Flushing Financial Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Flushing Financial Corporation has submitted its 2023 10-K report detailing its financial performance and position.</b>

AI Summary

FLUSHING FINANCIAL CORP (FFIC) filed a Annual Report (10-K) with the SEC on March 15, 2024. Flushing Financial Corporation filed its 2023 Form 10-K on March 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is commercial banking. The filing includes financial data for the years 2020 through 2023. Key financial statement components like Retained Earnings and Additional Paid-In Capital are detailed for these years.

Why It Matters

For investors and stakeholders tracking FLUSHING FINANCIAL CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Flushing Financial Corp.'s financial health and operational results for the fiscal year 2023, crucial for investors assessing its stability and growth prospects. The detailed financial data, including balance sheet items and income statement components, allows stakeholders to track trends and compare performance against previous years and industry benchmarks.

Risk Assessment

Risk Level: medium — FLUSHING FINANCIAL CORP shows moderate risk based on this filing. The company operates in the commercial banking sector, which is subject to significant regulatory oversight and economic fluctuations that can impact profitability and asset quality.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Flushing Financial Corp.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-15 — Filing Date (FILED AS OF DATE)
• 6022 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• DE — State of Incorporation (STATE OF INCORPORATION)

Key Players & Entities

• FLUSHING FINANCIAL CORP (company) — FILER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240315 (date) — FILED AS OF DATE
• UNIONDALE (location) — CITY
• NY (location) — STATE
• 718-961-5400 (phone) — BUSINESS PHONE
• 001-33013 (other) — SEC FILE NUMBER
• 24753693 (other) — FILM NUMBER

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-15: 10-K Filing Date — Date Flushing Financial Corp. submitted its annual report.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed by Flushing Financial Corp. for its annual reporting.)

SIC Code

Standard Industrial Classification code used to categorize businesses based on their primary activity. (Indicates Flushing Financial Corp.'s primary business is 'State Commercial Banks'.)

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value FFIC The NASDAQ Stock Mar
• $12.29 — ommon Stock, $0.01 par value, which was $12.29. The number of shares of the registra
• $60.0 million — iness trusts formed to issue a total of $60.0 million of capital securities and $1.9 million
• $1.9 million — $60.0 million of capital securities and $1.9 million of common securities (which are the onl
• $8.5 b — , 2023, the Company had total assets of $8.5 billion, deposits of $6.8 billion and sto
• $6.8 billion — tal assets of $8.5 billion, deposits of $6.8 billion and stockholders' equity of $0.7 billio
• $0.7 billion — 6.8 billion and stockholders' equity of $0.7 billion. 1 Table of Contents Our principal
• $6,898.3 m — 2023, we had gross loans outstanding of $6,898.3 million, with gross mortgage loans totali
• $5,425.6 m — ion, with gross mortgage loans totaling $5,425.6 million, or 78.7% of gross loans, and com
• $1,472.7 m — and commercial business loans totaling $1,472.7 million, or 21.3% of gross loans. Mortgag
• $25.2 m — ) system. Non-performing loans totaled $25.2 million, $32.4 million, and $14.9 million
• $32.4 m — performing loans totaled $25.2 million, $32.4 million, and $14.9 million at December 31
• $14.9 million — taled $25.2 million, $32.4 million, and $14.9 million at December 31, 2023, 2022, and 2021, r
• $10.8 million — f non-performing loans in 2023 totaling $10.8 million compared to $1.5 million and $3.1 milli
• $1.5 million — 2023 totaling $10.8 million compared to $1.5 million and $3.1 million for the years ended De

Filing Documents

• ffic-20231231x10k.htm (10-K) — 10160KB
• ffic-20231231xex23d1.htm (EX-23.1) — 4KB
• ffic-20231231xex31d1.htm (EX-31.1) — 13KB
• ffic-20231231xex31d2.htm (EX-31.2) — 15KB
• ffic-20231231xex32d1.htm (EX-32.1) — 6KB
• ffic-20231231xex32d2.htm (EX-32.2) — 6KB
• ffic-20231231xex97d1.htm (EX-97.1) — 76KB
• ffic-20231231x10k008.jpg (GRAPHIC) — 65KB
• ffic-20231231xex97d1001.jpg (GRAPHIC) — 7KB
• ffic-20231231xex97d1002.jpg (GRAPHIC) — 7KB
• 0001558370-24-003358.txt (&nbsp;) — 40578KB
• ffic-20231231.xsd (EX-101.SCH) — 154KB
• ffic-20231231_cal.xml (EX-101.CAL) — 135KB
• ffic-20231231_def.xml (EX-101.DEF) — 665KB
• ffic-20231231_lab.xml (EX-101.LAB) — 1153KB
• ffic-20231231_pre.xml (EX-101.PRE) — 1047KB
• ffic-20231231x10k_htm.xml (XML) — 11559KB

Business

Item 1. Business. 1

Risk Factors

Item 1A. Risk Factors 44

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 52

Cybersecurity

Item 1C. Cybersecurity 52

Properties

Item 2. Properties 53

Legal Proceedings

Item 3. Legal Proceedings 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53 PART II

Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 54

Reserved

Item 6. Reserved 55

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 56

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 69

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 70

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 140

Controls and Procedures

Item 9A. Controls and Procedures 140

Other Information

Item 9B. Other Information 141

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 141 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 141

Executive Compensation

Item 11. Executive Compensation 141

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 141

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 142

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 142 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 142 (a) 1. Financial Statements 142 (a) 2. Financial Statement Schedules 142 (a) 3. Exhibits Required by Securities and Exchange Commission Regulation S-K 143

SIGNATURES

SIGNATURES POWER OF ATTORNEY i Table of Contents CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS PART I As used in this Report, the words "we," "us," "our" and the "Company" are used to refer to Flushing Financial Corporation (the "Holding Company") and its direct and indirect wholly owned subsidiaries, Flushing Bank (the "Bank"), Flushing Service Corpo

Business

Item 1. Business. GENERAL Overview The Holding Company is a Delaware corporation organized in 1994. The Bank was organized in 1929 as a New York State-chartered mutual savings bank. Today the Bank operates as a full-service New York State commercial bank. Our primary business is the operation of the Bank. The Bank owned two subsidiaries during 2023: Flushing Service Corporation and FSB Properties Inc. The Bank also operates an internet branch (the "Internet Branch"), which operates under the brands of iGObanking.com and BankPurely. The activities of the Holding Company are primarily funded by dividends, if any, received from the Bank, issuances of subordinated debt and junior subordinated debt, and issuances of equity securities. The Holding Company's common stock is traded on the NASDAQ Global Select Market under the symbol "FFIC." The Holding Company also owns Flushing Financial Capital Trust II, Flushing Financial Capital Trust III, and Flushing Financial Capital Trust IV (the "Trusts"), which are special purpose business trusts formed to issue a total of $60.0 million of capital securities and $1.9 million of common securities (which are the only voting securities). The Holding Company owns 100% of the common securities of the Trusts. The Trusts used the proceeds from the issuance of these securities to purchase junior subordinated debentures from the Holding Company. The Trusts are not included in our consolidated financial statements as we would not absorb the losses of the Trusts if losses were to occur. Unless otherwise disclosed, the information presented in this Annual Report reflects the financial condition and results of operations of the Company. Management views the Company as operating a single unit – a community bank. Therefore, segment information is not provided. At December 31, 2023, the Company had total assets of $8.5 billion, deposits of $6.8 billion and stockholders' equity of $0.7 billion. 1 Table of Contents Our principal business

business

business (In thousands) residential real estate property residential Construction Administration and other Total loans Amounts due within one year $ 359,772 $ 373,483 $ 48,171 $ 16,843 $ 50,379 $ 3,474 $ 467,807 $ 1,319,929 Amounts due after one year: One to two years 289,535 257,971 47,051 14,006 4,869 2,032 289,052 904,516 Two to three years 269,431 220,296 46,497 12,893 1,456 1,092 206,073 757,738 Three to five years 499,102 377,565 88,816 24,191 1,969 1,442 249,177 1,242,262 Five to fifteen years 1,057,022 706,407 225,788 84,014 — 7,593 238,303 2,319,127 Over fifteen years 183,343 22,530 73,920 68,266 — 4,572 2,106 354,737 Total due after one year 2,298,433 1,584,769 482,072 203,370 8,294 16,731 984,711 5,578,380 Gross loans $ 2,658,205 $ 1,958,252 $ 530,243 $ 220,213 $ 58,673 $ 20,205 $ 1,452,518 $ 6,898,309 Sensitivity of loans to changes in interest rates - loans due after one year: Fixed rate loans $ 291,511 $ 98,364 $ 165,078 $ 19,711 $ — $ 1,254 $ 581,875 $ 1,157,793 Adjustable rate loans 2,006,922 1,486,405 316,994 183,659 8,294 15,477 402,836 4,420,587 Total loans due after one year (1) $ 2,298,433 $ 1,584,769 $ 482,072 $ 203,370 $ 8,294 $ 16,731 $ 984,711 $ 5,578,380 (1) The table above excludes the unallocated portfolio layer basis adjustments totaling $0.9 million related to loans hedged in a closed pool at December 31, 2023. See Note 20 ("Derivative Financial Instruments") of the Notes to the Consolidated Financial Statements. Multi-family Residential Lending. Loans secured by multi-family residential properties were $2,658.2 million, or 38.53% of gross loans, at December 31, 2023. Our multi-family residential mortgage loans had an average principal balance of $1.2 million at December 31, 2023, and the largest multi-fam

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