant’s contributions, the Bank’s matching contributions, PS contributions and DCRP contributions, and related net earnings and losses thereon and charged for withdrawals and certain administrative expenses. The Plan assets were segregated into twenty-seven (27) investment accounts at December 31, 2021 and 2020. All Plan assets are held by Prudential Bank & Trust, FSB.

d.Vesting:

Participants are immediately 100 percent vested in their salary deferral contributions plus earnings and losses thereon. Vesting of employer contributions plus earnings and losses thereon is based on continuous years of service. A participant vests 20 percent per year of credited service and is 100 percent vested after five years of credited service. In addition, a participant also becomes 100 percent vested when they reach their normal retirement date, early retirement date, the occurrence of a change of control, upon the participant’s death, or the date the participant becomes disabled.

e.Forfeitures:

Under the Plan, if a Participant who is not fully vested in the net value of their account terminates employment, the non-vested portion of the account shall constitute a forfeiture upon the earlier of when the participant takes a lump sum distribution of the vested portion of the account or the participant has been terminated from the Plan for five years. All forfeitures are to be applied against employer contribution obligations or against plan expense. At December 31, 2021 and 2020, forfeited non-vested accounts totaled $413 and $3,924 respectively. In 2021, $40,014 in forfeitures were used to reduce employer contributions.

f.Investment options:

As of December 31, 2021 and 2020, upon enrollment in the Plan, a participant may direct employee contributions in one percent increments into the twenty-seven (27) offered investment accounts. Thereafter, a participant may direct investment changes in their accounts daily.

g.Payment of benefits:

Upon termination of service, a participant is entitled to receive a lump sum equal to the value of his or her account to the extent such funds are vested. If a participant's employment with the Bank is terminated for any other reason than death, disability or retirement and the account balance does not exceed $1,000, the Plan will automatically distribute a lump-sum payment to the participant.

h.Voting rights:

With respect to the Company’s common stock, each participant is entitled to exercise voting rights attributable to the shares allocated to his or her account, and is notified by the Trustee prior to the time that such rights are to be exercised. With respect to shares of stock credited to participant accounts as to which the Trustee did not receive timely voting instructions and shares of stock not credited to participant’s account, the Trustee shall vote all such shares of

7


FLUSHING BANK 401(k) SAVINGS PLAN

Notes to Financial Statements

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2021

stock in the same proportion as were voted shares as to which participants provided timely instructions. For the mutual funds and pooled separate accounts, the shares are voted at the discretion of the Plan Administrator.

i.Notes receivable from participants:

Loans are made available to all participants. All loans must be collateralized by a security interest in the participant’s vested interest under the Plan equal to the amount of the loan. Loans are limited by the Internal Revenue Code Section 72(p) and may not exceed the lesser of: (i) 50% of the net value of a participant’s vested account balance (excluding PS and DCRP contributions and any earnings or losses thereon) or (ii) $50,000 reduced by the largest outstanding loan balance in the Plan during the preceding 12 months.

The term of a loan to a participant shall be no greater than five years, except to acquire a principal residence in which case the term shall be no greater than 10 years. Loans bear a rate of interest (currently prime plus one percent rounded to the nearest one quarter of one percent).  At December 31, 2021 and 2020, all outstanding loans bore an interest rate of 4.25% to 6.50%. For loans acquired from March 27, 2020, through September 22, 2020, the Coronavirus Aid Relief, and Economic Security (“CARES”) Act increased the maximum loan amount to the lesser of $100,000 or 100% of the participant’s vested account balance and extended commencement of the loan repayment period, if applicable, by up to one year. Qualification for a CARES Act loan repayment deferment was self-certified by the individual requesting the deferment.

8


FLUSHING BANK 401(k) SAVINGS PLAN

Notes to Financial Statements

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2021

2.Summary of Significant Accounting Policies:

a.Basis of presentation:

The accompanying financial statements have been prepared using the accrual method of accounting as required by accounting principles generally accepted in the United States of America (“U.S. GAAP”).

b.Use of estimates:

The preparation of the Plan’s financial statements in conformity with U.S. GAAP requires the Plan Administrator to make estimates and assumptions that affect the reported amounts of net assets available for plan benefits at the date of the financial statements, the changes in net assets available for plan benefits during the period, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

c.Investment valuation and income recognition:

Investments are reported at fair value (except for the fully benefit-responsive investment contract, which is reported at contract value). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan presents interest and dividend income and net appreciation (depreciation) in the fair value of its investments in the Statement of Changes in Net Assets Available for Benefits. Net appreciation (depreciation) in the fair value of its funds and common stock consists of the realized gains or losses and the unrealized appreciation (depreciation) on those investments bought and sold, as well as held during the year. Interest and dividends consist of interest payments received or accrued on interest bearing securities such as money market securities and dividend payments received or accrued on the ex-dividend date from individual securities such as common and preferred stock. Dividend and interest income on investments held by the funds are reinvested by each fund.  Purchases and sales of securities are recorded on a trade date basis.

d.Notes receivable from participants:

Notes receivable from participants are measured at their unpaid principal balance. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2021 and 2020. If a participant ceases to make loan repayments and the Plan Administrator deems the participant loan to be in default, the participant loan balance is reduced to zero and a benefit payment is recorded.

e.Expenses:

The ordinary administrative expenses of the Plan, including compensation of the Trustee and other administrative expenses of the Trustee are paid from the Plan unless paid by the Bank at its discretion. Certain expenses of maintaining the Plan are paid directly by the Bank and are excluded from these financial statements.

f.Payment of benefits:

Benefit payments to participants are recorded upon distribution.

9


FLUSHING BANK 401(k) SAVINGS PLAN

Notes to Financial Statements

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2021

3.Fair Value Measurements:

Financial assets and financial liabilities reported at fair value are required to be measured based on either: (1) quoted prices in active markets for identical financial instruments (Level 1), (2) significant other observable inputs (Level 2), or (3) significant unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 – where quoted market prices are available in an active market.

Level 2 – when quoted market prices are not available, fair value is estimated using quoted market prices for similar financial instruments and adjusted for differences between the quoted instrument and the instrument being valued.  Fair value can also be estimated by using pricing models, or discounted cash flows. Pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads.  In addition to observable market information, models also incorporate maturity and cash flow assumptions.

Level 3 – when there is limited activity or less transparency around inputs to the valuation.

The fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. 

The following table sets forth the Plan’s assets that are carried at fair value on a recurring basis, and the method that was used to determine their fair value, at December 31, 2021 and 2020.

At December 31, 2021

Level 1

Level 2

Level 3

Total

Assets at fair value:

 

  

 

  

 

  

 

  

Mutual funds

$

36,952,662

$

$

$

36,952,662

Company common stock

 

41,272,712

 

 

 

41,272,712

Pooled Separate Accounts *

 

 

 

 

22,990,956

Total assets at fair value

$

78,225,374

$

$

$

101,216,330

At December 31, 2020

Level 1

Level 2

Level 3

Total

Assets at fair value:

 

  

 

  

 

  

 

  

Mutual funds

$

30,220,400

$

$

$

30,220,400

Company common stock

 

27,741,594

 

 

 

27,741,594

Pooled Separate Accounts *

 

 

 

 

19,251,766

Total assets at fair value

$

57,961,994

$

$

$

77,213,760

*Certain investments that are measured at fair value using the Net Asset Value per unit (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the preceding tables are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net assets available for benefits.

10


FLUSHING BANK 401(k) SAVINGS PLAN

Notes to Financial Statements

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2021

The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the valuation methodologies used as of December 31, 2021 and 2020.

Mutual funds – (Level 1) Valued at the net asset value (quoted market prices) of shares held by the plan at December 31, 2021 and 2020. The mutual funds held by the Plan are actively traded.

Company common stock – (Level 1) Valued at the closing price reported on the active market on which the security is traded at December 31, 2021 and 2020.

Pooled Separate Accounts – Valued as determined by the investment manager and is based on the value of the underlying assets held less liabilities at December 31, 2021 and 2020. These are measured at net asset value per unit (or the equivalent) using the practical expedient with future redemption dates.

The fair values of the Plan’s investments in pooled separate accounts are calculated each business day. All investments can be redeemed on a daily basis without restriction. There are no unfunded commitments relating to the Plan’s investments.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

4.Fully Benefit-Responsive Investment Contracts:

The Plan holds the Prudential Guaranteed Income Fund (“PGIF”) which is a fully benefit-responsive investment contract. Contract value is the relevant measure for fully benefit-responsive investment contracts because this is the amount received by participants if they were to initiate permitted transactions under the terms of the Plan. For the PGIF contract value represents deposits made to the contract, plus earnings at guaranteed crediting rates, less withdrawals and fees. Interest is credited on contract balances using a single “portfolio rate” approach. Under this methodology, a single interest crediting rate is applied to all contributions made regardless of the timing of those contributions.  Interest crediting rates are reviewed on a semi-annual basis.  Certain factors, including current economic and market conditions, the general interest rate environment and both the expected and actual experience of a reference portfolio within the issuer’s general account are used to establish interest crediting rates. These rates are established without the use of a specific formula.

Certain events limit the ability of the Plan to transact at contract value with the issuer. Such events include the following: (1) amendments to the Plan documents (including complete or partial Plan termination or merger with another plan), (2) changes to the Plan’s prohibition on competing investment options or deletion of equity wash provisions, (3) bankruptcy of the Plan Sponsor or other Plan Sponsor events (for example, divestitures or spin-offs of a subsidiary) that causes a significant withdrawal from the Plan, (4) the failure of the Trust to qualify for exemption from federal income taxes or any required prohibited transaction exemption under ERISA or (5) premature termination of the contract. The Plan Administrator does not believe that any events

11


FLUSHING BANK 401(k) SAVINGS PLAN

Notes to Financial Statements

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2021

which would limit the Plan’s ability to transact at contract value with participants are probable of occurring.

In addition, certain events allow the issuer to terminate the contract with the Plan and settle at an amount different from contract value. Such events include (1) an uncured violation of the Plan’s investment guidelines, (2) a breach of material obligation under the contract, (3) a material misrepresentation, and (4) a material amendment to the agreement without the consent of the issuer.

5.Risks and Uncertainties:

The Plan currently invests in fourteen (14) pooled separate accounts, eleven (11) mutual funds, one guaranteed income fund and one equity security. These investments are exposed to various risks, such as interest rate, market and credit risk. Due to the level of risk associated with certain investment securities in which these funds may invest, and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term could materially affect the amounts reported in the Statement of Net Assets Available for Plan Benefits and the Statement of Changes in Net Assets Available for Benefits.

6.Plan Termination:

Although it has not expressed any intent to do so, the Bank specifically reserves the right, at any time, to terminate the Plan or to amend, in whole or in part, any or all of the provisions of the Plan, subject to the provisions of ERISA and approval of the Bank’s Board of Directors. In the event of termination or partial termination of the Plan or upon complete discontinuance of contributions under the Plan, the accounts of each affected participant shall become 100% vested and fully distributable, in accordance with the Internal Revenue Code and all income tax regulations promulgated thereunder.

7.Federal Tax Status:

U.S. GAAP requires plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service (“IRS”). The IRS has determined and informed the Bank by a signed letter dated September 28, 2016 that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code. Although, the Plan has since been amended since receiving the determination letter, the Plan Administrator believes the Plan is designed, and is currently being operated in compliance with the applicable requirements of the Internal Revenue Code and therefore, believe that the Plan is qualified, and the related trust is tax-exempt.

The Plan is subject to routine audits by taxing jurisdictions, however there are currently no audits in progress for any tax periods.

8.Related-Party Transactions:

Plan investments include a guaranteed income fund issued by the Prudential Retirement Insurance and Annuity Company and fourteen (14) pooled separate accounts issued by Prudential Investments. The Plan also includes the common stock of Flushing Financial Corporation, the

12


FLUSHING BANK 401(k) SAVINGS PLAN

Notes to Financial Statements

AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2021

parent company of the Bank. Accordingly, these transactions qualify as party-in-interest transactions. Notes receivable from participants also qualify as party-in-interest transactions.

At December 31, 2021, 40%, 29% and 1% of the Plan’s net assets available for benefits were invested in Flushing Financial Corporation Common Stock, funds issued by Prudential and notes receivables outstanding from participants, respectively. At December 31, 2020, 34%, 32% and 1% of the Plan’s net assets available for benefits were invested in Flushing Financial Corporation Common Stock, funds issued by Prudential and notes receivables outstanding from participants, respectively.

9.Subsequent Events:

The Plan Administrator has performed an evaluation of events that have occurred subsequent to December 31, 2021, and through June 17, 2022 (the date these financial statements were available to be issued). There have been no material subsequent events that occurred during such period that would require disclosure in these financial statements, as of or for the year ended December 31, 2021.

13


SUPPLEMENTAL SCHEDULE

14


FLUSHING BANK 401(k) SAVINGS PLAN

EIN 41-2231564

Plan 002

Schedule H (Form 5500), line 4i – Schedule of Assets (Held at End of Year)

As of December 31, 2021

(a)

(b)

(c)

(d)

(e)

Identity of issue,

Description of investment including

borrower, lessor

maturity date, rate of interest,

Current

or similar party

    

collateral, par, or maturity value

Cost

    

value

*

Flushing Financial Corp.

Common Stock

**

$

41,272,712

*

Prudential Retirement Insurance and Annuity Company

Guaranteed Income Fund

**

11,492,903

Goldman Sachs Trust

Goldman Sachs International Equity Insights Fund Class R-6

**

3,041,748

*

Prudential Retirement Insurance and Annuity Company

Prudential Total Return Bondsa

**

2,848,661

*

Prudential Retirement Insurance and Annuity Company

Columbia Dividend Value Fund

**

5,590,203

The Growth Fund of America, Inc.

American Funds The Growth Fund of America Class R6

**

7,527,650

*

Prudential Retirement Insurance and Annuity Company

Prudential Day One 2055 Fund

**

232,320

Undiscovered Managers Funds

Undiscovered Managers Behavioral Value Fund Class R6

**

2,127,539

MFS Series Trust IV

MFS Mid Cap Growth Fund Class R6

**

4,211,674

*

Prudential Retirement Insurance and Annuity Company

Prudential Day One 2050 Fund

**

557,885

*

Prudential Retirement Insurance and Annuity Company

Prudential Day One 2020 Fund

**

1,788,652

American Century Capital Portfolios Inc

American Century Mid Cap Value R6

**

2,164,561

Alger Funds

Alger Small Cap Focus Class Y

**

3,556,213

Fidelity Concord Street Trust

Fidelity 500 Index Fund

**

12,046,960

*

Prudential Retirement Insurance and Annuity Company

Prudential Day One 2030 Fund

**

3,734,368

*

Prudential Retirement Insurance and Annuity Company

Prudential Day One 2015 Fund

**

644,714

*

Prudential Retirement Insurance and Annuity Company

Prudential Day One 2040 Fund

**

1,575,365

*

Prudential Retirement Insurance and Annuity Company

Real Estate / Cohen & Steers Fund

**

180,164

PIMCO Investments LLC distributor

PIMCO Real Return Fund Institutional Class

**

134,343

Lord Abbett Investment Trust

Lord Abbett High Yield Fund R6

**

131,079

*

Prudential Retirement Insurance and Annuity Company

Prudential Day One 2045 Fund

**

979,757

Columbia Funds Series Trust

Columbia Small Cap Index Fund Institutional 3 Class

**

1,810,803

*

Prudential Retirement Insurance and Annuity Company

Prudential Day One 2035 Fund

**

1,759,940

*

Prudential Retirement Insurance and Annuity Company

Prudential Day One 2025 Fund

**

2,475,490

*

Prudential Retirement Insurance and Annuity Company

Prudential Day One Income Fund

**

338,344

Calvert World Values Fund Inc

Calvert Emerging Markets Equity Fund Class R6

**

200,092

*

Prudential Retirement Insurance and Annuity Company

Prudential Day 2060 Fund

**

285,093

*

Notes Receivable from Participants

All loans bear an interest rate ranging from 4.25% to 6.50% with maturity dates ranging from 2022 through 2031

1,228,126

Total

$

113,937,359

* Party-in-interest to Plan

** Cost omitted for participant directed investments

15


FLUSHING BANK 401(k) SAVINGS PLAN

SIGNATURES

The Plan. Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees for the Plan have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

66

Flushing Bank 401(k) Savings Plan

Date: June 17, 2022

By:

/s/ Susan K. Cullen

Susan K. Cullen

Plan Administrator

16


FLUSHING BANK 401(k) SAVINGS PLAN

INDEX TO EXHIBITS

Exhibit

23.1 Consent of Independent Registered Public Accounting Firm

17


Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

Flushing Bank 401(k) Savings Plan

Uniondale, NY

We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (33-98202, 333-151187, 333-163010, 333-188776, 333-219707, 333-257162) of Flushing Financial Corporation of our report dated June 17, 2022, relating to the financial statements and supplemental schedule of Flushing Bank 401(k) Savings Plan which appear in this Form 11-K for the year ended December 31, 2021.

/s/ BDO USA, LLP

BDO USA, LLP

New York, NY

June 17, 2022