Flushing Financial (FFIC) Earnings Transcript

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Date

Friday, July 25, 2025 at 3:00 p.m. ET

Call participants

President & Chief Executive Officer — John R. Buran

Senior Executive Vice President & Chief Financial Officer — Susan K. Cullen

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Takeaways

GAAP EPS-- $0.41 (GAAP, Q2 2025), an increase of 12,878% from Q2 2024, driven by fair value adjustments on debt and the reversal of a valuation allowance following the reclassification of loans held for sale to loans held for investment.

Core EPS-- $0.32 core earnings per share for Q2 2025, also up 12,878% from Q2 2024, illustrating broad-based profitability improvement.

GAAP net interest margin-- 2.54% GAAP net interest margin for Q2 2025, core net interest margin up 3 basis points quarter over quarter, reflecting benefits from asset repricing and consistent improvement.

Core net interest margin-- 2.52% core net interest margin for Q2 2025, GAAP net interest margin up 3 basis points quarter over quarter in Q2 2025.

Average total deposits-- Average total deposits of $7.6 billion for Q2 2025, a 6% year-over-year and 1% quarter-over-quarter increase.

Non-interest-bearing deposits-- $875 million in average non-interest-bearing deposits for Q2 2025, representing 6% year-over-year and 2% quarter-over-quarter growth, aligned with incentive plan changes.

Pre-provision, pretax net revenue-- $23.1 million pre-provision, pretax net revenue for Q2 2025, reaching its highest level since 2022, with core PPNR at $19 million.

Net charge-offs-- 15 basis points for Q2 2025.

Non-performing assets-- Stable at 75 basis points quarter over quarter in Q2 2025.

Criticized and classified loans to total loans-- Improved to 108 basis points from 133 basis points in the previous quarter.

Commercial real estate concentration-- Fell below 500% for the first time since Q3 2023.

Tangible common equity-- Rose by 25 basis points to 8.04%.

Liquidity-- $3.6 billion in undrawn lines and resources at quarter end, supporting robust funding capacity.

Loan repricing opportunity-- $373 million of loans to reprice at rates 136 basis points higher by year-end 2025 and $2.1 billion of loans scheduled to reprice at higher rates through 2027, providing a projected NII tailwind.

Multifamily loan retention-- 92% retention of repriced loans in Q2 2025 at a 154 basis point average rate increase.

Cost of deposits-- Rose 8 basis points quarter over quarter to 3.1%, primarily due to funding swaps.

CD portfolio retention-- Retained about 80% of maturing CDs in Q2 2025 with a 24 basis point reduction in weighted average rate.

Multifamily loan non-performing and criticized metrics-- Non-performing loans in the multifamily segment halved to 50 basis points in Q2 2025; criticized/classified improved to 73 basis points.

Investor commercial real estate loan metrics-- Non-performing loans in the investor commercial real estate portfolio were 33 basis points for Q2 2025, with criticized/classified loans at 162 basis points; all in the 3% office portfolio.

Deposit mix stability-- Uninsured and uncollateralized deposits accounted for only 17% of total deposits, mitigating funding risk.

Expense guidance update-- Expected core non-interest expense growth lowered to 4.5%-5.5% for 2025 over a $159.6 million base.

Effective tax rate outlook-- Projected effective tax rate of 24.5%-26.5% for the remainder of 2025.

Asian American community deposits-- $1.4 billion in deposits in the Asian American market, with a 12.4% compound annual growth rate since Q2 2022, reflecting targeted market expansion.

Branch expansion-- One new branch opened in Jackson Heights; plans underway for a second Chinatown location.

Buyback stance-- No current plans for share repurchases; priority remains on capital accumulation and maintaining dividend policy.

Summary

Flushing Financial Corporation(NASDAQ:FFIC) reported significant year-over-year earnings growth in both GAAP and core earnings per share for Q2 2025, supported by net interest margin expansion and improved earnings power. Management identified substantial loan repricing through 2027 as a key driver of future net interest income, contributing predictable revenue growth. Credit quality metrics materially improved, with declines in net charge-offs and non-performing loans, particularly in the multifamily and investor commercial real estate portfolios, while disciplined underwriting was repeatedly emphasized. Deposit composition improved with continued non-interest-bearing growth, paired with proactive cost management and stable funding. Strategic initiatives targeting core deposit growth in the Asian American segment and branch expansion were highlighted as ongoing priorities.

Management stated that a positively sloped yield curve should further benefit net interest margins, while a negatively sloped curve would make expansion "much more challenging."

Commercial real estate concentration levels fell below industry-flagged thresholds (under 500%) for the first time since Q3 2023, which may be viewed as de-risking.

Deposit outflows are expected seasonally in the third quarter but are projected to recover during the fourth quarter, per management's outlook.

Susan Cullen clarified that downward revision of expense guidance stemmed from reductions in incentive accruals and strict cost control, rather than other factors.

Loan repricing scenarios are continually tested against higher stress rates, and the existing portfolio is seeing limited credit stress even following significant repricing actions.

There is no expectation for near-term share buybacks as the stated focus remains organic capital growth and dividend continuity.

Industry glossary

Core net interest margin (Core NIM): Net interest margin adjusted to exclude nonrecurring or accounting items, emphasizing underlying performance.

Criticized and classified loans: Loans rated as exhibiting weaknesses (special mention or substandard) or loss exposure (doubtful or loss), formally categorized by regulators as higher risk.

PPNR (Pre-provision, pretax net revenue): Operating profit before deducting credit loss provisions and taxes, used as a measure of core earning power.

Multifamily portfolio: Group of loans secured by properties containing five or more residential units, a significant asset category for regional banks.

Investor commercial real estate portfolio: Loans secured by non-owner-occupied commercial properties, such as offices, retail, and industrial buildings, typically evaluated separately from multifamily loans.

Full Conference Call Transcript

John Buran: Thank you, operator. Good morning, and thank you for joining us for our second quarter 2025 earnings conference call. We are pleased to report continued progress in our second quarter results, building upon the momentum we established in the first quarter. Our focus on three key areas—improving profitability, maintaining credit discipline, and preserving strong liquidity and capital—continues to drive positive results and demonstrates the power of our strategic focus and the successful execution by our team. For the second quarter, the company reported GAAP earnings per share of $0.41 and core earnings per share of $0.32, which are increases of 12878% year over year.

The primary difference between the GAAP and core earnings are the fair value adjustments on debt and the reversal of a valuation allowance upon reclassification of loans held for sale to loans held for investment. As you can see from our financial highlights on slide three, our performance was improved and broad-based. Both GAAP and core net interest margin expanded three basis points quarter over quarter, with GAAP net interest margin reaching 2.54 and core net interest margin reaching 2.52. This marks continued improvement from our 2.50 range we achieved in the first quarter and considerable growth from a year ago levels in the 200 basis point range.

Average total deposits increased 6% year over year and 1% quarter over quarter to $7.6 billion. We are particularly pleased with our non-interest-bearing deposit growth, which increased 6% year over year and 2% quarter over quarter to $875 million. Our pre-provision, pretax net revenue of $23.1 million and core PPNR of $19 million in the second quarter reached their highest levels since 2022, respectively. Credit metrics continue to demonstrate the strength of our conservative underwriting approach. Net charge-offs totaled 15 basis points for the second quarter, compared to 27 basis points the first quarter. Non-performing assets were stable at 75 basis points quarter over quarter.

Importantly, criticized and classified loans to total loans improved to 108 basis points, down from 133 basis points the prior quarter. The bank's commercial real estate concentration decreased to under 500% for the first time since the third quarter of 2023. This strong operating performance translated directly to a stronger balance sheet. Our tangible common equity grew by 25 basis points to 8.04%. We maintain strong liquidity with $3.6 billion of undrawn lines and resources at quarter end. These results validate our three core areas of focus: improving profitability, maintaining credit discipline, and preserving strong liquidity and capital. While we are proud of this progress, we remain focused on the work ahead.

I will now turn it over to Susan to discuss our results in more detail. Susan?

Susan Cullen: Thank you, John, and good morning. Our first area of focus continues to be improving profitability, and we made notable progress in the second quarter. Both GAAP and core net interest margin expanded three basis points quarter over quarter, demonstrating the continued benefit of our asset repricing strategy. Real estate loans are expected to reprice approximately 160 basis points higher through 2027, providing a significant tailwind for net interest margin expansion. We continue to see growth in our non-interest-bearing deposits, which is a key focus with our revised incentive plans emphasizing the importance of the funding source. We are also continuing to invest in the business through people and branches to drive core business improvements.

Our focus remains on improving returns on average equity over time, and we expect capital to grow as profitability improves. Slide five provides detail on our net interest margin expansion. Core net interest income increased by $10.5 million year over year, demonstrating substantial improvement in our earning power. Key drivers of the NIM quarter over quarter included loan yields increasing seven basis points, which was largely offset by an eight basis points from swap maturities. Episodic items, which include prepayment penalties, net reversals, or recovered interest from nonaccrual delinquent loans, and swap termination fees were higher in the second quarter compared to the first quarter.

In the third quarter, we typically experience seasonality in our funding profile, which tends to put pressure on funding costs. Longer term, we remain confident that our loan repricing should drive NIM expansion, assuming no change to the current flat yield curve. A positively sloped yield curve will drive net interest margin expansion, while a negatively sloped curve will make margin expansion much more challenging. Our deposit franchise remains a key strength and a cornerstone of our funding profile. As seen on slide six, average total deposits grew to $7.6 billion, up 6% year over year and 1% quarter over quarter. Our strategic initiatives to grow core relationships are paying off.

The revamped incentive plans we discussed in the previous quarters, which emphasized non-interest-bearing accounts, are delivering tangible results. Average non-interest-bearing deposits increased 6% year over year and 2% quarter over quarter. This quarter, new checking account openings increased 21% year over year and 8% quarter over quarter. This is a powerful leading indicator of future franchise and demonstrates our ability to attract and retain low-cost core funding. We continue to closely watch our funding costs as the overall cost of deposits increased eight basis points to 3.1% quarter over quarter, primarily due to the funding swaps. We see some opportunities to lower deposit costs over time, but the benefit is limited unless the Fed reduces rates.

Total CDs are $2.5 billion or 34% of total at quarter end. Approximately $391 million of CDs with a weighted average rate of 3.93% will mature in the third quarter. Our current rates are 3.5% to 4.25%, and customer preference is for our ninety-one day and one hundred and eighty-two day products, which have APYs of 4%. During the second quarter, we retained about 80% of the maturing CDs with a weighted average rate reduction of 24 basis points. Slide seven illustrates one of our most significant embedded earnings drivers: contractual repricing of our real estate loan portfolio.

For the remainder of 2025, approximately $373 million of loans are scheduled to reprice at rates 136 basis points higher than their current coupon. Through the end of 2027, $2.1 billion, or about a third of the loans, are scheduled to reprice at significantly higher rates, providing substantial predictable tailwind for our net interest income. Contractually and on an annualized basis, net interest income will increase $5 million from the 2025 repricing, $12 million from the 2026 repricing, and $16 million from the 2027 repricing. To demonstrate this point, as of 03/31/2025, $131 million of loans were due to reprice in the second quarter.

We successfully retained 92% of these loans at a weighted average rate of 6.89%, a full 154 basis points higher than the prior rate. This is a testament to our strong client relationships and our disciplined pricing, and it confirms the earning powers embedded in our loan book. Our second area of focus, as shown on slide eight, is maintaining credit discipline. We continue to operate with a low-risk profile built on conservative loan underwriting standards and our long history of low credit losses. We have enhanced our focus on relationship pricing and are beginning to see positive results from these efforts. Slide nine illustrates our net charge-off as compared to the industry since 02/2001.

Our underwriting has consistently outperformed industry averages, often by wide margins. Our conservative credit culture has been proven through many rate and economic cycles, and our commitment to this low-risk credit profile remains unwavering. Our multifamily and investor commercial real estate portfolios maintain strong debt coverage ratios at approximately 1.85 times. Even when we stress test these ratios for higher rates and increased operating expenses, the debt coverage ratios remain strong. In a stress scenario with both a 200 basis point rate increase and a 10% increase in operating expenses, the weighted average debt coverage ratio is approximately 1.36 times. Slide 10 demonstrates our non-current loan performance relative to the industry over more than two decades and multiple credit cycles.

Flushing Financial has consistently maintained better credit quality than industry averages. Our borrowers maintained low leverage with average loan-to-values on our real estate portfolio of less than 35%. We have only $41 million of real estate loans with loan-to-value of 75% or more, and about a third of these loans have mortgage insurance. Our strength is rooted in the quality of our loan portfolios. In our $2.5 billion multifamily portfolio, as detailed on Slide 11, non-performing loans were halved this quarter to just 50 basis points, down from 101 basis points in the first quarter of 2025. Criticized and classified loans in this segment improved dramatically to only 73 basis points from 116 basis points last quarter.

The portfolio maintains a very strong weighted average debt coverage ratio of 1.8 times. Our rent-regulated portfolio is $1.5 billion, and our credit quality in this portfolio is solid. Further details are in the appendix. There is a need for affordable housing in the New York City area. We have been lending to this market for approximately thirty years and have always focused on valuing the properties based on existing cash flows. This has resulted in debt service coverage ratios that are among the highest in the industry. Our current loan values are low as our loans generally require thirty-year amortization. We have limited interest-only loans.

Our underwriting models employ stress tests to amortize the loans as scheduled and then increase the rates by approximately 225 basis points above the initial rate to ensure that the property's resulting net cash flow is sufficient to service the loan at higher rates of interest. In addition, the bank requires its borrowers to submit annual income and expense statements with the current rent roll at the conclusion of each calendar year. These statements are analyzed, and current debt service ratios are recalculated. Results are reported to the bank's Board of Directors Risk Committee for assessment. Lastly, the loans undergo another stress test based upon the current cash flows.

This stress test reprices the loans based upon its current index, plus a margin formula to ensure that if the loans were to reprice at this time, the resulting debt service coverage ratio would indicate the property could support the loan balance. We believe that our conservative practices have placed us in a position to better manage through these challenging times. Slide 12 provides peer comparison data and our current multifamily credit quality statistics. Our criticized and classified multifamily loans to total multifamily loans of 73 basis points compares favorably to our peer group. Thirty to eighty-nine days past dues are only 12 basis points. Non-performing loans are 50 basis points of total multifamily loans, and criticized.

Our multifamily allowance for credit losses to criticized and classified multifamily loans is 69%, demonstrating appropriate reserve levels. During the second quarter, $55 million of multifamily loans were scheduled to reprice and mature. Approximately 97% of these loans remained with the bank and repriced 166 basis points higher to a weighted average rate of 6.56%. With these credit metrics, we see limited risk and loss content on the horizon. Slide 13 provides an overview of our investor commercial real estate portfolio, which is 30% of gross loans. The investor commercial real estate portfolio has 33 basis points of non-performing loans and 162 basis points of criticized and classified loans.

All the non-performing loans and criticized and classified loans are in the office portfolio, which is only 3% of gross loans. These metrics provide a clear representation of our conservative investor commercial real estate portfolio. Finally, on slide 14, our third area of focus is preserving our strong liquidity and capital. Our liquidity position remains exceptionally strong, with approximately $4 billion in undrawn lines and resources at quarter end. Furthermore, our reliance on wholesale funding is limited, with uninsured and uncollateralized deposits representing only 17% of total deposits, providing a stable and reliable funding base.

The company and the bank remain well-capitalized, and our tangible common equity to tangible assets ratio increased by a strong 25 basis points this quarter to 8.04%. This capital accretion enhances our resilience and provides us with flexibility to continue supporting our customers and investing in our strategic initiatives. I will now turn it back to John.

John Buran: Thanks, Susan. The strong financial results Susan detailed are the direct outcome of our focused strategic execution. A key driver of our franchise growth is our deep commitment to the Asian American communities we serve. As you can see on Slide 15, our focused efforts, supported by our multilingual staff, our Asian Advisory Board, and active community sponsorship, have grown our deposits in this vibrant market to $1.4 billion. This reflects a 12.4% compound annual growth rate since the second quarter of 2022. With only a 3% market share in this $45 billion market, the runway for future growth is excellent. Turning to our outlook on Slide 16, we provide some insight for the remainder of the year.

We expect total assets to remain stable, with loan growth being market dependent as we remain focused on disciplined pricing and improving our overall asset and funding mix. There are several moving parts affecting the net interest margin outlook. First, we have $391 million of retail CDs at a weighted average rate of 3.93 maturing in the third quarter. Retention rate on June CDs was 3.69%. Second, we have $373 million of loans contractually repricing 136 basis points higher in the second half of the year and $720 million repricing 171 basis points higher in 2026. Third, we have deposit outflows seasonally in the third quarter with recovery in the fourth quarter.

Finally, the slope and the shape of the yield curve will affect the net interest margin. Non-interest income should benefit from a healthy pipeline of about $41 million in back-to-back swap loans scheduled to close. We are maintaining our disciplined approach to expenses and have lowered our expected core non-interest expense growth to 4.5% to 5.5% for 2025 compared to the 2024 base of $159.6 million. Lastly, we are also lowering our expected effective tax rate to a range of between 24.5% and 26.5% for the remainder of 2025. To conclude on Slide 17, our key takeaways for the quarter are clear and reinforce our strategy.

First, we are successfully improving profitability, evidenced by another quarter of NIM expansion and pre-provision net revenue at its highest level in nearly three years. Second, we are maintaining our credit discipline. Our portfolio is 90% collateralized by real estate with an average LTV below 35%. And this quarter saw a material improvement in our criticized and classified loan levels. Finally, we are preserving and growing our capital. Our liquidity remains robust, and our tangible common equity grew significantly to over 8%. The results this quarter demonstrate that our plan is on track and profitability is improving. We are confident in our ability to continue executing and delivering value to our shareholders.

Operator, I will turn it over to you to open the lines for questions. Thank you. We will now begin the question and answer session.

Operator: And your first question comes from Mark Fitzgibbon with Piper Sandler. Please go ahead.

Mark Fitzgibbon: Fairly morning, but good morning, Mark. Yes. First question I had is on deposits. It looked like deposits declined about $400 million. And correct me if I am wrong, you said we would see some more outflows in the third quarter related to seasonality, I assume, in the muni business. What is are you doing some pricing changes or what kind of caused that $400 million rundown this quarter?

John Buran: So most of it is seasonal in nature. We will go into a period of time where we are seeing government deposits move out, and that will take place through partially through the third quarter. Okay. And then pick up. And then and then we will pick up back again.

Mark Fitzgibbon: Okay. And then I was trying to understand your interest rate sensitivity, the comments you made around the yield curve. And I was looking at page 34 with the hedges and trying to understand that. I guess what I am wondering if the Fed cuts rates 25 basis points and the curve steepens 25 because of that, what does that do to your margin?

John Buran: That is pretty that is good news for us. Any return to a more normal curve is positive.

Mark Fitzgibbon: Okay. I mean, of basis points improvement in the margin once it ripples through. Is that fair?

John Buran: Yes, it is reasonable.

Mark Fitzgibbon: Okay. And then, John, been a lot of talk around sort of the mayoral election in New York. I guess I am curious you know, if we if we get a mayor Mamdani, does that change your outlook at all? For New York City rent-regulated multifamily lending going forward?

John Buran: Well, as you know, Mark, the mayor's office cannot unilaterally freeze rents. All the changes and rents have to be approved by the New York State Division of Homes and Community Renewal. And over the last few years, really other than the COVID time frame, the state legislature particularly and the rent control rent control guidelines board have granted renewals. So renewals for 2025, '24, and 2025, one-year renewals at $2.75, two-year renewals at $5.02 5. And you can go back into '23 where clearly there has been an understanding certainly at the state level that the that inflation has taken a toll on fixed expenses. And as a result, these kind of increases are in line.

And again, any movement in these rates really has to go through the state. So there is clearly a on mister Mandami if he happens to be elected to the office.

Mark Fitzgibbon: Okay, great. And then, I guess, given the fact that you guys are suggesting the balance sheet not going to grow between now and the end of the year and your capital ratios are already pretty solid. With your stock trading at 58% of tangible book value, I am curious, are you eager, interested and are we likely to see buybacks the second half of the year?

Susan Cullen: Probably not. We are still looking to build capital a little bit stronger. We are still a little bit below our peers. Our capital position priorities, excuse me, has not changed in paying the dividend well, growing the company profitably. So we would like to see that first and foremost. Then paying the dividend, returning capital via repurchases.

Mark Fitzgibbon: It just strikes me that at 58% of book value, and it being a riskless transaction, it is pretty attractive. No? Versus growth or dividends or anything else?

Susan Cullen: Understood. Yes. There is that is pretty attractive transaction.

Mark Fitzgibbon: Okay. Thank you.

Susan Cullen: Thank you, Mark. Thanks, Mark.

Operator: And your next question comes from Thomas Reid with Raymond James. Please go ahead.

Thomas Reid: Hey guys. Just one quick question from me. There is a nice reduction in your expense outlook. Can you talk about maybe what drove that decrease and maybe some of your updated thoughts on the pace of SBA hiring and de novo expansion?

Susan Cullen: So what drove the decrease was chewing up some accruals related to incentive compensation. And the tight management of expenses that we have instituted across the organization. And you had a second part there, Thomas?

Thomas Reid: Yeah. Just maybe, what are you thinking in terms of potential SBA hires and de novo trends? I know you have talked about that in previous quarters.

Susan Cullen: So we have two branches that we plan on opening or have opened this year. One has already opened in Jackson Heights, our Chinatown branch has grown so nicely that was opened pre-pandemic. We are before the pandemic. So we have outgrown that space, so we are planning on opening a second branch in Chinatown. We continually look for new teams who will add revenue to our bottom line. So that is always on the table.

Thomas Reid: Okay. Great. Appreciate that. Thank you.

Susan Cullen: Thank you.

Operator: And your next question comes from David Conrad with KBW. Please go ahead.

David Conrad: Yes, good morning. Good morning, everyone. Thank you. A little bit follow-up on the deposits. You gave us a lot of kind of repricing on the CDs. Just curious as this ebb and flow of seasonality of government deposits maybe your thoughts of the repricing kind of yield going forward on the non-CD deposits?

John Buran: Sure. So, we think we clearly, the market is such that we think we have got limited opportunity to drive down the funding costs until the Fed makes its until it makes its move. You know, much of what we have had in CDs is really, you know, the opportunity. We have taken advantage of that up until up until this point in time. There are because of capital markets and our competitors in the government business, from time to time, we see opportunities there to shave off a few basis points here and there.

But the majority of the majority of the help on NIM going forward really is going to come from the asset side and the loan repricing. I think we will get limited support from the liability side of the balance sheet until the Fed makes its move.

David Conrad: Okay. Got it. Thank you.

Operator: And your next question comes from Manuel Navas with D.A. Davidson. Please go ahead.

Manuel Navas: Good morning, Manuel. Morning, everyone.

Sharon Gee: Yeah. This is Sharon Gee on for Manuel today. I was wondering, hello, the repricing opportunity in the loan book is pretty large, but, like, what is the impact on the credit side? Like, did the loans that reprice a 154 basis points higher in 2025 face credit stress?

Susan Cullen: No. We are not seeing any credit stress there. We had, you know, the loans that repriced. We kept 92% of them are current, and there is a 7% that are one to twenty-nine days, but they are responsive, and we are clearing that up right away. You know, the benefit of stress testing our loans at origination upwards of 200 basis points, and these only repricing one sixty-six. We had an idea of how they would perform based on the stress testing done at origination.

Sharon Gee: That is great. Thank you.

Susan Cullen: Thank you.

Operator: This concludes our question and answer session. I would like to turn the conference back over to John Buran for any closing remarks.

John Buran: Great. Well, thank you very much for joining our call this morning, and we look forward to continuing to provide shareholders with information on our progress on our strategic plans. Thank you.

Operator: This concludes today's teleconference. You may now disconnect your lines. We thank you for your participation.

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