Flushing Financial Corporation (FFIC) reported a net income of $18.9 million for the year ended December 31, 2025, a significant increase of $50.2 million compared to a net loss of $31.3 million in the previous year. Diluted earnings per common share were $0.54, up from a loss of $1.05 per share in 2024. The company's return on average equity improved to 2.63% from -4.67%, and return on average assets rose to 0.21% from -0.35%. At the end of 2025, the company had total assets of $8.7 billion, deposits of $7.3 billion, and stockholders’ equity of $0.7 billion.
Net interest income increased by $33.5 million, reaching $215.5 million in 2025, driven by a 44 basis point increase in the net interest margin to 2.59%. The provision for credit losses increased to $12.8 million, reflecting a reserve applied to one commercial real estate loan and an increased reserve applied to one commercial business loan. Non-interest income saw a substantial increase of $80.8 million, totaling $23.4 million, primarily due to the prior year sale of securities associated with the balance sheet restructuring. Non-interest expense increased by $28.4 million to $191.6 million, mainly due to impairment of Goodwill, professional services, and salaries and employee benefits related to increased staffing.
On December 29, 2025, FFIC entered into a definitive merger agreement with OceanFirst Financial Corp. Under the terms of the agreement, FFIC stockholders will receive 0.85 shares of OceanFirst common stock for each share of FFIC common stock they own. Concurrently, OceanFirst entered into an investment agreement with Warburg Pincus LLC, securing a $225 million cash investment in the combined entity. The merger is expected to close in the second quarter of 2026, pending regulatory and stockholder approvals.
FFIC's loan portfolio primarily consists of mortgage loans secured by multi-family residential, commercial real estate, and one-to-four family mixed-use properties, representing 73.1% of gross loans. The company faces intense competition in both lending and deposit activities, with a high density of financial institutions in its market area. As of December 31, 2025, the bank operated 30 full-service offices and an internet branch. The company's human capital strategy focuses on attracting, developing, and retaining top-quality talent, with a diverse workforce speaking over 20 languages. The company had 567 full-time employees and 13 part-time employees.
About FLUSHING FINANCIAL CORP
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