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FFIC FLUSHING Financial Corporation Flushing Financial Corporation Reports 3Q21 GAAP EPS of $ 0.81 and Record Core EPS of $ 0.88 Record Net Interest Income , Loan Pipeline , and Core EPS UNIONDALE , N.Y. , October 26 , 2021 ( GLOBE NEWSWIRE ) - The Company reported third quarter 2021 GAAP EPS of $ 0.81 , up 62.0 % YOY , ROAA of 1.26 % and ROAE of 15.42 % . For the period , Core EPS of $ 0.88 increased 57.1 % YoY with ROAA of 1.38 % and ROAE of 16.88 % . The strong results were from the successful implementation of our business strategy resulting in the sixth consecutive quarter of record net interest income , a record loan pipeline , and the second consecutive quarter of record core earnings . " Loans , excluding SBA Payment Protection Program ( “ PPP ” ) , were flat QoQ but increased 12 % YoY . The Company's loan pipeline increased 35 % YoY and 23 % QoQ to record levels as the metro New York City economy continues to normalize . Additionally , there have been eight announced or recently closed bank mergers in the Long Island market . The market has $ 328 billion of deposits and 18 % or $ 60 billion involve a merger participant . As a leading community bank in this market , Flushing Bank is poised to benefit from merger disruption . The combination of an improving economy , broad based and record loan pipelines , and merger disruption should lead to positive loan growth into 2022. " - John R. Buran , President and CEO Sixth Consecutive Quarter of Record Net Interest Income ; Favorable Outlook . Net interest income of $ 63.4 million increased 27 % YoY and 4 % QoQ . NIM expanded 20 bps to 3.34 % from 3.14 % in 2Q21 , while Core NIM increased by 13 bps to 3.27 % during the same period . NIM expansion was the result of cost of funds declining 4 bps , while asset yields increased 15 bps , with 8 bps due to the change in hedge fair values , increased purchase accounting accretion , and net prepayment penalty income . The funding mix improved with core deposits totaling 84 % of average deposits and average borrowings declined 37 % YoY . Weighted average rate on loan closings ( ex PPP ) rose 13 bps QoQ and the steeper yield curve should have a positive impact on net interest income over time . Capital Target Achieved ; Share Repurchase Activity Resumes . Following the closing of the Empire acquisition approximately one year ago , the Company announced the goal of a TCE ratio of 8 % or better by the end of 2021. This target was achieved during 3Q21 even as the Company repurchased 285,643 shares of common stock at an average price of $ 22.42 per share . Our capital priorities remain to 1 ) profitabily grow the balance sheet , 2 ) return dividends to shareholders , and 3 ) opportunistically repurchase shares . GAAP : EPS ROAA ( % ) ROAE ( % ) NIM FTE ( % ) Core : EPS ROAA ( % ) ROAE ( % ) Core NIM FTE ( % ) Efficiency Ratio ( % ) Credit Quality : NPAs / Loans & REO ( % ) LLRs / Loans ( % ) LLRs / NPLs ( % ) NCOS / Avg Loans ( % ) Balance Sheet : Avg Loans ( $ B ) Avg Dep ( $ B ) Book Value / Share Tangible BV / Share TCE / TA ( % ) Key Financial Metrics¹ 3Q21 2Q21 $ 0.81 1.26 15.42 3.34 $ 0.88 1.38 16.88 3.27 52.3 0.31 0.55 179.86 ( 0.04 ) $ 6.6 $ 6.4 $ 21.78 $ 21.13 8.04 $ 0.61 0.93 11.95 3.14 Exhibit 99.1 John R. Buran , President and CEO Commentary $ 0.73 1.11 14.27 3.14 53.4 0.26 0.64 242.55 0.05 $ 6.7 $ 6.5 $ 21.16 $ 20.51 7.80 Investor Contact : Susan K. Cullen , SEVP , CFO and Treasurer , 718-961-5400 1Q21 $ 0.60 0.93 12.29 3.18 $ 0.54 0.83 10.96 3.06 58.6 0.31 0.67 212.87 0.17 $ 6.7 $ 6.3 $ 20.65 $ 19.99 7.60 4Q20 $ 0.11 0.18 2.27 3.08 $ 0.58 0.92 11.67 3.03 57.6 0.31 0.67 214.27 0.04 $ 6.4 $ 5.5 $ 20.11 $ 19.45 7.52 3Q20 $ 0.50 0.81 9.94 3.00 $ 0.56 0.91 11.22 2.98 55.4 0.42 0.65 154.66 0.06 $ 5.9 $ 5.0 $ 20.78 $ 20.22 8.10 ¹ See " Reconciliation of GAAP Earnings and Core Earnings ” and “ Reconciliation of GAAP Net Interest Margin to Core and Base Net Interest Income and Net Interest Margin . " 1