Flushing Financial to Announce Q4/FY23 Results Jan 30

TL;DR

**FFIC dropping Q4/FY23 earnings Jan 30, conference call Jan 31 – get ready for potential stock movement!**

AI Summary

Flushing Financial Corporation filed an 8-K on January 25, 2024, indicating that it will release its fourth quarter and full year 2023 financial results on January 30, 2024, after the market closes. The company will also host a conference call and webcast on January 31, 2024, at 9:30 AM ET to discuss these results. This matters to investors because it provides a specific date to anticipate crucial financial performance data, which will likely influence the stock price (FFIC) as the market reacts to the company's profitability and outlook.

Why It Matters

This filing sets the expectation for when investors will receive critical financial performance data, directly impacting their assessment of Flushing Financial's health and future prospects.

Risk Assessment

Risk Level: low — This filing is a standard announcement of an upcoming earnings release, which is a routine corporate event and does not inherently carry high risk.

Analyst Insight

A smart investor would mark January 30th and 31st on their calendar, prepare to analyze the Q4 and full year 2023 earnings report, and listen to the conference call to gauge the company's performance and future outlook before making any investment decisions.

Key Players & Entities

• Flushing Financial Corporation (company) — the registrant filing the 8-K
• January 25, 2024 (date) — date of earliest event reported
• January 30, 2024 (date) — date of Q4 and full year 2023 financial results release
• January 31, 2024 (date) — date of conference call and webcast
• 9:30 AM ET (time) — start time of the conference call

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value FFIC The Nasdaq Stock Mar
• $1.1 million — will impact net income by a decrease of $1.1 million for the period ended March 31, 2023, an
• $0.1 million — od ended March 31, 2023, an increase of $0.1 million and a decrease of $1.1 million, respect
• $1.1 m — rease of $0.1 million and a decrease of $1.1 million, respectively, for the three and
• $1.6 million — ended June 30, 2023, and a decrease of $1.6 million and $2.6 million, respectively, for the
• $2.6 m — 023, and a decrease of $1.6 million and $2.6 million, respectively, for the three and

Filing Documents

• ef20019692_8k.htm (8-K) — 564KB
• ef20019692_ex99-1.htm (EX-99.1) — 2441KB
• image00002.jpg (GRAPHIC) — 6KB
• 0001140361-24-003928.txt ( ) — 3263KB
• ffic-20240125.xsd (EX-101.SCH) — 4KB
• ffic-20240125_lab.xml (EX-101.LAB) — 22KB
• ffic-20240125_pre.xml (EX-101.PRE) — 16KB
• ef20019692_8k_htm.xml (XML) — 4KB

02

Item 2.02. Results of Operations and Financial Condition. On January 25, 2024, Flushing Financial Corporation (the "Company") issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference. The information appearing below under Item 4.02 is incorporated herein by reference.

02

Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review. (a) On January 25, 2024, management and the Audit Committee (the "Audit Committee") of the Board of Directors of the Company determined that the Company's consolidated financial statements and ratios for the three month period ended March 31, 2023, the three and six month periods ended June 30, 2023 and the three and nine month periods ended September 30, 2023, require restatement to correct the accounting treatment of employee retention credits ("ERCs"), which were incorrectly recognized as income during such periods. The change will impact net income by a decrease of $1.1 million for the period ended March 31, 2023, an increase of $0.1 million and a decrease of $1.1 million, respectively, for the three and six month periods ended June 30, 2023, and a decrease of $1.6 million and $2.6 million, respectively, for the three and nine month periods ended September 30, 2023. In the course of preparing the Company's consolidated financial statements for the fiscal year ended December 31, 2023, the Company determined that, notwithstanding reliance on its independent tax credit advisors as described below, it is not able to treat the ultimate realization of the ERCs as "probable" under U.S. generally accepted accounting practices ("U.S. GAAP"), therefore, requiring the restatement of the Company's previously issued consolidated financial statements for the referenced periods and amendments to the Company's related previously filed quarterly reports on Form 10-Q. Although the Company had engaged an independent national tax credit advisory firm that had advised the Company that it qualified for ERCs as previously reported, the Company has determined that it can no longer rely on such advice. As a result of the foregoing, the Company's management and the Audit Committee determined that the Company's previously issued consolidated financial statements f

01

Item 8.01. Other Events. In connection with its evaluation of the restatements described in Item 4.02 above, management of the Company has concluded that a material weakness in the Company's internal control over financial reporting existed as of March 31, June 30, and September 30, 2023. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. Specifically, the Company did not maintain effective controls over the probability assessment associated with the recognition of income related to the ERCs. The Company's management is taking steps to remediate the material weakness in its internal control over financial reporting relating to the probability assessment associated with the recognition of income related to ERCs. These steps will include the preparation of a technical accounting memorandum for any material unusual transactions including careful evaluation of any probability assessments or other areas of judgement involved, such as the ERCs, to determine the correct accounting treatment for such transactions. Management believes the additional control procedures designed, when implemented, will fully remediate the material weakness.

Financial Statements and Exhibits

Financial Statements and Exhibits. Exhibit 99.1 Press release dated January 25, 2024. 12

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: January 25, 2024 FLUSHING FINANCIAL CORPORATION By: /s/ Susan K. Cullen Name: Susan K. Cullen Title: Chief Financial Officer 13

View Full Filing

View this 8-K filing on SEC EDGAR