Flushing Financial Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Flushing Financial Corp. filed its Q1 2024 10-Q, detailing financial positions as of March 31, 2024, and comparative periods.</b>

AI Summary

FLUSHING FINANCIAL CORP (FFIC) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Flushing Financial Corp. filed its 10-Q report for the quarter ended March 31, 2024. The filing includes financial data for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key balance sheet components such as Treasury Stock, Retained Earnings, Additional Paid-In Capital, and Accumulated Other Comprehensive Income are detailed for multiple periods. The company's fiscal year ends on December 31st. Flushing Financial Corp. is classified under SIC code 6022 for State Commercial Banks.

Why It Matters

For investors and stakeholders tracking FLUSHING FINANCIAL CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and position of Flushing Financial Corp., crucial for assessing its stability and growth trajectory. The detailed breakdown of equity components and comparative data across periods allows for trend analysis and identification of financial health changes.

Risk Assessment

Risk Level: low — FLUSHING FINANCIAL CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Monitor future filings for trends in equity components and overall financial performance to assess Flushing Financial Corp.'s strategic direction and market position.

Key Numbers

• 2024-03-31 — Report Date (Conformed period of report)
• 2024-05-06 — Filing Date (Filed as of date)
• 6022 — SIC Code (Standard Industrial Classification)
• 2024-03-31 — Common Stock Date (Common stock reporting date)
• 2023-03-31 — Common Stock Date (Common stock reporting date)

Key Players & Entities

• FLUSHING FINANCIAL CORP (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-06 (date) — Filed as of date
• 0000923139 (company) — Central Index Key
• 6022 (industry_code) — Standard Industrial Classification
• DE (state) — State of incorporation
• 1231 (fiscal_year_end) — Fiscal year end
• 220 RXR PLAZA (address) — Business address street 1

FAQ

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value FFIC The Nasdaq Stock Mar

Filing Documents

• ffic-20240331x10q.htm (10-Q) — 5763KB
• ffic-20240331xex31d1.htm (EX-31.1) — 10KB
• ffic-20240331xex31d2.htm (EX-31.2) — 11KB
• ffic-20240331xex32d1.htm (EX-32.1) — 7KB
• ffic-20240331xex32d2.htm (EX-32.2) — 8KB
• 0001558370-24-006782.txt (&nbsp;) — 26342KB
• ffic-20240331.xsd (EX-101.SCH) — 86KB
• ffic-20240331_cal.xml (EX-101.CAL) — 114KB
• ffic-20240331_def.xml (EX-101.DEF) — 415KB
• ffic-20240331_lab.xml (EX-101.LAB) — 698KB
• ffic-20240331_pre.xml (EX-101.PRE) — 619KB
• ffic-20240331x10q_htm.xml (XML) — 8244KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements - (Unaudited)

ITEM 1. Financial Statements - (Unaudited) Consolidated Statements of Financial Condition 1 Consolidated Statements of Income 2 Consolidated Statements of Comprehensive Income 3 Consolidated Statements of Changes in Stockholders' Equity 4 Consolidated Statements of Cash Flow 5

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

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

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 41

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 58

Controls and Procedures

ITEM 4. Controls and Procedures 58

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 59

Risk Factors

ITEM 1A. Risk Factors 59

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 59

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 59

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 59

Other Information

ITEM 5. Other Information 59

Exhibits

ITEM 6. Exhibits 60

SIGNATURES

SIGNATURES 62 i Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Statements of Financial Condition (Unaudited)

Financial Statements

Item 1. Financial Statements March 31, December 31, 2024 2023 (Dollars in thousands, except per share data) Assets Cash and due from banks (restricted cash of $ 59,575 , and $ 47,945 , respectively) $ 210,723 $ 172,157 Securities held-to-maturity, net of allowance of $ 1,084 and $ 1,087 , respectively (assets pledged of $ 4,521 and $ 4,595 , respectively; fair value of $ 63,800 and $ 65,755 , respectively) 72,462 72,923 Securities available for sale, at fair value (assets pledged of $ 250,306 and $ 195,444 , respectively; $ 13,331 and $ 13,359 at fair value pursuant to the fair value option, respectively) 1,176,683 874,753 Loans, net of fees and costs 6,821,943 6,906,950 Less: Allowance for credit losses ( 40,752 ) ( 40,161 ) Net loans 6,781,191 6,866,789 Interest and dividends receivable 61,449 59,018 Bank premises and equipment, net 20,102 21,273 Federal Home Loan Bank of New York stock, at cost 24,845 31,066 Bank owned life insurance 214,718 213,518 Goodwill 17,636 17,636 Core deposit intangibles 1,428 1,537 Right of use asset 37,631 39,557 Other assets 188,457 167,009 Total assets $ 8,807,325 $ 8,537,236 Liabilities Due to depositors: Non-interest bearing $ 815,937 $ 847,416 Interest-bearing 6,355,189 5,917,463 Total Due to depositors 7,171,126 6,764,879 Mortgagors' escrow deposits 82,081 50,382 Borrowed funds: Federal Home Loan Bank advances and other borrowings 435,050 605,801 Subordinated debentures 187,802 187,630 Junior subordinated debentures, at fair value 48,622 47,850 Total borrowed funds 671,474 841,281 Operating lease liability 38,674 40,822 Other liabilities 174,143 170,035 Total liabilities 8,137,498 7,867,399 Stockholders' Equity Preferred stock ($ 0.01 par value; 5,000,000 shares authorized; none issued) — — Common stock ($ 0.01 par value; 100,000,000 shares authorized; 34,087,623 shares issue

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Statements of Income (Unaudited) For the three months ended March 31, 2024 2023 (In thousands, except per share data) Interest and dividend income Interest and fees on loans $ 92,959 $ 82,889 Interest and dividends on securities: Interest 12,541 7,240 Dividends 33 29 Other interest income 3,966 1,959 Total interest and dividend income 109,499 92,117 Interest expense Deposits 57,865 39,056 Other interest expense 9,237 7,799 Total interest expense 67,102 46,855 Net interest income 42,397 45,262 Provision (benefit) for credit losses 592 7,508 Net interest income after provision (benefit) for credit losses 41,805 37,754 Non-interest income Banking services fee income 1,394 1,411 Net gain (loss) on sale of loans 110 54 Net gain (loss) from fair value adjustments ( 834 ) 2,619 Federal Home Loan Bank of New York stock dividends 743 697 Bank owned life insurance 1,200 1,109 Other income 471 967 Total non-interest income (loss) 3,084 6,857 Non-interest expense Salaries and employee benefits 22,113 22,562 Occupancy and equipment 3,779 3,793 Professional services 2,792 2,261 FDIC deposit insurance 1,652 977 Data processing 1,727 1,435 Depreciation and amortization of bank premises and equipment 1,457 1,510 Other real estate owned / foreclosure expense 145 165 Other operating expenses 6,227 6,453 Total non-interest expense 39,892 39,156 Income before income taxes 4,997 5,455 Provision for income taxes Federal 901 1,071 412 340 Total provision for income taxes 1,313 1,411 Net income $ 3,684 $ 4,044 Basic earnings per common share $ 0.12 $ 0.13 Diluted earnings per common share $ 0.12 $ 0.13 The accompanying notes are an integral part of these consolidated financi

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Statements of Comprehensive Income (Unaudited) For the three months ended March 31, 2024 2023 (In thousands) Net income $ 3,684 $ 4,044 Other comprehensive income (loss), net of tax: Amortization of actuarial (gains) losses, net of taxes of $ 29 and $ 31 , respectively. ( 63 ) ( 69 ) Change in net unrealized gains (losses) on securities available for sale, net of taxes of $ 77 and ($ 1,883 ), respectively. ( 172 ) 3,987 Net unrealized gains (losses) on cashflow hedges, net of taxes of ($ 1,397 ) and $ 2,345 , respectively. 3,101 ( 5,140 ) Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of $ 14 and $ 33 , respectively. ( 31 ) ( 74 ) Other comprehensive income (loss), net of tax: 2,835 ( 1,296 ) Comprehensive net income $ 6,519 $ 2,748 The accompanying notes are an integral part of these consolidated financial statements. -3- Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Statement of Changes in Stockholders' Equity (Unaudited) Additional Accumulated Other Shares Common Paid-in Treasury Retained Comprehensive (Dollars in thousands, except per share data) Outstanding Stock Capital Stock Earnings Income (Loss) Total Balance at December 31, 2023 28,865,810 $ 341 $ 264,534 $ ( 106,070 ) $ 549,683 $ ( 38,651 ) $ 669,837 Net income — — — — 3,684 — 3,684 Vesting of restricted stock unit awards 301,319 — ( 5,811 ) 6,111 ( 300 ) — — Stock-based compensation expense — — 1,690 — — — 1,690 Repurchase of shares to satisfy tax obligation ( 98,573 ) — — ( 1,682 ) — — ( 1,682 ) Dividends on common stock ($ 0.22 per share) — — — — ( 6,537 ) — ( 6,537 ) Other comprehensive income (loss) — — — — — 2,835 2,835 Balance at March 31, 2024 29,068,556 $ 341 $ 260,413 $ ( 101,641 ) $ 546,530 $ ( 35,816 ) $ 669,827 Additional Accumulated Other Shares Common Paid-in Treasury Retained Comprehensive (Dollars in thousands, except per share data) Outstanding Stock Capital Stock Earnings Income (Loss) Total Balance at December 31, 2022 29,476,391 $ 341 $ 264,332 $ ( 98,535 ) $ 547,507 $ ( 36,488 ) $ 677,157 Net income — — — — 4,044 — 4,044 Vesting of restricted stock unit awards 256,798 — ( 5,264 ) 5,484 ( 220 ) — — Purchase of treasury shares ( 159,516 ) — — ( 3,053 ) — — ( 3,053 ) Stock-based compensation expense — — 3,808 — — — 3,808 Repurchase of shares to satisfy tax obligation ( 85,217 ) — — ( 1,656 ) — — ( 1,656 ) Dividends on common stock ($ 0.22 per share) — — — — ( 6,659 ) — ( 6,659 ) Other comprehensive income (loss) — — — — — ( 1,296 ) ( 1,296 ) Balance at March 31, 2023 29,488,456 $ 341 $ 262,876 $ ( 97,760 ) $ 544,672 $ ( 37,784

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) For the three months ended March 31, 2024 2023 (In thousands) Operating Activities Net income $ 3,684 $ 4,044 Adjustments to reconcile net income to net cash provided by operating activities: Provision (benefit) for credit losses 592 7,508 Depreciation and amortization of premises and equipment 1,457 1,510 Net (loss) gain on sales of loans ( 110 ) ( 54 ) Net amortization (accretion) of premiums and discounts 870 1,234 Deferred income tax provision (benefit) 922 1,136 Net (gain) loss from fair value adjustments 834 ( 2,619 ) Net (gain) loss from fair value adjustments of hedges 1,133 ( 100 ) Bank owned life insurance ( 1,200 ) ( 1,109 ) Stock-based compensation expense 1,690 3,808 Deferred compensation ( 1,021 ) ( 1,707 ) Amortization of core deposit intangibles 109 126 (Increase) decrease in other assets ( 6,365 ) ( 9,033 ) Increase (decrease) in other liabilities ( 8,824 ) ( 15,162 ) Net cash provided by (used in) operating activities ( 6,229 ) ( 10,418 ) Investing Activities Purchases of premises and equipment ( 287 ) ( 1,327 ) Purchases of Federal Home Loan Bank New York stock ( 759 ) ( 55,017 ) Redemptions of Federal Home Loan Bank New York stock 6,980 62,080 Proceeds from prepayments of securities held-to-maturity 463 200 Purchases of securities available for sale ( 375,526 ) ( 93,068 ) Proceeds from sales and calls of securities available for sale 6,000 - Proceeds from maturities and prepayments of securities available for sale 61,964 21,087 Change in cash collateral 11,630 ( 6,180 ) Net repayments (originations) of loans 147,552 75,496 Purchases of loans ( 75,813 ) ( 44,466 ) Proceeds from sale of loans originally classified as held to investment 3,810 2,575 Net cash provided by (used in) investing activities

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Statements of Cash Flows (Contd.) (Unaudited) For the three months ended March 31, 2024 2023 (In thousands) Financing Activities Net increase (decrease) in noninterest-bearing deposits $ ( 31,479 ) $ ( 48,984 ) Net increase (decrease) in interest-bearing deposits 437,530 267,208 Net increase (decrease) in mortgagors' escrow deposits 31,699 30,414 Net (repayments) proceeds from short-term borrowed funds ( 170,750 ) ( 235,000 ) Proceeds from long-term borrowing 200,000 71,761 Repayment of long-term borrowings ( 200,000 ) — Purchase of treasury shares — ( 3,053 ) Repurchase of shares to satisfy tax obligations ( 1,682 ) ( 1,656 ) Cash dividends paid ( 6,537 ) ( 6,659 ) Net cash provided by (used in) financing activities 258,781 74,031 Net increase (decrease) in cash and cash equivalents, and restricted cash 38,566 24,993 Cash, cash equivalents, and restricted cash, beginning of period 172,157 151,754 Cash, cash equivalents, and restricted cash, end of period $ 210,723 $ 176,747 Supplemental Cash Flow Disclosure Interest paid $ 66,035 $ 48,889 Income taxes paid 3,166 1,993 Transfer of loans held for investment to other real estate owned 665 — Transfer of loans held for investment to held for sale 3,540 2,375 Securities purchased not yet settled 17,650 — The accompanying notes are an integral part of these consolidated financial statements. -6- Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 1. Basis of Presentation The primary business of Flushing Financial Corporation (the "Company"), a Delaware corporation, is the operation of its wholly owned subsidiary, Flushing Bank (the "Bank"). The unaudited consolidated financial statements presented in this Quarterly Report on Form 10-Q ("Quarterly Report") include the collective results of the Company and its direct and indirect wholly owned subsidiaries, including the Bank, Flushing Service Corporation and FSB Properties Inc., which are collectively herein referred to as "we," "us," "our" and the "Company." The 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. The Trusts are not included in the Company's consolidated financial statements, as the Company would not absorb the losses of the Trusts if any losses were to occur. The accompanying unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and general practices within the banking industry. The information furnished in these interim statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for such presented periods of the Company. Such adjustments are of a normal recurring nature, unless otherwise disclosed in this Quarterly Report. All inter-company balances and transactions have been eliminated in consolidation. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Quarterly Report on Form 10-Q and Article 10, Rule 10-01 of Regulation S-X for interim financial statements. Accordingly, ce

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) 3. Earnings Per Share Earnings per common share have been computed based on the following: For the three months ended March 31, 2024 2023 (In thousands, except per share data) Net income, as reported $ 3,684 $ 4,044 Divided by: Total weighted average common shares outstanding and common stock equivalents 29,742 30,265 Basic earnings per common share $ 0.12 $ 0.13 Diluted earnings per common share $ 0.12 $ 0.13 Dividend Payout ratio 183.3 % 169.2 % 4. Securities The following table summarizes the Company's portfolio of securities held-to-maturity on March 31, 2024: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Municipals $ 65,696 $ 56,856 $ — $ ( 8,840 ) Total municipals 65,696 56,856 — ( 8,840 ) FNMA 7,850 6,944 — ( 906 ) Total mortgage-backed securities 7,850 6,944 — ( 906 ) Total before allowance for credit losses $ 73,546 $ 63,800 $ — $ ( 9,746 ) Allowance for credit losses ( 1,084 ) Total $ 72,462 -8- Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) The following table summarizes the Company's portfolio of securities held-to-maturity on December 31, 2023: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Municipals $ 66,155 $ 58,697 $ — $ ( 7,458 ) Total municipals 66,155 58,697 — ( 7,458 ) FNMA 7,855 7,058 — ( 797 ) Total mortgage-backed securities 7,855 7,058 — ( 797 ) Total before allowance for credit losses $ 74,010 $ 65,755 $ — $ ( 8,255 ) Allowance for credit losses ( 1,087 ) Total $ 72,923 The following table summarizes the Company's portfolio of securities available for sale on March 31, 2024: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) U.S. government agencies $ 31,357 $ 30,835 $ 107 $ ( 629 ) Corporate 163,228 145,666 7 ( 17,569 ) Mutual funds 11,618 11,618 — — Collateralized loan obligations 476,039 477,577 1,884 ( 346 ) Other 1,460 1,460 — — Total other securities 683,702 667,156 1,998 ( 18,544 ) REMIC and CMO 309,347 281,894 12 ( 27,465 ) GNMA 27,197 25,297 7 ( 1,907 ) FNMA 153,314 130,338 5 ( 22,981 ) FHLMC 87,834 71,998 — ( 15,836 ) Total mortgage-backed securities 577,692 509,527 24 ( 68,189 ) Total Securities excluding portfolio layer adjustments 1,261,394 1,176,683 2,022 ( 86,733 ) Unallocated portfolio layer basis adjustments (1) ( 5,051 ) n/a — 5,051 Total securities available for sale $ 1,256,343 $ 1,176,683 $ 2,022 $ ( 81,682 ) (1) Represents the amount of portfolio layer method basis adjustments related to available for sale ("AFS") securities hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses for the individual securities being

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) The following table summarizes the Company's portfolio of securities available for sale on December 31, 2023: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) U.S. government agencies $ 82,548 $ 81,734 $ 123 $ ( 937 ) Corporate 173,184 155,449 — ( 17,735 ) Mutual funds 11,660 11,660 — — Collateralized loan obligations 269,600 270,129 1,215 ( 686 ) Other 1,437 1,437 — — Total other securities 538,429 520,409 1,338 ( 19,358 ) REMIC and CMO 160,165 133,574 — ( 26,591 ) GNMA 12,402 10,665 3 ( 1,740 ) FNMA 155,995 135,074 14 ( 20,935 ) FHLMC 89,427 75,031 — ( 14,396 ) Total mortgage-backed securities 417,989 354,344 17 ( 63,662 ) Total Securities excluding portfolio layer adjustments 956,418 874,753 1,355 ( 83,020 ) Unallocated portfolio layer basis adjustments (1) ( 2,254 ) n/a — 2,254 Total securities available for sale $ 954,164 $ 874,753 $ 1,355 $ ( 80,766 ) (1) Represents the amount of portfolio layer method basis adjustments related to AFS securities hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses for the individual securities being hedged. See Note 11 ("Derivative Financial Instruments") of the Notes to the Consolidated Financial Statements. The corporate securities held by the Company at March 31, 2024 and December 31, 2023, are issued by U.S. banking institutions. The CMOs held by the Company at March 31, 2024 and December 31, 2023, are either fully guaranteed or issued by a government sponsored enterprise. The following tables detail the amortized cost and fair value of the Company's securities classified as held-to-maturity and available for sale at March 31, 2024, by contractual maturity. Expected mat

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) Amortized Securities available for sale: Cost Fair Value (In thousands) Due in one year or less $ 29,901 $ 29,101 Due after one year through five years 75,185 70,275 Due after five years through ten years 223,390 211,299 Due after ten years 343,608 344,863 Total other securities 672,084 655,538 Mutual funds 11,618 11,618 Mortgage-backed securities 577,692 509,527 Total securities available for sale (1) $ 1,261,394 $ 1,176,683 (1) The table above excludes the unallocated portfolio layer basis adjustments totaling $ 5.1 million related to AFS securities hedged in a closed portfolio at March 31, 2024. See Note 11 ("Derivative Financial Instruments") of the Notes to the Consolidated Financial Statements. The following tables show the Company's securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at the dates indicated: At March 31, 2024 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Held-to-maturity securities Municipals 3 $ 56,856 $ ( 8,840 ) $ — $ — $ 56,856 $ ( 8,840 ) Total other securities 3 56,856 ( 8,840 ) — — 56,856 ( 8,840 ) FNMA 1 6,944 ( 906 ) — — 6,944 ( 906 ) Total mortgage-backed securities 1 6,944 ( 906 ) — — 6,944 ( 906 ) Total 4 $ 63,800 $ ( 9,746 ) $ — $ — $ 63,800 $ ( 9,746 ) Available for sale securities (1) U.S. Government Agencies 5 $ 24,308 $ ( 629 ) $ — $ — $ 24,308 $ ( 629 ) Corporate 23 144,206 ( 17,569 ) — — 144,206 ( 17,569 ) Collateralized loan obligations 18 154,564 ( 346 ) 105,125 ( 285 ) 49,439 ( 61 ) Total other securities 46 323,078 ( 18,544 ) 105,125

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) At December 31, 2023 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Held-to-maturity securities Municipals 3 $ 58,697 $ ( 7,458 ) $ — $ — $ 58,697 $ ( 7,458 ) Total other securities 3 58,697 ( 7,458 ) — — 58,697 ( 7,458 ) FNMA 1 7,058 ( 797 ) — — 7,058 ( 797 ) Total mortgage-backed securities 1 7,058 ( 797 ) — — 7,058 ( 797 ) Total 4 $ 65,755 $ ( 8,255 ) $ — $ — $ 65,755 $ ( 8,255 ) Available for sale securities (1) U.S. government agencies 8 $ 74,517 $ ( 937 ) $ 2,517 $ ( 7 ) $ 72,000 $ ( 930 ) Corporate 26 155,449 ( 17,735 ) 25,428 ( 1,318 ) 130,021 ( 16,417 ) Collateralized loan obligations 17 120,609 ( 686 ) — — 120,609 ( 686 ) Total other securities 51 350,575 ( 19,358 ) 27,945 ( 1,325 ) 322,630 ( 18,033 ) REMIC and CMO 46 133,312 ( 26,591 ) — — 133,312 ( 26,591 ) GNMA 7 10,466 ( 1,740 ) 3,867 ( 34 ) 6,599 ( 1,706 ) FNMA 44 133,394 ( 20,935 ) 2,044 ( 1 ) 131,350 ( 20,934 ) FHLMC 18 75,031 ( 14,396 ) — — 75,031 ( 14,396 ) Total mortgage-backed securities 115 352,203 ( 63,662 ) 5,911 ( 35 ) 346,292 ( 63,627 ) Total 166 $ 702,778 $ ( 83,020 ) $ 33,856 $ ( 1,360 ) $ 668,922 $ ( 81,660 ) (1) The table above excludes the unallocated portfolio layer basis adjustments totaling $ 2.3 million related to AFS securities hedged in a closed portfolio at December 31, 2023. See Note 11 ("Derivative Financial Instruments") of the Notes to the Consolidated Financial Statements. The Company reviewed each available for sale security that had an unrealized loss at March 31, 2024 and December 31, 2023. The Company does not have the intent to sell these securities, and it is more likely than not the C

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