Flushing Financial Investor Conference Presentation Deck | Slidebook.io

Flushing Financial Investor Conference Presentation Deck

January 2024, 32 slides

the conference wale building rewarding relationships i flushing financial corporation | Flushing Financial

safe harbor statement under the private securities litigation reform act of statements in this presentation relating to 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 within the meaning of the private securities litigation reform act of section a of the securities act of and section of the securities exchange act of forward looking 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 annual report on form for the fiscal year ended 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 goals 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

key messages leading community bank in the greater area well diversified and low risk loan portfolio with sound credit quality growing banking niche beneficiary of a steepening yield curve and fed rate cuts executing on action plan to improve profitability small enough to know you large enough to help you | Flushing Financial

strong banking market focus of total deposits deposit market potential market share year market for the comparable markets communities loans and if if multilingual branch staff serves diverse customer base in area growth aided by advisory board one lie sponsorships cultural activities support new and existing opportunities share one third branches are in june latest data | Flushing Financial

areas of focus increase net interest margin and reduce volatility maintain credit discipline preserve strong capital and liquidity bend the expense curve | Flushing Financial

core nim expand closing satisfaction yields widen net interest nome and closings nil loan ere yield flushing see appendix for definitions of and loan corporation closings and satisfactions exclude loans mas closings yield yield spread | Flushing Financial

loans higher loan poe floating adjustable loan maturing fixed rate total loan rate floating rate include any including back to back swaps tied to an index that within days including interest rate hedges of or of the loan portfolio is effectively floating rate through to reprice assuming index values as of of reprice including all loan portfolio hedges with every fed move and an additional reprice annually financial corporation | Flushing Financial

less nim volatility over the past year we have largely moved to interest rate neutral to position the company for any rate movements percentage change net income from base case based on a shock in rates increase in rates of decrease in rates of financial corporation | Flushing Financial

low risk loan portfolio real estate based non real estate owner occupied one to four family mixed use general commercial strip mall shopping center one to four family residential total shy construction industrial a office tenant health care medical use commercial special use office single tenant single tenant loans secured by real estate have an average of | Flushing Financial

lending conservative lending standards minimal losses our looks more like this generally not like this a a am of the loan portfolio contains rent regulated units average loan size is only million strong sponsorship with weighted average equity of weighted average debt service coverage ratio is the average monthly rent in our portfolio is approximately compared to for market rents a ami tae | Flushing Financial

office most of the loans are outside of our lending looks more like this medical not like this a a i average loan size is million weighted average and a weighted average debt service coverage ratio no and about portfolio will have upward rate adjustments through given today interest rates minimal exposure to buildings over one third is medical | Flushing Financial

balance sheet positioning has changed but credit quality has remained strong office buildings exposure is only of net loans as a percent total peer peer peer peer peer peer peer peer | Flushing Financial

retail essential to local communities our lending looks more like this generally not like this per portfolio with located in queens and the we tend lend shopping centers and strip malls versus malls our average loan is with average seasoning over years weighted average of with one loan of having an over weighted average debt service coverage ratio is no delinquent loans and only of this portfolio is on the approximately of this portfolio will mature or reprice in are based on value at origination data as of june based on most recent annual loan review | Flushing Financial

low loan losses and noncurrent loans average industry industry weighted average debt service ratios for investor portfolios at shock increase in rates produces a weighted average of increase in operating expense yields a weighted average of shock increase in rates increase in operating expenses results in a weighted average in all scenarios weighted average is less than over two decades multiple credit cycles flushing financial has a history of better than industry credit quality average on the real estate portfolio is less than only of real estate of gross with an of or more industry includes insured institutions from statistics at a glance based upon a sample size of of adjusting between with no increase in through based on most recent annual review rents or total income based on appraised value at origination | Flushing Financial

continued strong capital yoy book value per share growth yoy increase in tangible book value per share book value per share ratio leverage ratio tangible book value per share tangible common equity tangible assets preserving | Flushing Financial

increasing liquidity and low uninsured and deposits available increased yoy levels of total availability of cash lines collateral total total assets total preserving our strong corporation | Flushing Financial

bending the expense curve over the past years core expenses have increased at compounded annual growth rate in we expect to core expenses to increase at a low to mid single digit pace controlling what we can control and looking to drive operating efficiencies focus on improving efficiency ratio efficiency ratio improve through cost revenues | Flushing Financial

trading at a discount peer group book and tangible book multiples price dividend price price tan current price cur cur next price next next valuation metrics as of yield roe roe median ses premium source | Flushing Financial

key messages leading community bank in the greater area well diversified and low risk loan portfolio with sound credit quality growing banking niche beneficiary of a steepening yield curve and fed rate cuts executing on action plan to improve profitability small enough to know you large enough to help you | Flushing Financial

appendix a i a flushing poral | Flushing Financial

experienced executive leadership team chief of a cum client development officer maria coo corporate secretary general counsel treasurer and years industry years years years years years years years years years years years a brewer chief information officer chief of staff deposit channel vincent commercial real estate lending alan residential years years years years years years years years kelly beal years years we a director of government years years compensation and insider stock ownership aligned with shareholder interests flushing previously president and coo of empire and empire national bank from its inception in until the sale to flushing financial in financial corporation directors and officers as of | Flushing Financial

annual financial highlights reported results nim core results nim credit quality loans loans average loans criticized classifieds loans capital ratios tier total risk based capital leverage ratio balance sheet book value share tangible book value share dividends share average assets average loans average deposits flushing see reconciliation of earnings and core earnings in appendix corporation | Flushing Financial

over a year track record of steady growth assets total gross loans total deposits call core dividends per share tangible book value per share i if i calculated from financial corporation note acquisition empire in loans and deposits acquired and respectively assets acquired | Flushing Financial

environmental social and governance reduction of carbon footprint assessing climate change through underwriting building rewarding relationships with communities customers employees corporate is a strength through oversight risk management i see more details in our report under investor relations at | Flushing Financial

reconciliation of earnings and core earnings non cash fair value adjustments to the variance in is partly driven by the impact non cash net gains losses from fair value adjustments these fair value adjustments relate primarily to borrowings carried at fair value under the fair value option net income diluted provision tax net revenue net interest income net interest margin interest income yield on total loans income expense tangible book value per common share are each non measures used in this presentation a to the most directly comparable financial measures appears below in tabular form the company believes that these measures are useful for both investors management to understand the effects certain interest items provide an alternative view the company performance over time in comparison to the company competitors these measures should not be viewed as a substitute for net income the company believes that tangible book value per common share is useful for both investors management as this measure is commonly used by financial institutions regulators investors to measure the capital adequacy financial institutions the company believes this measure facilitates comparison the quality composition the company capital over time in comparison to its competitors this measure should not be viewed as a substitute for total shareholders equity these non measures have inherent limitations are not required to be uniformly applied are not audited they should not be considered in isolation or as a substitute for analysis results reported under these non measures may not be comparable to similarly titled measures reported by other companies | Flushing Financial

reconciliation of earnings and core earnings years dollars in thousands except per share data income loss before income taxes day provision for credit losses empire transaction net gain loss from fair value adjustments net gain loss on sale securities life insurance proceeds net gain on sale or disposition assets net gain loss from fair value adjustments on qualifying hedges accelerated employee benefits upon officer death prepayment penalty on borrowings net amortization purchase accounting adjustments miscellaneous merger expense income before taxes provision for income taxes net income diluted loss per common share day provision for credit losses empire transaction net tax net gain loss from fair value adjustments net tax net gain loss on sale securities net tax life insurance proceeds net gain on sale or disposition assets net tax net gain loss from fair value adjustments on qualifying hedges net tax accelerated employee benefits upon officer death net tax prepayment penalty on borrowings net tax net amortization purchase accounting adjustments net tax miscellaneous merger expense net tax tax change diluted per common share net income as calculated above average assets average equity return on average assets return on average equity ended a flushing diluted per common share may not foot due to rounding financial corporation ratios are calculated on an basis | Flushing Financial

reconciliation of revenue and provision tax net revenue years dollars in thousands ended interest income gain loss from fair value adjustments on qualifying hedges amortization purchase accounting adjustments core interest income income adjust gain loss on sale securities life insurance proceeds gain on disposition assets core income expense prepayment penalty on borrowings accelerated employee benefits upon officer death amortization purchase accounting adjustments miscellaneous merger expense core expense interest income income expense core interest income income expense efficiency ratio flushing efficiency ratio a non measure was calculated by dividing core expense excluding expense the gain loss from the sale by the total core financial corporation interest income core income | Flushing Financial

reconciliation of and core net interest income and nim years ended dollars in thousands gain loss from fair value adjustments on qualifying hedges amortization purchase accounting adjustments tax equivalent adjustment total average interest earning assets margin on total loans gain loss from fair value adjustments on qualifying hedges amortization purchase accounting adjustments on total loans average total loans yield on total loans flushing excludes purchase accounting average balances for the ended financial corporation | Flushing Financial

calculation of tangible stockholders common equity to tangible assets years dollars in thousands total less goodwill core deposit intangibles intangible deferred tax liabilities total less goodwill core deposit intangibles intangible deferred tax liabilities | Flushing Financial

contact details treasurer phone director of investor relations phone financial corporation | Flushing Financial

wae | Flushing Financial

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