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- **NIM Expansion Accelerates**: Core NIM up 10 bps Q/Q to 2.62%, with $2B in loans repricing 147 bps higher by 2027.
- **Deposit Growth Strengthens**: Noninterest-bearing deposits +5.7% YoY, with $1.8B repriced 20-25 bps lower in Q3.
- **Credit Quality Exceptional**: Net charge-offs at 7 bps, multifamily debt coverage ratio 1.7x, and LTV <35% across portfolio.
- **2027 ROE Target**: Double-digit ROTCE achievable as $2B loan repricing pipeline drives NIM expansion.
- **Liquidity Buffer**: $3.9B undrawn lines and 17% uninsured deposits support capital flexibility.
- **Shareholder Returns**: Maintaining dividend focus while preparing for portfolio growth, no buybacks despite 63% TBV discount.

**【CEO Summary Section】**
- Reported GAAP EPS of $0.30 and core EPS of $0.35, with core EPS up 55% year-over-year.
- Net interest margin (NIM) expanded 10 basis points (bps) quarter-over-quarter to 2.64% (GAAP) and 2.62% (core), driven by loan repricing and asset mix improvements.
- Nonperforming assets improved to 70 basis points of total assets, down from 75 basis points in Q2.
- Noninterest-bearing deposits grew 7.2% sequentially and 5.7% year-over-year, supporting liquidity.
- Tangible common equity ratio remained stable at 8.01%, up 101 bps year-over-year.
- 2026-2027 loan repricing pipeline of $2 billion (1/3 of total loans) expected to drive NIM expansion.

**【CFO Financial Commentary】**
- Core net interest income increased $8.6 million (19% YoY), with loan yields up 8 bps and security yields up 15 bps.
- $175 million of loans repriced 128 bps higher in Q4, with $2 billion of loans scheduled to reprice 147 bps higher by 2027.
- Deposit cost management: $1.8 billion of deposits repriced 20-25 bps lower in Q3, with CD maturities of $770 million at 3.98% in Q4.
- Credit quality: Net charge-offs at 7 bps, multifamily debt coverage ratio at 1.7x, and LTV <35% across portfolio.
- Capital allocation: Maintaining dividend focus while preparing for portfolio growth, with no buybacks despite 63% TBV discount.

**【Q&A Key Highlights】**
- **NIM Outlook**: Q4 NIM expected to remain near 2.88%, with $175M of repricing loans and no swap maturities.
- **Deposit Beta**: Nonmaturity deposit rates expected to closely follow Fed cuts, with Q3 repricing of $1.8B deposits 20-25 bps lower.
- **Balance Sheet**: Liability-sensitive positioning with modest beta to rate cuts; $3.9B undrawn lines provide liquidity buffer.
- **ROE Target**: Double-digit ROTCE achievable by late 2027 as loan repricing pipeline materializes.
- **Buyback Policy**: Prioritizing dividend and portfolio growth over buybacks despite undervaluation.
- **Swaps Management**: $180M of forward-starting swaps to mitigate $480M of maturing swaps at low rates.
- **Pipeline Execution**: $59M of back-to-back swaps expected to close by year-end, supporting fee income.


Flushing Financial Corporation (FFIC) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

FFIC

FFIC fundamentals

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