Flushing Financial Corporation reported a net income of $5.8 million, or $0.17 per diluted share, for the three months ended March 31, 2026, a significant recovery from a net loss of $9.8 million, or $(0.29) per share, during the same period in 2025. This turnaround reflects a 159.5% increase in profitability, driven by improved net interest income and reduced non-interest expenses. The net interest margin increased to 2.67% from 2.51% year-over-year, attributed to lower deposit costs and a rise in non-interest-bearing deposits.
Total assets rose to $8.86 billion as of March 31, 2026, up from $8.69 billion at the end of 2025, primarily due to a $238.7 million increase in securities available for sale. However, net loans held for investment decreased by $94.1 million, reflecting the company's cautious approach to lending amid market conditions. The allowance for credit losses on loans increased to $44.5 million, representing 0.68% of gross loans, compared to 0.64% at the end of 2025, indicating a proactive stance on credit risk management.
Operationally, Flushing Financial has seen a notable increase in its deposit base, with total deposits rising to $7.58 billion, a 3.7% increase from the previous quarter. This growth was driven by increases in non-interest-bearing and NOW accounts, although there was a decline in certificates of deposit. The company also reported a decrease in non-performing assets, which accounted for 0.77% of total assets, up from 0.68% at the end of 2025, reflecting ongoing efforts to manage asset quality.
Looking ahead, Flushing Financial is in the process of merging with OceanFirst Financial Corp., a transaction expected to close by June 1, 2026. This merger, structured as an all-stock transaction, aims to enhance the combined entity's capital position and market presence. The company remains well-capitalized, exceeding all regulatory capital requirements, and anticipates leveraging its strong liquidity position to support future growth and operational stability.
About FLUSHING FINANCIAL CORP
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