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Flushing Financial Corp. (FFIC)
NASDAQ:FFIC
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Flushing Financial
(NASDAQ:FFIC)
Rating:48Neutral
Price Target:―
Flushing Financial (FFIC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$406.34M
Dividend Yield7.32%
Average Volume (3M)194.14K
Price to Earnings (P/E)16.4
Beta (1Y)1.09
Revenue Growth-5.55%
EPS Growth-242.78%
CountryUS
Employees571
SectorFinancial
Sector Strength84
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.23
Shares Outstanding33,777,008
10 Day Avg. Volume140,267
30 Day Avg. Volume194,140
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)0.62
Price to Sales (P/S)0.00
P/FCF Ratio42.63
Enterprise Value/Market Cap2.21
Enterprise Value/Revenue0.65
Enterprise Value/Gross Profit3.76
Enterprise Value/Ebitda8.38
Forecast
1Y Price Target
$14.50Price Target Upside20.53% Upside
Rating ConsensusHold
Number of Analyst Covering4
Flushing Financial Business Overview & Revenue Model
Company DescriptionFlushing Financial Corporation operates as the bank holding company for Flushing Bank that provides banking products and services primarily to consumers, businesses, and governmental units. It offers various deposit products, including checking and savings accounts, money market accounts, demand accounts, NOW accounts, and certificates of deposit. The company also provides mortgage loans secured by multi-family residential, commercial real estate, one-to-four family mixed-use property, one-to-four family residential property, and commercial business loans; construction loans; small business administration loans and other small business loans; mortgage loan surrogates, such as mortgage-backed securities; and consumer loans, including overdraft lines of credit, as well as the United States government securities, corporate fixed-income securities, and other marketable securities. In addition, it offers banking services to public municipalities comprising counties, cities, towns, villages, school districts, libraries, fire districts, and various courts. As of December 31, 2021, the company operated 24 full-service offices located in the New York City boroughs of Queens, Brooklyn, and Manhattan; and in Nassau and Suffolk County, New York, as well as an Internet branch. Flushing Financial Corporation was founded in 1929 and is based in Uniondale, New York.
How the Company Makes MoneyFlushing Financial Corporation generates revenue primarily through the interest income derived from its lending activities. The company earns interest by providing various loan products such as residential and commercial mortgages, which are a significant portion of its asset portfolio. Additionally, FFIC collects fees and service charges from its deposit accounts, including checking and savings accounts. The company may also engage in investment activities, earning income from securities and other financial instruments. Flushing Financial's business model relies heavily on the net interest margin, which is the difference between the interest income earned on loans and investments and the interest paid on deposits and borrowings. Strategic partnerships with local businesses and community organizations help to enhance its market presence and attract new customers, contributing to its overall earnings.
Flushing Financial Earnings Call Summary
Earnings Call Date:Apr 29, 2025
(Q1-2025)
| % Change Since: -3.37%|
Next Earnings Date:Jul 29, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook with notable improvements in net interest margins, liquidity, and deposit growth. However, these were offset by challenges such as the GAAP loss driven by goodwill impairment, yield curve inversion, and an increase in nonperforming loans. The sentiment is balanced, reflecting both progress and ongoing challenges.Q1-2025 Updates
Positive Updates
Net Interest Margin Expansion
Both GAAP and core net interest margins expanded quarter-over-quarter, with GAAP increasing by 12 basis points to 2.51% and core NIM by 24 basis points to 2.49%.
Improvement in Loan-to-Deposit Ratio
The loan-to-deposit ratio improved from 94% a year ago to 87% in the current quarter.
Strong Liquidity and Capital Positions
The company has $4 billion in undrawn lines and resources, and uninsured and uncollateralized deposits remain low at 16% of total deposits.
Contractual Loan Repricing
About $511 million of loans are due to reprice 171 basis points higher in 2025, with expectations of generating $9 million in interest income annually.
Growth in Multifamily Portfolio
The multifamily portfolio comprises 38% of gross loans with a strong credit metric of a weighted average loan-to-value of 42% and a debt coverage ratio of 1.8x.
Deposit Growth
Average deposits increased 7% year-over-year and about 1% quarter-over-quarter.
Negative Updates
GAAP Loss Per Share
The company reported a GAAP loss per share of $0.29 due to a noncash, nontax-deductible goodwill impairment charge of $17.6 million.
Yield Curve Inversion
The yield curve returned to inversion, which presents challenges for net interest margin expansion.
Increase in Nonperforming Loans
An increase in nonperforming loans in the multifamily portfolio, primarily due to one relationship, with an LTV of about 43%.
Office Loan Challenges
Two nonperforming loans in the office portfolio, with challenges due to a large tenant moving out.
Seasonal Expense Increases
An increase of $1.6 million in seasonal expenses affected the financial results for the quarter.
Company Guidance
During the call, Flushing Financial Corporation provided guidance on its financial metrics for the first quarter of 2025, highlighting several key performance indicators. The company reported a GAAP loss per share of $0.29, primarily due to a noncash goodwill impairment charge of $17.6 million, and a core earnings per share of $0.23. The net interest margin (NIM) expanded with GAAP and core NIM increasing to 2.51% and 2.49%, respectively. Deposits grew by 7% year-over-year, and the loan-to-deposit ratio improved to 87%. The cost of deposits decreased by 19 basis points, while $511 million of loans are due to reprice 171 basis points higher in 2025. Credit quality remained strong, with a 59 basis point allowance for credit losses and criticized loans at 133 basis points of total loans. The company emphasized its focus on improving profitability, maintaining credit discipline, and preserving liquidity and capital, with tangible common equity stable at 7.79%.Flushing Financial Financial Statement Overview
Summary
Flushing Financial is facing major challenges in income generation and cash flow management, with negative net income and zero reported cash flows. Despite some improvement in leverage, profitability remains negative, highlighting the need for strategic adjustments.Income Statement
The income statement shows significant challenges, with a negative net income and EBIT for the latest year. The company's revenue decreased from 2022 to 2023, indicating a decline. Margins have suffered, with a negative EBIT margin of -2.05% and a net profit margin of -6.73%, reflecting struggles in profitability and operational efficiency.38
Negative
Balance Sheet
The balance sheet presents a moderate picture. The debt-to-equity ratio improved due to lower debt levels, but equity remains relatively low compared to total assets, with an equity ratio of 8.02%. ROE stands at -4.33%, indicating losses relative to equity, but the decrease in total debt is a positive sign of improved leverage management.65
Positive
Cash Flow
The cash flow statement is concerning with operating and free cash flows reported as zero in the latest year, signaling difficulties in generating cash. The absence of free cash flow growth and operational cash flow to net income ratio suggests potential liquidity issues, despite previous years showing positive free cash flow performance.30
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 115.17M | 191.22M | 253.63M | 251.66M | 206.21M | Gross Profit |
| 115.17M | 166.29M | 232.20M | 230.83M | 189.57M | EBIT |
| -9.55M | 69.27M | 178.41M | 109.28M | 45.18M | EBITDA |
| 0.00 | 45.80M | 110.78M | 115.70M | 51.39M | Net Income Common Stockholders |
| -31.33M | 28.66M | 76.94M | 81.79M | 34.67M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 1.45B | 874.75M | 887.11M | 858.96M | 805.36M | Total Assets |
| 9.04B | 8.54B | 8.42B | 8.05B | 7.98B | Total Debt |
| 962.50M | 882.10M | 1.10B | 869.70M | 1.08B | Net Debt |
| 853.09M | 757.89M | 947.34M | 787.98M | 922.61M | Total Liabilities |
| 8.31B | 7.87B | 7.75B | 869.70M | 1.08B | Stockholders Equity |
| 724.54M | 669.84M | 677.16M | 679.63M | 619.00M |
| Cash Flow | Free Cash Flow | |||
| 10.10M | 29.10M | 81.41M | 84.92M | 68.77M | Operating Cash Flow |
| 12.41M | 34.59M | 85.75M | 88.60M | 71.28M | Investing Cash Flow |
| -505.60M | -94.26M | -351.82M | -106.78M | 93.10M | Financing Cash Flow |
| 473.61M | 80.08M | 336.09M | -57.48M | -56.77M |
Flushing Financial Technical Analysis
Negative
12.03
Price Trends
12.26
Negative
13.10
Negative
13.96
Negative
Market Momentum
-0.10
Positive
40.49
Neutral
16.57
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FFIC, the sentiment is Negative. The current price of 12.03 is below the 20-day moving average (MA) of 12.54, below the 50-day MA of 12.26, and below the 200-day MA of 13.96, indicating a bearish trend. The MACD of -0.10 indicates Positive momentum. The RSI at 40.49 is Neutral, neither overbought nor oversold. The STOCH value of 16.57 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FFIC.
Flushing Financial Risk Analysis
Flushing Financial disclosed 14 risk factors in its most recent earnings report. Flushing Financial reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Flushing Financial Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $443.43M | 10.36 | 15.17% | 1.20% | 6.99% | 12.46% | |
74 Outperform | $435.39M | 14.30 | 7.44% | 3.08% | 22.17% | -15.57% | |
73 Outperform | $443.23M | 24.56 | 2.27% | 3.72% | 24.39% | -56.37% | |
67 Neutral | $429.39M | 15.18 | 7.25% | 4.27% | 11.46% | -1.07% | |
64 Neutral | $12.79B | 9.75 | 7.54% | 16970.99% | 12.09% | -7.43% | |
50 Neutral | $481.35M | ― | -23.15% | ― | -10.84% | -58.05% | |
48 Neutral | $406.34M | 16.43 | -6.53% | 7.32% | -5.55% | -242.78% |
* Financial Sector Average
Performance Comparison
FFIC
Flushing Financial
11.91
0.14
1.19%
ACNB
ACNB
41.03
11.39
38.43%
AROW
Arrow Financial
25.41
1.62
6.81%
UNTY
Unity Bancorp
43.64
17.25
65.37%
COFS
ChoiceOne Financial Services
29.11
5.27
22.11%
ALTI
Alvarium Tiedemann Holdings
3.42
-1.29
-27.39%
Flushing Financial Corporate Events
Financial Disclosures
Flushing Financial Reports Strong Q1 2025 Results
Positive
Apr 29, 2025
On April 29, 2025, Flushing Financial Corp. released its first quarter results for 2025, highlighting strong liquidity with $4.0 billion in undrawn lines and resources. The company reported an improved loan to deposit ratio and an increase in average total deposits. Despite a decrease in net loans due to weak market demand, the company maintained a stable tangible common equity ratio. The net interest margin (NIM) expanded, reflecting improved profitability. Flushing Financial continues to focus on enhancing profitability and maintaining a low-risk credit profile, with a history of better than industry credit quality.
Spark’s Take on FFIC Stock
According to Spark, TipRanks’ AI Analyst, FFIC is a Neutral.
Flushing Financial’s overall stock score reflects significant financial challenges, particularly in income generation and cash flow. Despite some improvements in leverage and liquidity, the negative profitability and bearish technical indicators weigh heavily on the overall outlook. Valuation provides a mixed picture, with a high dividend yield offering some appeal, although risks remain high given current financial conditions.
To see Spark’s full report on FFIC stock, click here.
Dividends
Flushing Financial Declares Quarterly Dividend for 2025
Positive
Feb 26, 2025
Flushing Financial Corporation announced that its Board of Directors declared a quarterly dividend of $0.22 per common share, payable on March 28, 2025, to shareholders of record as of March 14, 2025. This decision reflects the company’s ongoing commitment to providing shareholder value and may impact its financial positioning and stakeholder relations positively.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.