Flushing Financial Corp. (FFIC)
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Flushing Financial Corporation (FFIC) Q2 2024 Earnings Call Transcript
Flushing Financial Corporation (NASDAQ:FFIC ) Q2 2024 Results Conference Call July 30, 2024 9:00 AM ET Company Participants John Buran - President and CEO Susan Cullen - Senior EVP, CFO and Treasurer Conference Call Participants Steve Moss - Raymond James Mark Fitzgibbon - Piper Sandler Manuel Navas - D. A. Davidson Chris O'Connell - KBW Operator Welcome to Flushing Financial Corporation's Second Quarter 2024 Earnings Conference Call.
Compared to Estimates, Flushing Financial (FFIC) Q2 Earnings: A Look at Key Metrics
While the top- and bottom-line numbers for Flushing Financial (FFIC) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Flushing Financial (FFIC) Q2 Earnings Match Estimates
Flushing Financial (FFIC) came out with quarterly earnings of $0.18 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.26 per share a year ago.
Flushing Financial: Disappointing Earnings But Loan Book Remains Strong
Flushing Financial's earnings are under pressure due to increased interest expenses and loss on fair value adjustments in Q1 2024. Despite weak Q1 results, the bank's loan book quality remains strong with low LTV ratios and manageable past due loans. The bank is expected to see an increase in net interest income as loans are repriced, leading to a potential positive impact on the bottom line.
Flushing Financial: Dividend Yield Of Over 6%, Earnings Likely To Recover
Loan growth will improve after the first quarter's dismal performance. New York's recent economic recovery will likely drive loan growth. The net interest margin will most probably stabilize soon as deposit migration will wane. FFIC is offering an attractive dividend yield of 6.7%. There is a risk of a dividend cut. However, most probably FFIC will ride out 2024 without any dividend cuts.
Is The Options Market Predicting A Spike In Flushing Financial (FFIC) Stock?
Investors need to pay close attention to Flushing Financial (FFIC) stock based on the movements in the options market lately.
