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Flushing Financial Corporation (FFIC+0.73%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a net loss of $31.3 million for the year, compared to a net income of $28.7 million in the previous year. This decrease is primarily attributed to a restructuring transaction that resulted in a pre-tax loss of $76.0 million.
Net interest income increased by $2.9 million to $182.0 million, driven by a $449.0 million increase in the average balance of interest-earning assets. However, the net interest margin declined by nine basis points to 2.15% due to rising funding costs.
Interest income rose by 15.9% to $465.4 million, while interest expense increased by 27.4% to $283.4 million, reflecting higher interest rates and increased balances of interest-bearing liabilities.
The company recorded a provision for credit losses of $9.6 million, slightly down from $10.5 million in the prior year. Non-performing loans increased to $33.3 million at year-end.
Non-interest income decreased significantly to a loss of $57.4 million, mainly due to losses from the sale of securities as part of the restructuring transaction.
Non-interest expenses rose by 6.1% to $163.3 million, with increases in salaries, employee benefits, and FDIC insurance premiums.
Total assets as of December 31, 2024, were $9.0 billion, with total deposits of $7.2 billion and stockholders’ equity of $724.5 million.
The company completed a $70.0 million common equity issuance to support a balance sheet restructuring, which included selling $444.8 million of securities and repositioning borrowings.
Flushing Financial Corporation continues to focus on managing interest rate risk, maintaining credit discipline, and preserving liquidity and capital.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Flushing Financial Corporation annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.