The following is a summary of the Flushing Financial Corporation (FFIC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Flushing Financial Corporation reported first quarter 2024 GAAP earnings per share of $0.12 and core earnings per share of $0.14.

• The company's net interest income and margins declined by 23 and 25 basis points respectively to 2.06% during Q1 2024.

• Deposits increased by 4% YoY and 3% quarter-over-quarter.

• The tangible common equity ratio decreased by 0.24 basis points quarter-over-quarter to 7.4%.

• The company's expenses were $38.3 million, adjusted seasonally to down by $1.6 million.

Business Progress:

• Flushing Financial Corporation has maintained strict underwriting procedures and has managed a low-risk portfolio using loans with low loan-to-value ratios and high cash flows.

• The company showed QoQ improvements in non-performing assets to assets, and criticized and classified loans to gross loans.

• Focusing efforts on the Asian markets, with $1.3 billion of deposits and $746 million of loans, has been a key growth strategy.

• The company is focusing on four operational areas: net interest margin (NIM) increase, maintaining its low-risk credit profile, strong capital and liquidity, and controlling expense growth.

• Growth is expected to be influenced by pricing discipline into 2025, depending on interest rates and borrower engagement.

More details: Flushing Financial Corp IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.