Flushing Financial Corporation Reports Record 2001 Third Quarter and Year-to-Date 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)--Oct. 17, 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 nine months ended September September: see month. 30, 2001. For the third quarter ended September 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 45.0 percent to a record $0.29 from $0.20 earned in the comparable quarter a year ago. Net income for the third quarter of 2001 increased 42.9 percent to $3.7 million from the $2.6 million earned in the comparable quarter a year ago. The third quarter of 2000 included a $0.4 million after tax loss on the sale of securities, the proceeds from which were invested in Bank Owned Life Insurance ("BOLI BOLI Bank-Owned Life Insurance BOLI Bureau of Labor and Industries "). Excluding this loss on sale of securities, net income for the third quarter of 2000 would have been $3.0 million, or $0.24 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. All share and per share amounts in this release have been adjusted to reflect a three-for-two stock split of the Company's common stock paid in the form of a stock dividend on August 30, 2001. Diluted earnings per share for the first nine months of 2001 increased 19.4 percent to $0.86 from $0.72 per diluted share for the nine months ended September 30, 2000. Net income for the nine months ended September 30, 2001 increased 18.9 percent to $11.0 million from the $9.2 million earned during the nine months ended September 30, 2000. Excluding the above mentioned loss on sale of securities, earnings for the nine months ended September 30, 2000 would have been $9.7 million, or $0.75 per diluted share. 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 strong performance in the third quarter reflects continuing growth in our loan portfolio and deposit base, and 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. "We are pleased that even in this environment of economic uncertainty, we have seen strong loan demand. In addition, there has been strong demand for our deposit products, with our lower costing core deposits increasing $57.0 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, increasing fee income, and disciplined control over operating costs operating costs npl → gastos mpl operacionales . "Our capital position continues to allow us to increase our asset size and focus on shareholder value initiatives. During the third quarter of 2001, we increased our quarterly dividend nine percent to $0.08 per common share -- an indicated yearly rate of $0.32 per common share. We have also continued our stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, and are now starting our ninth repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. program. "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 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. 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 $0.31 per diluted share, for the third quarter of 2001, from $2.9 million, or $0.23 per diluted share, for the comparable 2000 quarter. Cash earnings increased to $11.9 million, or $0.93 per diluted share, for the nine months ended September 30, 2001, from $10.2 million, or $0.80 per diluted share, for the comparable 2000 period. Cash return on average equity for the quarter ended September 30, 2001 increased to 12.2 percent from 9.9 percent for the comparable 2000 quarter. Cash return on average equity for the nine months ended September 30, 2001 increased to 12.3 percent from 11.7 percent for the comparable 2000 period. Cash return on average assets increased to 1.1 percent for the three months ended September 30, 2001 from 0.9 percent for the comparable 2000 quarter. Cash return on average assets was 1.1 percent for the nine months ended September 30, 2001, the same as the comparable 2000 period. Earnings Summary -- Three Months Ended September 30, 2001 For the three months ended September 30, 2001, net interest income increased $0.6 million, or 6.0 percent, to $10.5 million from $9.9 million in the comparable 2000 period. This increase in net interest income is primarily due to an eight basis point increase in the net interest spread and a $70.9 million increase in average interest-earning assets. Net interest income was negatively impacted by the sale of 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 BOLI. The investment in BOLI is included in Other Assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. , and the income on BOLI is included in Other Income. The income on BOLI amounted to $0.3 million for the third quarter of 2001. As a result of the shifting of $20.0 million of assets from interest-earning assets to Other Assets, interest-earning assets exceeded interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid liabilities by $84.6 million in the quarter ended September 30, 2001 compared to $95.0 million in the quarter ended September 30, 2000. As a result, despite the eight basis point increase in the net interest spread, the net interest margin only increased one basis point to 3.17 percent in the 2001 third quarter from 3.16 percent in the comparable 2000 quarter. The yield on interest-earning assets declined 19 basis points to 7.70 percent for the quarter ended September 30, 2001 from 7.89 percent in quarter ended September 30, 2000, while the cost of interest-bearing liabilities declined 27 basis points to 4.84 percent for the quarter ended September 30, 2001 from 5.11 percent in the quarter ended September 30, 2000. These decreases were primarily due to the declining interest rate environment experienced during the current year. The yield on interest-earning assets declined less than the cost of interest-bearing liabilities due to an $86.1 million increase in the average balance of the higher-yielding mortgage loan portfolio. Non-interest income during the third quarter of 2001 increased by $1.0 million to $1.3 million for the quarter ended September 30, 2001 from $0.3 million for the third quarter of 2000. The increase is due to net gains on the sale of securities and loans of $36,000 in the quarter ended September 30, 2001 compared to net losses on the sale of securities and loans of $0.7 million in the comparable 2000 quarter, the income earned on BOLI, and higher fee income from loan fees and banking services. Non-interest expense was $5.9 million for the three months ended September 30, 2001, a decrease of $0.1 million from $6.0 million for the three months ended September 30, 2000. Management continues to monitor expenditures resulting in efficiency ratios of 49.4 percent and 54.1 percent for the three months ended September 30, 2001 and 2000, respectively. Earnings Summary -- Nine months Ended September 30, 2001 For the nine months ended September 30, 2001, net interest income increased 1.2 percent to $30.7 million from $30.3 million in the comparable 2000 period. This increase in net interest income is primarily due to a $73.8 million increase in the average balance of interest-earning assets. Net interest income was negatively impacted by the sale of mortgage-backed securities in the third quarter of 2000 and the reinvestment of the proceeds in $20.0 million of BOLI. The investment in BOLI is included in Other Assets, and the income on BOLI is included in Other Income. The income on BOLI amounted to $1.0 million for the nine months ended September 30, 2001. The net interest margin declined 14 basis points to 3.15 percent for the nine months ended September 30, 2001 from 3.29 percent in the comparable 2000 period. Despite an increase of $96.5 million in the average balance of the higher yielding mortgage loans, and a three basis point increase in the yield on mortgage loans, the average yield on interest-earning assets declined eight basis points. This decline is due primarily to lower yield on mortgage-backed Mortgage-backed may refer to:
Non-interest income for the nine months ended September 30, 2001 increased by 101.3 percent to $4.6 million from $2.3 million for the comparable 2000 period. The increase is due to net gains on the sale of securities and loans of $0.3 million in the nine months ended September 30, 2001 compared to net losses on the sale of securities and loans of $0.7 million in the comparable prior year period, the income earned on BOLI, and higher fee income from loan fees and banking services. Non-interest expense increased 1.0 percent to $17.9 million for the nine months ended September 30, 2001 as compared to $17.7 million for the comparable 2000 period. Management continues to monitor expenditures resulting in efficiency ratios of 50.7 percent and 52.7 percent for the nine months ended September 30, 2001 and 2000, respectively. Balance Sheet Summary At September 30, 2001, total assets were $1.43 billion, an increase of $91.4 million from December December: see month. 31, 2000. During the first nine 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 $67.6 million for 1-4 family residential mortgage loans, $45.1 million for multi-family real estate loans, $50.8 million for commercial real estate loans and $4.6 million in construction loans. For the first nine months of 2000, loan originations and purchases were $80.8 million for 1-4 family real estate loans, $46.4 million for multi-family real estate loans, $33.4 million for commercial real estate loans and $4.5 million for construction loans. Total loans increased $81.1 million during the nine months ended September 30, 2001 to $1,067.5 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 $2.6 million at September 30, 2001 compared to $1.7 million at December 31, 2000 and $1.4 million at September 30, 2000. Total non-performing assets as a percentage of total assets were 0.2 percent at September 30, 2001 compared to 0.1 percent at December 31, 2000 and 0.1 percent at September 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 254 percent at September 30, 2001 compared to 415 percent at December 31, 2000 and 571 percent at September 30, 2000. Total liabilities increased $84.8 million to $1.30 billion at September 30, 2001 from $1.21 billion at December 31, 2000. Due to depositors increased $82.7 million as certificate of deposit accounts increased $25.7 million while lower costing core deposits, primarily money market deposit accounts, increased $57.0 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 $6.6 million to $133.3 million at September 30, 2001 from $126.7 million at December 31, 2000. This increase is due to $11.0 million in net income for the nine months ended September 30, 2001, an improvement of $3.2 million in the net unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. in the market value of securities available for sale, and $2.3 million from the exercise of stock options, partially offset by $8.0 million in treasury shares purchased through the Company's stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. and $2.8 million in cash dividends paid during the nine month period. Book value per share is $9.79 at September 30, 2001 compared to $9.11 per share at December 31, 2000 and $8.78 per share at September 30, 2000. Under its stock repurchase program, the Company repurchased 475,000 shares during the nine months ended September 30, 2001. At September 30, 2001, 17,000 shares remain to be repurchased under the eighth stock repurchase program. On October October: see month. 16, 2001, the Company's Board of Directors approved the ninth stock repurchase program, authorizing the repurchase of 700,000 shares. Through September 30, 2001, the Company had repurchased, at a cost of $69.0 million, approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 34.7 percent of the common shares issued in connection with the Company's initial public offering. "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)
September 30, December 31,
2001 2000
---------------------------------------
ASSETS (Unaudited)
Cash and due from banks $ 13,684 $ 10,235
Federal funds sold and
overnight interest-
earning deposits 12,500 11,758
Securities available
for sale:
Mortgage-backed securities 247,146 238,626
Other securities 15,377 16,594
Loans:
1-4 family residential
mortgage loans 483,827 467,784
Multi-family
mortgage loans 358,620 334,307
Commercial real
estate loans 207,836 167,549
Co-operative apartments 6,923 8,009
Construction loans 9,645 8,304
Small Business
Administration loans 3,573 2,844
Consumer and other loans 2,869 3,704
Net unamortized premiums
and unearned loan fees 834 579
Allowance for loan losses (6,601) (6,721)
----------- -----------
Net loans 1,067,526 986,359
Interest and
dividends receivable 8,029 7,724
Real estate owned, net -- 44
Bank premises and
equipment, net 5,727 6,311
Federal Home Loan Bank
of New York stock 25,422 24,932
Goodwill 3,997 4,272
Other assets 30,073 31,237
----------- -----------
Total assets $ 1,429,481 $ 1,338,092
=========== ===========
LIABILITIES
Due to depositors:
Non-interest bearing $ 26,161 $ 20,913
Interest bearing 738,638 661,145
Mortgagors' escrow
deposits 13,435 7,753
Borrowed funds 503,918 508,839
Other liabilities 14,030 12,705
----------- -----------
Total liabilities 1,296,182 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; 13,852,063
and 15,991,638(1)
issued at September 30, 2001
and December 31, 2000,
respectively; 13,609,363 and
13,907,881 (1) shares
outstanding at September
30, 2001 and
December 31, 2000,
respectively) 139 114
Additional paid-in capital 44,745 76,396
Treasury stock (242,700 and
2,083,757 shares at September
30, 2001 and December 31,
2000, respectively) (3,687) (31,755)
Unearned compensation (8,003) (7,781)
Retained earnings 96,996 89,896
Accumulated other comprehensive
income, net of taxes 3,109 (133)
--------- ----------
Total stockholders' equity 133,299 126,737
--------- ----------
Total liabilities
and stockholders' equity $1,429,481 $1,338,092
========== ==========
(1) Adjusted for three-for-two stock dividend paid on August 30,
2001.
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands Except Per Share Data)
(Unaudited)
For the three months For the nine months
Ended September 30, Ended September 30,
-------------------- --------------------
2001 2000 2001 2000
---- ---- ---- ----
Interest and
dividend income
Interest and
fees on loans $21,368 $19,795 $62,750 $56,714
Interest and dividends
on securities:
Interest 3,960 4,801 11,838 14,858
Dividends 51 66 163 199
Other interest
income 204 148 1,110 468
------- ------- ------- -------
Total interest and
dividend income 25,583 24,810 75,861 72,239
------- ------- ------- -------
Interest expense
Deposits 7,507 7,077 22,424 20,209
Other interest
expense 7,535 7,786 22,777 21,740
------- ------- ------- -------
Total interest
expense 15,042 14,863 45,201 41,949
------- ------- ------- -------
Net interest
income 10,541 9,947 30,660 30,290
Provision for
loan losses -- -- -- --
------- ------- ------- -------
Net interest
income after
Provision for
loan losses 10,541 9,947 30,660 30,290
------- ------- ------- -------
Non-interest income
Other fee
income 496 443 1,680 1,455
Net gain (loss) on
sales of securities
and loans 36 (718) 254 (682)
Other income 768 539 2,707 1,532
-------- -------- -------- --------
Total non-
interest income 1,300 264 4,641 2,305
-------- -------- -------- --------
Non-interest expense
Salaries and
employee benefits 3,128 3,149 9,419 9,182
Occupancy and
equipment 581 587 1,733 1,633
Professional services 566 569 1,647 1,740
Data processing 300 311 947 952
Depreciation and
amortization 264 279 803 809
Other operating
expenses 1,100 1,118 3,341 3,395
-------- -------- -------- --------
Total non-
interest expense 5,939 6,013 17,890 17,711
-------- -------- -------- --------
Income before
income taxes 5,902 4,198 17,411 14,884
-------- -------- -------- --------
Provision for
income taxes
Federal 1,782 1,332 5,264 4,585
State and local 402 264 1,178 1,072
-------- -------- -------- --------
Total taxes 2,184 1,596 6,442 5,657
-------- -------- -------- --------
Net income $ 3,718 $ 2,602 $ 10,969 $ 9,227
======== ======== ======== ========
Basic earnings
per share (1) $ 0.30 $ 0.21 $ 0.89 $ 0.73
Diluted earnings
per share (1) $ 0.29 $ 0.20 $ 0.86 $ 0.72
(1) 2000 per share information is restated to reflect the
three-for-two stock dividend paid on August 30, 2001.
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 Nine Months
Ended September 30, Ended September 30,
------------------- -------------------
2001 2000 2001 2000
---- ---- ---- ----
Per Share Data (1)
Basic earnings
per share $0.30 $0.21 $0.89 $0.73
Diluted earnings
per share $0.29 $0.20 $0.86 $0.72
Average number of
shares outstanding for:
Basic earnings per
share computation 12,316,081 12,504,975 12,321,069 12,618,537
Diluted earnings per
share computation 12,881,828 12,774,108 12,804,690 12,837,256
Book value per
share (based on
13,609,363 and
14,032,144 shares
outstanding at
September 30,
2001 and 2000,
respectively) $9.79 $8.78 $9.79 $8.78
Average Balances
Total loans, net $ 1,057,501 $ 971,911 $ 1,026,747 $ 930,527
Total interest-
earning assets 1,328,778 1,257,879 1,299,816 1,226,063
Total assets 1,415,951 1,316,779 1,386,612 1,280,300
Total due to
depositors 721,623 651,695 695,764 642,823
Total interest-
bearing liabilities 1,244,163 1,162,883 1,215,717 1,128,434
Stockholders' equity 131,121 119,224 128,655 117,293
Performance Ratios (2)
Return on average
assets 1.05% 0.79% 1.05% 0.96%
Return on average
equity 11.34 8.73 11.37 10.49
Yield on average
interest-earning
assets 7.70 7.89 7.78 7.86
Cost of average
interest-bearing
liabilities 4.84 5.11 4.96 4.96
Interest rate
spread during
period 2.86 2.78 2.82 2.90
Net interest margin 3.17 3.16 3.15 3.29
Non-interest
expense to
average assets 1.68 1.83 1.72 1.84
Efficiency ratio 49.38 54.13 50.07 52.67
Average interest-
earning assets
to average
Interest-bearing
liabilities 1.07X 1.08X 1.07X 1.09X
Cash Earnings
Net income $ 3,718 $ 2,602 $ 10,969 $ 9,227
Non-cash
amortization of
stock plans and
goodwill 378 495 1,328 1,479
Tax effect of
non-cash items (106) (153) (390) (458)
---------- ---------- ---------- ----------
Cash earnings $ 3,990 $ 2,944 $ 11,907 $ 10,248
========= ========= ========== ==========
Cash earnings per
basic share (1) $ 0.32 $ 0.24 $ 0.97 $ 0.81
Cash earnings per
diluted share (1) $ 0.31 $ 0.23 $ 0.93 $ 0.80
Cash return on
average assets (2) 1.13% 0.89% 1.14% 1.07%
Cash return on
average equity (2) 12.17 9.88 12.34 11.65
Cash efficiency ratio 46.96 50.44 47.08 49.06
(1) 2000 per share information is restated to reflect the
three-for-two stock dividend paid on August 30, 2001.
(2) Ratios for the quarters and nine months ended September 30,
2001 and 2000 are presented on an annualized basis.
FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands)
(Unaudited)
September 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%) 8.39% 8.02%
Core (minimum
requirement = 3%) 8.39 8.02
Total risk-based capital
(minimum requirement = 8%) 15.71 15.77
Capital ratios:
Average equity to
average assets 9.28% 9.18%
Equity to total assets 9.32 9.47
Asset quality:
Non-performing loans $ 2,603 $ 1,618
Non-performing assets 2,603 1,662
Net charge-offs 120 97
Non-performing loans
to gross loans 0.24% 0.16%
Non-performing assets
to total assets 0.18 0.12
Allowance for loan
losses to gross loans 0.62 0.68
Allowance for loan losses
to total non-performing assets 253.59 404.28
Allowance for loan losses
to total non-performing loans 253.59 415.32
Full-service customer facilities 10 10
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion