What caused FFIC's surprising Q3 earnings surge?

Flushing Financial Corporation (FFIC) experienced a significant earnings surge in Q3, primarily driven by the following factors: 1. **Interest Income Growth**: Interest income increased by 15.9% to $465.4 million, fueled by a 49 basis point rise in the yield of interest-earning assets. 2. **Net Interest Income Increase**: Net interest income rose by 1.6% to $182.0 million, despite a slight decline in net interest margin to 2.15% due to rising funding costs. 3. **Loan Portfolio Growth**: The average balance of interest-earning assets increased by $449.0 million, which significantly boosted net interest income. In summary, FFIC's Q3 earnings surge was primarily driven by growth in interest income and net interest income, along with increased loan portfolio and strong liquidity. |code|Ticker|Name|Date|Revenue Surprise|Total Revenue|market_code| |---|---|---|---|---|---|---| |FFIC|FFIC.O|Flushing Financial|2024 Q1|-1675250|4.5481E7|185| |FFIC|FFIC.O|Flushing Financial|2024 Q2|-170000|4.6992E7|185| |FFIC|FFIC.O|Flushing Financial|2024 Q3|3930000|5.188E7|185| |FFIC|FFIC.O|Flushing Financial|2024 Q4|-7.08E7|-1.9787E7|185|