Flushing Financial Corporation Reports Record 2001 Second Quarter and First Half Results.Business Editors FLUSHING Flushing, part of Queens, New York City, United States Flushing, former village, now in N Queens borough of New York City, SE N.Y.; chartered 1645, inc. into Greater New York City with Queens in 1898. , N.Y.--(BUSINESS WIRE)--July 18, 2001 Flushing Financial Corporation (Nasdaq: FFIC FFIC Fitness Franchise Information Center (Camarillo, CA) FFIC Fault-Free Integrated Circuit ), the parent holding company for Flushing Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , FSB (FrontSide Bus) See system bus. FSB - front side bus (the "Bank"), today announced its results for the three and six months ended June June: see month. 30, 2001. For the second quarter ended June 30, 2001, diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased 13.2 percent to a record $0.43 from $0.38 earned in the comparable quarter a year ago. Net income for the second quarter of 2001 increased 12.9 percent to $3.6 million from the $3.2 million earned in the comparable quarter a year ago. Diluted earnings per share for the first half of 2001 increased 10.4 percent to $0.85 from $0.77 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the six months ended June 30, 2000. Net income for the six months ended June 30, 2001 increased 9.4 percent to $7.3 million from the $6.6 million earned during the six months ended June 30, 2000. Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Hegarty, President and Chief Executive Officer stated: "Our accomplishments in the first half of 2001 reflect the continuing implementation of our strategy of building a stronger, customer-oriented, full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. community bank to better serve and expand our customer base. "Our dedication to providing superior customer service continues to fuel demand for our services, further strengthening our position as the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. provider of choice for our customers. The strong loan demand we experienced in 2000 is continuing in 2001, even in an environment of economic uncertainty. Our lower costing core deposits have increased $35.7 million during the current year. In addition, we continue our persistent Permanent. See persistent data, persistent name and persistent object. persistent - persistence focus on maintaining strong asset quality, increases in fee income, and control over operating costs operating costs npl → gastos mpl operacionales . "Our continued strong capital position has enabled us to increase our asset size and focus on shareholder value initiatives. During the first half of 2001, we continued our stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program and declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. quarterly dividends of $0.11 per common share - an indicated yearly rate of $0.44 per common share. "We remain committed to a path of structured and orderly orderly /or·der·ly/ (or´der-le) an attendant in a hospital who works under the direction of a nurse. or·der·ly n. An attendant in a hospital. growth in 2001, while continuing to expand the financial services we offer to our customers. We continue to strive to optimize optimize - optimisation our shareholders' return on their investment." Cash Earnings Cash earnings, which exclude the net of tax effect of non-cash expenses Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) associated with the stock related benefit plans and goodwill, increased to $4.0 million, or $0.46 per diluted share, for the second quarter of 2001, from $3.6 million, or $0.42 per diluted share, for the comparable 2000 quarter. Cash earnings increased to $7.9 million, or $0.93 per diluted share, for the six months ended June 30, 2001, from $7.3 million, or $0.85 per diluted share, for the comparable 2000 period. Cash return on average equity for the quarter ended June 30, 2001 increased to 12.4 percent from 12.2 percent for the comparable 2000 quarter. Cash return on average equity for the six months ended June 30, 2001 decreased to 12.4 percent from 12.6 percent for the comparable 2000 period. Cash return on average assets was 1.1 percent for the three months ended June 30, 2001 and 2000. Cash return on average assets was 1.2 percent for the six months ended June 30, 2001 and 2000. Earnings Summary -- Three Months Ended June 30, 2001 For the three months ended June 30, 2001, net interest income decreased $39,000, or 0.4%, to $10.1 million from $10.2 million in the comparable 2000 period. This decrease in net interest income is primarily due to the sale of lower-yielding mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. in the third quarter of 2000 and the reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. of the proceeds in $20.0 million of Bank Owned Life Insurance ("BOLI BOLI Bank-Owned Life Insurance BOLI Bureau of Labor and Industries "). The income on BOLI is included in Other Income, and amounted to $0.3 million for the second quarter of 2001. The net interest margin declined 19 basis points to 3.12 percent in the 2001 second quarter from 3.31 percent in the comparable 2000 quarter. Despite an increase of $95.1 million in the average balance of the higher yielding mortgage loans, and a five basis point increase in the yield on mortgage loans, the average yield on interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin declined eight basis points. This decline is due primarily to the lower yield on mortgage-backed Mortgage-backed may refer to:
The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. increased three basis points due primarily to an increase in the average balance and rate paid on certificate of deposit accounts. However, the cost of funds in the second quarter of 2001 represents a ten basis point decline from the cost of funds in the first quarter of 2001. Non-interest income during the second quarter of 2001 increased by 67.7 percent to $1.6 million for the quarter ended June 30, 2001 from $1.0 million for the second quarter of 2000. The increase is due to the income earned on BOLI, higher fee income from loan fees and banking services, and an increase in dividends received on Federal Home Loan Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. stock. Non-interest expense was $6.0 million for the three months ended June 30, 2001 and 2000. Management continues to monitor expenditures resulting in efficiency ratios of 50.2 percent and 52.7 percent for the three months ended June 30, 2001 and 2000, respectively. Earnings Summary -- Six months Ended June 30, 2001 For the six months ended June 30, 2001, net interest income decreased 1.1 percent to $20.1 million from $20.3 million in the comparable 2000 period. This decrease in net interest income is primarily due to the above-mentioned A`bove´-men`tioned a. 1. Mentioned or named before; aforesaid; mentioned or named earlier in the same text (in written documents). Adj. 1. sale of lower-yielding mortgage-backed securities in the third quarter of 2000 and the reinvestment of the proceeds in $20.0 million of BOLI. The income on BOLI is included in Other Income, and amounted to $0.6 million for the first half of 2001. The net interest margin declined 23 basis points to 3.13 percent in the first half of 2001 from 3.36 percent in the comparable period in 2000. Despite an increase of $101.7 million in the average balance of the higher yielding mortgage loans, and an eight basis point increase in the yield on mortgage loans, the average yield on interest earning assets declined two basis points. This decline is due primarily to the lower yield on mortgage-backed and investment securities. The cost of funds increased fourteen basis points due primarily to an increase in the average balance and rate paid on certificate of deposit accounts, along with an increase in the average balance of higher costing borrowed funds to fund asset growth. Non-interest income for the six months ended June 30, 2001 increased by 63.7 percent to $3.3 million from $2.0 million for the comparable 2000 period. The increase is due to the income earned on BOLI, higher fee income from loan fees and banking services, an increase in dividends received on Federal Home Loan Bank of New York stock, and an increase in gain on sales of securities and loans. Non-interest expense increased 2.2 percent to $12.0 million for the six months ended June 30, 2001 as compared to $11.7 million for the comparable 2000 period. Management continues to monitor expenditures resulting in efficiency ratios of 50.4 percent and 52.0 percent for the six months ended June 30, 2001 and 2000, respectively. Balance Sheet Summary At June 30, 2001, total assets were $1.39 billion, an increase of $52.9 million from December December: see month. 31, 2000. During the first six months of 2001, loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and purchases were $46.8 million for 1-4 family residential mortgage loans, $28.1 million for multi-family real estate loans, $40.3 million for commercial real estate loans and $3.4 million in construction loans. For the first six months of 2000, loan originations and purchases were $58.5 million for 1-4 family real estate loans, $37.0 million for multi-family real estate loans, $25.0 million for commercial real estate loans and $2.3 million for construction loans. Total loans increased $61.3 million during the six months ended June 30, 2001 to $1,047.6 million from $986.4 million at December 31, 2000. As the Company continues to increase its loan portfolio, management continues to adhere to adhere to verb 1. follow, keep, maintain, respect, observe, be true, fulfil, obey, heed, keep to, abide by, be loyal, mind, be constant, be faithful 2. the Bank's strict underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. standards. As a result, the Company has been able to minimize In a graphical environment, to hide an application that is currently displayed on screen. For example, in Windows and Mac, the application's window is removed from the screen and represented by an icon on the Windows Taskbar. In the Mac, the icon is placed in the Dock. See Win Minimize windows. charge-offs of losses from impaired See assistive technology. loans and maintain asset quality. Non-performing assets were $1.8 million at June 30, 2001 compared to $1.7 million at December 31, 2000 and $2.2 million at June 30, 2000. Total non-performing assets as a percentage of total assets were 0.1 percent at June 30, 2001 and December 31, 2000, compared to 0.2 percent at June 30, 2000. The ratio of allowance for loan losses to total non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. was 371 percent at June 30, 2001 compared to 415 percent at December 31, 2000 and 332 percent at June 30, 2000. Total liabilities increased $48.2 million to $1.26 billion at June 30, 2001 from $1.21 billion at December 31, 2000. Due to depositors increased $48.5 million as certificate of deposit accounts increased $12.8 million while lower costing core deposits increased $35.7 million. Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased $4.7 million to $131.4 million at June 30, 2001 from $126.7 million at December 31, 2000. The increase is due to $7.3 million in net income for the six months ended June 30, 2001 and an improvement of $0.9 million in the net unrealized loss Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. in the market value of securities available for sale, partially offset by $2.8 million in treasury shares purchased through the Company's stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. and $1.8 million in cash dividends paid during the six month period. Book value per share is $14.35 at June 30, 2001 compared to $13.67 per share at December 31, 2000 and $12.76 per share at June 30, 2000. Under its stock repurchase program, the Company repurchased 142,000 shares during the six months ended June 30, 2001. At June 30, 2001, 237,000 shares remain to be repurchased under the current stock repurchase program. Through June 30, 2001, the Company had repurchased approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 33 percent of the common shares issued in connection with the Company's initial public offering at a cost of $63.8 million. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Statements in this Press Release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc plans, strategies, economic performance and trends, projections of results of specific activities or investments and other statements that are not descriptions of historical facts may be forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and in other documents filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking statements may be identified by terms such as "may", "will", "should", "could", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "forecasts", "potential" or "continue" or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The Company has no obligation to update these forward-looking statements. Flushing Financial Corporation is the holding company for Flushing Savings Bank, FSB, a federally chartered stock savings bank insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. ("FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). "). The Bank conducts its business through ten banking offices located in Queens, Brooklyn Brooklyn (br  k`lĭn), borough of New York City (1990 pop. 2,300,664), 71 sq mi (184 sq km), coextensive with Kings co., SE N.Y. , Manhattan Manhattan, indigenous people of North AmericaManhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). , Bronx Bronx, river, c.20 mi (30 km) long, issuing from Kensico Reservoir, SE N.Y., and flowing SW through the Bronx into the East River. The Bronx River Parkway, one of the first limited-access highways in the New York City area, parallels a portion of the river. and Nassau County Nassau County is the name of two counties in the United States of America:
Additional information on Flushing Financial Corporation may be obtained by visiting the Company's web site at http://www.flushingsavings.com .
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in Thousands)
June 30, 2001 December 31, 2000
-------------------- --------------------
ASSETS (Unaudited)
Cash and due from banks $ 8,416 $ 10,235
Federal funds sold and
overnight interest-earning
deposits 10,205 11,758
Securities available for sale:
Mortgage-backed securities 230,896 238,626
Other securities 20,876 16,594
Loans:
1-4 family residential
mortgage loans 482,844 467,784
Multi-family mortgage loans 347,823 334,307
Commercial real estate loans 199,984 167,549
Co-operative apartments 7,197 8,009
Construction loans 8,640 8,304
Small Business Administration
loans 4,010 2,844
Consumer and other loans 3,075 3,704
Net unamortized premiums and
unearned loan fees 697 579
Allowance for loan losses (6,648) (6,721)
-------------------- --------------------
Net loans 1,047,622 986,359
Interest and dividends
receivable 7,740 7,724
Real estate owned, net -- 44
Bank premises and equipment, net 5,911 6,311
Federal Home Loan Bank of
New York stock 24,932 24,932
Goodwill 4,088 4,272
Other assets 30,307 31,237
-------------------- --------------------
Total assets $ 1,390,993 $ 1,338,092
==================== ====================
LIABILITIES
Due to depositors:
Non-interest bearing $ 23,156 $ 20,913
Interest bearing 707,390 661,145
Mortgagors' escrow deposits 10,867 7,753
Borrowed funds 506,596 508,839
Other liabilities 11,555 12,705
-------------------- --------------------
Total liabilities 1,259,564 1,211,355
-------------------- --------------------
STOCKHOLDERS' EQUITY
Preferred stock ($0.01 par value;
5,000,000 shares authorized) -- --
Common stock ($0.01 par value;
20,000,000 shares authorized;
11,355,678 issued at
June 30, 2001 and
December 31, 2000;
9,157,477 and 9,271,921 shares
outstanding at June 30, 2001
and December 31, 2000, respectively) 114 114
Additional paid-in capital 77,029 76,396
Treasury stock (2,198,201 and
2,083,757 shares at
June 30, 2001 and
December 31, 2000, respectively) (34,249) (31,755)
Unearned compensation (7,420) (7,781)
Retained earnings 95,159 89,896
Accumulated other comprehensive
income, net of taxes 796 (133)
-------------------- --------------------
Total stockholders' equity 131,429 126,737
-------------------- --------------------
Total liabilities and
stockholders' equity $ 1,390,993 $ 1,338,092
==================== ====================
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands Except Per Share Data)
(Unaudited)
For the three months
Ended June 30,
------------------------------
2001 2000
-------------- --------------
Interest and dividend income
Interest and fees on loans $ 20,939 $ 18,883
Interest and dividends on securities:
Interest 3,832 5,066
Dividends 56 66
Other interest income 400 138
-------------- --------------
Total interest and
dividend income 25,227 24,153
-------------- --------------
Interest expense
Deposits 7,553 6,712
Other interest expense 7,526 7,254
-------------- --------------
Total interest expense 15,079 13,966
-------------- --------------
Net interest income 10,148 10,187
Provision for loan losses -- --
-------------- --------------
Net interest income after
Provision for loan losses 10,148 10,187
-------------- --------------
Non-interest income
Other fee income 623 488
Net gain on sales of securities and
loans 6 1
Other income 989 476
-------------- --------------
Total non-interest income 1,618 965
-------------- --------------
Non-interest expense
Salaries and employee benefits 3,159 3,079
Occupancy and equipment 575 529
Professional services 538 579
Data processing 302 310
Depreciation and amortization 267 266
Other operating expenses 1,143 1,187
-------------- --------------
Total non-interest expense 5,984 5,950
-------------- --------------
Income before income taxes 5,782 5,202
-------------- --------------
Provision for income taxes
Federal 1,674 1,578
State and local 466 399
-------------- --------------
Total taxes 2,140 1,977
-------------- --------------
Net income $ 3,642 $ 3,225
============== ==============
Basic earnings per share $0.44 $0.38
Diluted earnings per share $0.43 $0.38
For the six months
Ended June 30,
-------------------------------
2001 2000
-------------- ---------------
Interest and dividend income
Interest and fees on loans $ 41,382 $ 36,919
Interest and dividends on securities:
Interest 7,878 10,057
Dividends 112 133
Other interest income 906 320
-------------- ---------------
Total interest and
dividend income 50,278 47,429
-------------- ---------------
Interest expense
Deposits 14,917 13,132
Other interest expense 15,242 13,954
-------------- ---------------
Total interest expense 30,159 27,086
-------------- ---------------
Net interest income 20,119 20,343
Provision for loan losses -- --
-------------- ---------------
Net interest income after
Provision for loan losses 20,119 20,343
-------------- ---------------
Non-interest income
Other fee income 1,184 1,012
Net gain on sales of securities and
loans 218 36
Other income 1,939 993
-------------- ---------------
Total non-interest income 3,341 2,041
-------------- ---------------
Non-interest expense
Salaries and employee benefits 6,291 6,033
Occupancy and equipment 1,152 1,046
Professional services 1,081 1,171
Data processing 647 641
Depreciation and amortization 539 530
Other operating expenses 2,241 2,277
-------------- ---------------
Total non-interest expense 11,951 11,698
-------------- ---------------
Income before income taxes 11,509 10,686
-------------- ---------------
Provision for income taxes
Federal 3,482 3,253
State and local 776 808
-------------- ---------------
Total taxes 4,258 4,061
-------------- ---------------
Net income $ 7,251 $ 6,625
============== ===============
Basic earnings per share $0.88 $0.78
Diluted earnings per share $0.85 $0.77
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands Except Per Share Data)
(Unaudited)
At or For the At or For the
Three Months Six Months
Ended June 30, Ended June 30,
-------------------- -------------------
2001 2000 2001 2000
---------- ---------- ---------- ---------
Per Share Data
Basic earnings
per share $0.44 $0.38 $0.88 $0.78
Diluted earnings
per share $0.43 $0.38 $0.85 $0.77
Average number of
shares outstanding
for:
Basic earnings
per share
computation 8,189,414 8,389,567 8,215,736 8,450,628
Diluted earnings
per share
computation 8,554,662 8,532,329 8,536,777 8,581,243
Book value per share
(based on 9,157,477
and 9,422,244 shares
outstanding at
June 30, 2001 and
2000,
respectively) $14.35 $12.76 $14.35 $12.76
Average Balances
Total loans, net $ 1,025,962 $ 931,266 $1,011,115 $ 909,609
Total interest-earning
assets 1,298,961 1,230,832 1,285,096 1,209,983
Total assets 1,383,623 1,282,920 1,370,966 1,261,861
Total due to depositors 696,120 643,080 682,621 638,337
Total interest-bearing
liabilities 1,213,399 1,131,305 1,201,259 1,111,018
Stockholders' equity 128,114 116,513 127,402 116,317
Performance Ratios (1)
Return on average assets 1.05 % 1.01 % 1.06% 1.05%
Return on average equity 11.37 11.07 11.38 11.39
Yield on average
interest- earning assets 7.77 7.85 7.82 7.84
Cost of average
interest-bearing
liabilities 4.97 4.94 5.02 4.88
Interest rate spread
during period 2.80 2.91 2.80 2.96
Net interest margin 3.12 3.31 3.13 3.36
Non-interest expense to
average assets 1.73 1.86 1.74 1.85
Efficiency ratio 50.19 52.69 50.42 51.97
Average interest-earning
assets to average
interest-bearing
liabilities 1.07 X 1.09 X 1.07 X 1.09X
Cash Earnings
Net income $ 3,642 $ 3,225 $ 7,251 $ 6,625
Non-cash amortization
of stock
plans and goodwill 446 494 950 984
Tax effect of non-cash
items (131) (153) (284) (300)
---------- ---------- ---------- ----------
Cash earnings $ 3,957 $ 3,566 $ 7,917 $ 7,309
=========== ========== ========== ==========
Cash earnings per
basic share $0.48 $0.43 $0.96 $0.86
Cash earnings per
diluted share $0.46 $0.42 $0.93 $0.85
Cash return on average
assets (1) 1.14% 1.11% 1.15% 1.16%
Cash return on average
equity (1) 12.35 12.24 12.43 12.57
Cash efficiency ratio 47.17 49.08 47.14 48.39
(1) Ratios for the quarters and six months ended June 30, 2001 and
2000 are presented on an annualized basis.
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
June 30, 2001 December 31, 2000
------------------ -----------------
Selected Financial Ratios and Other Data
Regulatory capital ratios
(for Flushing Savings
Bank only):
Tangible capital
(minimum requirement = 1.5%) 8.29 % 8.02%
Core (minimum requirement = 3%) 8.29 8.02
Total risk-based capital
(minimum requirement = 8%) 15.60 15.77
Capital ratios:
Average equity to average assets 9.29 % 9.18%
Equity to total assets 9.45 9.47
Asset quality ratios:
Non-performing loans 1,793 $1,618
Non-performing assets 1,793 1,662
Net charge-offs 73 97
Non-performing loans to
gross loans 0.17 % 0.16%
Non-performing assets to
total assets 0.13 0.12
Allowance for loan losses
to gross loans 0.63 0.68
Allowance for loan losses to
total non-performing 370.73 404.28
assets
Allowance for loan losses to
total non-performing loans 370.73 415.32
Full-service customer facilities 10 10
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