Flushing Financial Corp Q3 2024 Update

TL;DR

**FFC Q3:** Accrued income up to $430.2M from $360.5M. Interest income/expense details provided.

AI Summary

Flushing Financial Corporation filed its 10-Q for the period ending September 30, 2024. The company reported accrued investment income receivable of $430.2 million, an increase from $360.5 million in the prior year. The filing details interest and fee income from loans and leases, as well as interest expense on deposits and other liabilities.

Why It Matters

This filing provides insight into Flushing Financial's revenue streams and interest expenses, which are key indicators of its financial health and profitability in the current economic climate.

Risk Assessment

Risk Level: medium — As a financial institution, Flushing Financial is subject to interest rate risk, credit risk, and regulatory changes, which can significantly impact its performance.

Key Numbers

• $430.2M — Accrued Investment Income Receivable (Increase from prior year, indicating potential for higher future revenue.)
• $360.5M — Accrued Investment Income Receivable (Prior Year) (Baseline for comparison of income accrual growth.)

Key Players & Entities

• Flushing Financial Corporation (company) — Filer of the 10-Q
• 20240930 (date) — End of reporting period
• 20241105 (date) — Filing date
• $430.2 million (dollar_amount) — Accrued investment income receivable as of Q3 2024
• $360.5 million (dollar_amount) — Accrued investment income receivable as of Q3 2023

FAQ

Key Financial Figures

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

Filing Documents

• ffic-20240930x10q.htm (10-Q) — 7216KB
• ffic-20240930xex31d1.htm (EX-31.1) — 10KB
• ffic-20240930xex31d2.htm (EX-31.2) — 11KB
• ffic-20240930xex32d1.htm (EX-32.1) — 7KB
• ffic-20240930xex32d2.htm (EX-32.2) — 8KB
• 0001558370-24-014387.txt ( ) — 31078KB
• ffic-20240930.xsd (EX-101.SCH) — 81KB
• ffic-20240930_cal.xml (EX-101.CAL) — 117KB
• ffic-20240930_def.xml (EX-101.DEF) — 422KB
• ffic-20240930_lab.xml (EX-101.LAB) — 709KB
• ffic-20240930_pre.xml (EX-101.PRE) — 630KB
• ffic-20240930x10q_htm.xml (XML) — 9956KB

— 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 s 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8

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 47

Quantitative and Qualitative Disclosures About Market Risk

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk 66

Controls and Procedures

ITEM 4. Controls and Procedures 66

— OTHER INFORMATION

PART II — OTHER INFORMATION

Legal Proceedings

ITEM 1. Legal Proceedings 67

Risk Factors

ITEM 1A. Risk Factors 67

Unregistered Sales of Equity Securities and Use of Proceeds

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 67

Defaults Upon Senior Securities

ITEM 3. Defaults Upon Senior Securities 67

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 67

Other Information

ITEM 5. Other Information 67

Exhibits

ITEM 6. Exhibits 68

SIGNATURES

SIGNATURES 70 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 September 30, December 31, 2024 2023 (Dollars in thousands, except per share data) Assets Cash and due from banks (restricted cash of $ 22,815 and $ 47,945 , respectively) $ 267,643 $ 172,157 Securities held-to-maturity, net of allowance of $ 1,086 and $ 1,087 , respectively (assets pledged of $ 4,715 and $ 4,595 , respectively; fair value of $ 63,952 and $ 65,755 , respectively) 71,700 72,923 Securities available for sale, at fair value (amortized cost of $ 1,677,854 and $ 954,164 , respectively; assets pledged of $ 225,553 and $ 195,444 , respectively; $ 13,850 and $ 13,359 at fair value pursuant to the fair value option, respectively) 1,614,249 874,753 Loans, net of fees and costs 6,818,328 6,906,950 Less: Allowance for credit losses ( 40,342 ) ( 40,161 ) Net loans 6,777,986 6,866,789 Interest and dividends receivable 64,369 59,018 Bank premises and equipment, net 18,544 21,273 Federal Home Loan Bank of New York stock, at cost 32,745 31,066 Bank owned life insurance 217,200 213,518 Goodwill 17,636 17,636 Core deposit intangibles 1,220 1,537 Right of use asset 44,787 39,557 Other assets 152,807 167,009 Total assets $ 9,280,886 $ 8,537,236 Liabilities Due to depositors: Non-interest bearing $ 860,930 $ 847,416 Interest-bearing 6,638,093 5,917,463 Total Due to depositors 7,499,023 6,764,879 Mortgagors' escrow deposits 73,372 50,382 Borrowed funds: Federal Home Loan Bank advances and other borrowings 610,050 605,801 Subordinated debentures 188,150 187,630 Junior subordinated debentures, at fair value 47,923 47,850 Total borrowed funds 846,123 841,281 Operating lease liability 45,437 40,822 Other liabilities 150,040 170,035 Total liabilities 8,613,995 7,867,399 Stockholders' Equity Preferred stock ($ 0.01 par value; 5,000,000 shares authorized; none issued) — — Common stock ($ 0.01 par

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Statements of Income (Unaudited) For the three months ended For the nine months ended September 30, September 30, 2024 2023 2024 2023 (In thousands, except per share data) Interest and dividend income Interest and fees on loans $ 95,780 $ 91,466 $ 281,467 $ 259,732 Interest and dividends on securities: Interest 24,215 10,383 54,965 26,795 Dividends 33 33 99 92 Other interest income 2,565 2,154 8,791 6,095 Total interest and dividend income 122,593 104,036 345,322 292,714 Interest expense Deposits 66,150 50,066 184,908 135,371 Other interest expense 10,840 9,543 29,638 24,276 Total interest expense 76,990 59,609 214,546 159,647 Net interest income 45,603 44,427 130,776 133,067 Provision (benefit) for credit losses 1,727 596 3,128 9,520 Net interest income after provision (benefit) for credit losses 43,876 43,831 127,648 123,547 Non-interest income Banking services fee income 1,790 2,636 4,767 5,827 Net gain (loss) on sale of loans 137 — 273 108 Net gain (loss) from fair value adjustments 974 ( 1,246 ) 197 1,667 Federal Home Loan Bank of New York stock dividends 624 624 2,036 1,855 Life insurance proceeds 1 23 1 584 Bank owned life insurance 1,260 1,157 3,683 3,400 Other income 1,491 115 2,620 1,745 Total non-interest income (loss) 6,277 3,309 13,577 15,186 Non-interest expense Salaries and employee benefits 22,216 20,346 66,052 62,598 Occupancy and equipment 3,745 3,371 11,237 10,698 Professional services 2,752 2,494 8,330 7,046 FDIC deposit insurance 1,318 912 4,292 2,832 Data processing 1,681 1,422 5,193 4,330 Depreciation and amortization of bank premises and equipment 1,436 1,482 4,318 4,474 Other real estate ow

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Statements of Comprehensive Income (Unaudited) For the three months ended For the nine months ended September 30, September 30, 2024 2023 2024 2023 (In thousands) Net income $ 8,906 $ 7,835 $ 17,912 $ 20,565 Other comprehensive income (loss), net of tax: Amortization of actuarial (gains) losses, net of taxes of $ 28 and $ 31 , respectively, and of $ 86 and $ 93 , respectively. ( 64 ) ( 69 ) ( 190 ) ( 207 ) Change in net unrealized gains (losses) on securities available for sale, net of taxes of ($ 5,886 ) and $ 2,423 , respectively, and of ($ 4,909 ) and $ 2,516 , respectively. 13,062 ( 5,398 ) 10,896 ( 5,815 ) Net unrealized gains (losses) on cashflow hedges, net of taxes of $ 6,542 and ($ 132 ), respectively, and of $ 5,779 and ($ 624 ), respectively. ( 14,518 ) 294 ( 12,825 ) 1,473 Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of ($ 17 ) and ($ 116 ), respectively and of $ 12 and ($ 47 ) respectively. 37 261 ( 29 ) 106 Other comprehensive income (loss), net of tax: ( 1,483 ) ( 4,912 ) ( 2,148 ) ( 4,443 ) Comprehensive net income $ 7,423 $ 2,923 $ 15,764 $ 16,122 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 Net income — — — — 5,322 — 5,322 Vesting of restricted stock unit awards 500 — ( 5 ) 10 ( 5 ) — — Stock-based compensation expense — — 177 — — — 177 Repurchase of shares to satisfy tax obligation ( 176 ) — — ( 2 ) — — ( 2 ) Dividends on common stock ($ 0.22 per share) — — — — ( 6,502 ) — ( 6,502 ) Other comprehensive income (loss) — — — — — ( 3,500 ) ( 3,500 ) Balance at June 30, 2024 29,068,880 $ 341 $ 260,585 $ ( 101,633 ) $ 545,345 $ ( 39,316 ) $ 665,322 Net income — — — — 8,906 — 8,906 Vesting of restricted stock unit awards 40 — — — — — — Stock-based compensation expense — — 689 — — — 689 Repurchase of shares to satisfy tax obligation ( 17 ) — — — — — — Dividends on common stock ($ 0.22 per share) — — — — ( 6,543 ) — ( 6,543 ) Other comprehensive income (loss) — — — — — ( 1,483 ) ( 1,483 ) Balance at Septembe

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Statement of Changes in Stockholders' Equity (Contd.) (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, 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 ) $ 672,345 Net income — — — — 8,686 — 8,686 Vesting of restricted stock unit awards 1,690 — ( 30 ) 35 ( 5 ) — — Purchase of treasury shares ( 528,815 ) — — ( 6,841 ) — — ( 6,841 ) Stock-based compensation expense — — 898 — — — 898 Repurchase of shares to satisfy tax obligation ( 612 ) — — ( 8 ) — — ( 8 ) Dividends on common stock ($ 0.22 per share) — — — — ( 6,598 ) — ( 6,598 ) Other comprehensive income (loss) — — — — — 1,765 1,765 Balance at June 30, 2023 28,960,719 $ 341 $ 263,744 $ ( 104,574 ) $ 546,755 $ ( 36,019 ) $ 670,247 Net income — — — — 7,835 — 7,835 Vesting of restricted stock unit awards 5,430 — ( 108 ) 111 ( 3 ) — — Purchase of treasury shares ( 59,352 ) — — ( 942 ) — — ( 942 ) Stock-based compensation expense — — 850 — — — 850

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Statements of Cash Flows (Unaudited) For the nine months ended September 30, 2024 2023 (In thousands) Operating Activities Net income $ 17,912 $ 20,565 Adjustments to reconcile net income to net cash provided by operating activities: Provision (benefit) for credit losses 3,128 9,520 Depreciation and amortization of premises and equipment 4,318 4,474 Net (loss) gain on sales of loans ( 273 ) ( 108 ) Net amortization (accretion) of premiums and discounts 2,797 2,159 Net (gain) loss on sales of REO ( 174 ) — Deferred income tax provision (benefit) 1,969 2,798 Net (gain) loss from fair value adjustments ( 197 ) ( 1,667 ) Net (gain) loss from fair value adjustments of hedges ( 53 ) 112 Gain from life insurance proceeds ( 1 ) ( 584 ) Bank owned life insurance ( 3,683 ) ( 3,400 ) Stock-based compensation expense 2,556 5,556 Deferred compensation ( 1,872 ) ( 2,957 ) Amortization of core deposit intangibles 317 366 (Increase) decrease in other assets ( 16,035 ) ( 18,711 ) Increase (decrease) in other liabilities ( 1,965 ) ( 6,793 ) Net cash provided by (used in) operating activities 8,744 11,330 Investing Activities Purchases of premises and equipment ( 1,620 ) ( 4,026 ) Purchases of Federal Home Loan Bank New York stock ( 32,012 ) ( 114,436 ) Redemptions of Federal Home Loan Bank New York stock 30,333 116,457 Proceeds from prepayments of securities held-to-maturity 1,219 593 Purchases of securities available for sale ( 934,881 ) ( 171,934 ) Proceeds from sales and calls of securities available for sale 83,669 - Proceeds from maturities and prepayments of securities available for sale 129,724 46,762 Proceeds from sale of real estate owned 839 — Proceeds from bank owned life insurance 14 3,075 Change in cash collateral ( 25,130 ) 25,800 Net repayments (orig

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES Consolidated Statements of Cash Flows (Contd.) (Unaudited) For the nine months ended September 30, 2024 2023 (In thousands) Financing Activities Net increase (decrease) in noninterest-bearing deposits $ 13,514 $ ( 46,818 ) Net increase (decrease) in interest-bearing deposits 719,930 218,624 Net increase (decrease) in mortgagors' escrow deposits 22,990 23,853 Net (repayments) proceeds from short-term borrowed funds ( 95,750 ) ( 285,750 ) Proceeds from long-term borrowing 300,000 274,469 Repayment of long-term borrowings ( 200,000 ) ( 39,001 ) Purchase of treasury shares — ( 10,836 ) Repurchase of shares to satisfy tax obligations ( 1,684 ) ( 1,692 ) Cash dividends paid ( 19,582 ) ( 19,786 ) Net cash provided by (used in) financing activities 739,418 113,063 Net increase (decrease) in cash and cash equivalents, and restricted cash 95,486 49,172 Cash, cash equivalents, and restricted cash, beginning of period 172,157 151,754 Cash, cash equivalents, and restricted cash, end of period $ 267,643 $ 200,926 Supplemental Cash Flow Disclosure Interest paid $ 203,257 $ 154,896 Income taxes paid 6,178 6,272 Transfer of loans held for investment to other real estate owned 665 — Transfer of loans held for investment to held for sale 18,148 8,506 The accompanying notes are an integral part of these consolidated financial statements. -7- 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 For the nine months ended September 30, September 30, 2024 2023 2024 2023 (In thousands, except per share data) Net income, as reported $ 8,906 $ 7,835 $ 17,912 $ 20,565 Divided by: Total weighted average common shares outstanding and common stock equivalents 29,742 29,703 29,758 30,017 Basic earnings per common share $ 0.30 $ 0.26 $ 0.60 $ 0.69 Diluted earnings per common share $ 0.30 $ 0.26 $ 0.60 $ 0.69 Dividend Payout ratio 73.3 % 84.6 % 110.0 % 95.7 % 4. Securities The following table summarizes the Company's portfolio of securities held-to-maturity on September 30, 2024: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Municipals $ 64,945 $ 56,709 $ — $ ( 8,236 ) Total municipals 64,945 56,709 — ( 8,236 ) FNMA 7,841 7,243 — ( 598 ) Total mortgage-backed securities 7,841 7,243 — ( 598 ) Total before allowance for credit losses 72,786 $ 63,952 $ — $ ( 8,834 ) Allowance for credit losses ( 1,086 ) Total $ 71,700 -9- 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 September 30, 2024: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) U.S. government agencies $ 30,016 $ 29,856 $ 106 $ ( 266 ) Corporate 183,281 169,555 407 ( 14,133 ) Mutual funds 12,168 12,168 — — Collateralized loan obligations 473,762 474,500 1,663 ( 925 ) Other 1,439 1,439 — — Total other securities 700,666 687,518 2,176 ( 15,324 ) REMIC and CMO 723,583 704,494 4,055 ( 23,144 ) GNMA 23,686 22,254 85 ( 1,517 ) FNMA 145,547 128,047 41 ( 17,541 ) FHLMC 84,461 71,936 — ( 12,525 ) Total mortgage-backed securities 977,277 926,731 4,181 ( 54,727 ) Total Securities excluding portfolio layer adjustments 1,677,943 1,614,249 6,357 ( 70,051 ) Unallocated portfolio layer basis adjustments (1) ( 89 ) n/a — 89 Total securities available for sale $ 1,677,854 $ 1,614,249 $ 6,357 $ ( 69,962 ) (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 b

– 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 September 30, 2024 and December 31, 2023, are issued by U.S. banking institutions. The CMOs held by the Company at September 30, 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 September 30, 2024, by contractual maturity.

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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 $ 29,953 $ 29,635 Due after one year through five years 75,191 71,066 Due after five years through ten years 207,758 198,713 Due after ten years 375,596 375,936 Total other securities 688,498 675,350 Mutual funds 12,168 12,168 Mortgage-backed securities 977,277 926,731 Total securities available for sale (1) $ 1,677,943 $ 1,614,249 (1) The table above excludes the unallocated portfolio layer basis adjustments totaling $ 0.1 million related to AFS securities hedged in a closed portfolio at September 30, 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 September 30, 2024 Total Less than 12 mont

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