Flushing Financial 2Q25 Earnings Press Release;

EX-99 2 ffic-20250724xex99.htm EX-99.1 Flushing Financial 2Q25 Earnings Press Release;

Exhibit 99.1

0	● ●
	John R. Buran, President and CEO Commentary
Flushing Financial Corporation Reports GAAP EPS Increase of 128% and Core EPS of 78% Year-Over-Year for the Second Quarter of 2025
"Our second quarter results reflect the continued successful execution of our strategic priorities, building upon the foundational actions we took in the preceding quarters. We are pleased to report another quarter of net interest margin expansion, with both GAAP and Core NIM increasing, which speaks to the effectiveness of our balance sheet repositioning and disciplined approach to funding costs. Particularly encouraging is the strong year-over-year growth in our average noninterest-bearing deposits, which increased 6.4%, further bolstering our funding base. While we remain mindful of the persistent economic uncertainties, our focus on maintaining strong liquidity and capital has resulted in a tangible common equity to tangible assets ratio of 8.04%, a significant improvement from the prior year. The deliberate actions taken in late 2024 and early 2025 are yielding the anticipated benefits, enhancing our profitability and strengthening our financial position. As we look to the second half of the year, we will maintain our disciplined underwriting standards and proactive risk management, ensuring we are well-positioned to navigate the evolving landscape and continue to deliver long-term value to our shareholders." - John R. Buran, President and CEO
UNIONDALE, N.Y., July 24, 2025 – NIM Expansion and Average Deposit Growth. The Company reported 2Q25 GAAP EPS of $0.41 and Core EPS of $0.32, an increase of 127.8% and 77.8% YoY, respectively. The primary differences between GAAP and Core earnings were fair value adjustments on debt and the reversal of a valuation allowance upon the reclassification of loans held for sale to loans held for investment. During the quarter, the NIM expanded on both a GAAP and Core basis by 3 bps QoQ to 2.54% and 2.52%, respectively as loan repricing largely offset the impact from maturing swaps. Average loans decreased 1.0% YoY but increased 0.1% QoQ, due to maintaining pricing and quality standards. Adherence to these standards, the Bank’s CRE concentration declined to 493% at June 30, 2025, compared to 522% a year ago and 511% at the prior quarter end. Average deposits increased 5.7% YoY and 0.6% QoQ. Average noninterest bearing deposits increased 6.4% YoY and 2.4% QoQ. GAAP and Core pre-provision pre-tax net revenue increased 191.1% and 134.5% YoY to their highest quarterly level since 3Q22 and 4Q22, respectively. Credit Metrics Stable to Improving and Capital Expands QoQ. NPAs to assets were 75 bps compared to 71 bps the prior quarter. Criticized and classified loans totaled 108 bps of gross loans compared to 133 bps in the prior quarter. Net charge-offs to average loans were 15 bps in 2Q25 compared to 27 bps in 1Q25. TCE/TA¹ was 8.04% at June 30, 2025, compared to 7.79% at March 31, 2025.

Key Financial Metrics²


	2Q25	1Q25	4Q24	3Q24	2Q24	1H25	1H24
GAAP:
Earnings (Loss) per Share	$0.41	($0.29)	($1.64)	$0.30	$0.18	$0.12	$0.30
ROAA (%)	0.64	(0.43)	(2.17)	0.39	0.24	0.10	0.21
ROAE (%)	8.00	(5.36)	(29.24)	5.30	3.19	1.22	2.69
NIM FTE³ (%)	2.54	2.51	2.39	2.10	2.05	2.52	2.06
Core:
EPS	$0.32	$0.23	$0.14	$0.26	$0.18	$0.55	$0.33
ROAA (%)	0.50	0.35	0.19	0.34	0.25	0.43	0.22
ROAE (%)	6.29	4.34	2.54	4.59	3.27	5.30	2.92
Core NIM FTE (%)	2.52	2.49	2.25	2.07	2.03	2.51	2.05
Credit Quality:
NPAs/Loans & OREO (%)	0.99	0.95	0.76	0.81	0.82	0.99	0.82
ACLs/Loans (%)	0.62	0.59	0.60	0.59	0.61	0.62	0.61
ACLs/NPLs (%)	83.76	86.54	120.51	117.75	120.58	83.76	120.58
NCOs/Avg Loans (%)	0.15	0.27	0.28	0.18	(0.01)	0.21	-
Balance Sheet:
Avg Loans ($B)	$6.7	$6.7	$6.8	$6.7	$6.7	$6.7	$6.8
Avg Dep ($B)	$7.6	$7.6	$7.4	$7.5	$7.2	$7.6	$7.1
Book Value/Share	$20.91	$20.81	$21.53	$22.94	$22.89	$20.91	$22.89
Tangible BV/Share	$20.89	$20.78	$20.97	$22.29	$22.24	$20.89	$22.24
TCE/TA (%)	8.04	7.79	7.82	7.00	7.12	8.04	7.12

Note: In certain circumstances, reclassifications have been made to prior periods to conform to the current presentation.

¹ Tangible Common Equity (“TCE”)/Total Assets (“TA”). ² See “Reconciliation of GAAP Earnings (Loss) and Core Earnings”, “Reconciliation of GAAP Revenue and Pre-Provision Pre-Tax Net Revenue”, and “Reconciliation of GAAP Net Interest Income Net Interest Margin to Core Net Interest Income and Net Interest Margin.” ³ Net Interest Margin (“NIM”) Fully Taxable Equivalent (“FTE”).

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌1


2Q25 Highlights
● Net interest margin FTE increased 49 bps YoY and 3 bps QoQ to 2.54%; Core net interest margin FTE increased 49 bps YoY and 3 bps QoQ to 2.52%; Prepayment penalty income, net reversals and recovered interest from nonaccrual and delinquent loans, swap termination fees, net gains and losses from fair value adjustments on hedges, and purchase accounting accretion totaled 6 bps in 2Q25 compared to 3 bps in both 2Q24 and 1Q25 ● Average total deposits increased 5.7% YoY and 0.6% QoQ to $7.6 billion; Average noninterest bearing deposits increased 6.4% YoY and 2.4% QoQ and totaled 11.5% of total average deposits compared to 11.4% in 2Q24 and 11.3% in 1Q25; Average CDs were $2.5 billion, up 1.4% YoY, but down 4.6% QoQ ● Period end net loans decreased 1.0% YoY and 0.5% QoQ to $6.7 billion; Loan closings were $159.1 million, up 26.3% YoY, but down 8.6% QoQ; Back-to-back swap loan originations were $38.7 million compared to $18.0 million in 1Q25 and generated $0.6 million and $0.3 million of noninterest income, respectively; Loan pipeline decreased 44.8% YoY and 14.4% QoQ to $181.0 million; Approximately 23% of the loan pipeline consists of back-to-back swap loans ● NPAs totaled $66.1 million (75 bps of assets) in 2Q25 compared to $55.8 million (61 bps) a year ago and $64.3 million (71 bps) in the prior quarter ● Provision for credit losses was $4.2 million in 2Q25 compared to $0.8 million in 2Q24 and $4.3 million in 1Q25; Net charge-offs (recoveries) were $2.5 million in 2Q25 compared to $(92,000) in 2Q24 and $4.4 million in 1Q25 ● Tangible Common Equity to Tangible Assets was 8.04% at June 30, 2025, compared to 7.12% at June 30, 2024, and 7.79% at March 31, 2025; Tangible book value per share was $20.89 at June 30, 2025, compared to $22.24 a year ago and $20.78 for the prior quarter
Areas of Focus
Improve Profitability	● GAAP and Core NIM expanded 3 bps each QoQ to 2.54% and 2.52%, respectively ● GAAP ROAA and ROAE increased 107 bps and 1,336 bps QoQ; Core ROAA and ROAE improved 15 bps and 195 bps QoQ ● Tangible book value per share increased 0.5% QoQ to $20.89 at June 30, 2025
Maintain Credit Discipline	● Approximately 90% of the loan portfolio is collateralized by real estate with an average loan to value of less than 35%¹ ● Weighted average debt service coverage ratio is approximately 1.8x for multifamily and investor commercial real estate loans ● Criticized and classified loans are 108 bps of gross loans compared to 113 bps a year ago and 133 bps for the prior quarter ● Manhattan office buildings exposure is minimal at approximately 0.50% of gross loans
Preserve Strong Liquidity and Capital	● Maintaining ample liquidity with $3.6 billion of undrawn lines and resources as of June 30, 2025 ● Uninsured and uncollateralized deposits were 17% of total deposits, while uninsured deposits were 35% of total deposits ● Total average deposits increased by 5.7% YoY and 0.6% QoQ ● Tangible Common Equity to Tangible Assets was 8.04% at June 30, 2025, up 92 bps YoY and 25 bps QoQ

¹ Based on appraisals at origination.

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌2

Income Statement Highlights


						YoY		QoQ
($000s, except EPS)	2Q25	1Q25	4Q24	3Q24	2Q24	Change		Change

Net Interest Income	$53,209	$52,989	$51,235	$45,603	$42,776	24.4	%	0.4	%
Provision for Credit Losses	4,194	4,318	6,440	1,727	809	418.4		(2.9)
Noninterest Income (Loss)	10,277	5,074	(71,022)	6,277	4,216	143.8		102.5
Noninterest Expense	40,356	59,676	45,630	38,696	39,047	3.4		(32.4)
Income (Loss) Before Income Taxes	18,936	(5,931)	(71,857)	11,457	7,136	165.4		(419.3)
Provision (Benefit) for Income Taxes	4,733	3,865	(22,612)	2,551	1,814	160.9		22.5
Net Income (Loss)	$14,203	($9,796)	($49,245)	$8,906	$5,322	166.9		(245.0)
Diluted Earnings (Loss) per Common Share	$0.41	($0.29)	($1.64)	$0.30	$0.18	127.8		(241.4)

Core Net Income¹	$11,162	$7,931	$4,209	$7,723	$5,456	104.6		40.7
Core EPS¹	$0.32	$0.23	$0.14	$0.26	$0.18	77.8		39.1

¹ See Reconciliation of GAAP (Loss) Earnings and Core Earnings

Net interest income increased YoY and QoQ.

●

Net Interest Margin FTE of 2.54% increased 49 bps YoY and 3 bps QoQ; The cost of funds increased 6 bps QoQ primarily due to swap maturities and forward starting swaps at higher rates; The yield on interest earning assets increased 8 bps QoQ

●

Prepayment penalty income, swap termination fees, net reversals and recoveries of interest from nonaccrual and delinquent loans, net gains and losses from fair value adjustments on hedges, and purchase accounting accretion totaled $1.2 million (6 bps to NIM) in 2Q25 compared to $0.7 million (3 bps to NIM) in 2Q24 and $0.6 million (3 bps to NIM) in 1Q25

●

Excluding the items in the previous bullet, the net interest margin was 2.48% in 2Q25 compared to 2.02% in 2Q24 and 2.48% in 1Q25

The provision for credit losses increased YoY but declined QoQ.

●

Net charge-offs (recoveries) were $2.5 million (15 bps of average loans) in 2Q25 compared to $(92,000) ((1) bp of average loans) in 2Q24 and $4.4 million (27 bps of average loans) in 1Q25

Noninterest income increased YoY and QoQ.

●

Back-to-back swap loan closings of $38.7 million in 2Q25 (compared to $27.4 million in 2Q24 and $18.0 million in 1Q25) generated $0.6 million of noninterest income (compared to $0.5 million in 2Q24 and $0.3 million in 1Q25)

●

Net gains (losses) from fair value adjustments were $1.7 million ($0.04 per share, net of tax) in 2Q25 compared to $0.1 million (less than $0.01 per share, net of tax) in 2Q24 and $(0.2) million (less than $0.01 per share, net of tax) in 1Q25

●

During 2Q25, the Company reclassified $29.5 million of loans held for sale to loans held of investment and reclassifying a $2.6 million mark to market adjustment in net gain (loss) on sale of loans

●

Absent the items in the previous two bullets and other immaterial adjustments, core noninterest income was $6.0 million in 2Q25, up 45.0% YoY and 11.3% QoQ

Noninterest expense increased YoY, but decreased QoQ.

●

Core noninterest expenses were $39.9 million in 2Q25, up 3.7% YoY, but down 4.9% QoQ

●

Seasonal compensational expense was $1.6 million both in 1Q25 and 1Q24

●

The Company recorded a non-recurring, non-cash goodwill impairment charge of approximately $17.6 million ($0.51 per share) in 1Q25; As a result, there is no remaining goodwill

Provision for income taxes was $4.7 million in 2Q25 compared to $1.8 million in 2Q24 and $3.9 million in 1Q25.

●

The effective tax rate was 25.0% in 2Q25 compared to 25.4% in 2Q24 and (65.2)% in 1Q25

●

The effective tax rate in 1Q25 was primarily related to the non-tax deductible goodwill impairment

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌3

Balance Sheet, Credit Quality, and Capital Highlights


						YoY		QoQ
	2Q25	1Q25	4Q24	3Q24	2Q24	Change		Change
Averages ($MM)
Loans	$6,678	$6,672	$6,780	$6,737	$6,748	(1.0)	%	0.1	%
Total Deposits	7,607	7,561	7,450	7,464	7,196	5.7		0.6

Credit Quality ($000s)
Nonperforming Loans	$49,247	$46,263	$33,318	$34,261	$34,540	42.6	%	6.5	%
Nonperforming Assets	66,125	64,263	51,318	54,888	55,832	18.4		2.9
Criticized and Classified Loans	72,005	89,673	72,207	68,338	76,485	(5.9)		(19.7)
Criticized and Classified Assets	88,883	107,673	90,207	88,965	97,777	(9.1)		(17.5)
Allowance for Credit Losses/Loans (%)	0.62	0.59	0.60	0.59	0.61	1	bp	3	bps

Capital
Book Value/Share	$20.91	$20.81	$21.53	$22.94	$22.89	(8.7)	%	0.5	%
Tangible Book Value/Share	20.89	20.78	20.97	22.29	22.24	(6.1)		0.5
Tang. Common Equity/Tang. Assets (%)	8.04	7.79	7.82	7.00	7.12	92	bps	25	bps
Leverage Ratio (%)	8.31	8.12	8.04	7.91	8.18	13		19

Average loans decreased YoY, but increased QoQ.

●

Period end net loans totaled $6.7 billion, down 1.0% YoY and 0.5% QoQ

●

Total loan closings were $159.1 million in 2Q25 compared to $126.0 million in 2Q24 and $174.1 million in 1Q25; the loan pipeline was $181.0 million at June 30, 2025, down 44.8% YoY and 14.4% QoQ

●

The diversified loan portfolio is approximately 90% collateralized by real estate with an average loan-to-value ratio of less than 35%

Average total deposits increased YoY and QoQ.

●

Average noninterest bearing deposits increased 6.4% YoY and 2.4% QoQ and comprised 11.5% of average total deposits in 2Q25 compared to 11.4% a year ago

●

Average CDs totaled $2.5 billion, up 1.4% YoY, but down 4.6% QoQ; approximately $391.2 million of retail CDs are due to mature at an average rate of 3.93% in 3Q25

Credit Quality: Nonperforming loans increased YoY and QoQ.

●

Nonperforming loans were 74 bps of loans in 2Q25 compared to 51 bps in 2Q24 and 69 bps of loans in 1Q25

●

Criticized and classified loans were 108 bps of gross loans at 2Q25 compared to 113 bps at 2Q24 and 133 bps at 1Q25

Capital: Book value per common share and tangible book value per common share, a non-GAAP measure, decreased 8.7% and 6.1% YoY to $20.91 and $20.89, respectively.

●

The Company paid a dividend of $0.22 per share in 2Q25; 807,964 shares remaining subject to repurchase under the authorized stock repurchase program, which has no expiration date or maximum dollar limit

●

Tangible common equity to tangible assets was 8.04% at June 30, 2025, compared to 7.12% at June 30, 2024, and 7.79% at March 31, 2025

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌4

Conference Call Information

Conference Call Information:

●

John R. Buran, President and Chief Executive Officer, and Susan K. Cullen, Senior Executive Vice President and Chief Financial Officer and Treasurer, will host a conference call on Friday, July 25, 2025, at 11:00 AM (ET) to discuss the Company’s second quarter results and strategy.

●

Dial-in for Live Call: 1-877-509-5836; Canada 855-669-9657

●

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=jGiZ4wOv

●

Dial-in for Replay: 1-877-344-7529; Canada 855-669-9658

●

Replay Access Code: 8971272

●

The conference call will be simultaneously webcast and archived

Third Quarter 2025 Earnings Release Date:

The Company plans to release Third Quarter 2025 financial results after the market close on October 28, 2025, followed by a conference call at 9:30 AM (ET) on October 29, 2025.

A detailed announcement will be issued prior to the third quarter’s close confirming the date and the time of the release.

About Flushing Financial Corporation

Flushing Financial Corporation (Nasdaq: FFIC) is the holding company for Flushing Bank®, an FDIC insured, New York State —chartered commercial bank that operates banking offices in Queens, Brooklyn, Manhattan, and on Long Island. The Bank has been building relationships with families, business owners, and communities since 1929. Today, it offers the products, services, and conveniences associated with large commercial banks, including a full complement of deposit, loan, equipment finance, and cash management services. Rewarding customers with personalized attention and bankers that can communicate in the languages prevalent within these multicultural markets is what makes the Bank uniquely different. As an Equal Housing Lender and leader in real estate lending, the Bank’s experienced lending teams create mortgage solutions for real estate owners and property managers both within and outside the New York City metropolitan area. The Bank also fosters relationships with consumers nationwide through its online banking division with the iGObanking® and BankPurely® brands.

Additional information on Flushing Bank and Flushing Financial Corporation may be obtained by visiting the Company’s website at FlushingBank.com. Flushing Financial Corporation’s earnings release and presentation slides will be available prior to the conference call at www.FlushingBank.com under Investor Relations.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this Press Release 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 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 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.

#FF- Statistical Tables Follow -

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌5

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)


	At or for the three months ended															At or for the six months ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(Dollars in thousands, except per share data)	2025			2025			2024			2024			2024			2025			2024
Performance Ratios ⁽¹⁾
Return on average assets		0.64	%		(0.43)	%		(2.17)	%		0.39	%		0.24	%		0.10	%		0.21	%
Return on average equity		8.00			(5.36)			(29.24)			5.30			3.19			1.22			2.69
Yield on average interest-earning assets ⁽²⁾		5.59			5.51			5.60			5.63			5.43			5.55			5.37
Cost of average interest-bearing liabilities		3.58			3.50			3.75			4.10			3.95			3.54			3.89
Cost of funds		3.19			3.13			3.35			3.69			3.54			3.16			3.48
Net interest rate spread during period⁽²⁾		2.01			2.01			1.85			1.53			1.48			2.01			1.48
Net interest margin ⁽²⁾		2.54			2.51			2.39			2.10			2.05			2.52			2.06
Noninterest expense to average assets		1.81			2.65			2.01			1.68			1.77			2.23			1.80
Efficiency ratio ⁽³⁾		67.69			72.21			79.01			77.20			82.57			69.93			84.31
Average interest-earning assets to average interest-bearing liabilities		1.17	X		1.17	X		1.17	X		1.16	X		1.17	X		1.17	X		1.17	X

Average Balances
Total loans, net	$	6,678,494		$	6,671,922		$	6,780,268		$	6,737,261		$	6,748,140		$	6,675,226		$	6,776,128
Total interest-earning assets		8,402,582			8,468,913			8,587,482			8,709,671			8,354,994			8,435,565			8,295,076
Total assets		8,918,075			9,015,880			9,071,879			9,203,884			8,830,665			8,966,707			8,769,085
Total deposits		7,607,080			7,560,956			7,449,504			7,463,783			7,195,940			7,584,144			7,138,720
Total interest-bearing liabilities		7,176,399			7,261,100			7,339,707			7,504,517			7,140,068			7,218,514			7,077,498
Stockholders' equity		709,839			731,592			673,588			672,762			667,557			720,656			668,371

Per Share Data
Book value per common share ⁽⁴⁾	$	20.91		$	20.81		$	21.53		$	22.94		$	22.89		$	20.91		$	22.89
Tangible book value per common share ⁽⁵⁾	$	20.89		$	20.78		$	20.97		$	22.29		$	22.24		$	20.89		$	22.24

Stockholders' Equity
Stockholders' equity	$	706,377		$	702,851		$	724,539		$	666,891		$	665,322		$	706,377		$	665,322
Tangible stockholders' equity		705,437			701,822			705,780			648,035			646,364			705,437			646,364

Consolidated Regulatory Capital Ratios
Tier 1 capital	$	740,871		$	730,950		$	731,958		$	735,984		$	733,308		$	740,871		$	733,308
Common equity Tier 1 capital		695,099			683,670			685,004			689,902			686,630			695,099			686,630
Total risk-based capital		972,517			961,704			962,272			967,242			965,819			972,517			965,819
Risk Weighted Assets		6,675,621			6,719,291			6,762,048			6,790,253			6,718,568			6,675,621			6,718,568

Tier 1 leverage capital (well capitalized = 5%)		8.31	%		8.12	%		8.04	%		7.91	%		8.18	%		8.31	%		8.18	%
Common equity Tier 1 risk-based capital (well capitalized = 6.5%)		10.41			10.17			10.13			10.16			10.22			10.41			10.22
Tier 1 risk-based capital (well capitalized = 8.0%)		11.10			10.88			10.82			10.84			10.91			11.10			10.91
Total risk-based capital (well capitalized = 10.0%)		14.57			14.31			14.23			14.24			14.38			14.57			14.38

Capital Ratios
Average equity to average assets		7.96	%		8.11	%		7.43	%		7.31	%		7.56	%		8.04	%		7.62	%
Equity to total assets		8.05			7.80			8.02			7.19			7.31			8.05			7.31
Tangible common equity to tangible assets ⁽⁶⁾		8.04			7.79			7.82			7.00			7.12			8.04			7.12

Asset Quality
Nonaccrual loans	$	49,247		$	46,263		$	33,318		$	34,261		$	34,540		$	49,247		$	34,540
Nonperforming loans		49,247			46,263			33,318			34,261			34,540			49,247			34,540
Nonperforming assets		66,125			64,263			51,318			54,888			55,832			66,125			55,832
Net charge-offs (recoveries)		2,549			4,427			4,736			3,036			(92)			6,976			(88)

Asset Quality Ratios
Nonperforming loans to gross loans		0.74	%		0.69	%		0.49	%		0.50	%		0.51	%		0.74	%		0.51	%
Nonperforming assets to total assets		0.75			0.71			0.57			0.59			0.61			0.75			0.61
Allowance for credit losses to gross loans		0.62			0.59			0.60			0.59			0.61			0.62			0.61
Allowance for credit losses to nonperforming assets		62.38			62.30			78.24			73.50			74.60			62.38			74.60
Allowance for credit losses to nonperforming loans		83.76			86.54			120.51			117.75			120.58			83.76			120.58
Net charge-offs (recoveries) to average loans		0.15			0.27			0.28			0.18			(0.01)			0.21			—

Full-service customer facilities		29			28			28			28			27			29			27

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌6

⁽¹⁾

Ratios are presented on an annualized basis, where appropriate.

⁽²⁾

Yields are calculated on the tax equivalent basis using the statutory federal income tax rate of 21% for the periods presented.

⁽³⁾

Efficiency ratio, a non-GAAP measure, was calculated by dividing core noninterest expense (excluding OREO expense and the net gain/loss from the sale of OREO) by the total of core net interest income and core noninterest income.

⁽⁴⁾

Calculated by dividing stockholders’ equity by shares outstanding.

⁽⁵⁾

Calculated by dividing tangible stockholders’ common equity, a non-GAAP measure, by shares outstanding. Tangible stockholders’ common equity is stockholders’ equity less intangible assets. See “Calculation of Tangible Stockholders’ Common Equity to Tangible Assets”.

⁽⁶⁾

See “Calculation of Tangible Stockholders’ Common Equity to Tangible Assets”.

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌7

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Unaudited)


	For the three months ended										For the six months ended
	June 30,		March 31,		December 31,		September 30,		June 30,		June 30,		June 30,
(In thousands, except per share data)	2025		2025		2024		2024		2024		2025		2024
Interest and Dividend Income
Interest and fees on loans	$	95,005	$	93,032	$	94,111	$	95,780	$	92,728	$	188,037	$	185,687
Interest and dividends on securities:
Interest		20,186		21,413		24,111		24,215		18,209		41,599		30,750
Dividends		28		28		31		33		33		56		66
Other interest income		2,183		2,063		1,787		2,565		2,260		4,246		6,226
Total interest and dividend income		117,402		116,536		120,040		122,593		113,230		233,938		222,729
Interest Expense
Deposits		59,037		57,174		59,728		66,150		60,893		116,211		118,758
Other interest expense		5,156		6,373		9,077		10,840		9,561		11,529		18,798
Total interest expense		64,193		63,547		68,805		76,990		70,454		127,740		137,556
Net Interest Income		53,209		52,989		51,235		45,603		42,776		106,198		85,173
Provision for credit losses		4,194		4,318		6,440		1,727		809		8,512		1,401
Net Interest Income After Provision for Credit Losses		49,015		48,671		44,795		43,876		41,967		97,686		83,772
Noninterest Income (Loss)
Banking services fee income		1,948		1,521		2,180		1,790		1,583		3,469		2,977
Net loss on sale of securities		—		—		(72,315)		—		—		—		—
Net gain (loss) on sale of loans		2,757		630		(3,836)		137		26		3,387		136
Net gain (loss) from fair value adjustments		1,656		(152)		(1,136)		974		57		1,504		(777)
Federal Home Loan Bank of New York stock dividends		428		697		754		624		669		1,125		1,412
Life insurance proceeds		—		—		284		1		—		—		—
Bank owned life insurance		2,835		1,574		2,322		1,260		1,223		4,409		2,423
Other income		653		804		725		1,491		658		1,457		1,129
Total noninterest income (loss)		10,277		5,074		(71,022)		6,277		4,216		15,351		7,300
Noninterest Expense
Salaries and employee benefits		22,648		22,896		25,346		22,216		21,723		45,544		43,836
Occupancy and equipment		4,005		4,092		3,880		3,745		3,713		8,097		7,492
Professional services		3,452		2,885		2,516		2,752		2,786		6,337		5,578
FDIC deposit insurance		1,508		1,709		2,005		1,318		1,322		3,217		2,974
Data processing		1,806		1,868		1,697		1,681		1,785		3,674		3,512
Depreciation and amortization		1,367		1,373		1,412		1,436		1,425		2,740		2,882
Other real estate owned/foreclosure expense		220		345		276		135		125		565		270
Gain on sale of other real estate owned		—		—		—		(174)		—		—		—
Prepayment penalty on borrowings		—		—		2,572		—		—		—		—
Impairment of goodwill		—		17,636		—		—		—		17,636		—
Other operating expenses		5,350		6,872		5,926		5,587		6,168		12,222		12,395
Total noninterest expense		40,356		59,676		45,630		38,696		39,047		100,032		78,939
Income (Loss) Before Provision (Benefit) for Income Taxes		18,936		(5,931)		(71,857)		11,457		7,136		13,005		12,133

Provision (Benefit) for income taxes		4,733		3,865		(22,612)		2,551		1,814		8,598		3,127
Net Income (Loss)	$	14,203	$	(9,796)	$	(49,245)	$	8,906	$	5,322	$	4,407	$	9,006
Dividends paid and earnings allocated to participating securities		(127)		(132)		(90)		(126)		(99)		(259)		(204)
Income (Loss) attributable to common stock	$	14,076	$	(9,928)	$	(49,335)	$	8,780	$	5,223	$	8,857	$	3,331
Divided by:
Weighted average common shares outstanding and participating securities		34,511		34,474		30,519		29,742		29,789		34,493		29,765
Weighted average participating securities		(582)		(542)		(414)		(423)		(458)		(562)		(452)
Total weighted average common shares outstanding		33,929		33,932		30,105		29,319		29,331		33,931		29,313

Basic earnings (loss) per common share	$	0.41	$	(0.29)	$	(1.64)	$	0.30	$	0.18	$	0.12	$	0.30
Diluted earnings (loss) per common share ⁽¹⁾	$	0.41	$	(0.29)	$	(1.64)	$	0.30	$	0.18	$	0.12	$	0.30
Dividends per common share	$	0.22	$	0.22	$	0.22	$	0.22	$	0.22	$	0.44	$	0.44

⁽¹⁾

There were no common stock equivalents outstanding during the periods presented.

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌8

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Unaudited)


	June 30,		March 31,		December 31,		September 30,		June 30,
(Dollars in thousands)	2025		2025		2024		2024		2024
ASSETS
Cash and due from banks	$	150,123	$	271,912	$	152,574	$	267,643	$	156,913
Securities held-to-maturity:
Mortgage-backed securities		7,826		7,831		7,836		7,841		7,846
Other securities, net		43,005		43,319		43,649		63,859		64,166
Securities available for sale:
Mortgage-backed securities		828,756		879,566		911,636		926,731		869,494
Other securities		563,031		570,578		586,269		687,518		679,117
Loans held for sale		—		29,624		70,098		—		—
Loans		6,709,601		6,741,835		6,745,848		6,818,328		6,777,026
Allowance for credit losses		(41,247)		(40,037)		(40,152)		(40,342)		(41,648)
Net loans		6,668,354		6,701,798		6,705,696		6,777,986		6,735,378
Interest and dividends receivable		59,607		61,510		62,036		64,369		62,752
Bank premises and equipment, net		18,145		18,181		17,852		18,544		19,426
Federal Home Loan Bank of New York stock		23,773		18,475		38,096		32,745		46,331
Bank owned life insurance		222,583		219,748		218,174		217,200		215,940
Goodwill		—		—		17,636		17,636		17,636
Core deposit intangibles		940		1,029		1,123		1,220		1,322
Right of use asset		49,759		43,870		45,800		44,787		46,636
Other assets		140,622		140,955		160,497		152,807		174,283
Total assets	$	8,776,524	$	9,008,396	$	9,038,972	$	9,280,886	$	9,097,240

LIABILITIES
Total deposits	$	7,289,352	$	7,718,218	$	7,178,933	$	7,572,395	$	6,906,863
Borrowed funds		600,171		421,542		916,054		846,123		1,316,565
Operating lease liability		50,102		44,385		46,443		45,437		47,485
Other liabilities		130,522		121,400		173,003		150,040		161,005
Total liabilities		8,070,147		8,305,545		8,314,433		8,613,995		8,431,918

STOCKHOLDERS' EQUITY
Preferred stock (5,000,000 shares authorized; none issued)		—		—		—		—		—
Common stock ($0.01 par value; 100,000,000 shares authorized)		387		387		387		341		341
Additional paid-in capital		325,162		324,290		326,671		261,274		260,585
Retained earnings		481,077		474,472		492,003		547,708		545,345
Treasury stock		(98,985)		(98,993)		(101,655)		(101,633)		(101,633)
Accumulated other comprehensive loss, net of taxes		(1,264)		2,695		7,133		(40,799)		(39,316)
Total stockholders' equity		706,377		702,851		724,539		666,891		665,322

Total liabilities and stockholders' equity	$	8,776,524	$	9,008,396	$	9,038,972	$	9,280,886	$	9,097,240

(In thousands)
Issued shares		38,678		38,678		38,678		34,088		34,088
Outstanding shares		33,777		33,777		33,659		29,069		29,069
Treasury shares		4,901		4,901		5,019		5,019		5,019

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌9

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

AVERAGE BALANCE SHEETS

(Unaudited)


	For the three months ended										For the six months ended
	June 30,		March 31,		December 31,		September 30,		June 30,		June 30,		June 30,
(In thousands)	2025		2025		2024		2024		2024		2025		2024
Interest-earning Assets:
Loans held for sale	$	24,708	$	64,085	$	762	$	—	$	—	$	44,288	$	—
Mortgage loans, net		5,260,610		5,261,261		5,358,490		5,337,170		5,338,614		5,260,934		5,346,110
Commercial Business loans, net		1,417,884		1,410,661		1,421,778		1,400,091		1,409,526		1,414,292		1,430,018
Total loans, net		6,678,494		6,671,922		6,780,268		6,737,261		6,748,140		6,675,226		6,776,128
Mortgage-backed securities		863,573		895,097		919,587		984,383		691,802		879,248		577,368
Other taxable securities, net		573,730		585,219		652,755		714,161		663,975		579,443		627,089
Other tax-exempt securities		43,489		43,813		64,531		65,070		65,451		43,650		65,695
Total securities, net		1,480,792		1,524,129		1,636,873		1,763,614		1,421,228		1,502,341		1,270,152
Interest-earning deposits and federal funds sold		218,588		208,777		169,579		208,796		185,626		213,710		248,796
Total interest-earning assets		8,402,582		8,468,913		8,587,482		8,709,671		8,354,994		8,435,565		8,295,076
Other assets		515,493		546,967		484,397		494,213		475,671		531,142		474,009
Total assets	$	8,918,075	$	9,015,880	$	9,071,879	$	9,203,884	$	8,830,665	$	8,966,707	$	8,769,085

Interest-bearing Liabilities:
Deposits:
Savings accounts	$	94,884	$	98,224	$	99,669	$	102,196	$	103,335	$	96,545	$	104,774
NOW accounts		2,388,559		2,215,683		2,024,600		1,886,387		2,017,085		2,302,598		1,976,168
Money market accounts		1,665,625		1,716,358		1,686,614		1,673,499		1,714,085		1,690,851		1,719,899
Certificate of deposit accounts		2,477,716		2,596,714		2,681,742		2,884,280		2,443,047		2,536,886		2,424,665
Total due to depositors		6,626,784		6,626,979		6,492,625		6,546,362		6,277,552		6,626,880		6,225,506
Mortgagors' escrow accounts		104,761		78,655		87,120		71,965		95,532		91,780		84,677
Total interest-bearing deposits		6,731,545		6,705,634		6,579,745		6,618,327		6,373,084		6,718,660		6,310,183
Borrowings		444,854		555,466		759,962		886,190		766,984		499,854		767,315
Total interest-bearing liabilities		7,176,399		7,261,100		7,339,707		7,504,517		7,140,068		7,218,514		7,077,498
Noninterest-bearing demand deposits		875,535		855,322		869,759		845,456		822,856		865,484		828,537
Other liabilities		156,302		167,866		188,825		181,149		200,184		162,053		194,679
Total liabilities		8,208,236		8,284,288		8,398,291		8,531,122		8,163,108		8,246,051		8,100,714
Equity		709,839		731,592		673,588		672,762		667,557		720,656		668,371
Total liabilities and equity	$	8,918,075	$	9,015,880	$	9,071,879	$	9,203,884	$	8,830,665	$	8,966,707	$	8,769,085

Net interest-earning assets	$	1,226,183	$	1,207,813	$	1,247,775	$	1,205,154	$	1,214,926	$	1,217,051	$	1,217,578

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌10

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

NET INTEREST INCOME AND NET INTEREST MARGIN

(Unaudited)


	For the three months ended															For the six months ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(Dollars in thousands)	2025			2025			2024			2024			2024			2025			2024
Interest Income:
Loans held for sale	$	247		$	664		$	7		$	—		$	—		$	911		$	—
Mortgage loans, net		74,240			72,391			73,252			74,645			71,968			146,631			143,540
Commercial Business loans, net		20,518			19,977			20,852			21,135			20,760			40,495			42,147
Total loans, net		94,758			92,368			94,104			95,780			92,728			187,126			185,687
Mortgage-backed securities		11,709			12,528			13,884			12,443			7,462			24,237			11,158
Other taxable securities, net		8,143			8,553			9,887			11,431			10,408			16,696			18,912
Other tax-exempt securities		458			456			469			474			470			914			944
Total securities, net		20,310			21,537			24,240			24,348			18,340			41,847			31,014
Interest-earning deposits and federal funds sold		2,183			2,063			1,787			2,565			2,260			4,246			6,226
Total interest-earning assets		117,498			116,632			120,138			122,693			113,328			234,130			222,927
Interest Expense:
Deposits:
Savings accounts	$	98		$	110		$	113		$	122		$	115		$	208		$	237
NOW accounts		21,111			18,915			18,390			18,795			20,007			40,026			38,498
Money market accounts		15,323			15,372			15,909			17,485			17,326			30,695			34,598
Certificate of deposit accounts		22,443			22,710			25,258			29,676			23,383			45,153			45,301
Total due to depositors		58,975			57,107			59,670			66,078			60,831			116,082			118,634
Mortgagors' escrow accounts		62			67			58			72			62			129			124
Total interest-bearing deposits		59,037			57,174			59,728			66,150			60,893			116,211			118,758
Borrowings		5,156			6,373			9,077			10,840			9,561			11,529			18,798
Total interest-bearing liabilities		64,193			63,547			68,805			76,990			70,454			127,740			137,556
Net interest income- tax equivalent	$	53,305		$	53,085		$	51,333		$	45,703		$	42,874		$	106,390		$	85,371
Included in net interest income above:
Episodic items ⁽¹⁾	$	878		$	294		$	648		$	1,647		$	369		$	1,172		$	1,297
Net gains/(losses) from fair value adjustments on hedges included in net interest income		64			56			2,911			554			177			120			(10)
Purchase accounting adjustments		257			252			191			155			182			509			453
Interest-earning Assets Yields:
Loans held for sale		4.00	%		4.14	%		3.67	%		—	%		—	%		4.11	%		—	%
Mortgage loans, net		5.64			5.50			5.47			5.59			5.39			5.57			5.37
Commercial Business loans, net		5.79			5.66			5.87			6.04			5.89			5.73			5.89
Total loans, net		5.68			5.54			5.55			5.69			5.50			5.61			5.48
Mortgage-backed securities		5.42			5.60			6.04			5.06			4.31			5.51			3.87
Other taxable securities, net		5.68			5.85			6.06			6.40			6.27			5.76			6.03
Other tax-exempt securities ⁽²⁾		4.21			4.16			2.91			2.91			2.87			4.19			2.87
Total securities, net		5.49			5.65			5.92			5.52			5.16			5.57			4.88
Interest-earning deposits and federal funds sold		3.99			3.95			4.22			4.91			4.87			3.97			5.00
Total interest-earning assets⁽¹⁾		5.59	%		5.51	%		5.60	%		5.63	%		5.43	%		5.55	%		5.37	%
Interest-bearing Liabilities Yields:
Deposits:
Savings accounts		0.41	%		0.45	%		0.45	%		0.48	%		0.45	%		0.43	%		0.45	%
NOW accounts		3.54			3.41			3.63			3.99			3.97			3.48			3.90
Money market accounts		3.68			3.58			3.77			4.18			4.04			3.63			4.02
Certificate of deposit accounts		3.62			3.50			3.77			4.12			3.83			3.56			3.74
Total due to depositors		3.56			3.45			3.68			4.04			3.88			3.50			3.81
Mortgagors' escrow accounts		0.24			0.34			0.27			0.40			0.26			0.28			0.29
Total interest-bearing deposits		3.51			3.41			3.63			4.00			3.82			3.46			3.76
Borrowings		4.64			4.59			4.78			4.89			4.99			4.61			4.90
Total interest-bearing liabilities		3.58	%		3.50	%		3.75	%		4.10	%		3.95	%		3.54	%		3.89	%
Net interest rate spread (tax equivalent)⁽¹⁾		2.01	%		2.01	%		1.85	%		1.53	%		1.48	%		2.01	%		1.48	%
Net interest margin (tax equivalent)⁽¹⁾		2.54	%		2.51	%		2.39	%		2.10	%		2.05	%		2.52	%		2.06	%
Ratio of interest-earning assets to interest-bearing liabilities		1.17	X		1.17	X		1.17	X		1.16	X		1.17	X		1.17	X		1.17	X

⁽¹⁾

Episodic items include prepayment penalty income, net reversals and recovered interest from nonaccrual and delinquent loans, and swap terminations fees.

⁽²⁾

Yields are calculated on the tax equivalent basis using the statutory federal income tax rate of 21% for the periods presented.

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌11

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

DEPOSIT and LOAN COMPOSITION

(Unaudited)

Deposit Composition


											2Q25 vs.		2Q25 vs.
	June 30,		March 31,		December 31,		September 30,		June 30,		1Q25		2Q24
(Dollars in thousands)	2025		2025		2024		2024		2024		% Change		% Change
Noninterest bearing	$	899,602	$	863,714	$	836,545	$	860,930	$	825,327	4.2	%	9.0	%
Interest bearing:
Certificate of deposit accounts		2,452,624		2,592,026		2,650,164		2,875,486		2,435,894	(5.4)		0.7
Savings accounts		92,699		97,624		98,964		100,279		103,296	(5.0)		(10.3)
Money market accounts		1,601,948		1,681,608		1,686,109		1,659,027		1,710,376	(4.7)		(6.3)
NOW accounts		2,174,124		2,393,482		1,854,069		2,003,301		1,774,268	(9.2)		22.5
Total interest-bearing deposits		6,321,395		6,764,740		6,289,306		6,638,093		6,023,834	(6.6)		4.9
Total due to depositors		7,220,997		7,628,454		7,125,851		7,499,023		6,849,161	(5.3)		5.4
Mortgagors' escrow deposits		68,355		89,764		53,082		73,372		57,702	(23.9)		18.5
Total deposits	$	7,289,352	$	7,718,218	$	7,178,933	$	7,572,395	$	6,906,863	(5.6)	%	5.5	%

Loan Composition


											2Q25 vs.		2Q25 vs.
	June 30,		March 31,		December 31,		September 30,		June 30,		1Q25		2Q24
(Dollars in thousands)	2025		2025		2024		2024		2024		% Change		% Change
Multifamily residential	$	2,487,610	$	2,531,628	$	2,527,222	$	2,638,863	$	2,631,751	(1.7)	%	(5.5)	%
Commercial real estate		1,987,523		1,953,710		1,973,124		1,929,093		1,894,509	1.7		4.9
One-to-four family ― mixed use property		493,846		501,562		511,222		515,511		518,510	(1.5)		(4.8)
One-to-four family ― residential		258,608		269,492		244,282		252,293		261,716	(4.0)		(1.2)
Construction		46,798		63,474		60,399		63,674		65,161	(26.3)		(28.2)
Mortgage loans		5,274,385		5,319,866		5,316,249		5,399,434		5,371,647	(0.9)		(1.8)

Small Business Administration		15,473		14,713		19,925		19,368		13,957	5.2		10.9
Commercial business and other		1,407,792		1,396,597		1,401,602		1,387,965		1,389,711	0.8		1.3
Commercial Business loans		1,423,265		1,411,310		1,421,527		1,407,333		1,403,668	0.8		1.4

Gross loans		6,697,650		6,731,176		6,737,776		6,806,767		6,775,315	(0.5)		(1.1)
Net unamortized (premiums) and unearned loan (cost) fees ⁽¹⁾		11,951		10,659		8,072		11,561		1,711	12.1		598.5
Allowance for credit losses		(41,247)		(40,037)		(40,152)		(40,342)		(41,648)	3.0		(1.0)
Net loans	$	6,668,354	$	6,701,798	$	6,705,696	$	6,777,986	$	6,735,378	(0.5)	%	(1.0)	%

⁽¹⁾	Includes $2.3 million, $2.6 million, $2.8 million, $3.1 million, and $3.4 million of purchase accounting unamortized discount resulting from the acquisition of Empire Bancorp at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively.

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌12

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

LOAN CLOSINGS and RATES

(Unaudited)

Loan Closings


	For the three months ended										For the six months ended
	June 30,		March 31,		December 31,		September 30,		June 30,			June 30,	June 30,
(In thousands)	2025		2025		2024		2024		2024		2025		2024
Multifamily residential	$	8,546	$	21,183	$	25,232	$	50,528	$	27,966	$	29,729	$	39,771
Commercial real estate		57,533		22,916		75,285		56,713		20,573		80,449		30,613
One-to-four family – mixed use property		3,039		1,842		6,622		5,709		3,980		4,881		4,730
One-to-four family – residential		411		35,206		739		1,705		689		35,617		53,228
Construction		2,469		3,275		9,338		5,063		4,594		5,744		6,489
Mortgage loans		71,998		84,422		117,216		119,718		57,802		156,420		134,831

Small Business Administration		2,457		1,250		1,368		5,930		—		3,707		—
Commercial business and other		84,721		88,404		106,580		91,447		68,162		173,125		121,117
Commercial Business loans		87,178		89,654		107,948		97,377		68,162		176,832		121,117

Total Closings	$	159,176	$	174,076	$	225,164	$	217,095	$	125,964	$	333,252	$	255,948

Weighted Average Rate on Loan Closings


	For the three months ended
	June 30,		March 31,		December 31,		September 30,		June 30,
Loan type	2025		2025		2024		2024		2024
Mortgage loans	6.87	%	6.68	%	7.12	%	7.31	%	7.58	%
Commercial Business loans	7.25		7.28		7.45		7.75		7.94
Total loans	7.08	%	6.99	%	7.28	%	7.51	%	7.77	%

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌13

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

ASSET QUALITY

(Unaudited)

Allowance for Credit Losses


	For the three months ended															For the six months ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(Dollars in thousands)	2025			2025			2024			2024			2024			2025			2024
Allowance for credit losses - loans
Beginning balances	$	40,037		$	40,152		$	40,342		$	41,648		$	40,752		$	40,152		$	40,161

Net loan charge-off (recoveries):
Multifamily residential		1,677			4			(1)			—			(1)			1,681			(1)
Commercial real estate		72			—			421			—			—			72			—
One-to-four family – mixed-use property		—			—			—			—			(2)			—			(2)
One-to-four family – residential		—			—			(41)			(58)			(2)			—			11
Small Business Administration		(4)			(40)			(4)			(1)			(91)			(44)			(96)
Commercial business and other		804			4,463			4,361			3,095			4			5,267			—
Total net loan charge-offs (recoveries)		2,549			4,427			4,736			3,036			(92)			6,976			(88)

Provision (benefit) for loan losses		3,759			4,312			4,546			1,730			804			8,071			1,399

Ending balance	$	41,247		$	40,037		$	40,152		$	40,342		$	41,648		$	41,247		$	41,648

Gross charge-offs	$	2,857		$	4,471		$	4,790		$	3,110		$	11		$	7,328		$	69
Gross recoveries		308			44			54			74			103			352			157

Allowance for credit losses - loans to gross loans		0.62	%		0.59	%		0.60	%		0.59	%		0.61	%		0.62	%		0.61	%
Net loan charge-offs (recoveries) to average loans		0.15			0.27			0.28			0.18			(0.01)			0.21			—

Nonperforming Assets


	June 30,			March 31,			December 31,			September 30,			June 30,
(Dollars in thousands)	2025			2025			2024			2024			2024
Nonaccrual Loans:
Multifamily residential		12,364			25,952			11,031			9,478			13,774
Commercial real estate		23,481			6,703			6,283			6,705			—
One-to-four family - mixed-use property		422			426			116			369			909
One-to-four family - residential		2,277			1,225			1,428			1,493			3,633
Small Business Administration		2,445			2,445			2,445			2,445			2,552
Commercial business and other		8,258			9,512			12,015			13,771			13,672
Total Nonaccrual loans		49,247			46,263			33,318			34,261			34,540

Total Nonperforming Loans (NPLs)		49,247			46,263			33,318			34,261			34,540

Other Nonperforming Assets:
Real estate acquired through foreclosure		—			—			—			—			665
Total Other nonperforming assets		—			—			—			—			665

Total Nonaccrual HTM Securities		16,878			18,000			18,000			20,627			20,627

Total Nonperforming Assets	$	66,125		$	64,263		$	51,318		$	54,888		$	55,832

Nonperforming Assets to Total Assets		0.75	%		0.71	%		0.57	%		0.59	%		0.61	%
Allowance for Credit Losses to NPLs		83.8	%		86.5	%		120.5	%		117.7	%		120.6	%

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌14

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

RECONCILIATION OF GAAP EARNINGS (LOSS) and CORE EARNINGS

Non-cash Fair Value Adjustments to GAAP Earnings (Loss)

The variance in GAAP earnings (loss) and core earnings is partly driven by the impact of non-cash net gains and losses from fair value adjustments. These fair value adjustments relate primarily to borrowings carried at fair value under the fair value option.

Core Net Income, Core Diluted EPS, Core ROAE, Core ROAA, Pre-provision Pre-tax Net Revenue, Core Net Interest Income FTE, Core Net Interest Margin FTE, Core Interest Income and Yield on Total Loans, Core Noninterest Income, Core Noninterest Expense and Tangible Book Value per common share are each non-GAAP measures used in this release. A reconciliation to the most directly comparable GAAP financial measures appears below in tabular form. The Company believes that these measures are useful for both investors and management to understand the effects of certain interest and noninterest items and provide an alternative view of the Company’s performance over time and in comparison, to the Company’s 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 and management as this measure is commonly used by financial institutions, regulators, and investors to measure the capital adequacy of financial institutions. The Company believes these measures facilitate comparison of the quality and composition of the Company’s capital over time and in comparison, to its competitors. These measures should not be viewed as a substitute for total shareholders’ equity.

These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌15

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

RECONCILIATION OF GAAP EARNINGS (LOSS) and CORE EARNINGS

(Unaudited)


	For the three months ended															For the six months ended
(Dollars in thousands,	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
except per share data)	2025			2025			2024			2024			2024			2025			2024

GAAP income (loss) before income taxes	$	18,936		$	(5,931)		$	(71,857)		$	11,457		$	7,136		$	13,005		$	12,133

Net (gain) loss from fair value adjustments (Noninterest income (loss))		(1,656)			152			1,136			(974)			(57)			(1,504)			777
Net loss on sale of securities (Noninterest income (loss))		—			—			72,315			—			—			—			—
Life insurance proceeds (Noninterest income (loss))		—			—			(284)			(1)			—			—			—
Valuation allowance on loans transferred to held for sale (Noninterest income (loss))		(2,590)			194			3,836			—			—			(2,396)			—
Net (gain) loss from fair value adjustments on hedges (Net interest income)		(64)			(56)			(2,911)			(554)			(177)			(120)			10
Prepayment penalty on borrowings (Noninterest expense)		—			—			2,572			—			—			—			—
Net amortization of purchase accounting adjustments and intangibles (Various)		(176)			(167)			(101)			(62)			(85)			(343)			(254)
Impairment of goodwill (Noninterest expense)		—			17,636			—			—			—			17,636			—
Miscellaneous expense (Professional services)		395			(1)			218			10			494			394			494

Core income before taxes		14,845			11,827			4,924			9,876			7,311			26,672			13,160

Provision for core income taxes		3,683			3,896			715			2,153			1,855			7,579			3,392

Core net income	$	11,162		$	7,931		$	4,209		$	7,723		$	5,456		$	19,093		$	9,768

GAAP diluted earnings (loss) per common share	$	0.41		$	(0.29)		$	(1.64)		$	0.30		$	0.18		$	0.12		$	0.30
Net (gain) loss from fair value adjustments, net of tax		(0.04)			—			0.03			(0.02)			(0.01)			(0.03)			0.02
Net loss on sale of securities, net of tax		—			—			1.65			—			—			—			—
Life insurance proceeds		—			—			(0.01)			—			—			—			—
Valuation allowance on loans transferred to held for sale, net of tax		(0.06)			—			0.09			—			—			(0.05)			—
Net (gain) loss from fair value adjustments on hedges, net of tax		—			—			(0.05)			(0.01)			—			—			—
Prepayment penalty on borrowings, net of tax		—			—			0.04			—			—			—			—
Net amortization of purchase accounting adjustments, net of tax		—			—			—			—			—			(0.01)			(0.01)
Impairment of goodwill		—			0.51			—			—			—			0.51			—
Miscellaneous expense, net of tax		0.01			—			—			—			0.01			0.01			0.01
Loss not attributable to participating securities		—			—			0.03			—			—			—			—

Core diluted earnings per common share⁽¹⁾	$	0.32		$	0.23		$	0.14		$	0.26		$	0.18		$	0.55		$	0.33

Core net income, as calculated above	$	11,162		$	7,931		$	4,209		$	7,723		$	5,456		$	19,093		$	9,768
Average assets		8,918,075			9,015,880			9,060,481			9,203,884			8,830,665			8,966,707			8,769,085
Average equity		709,839			731,592			662,190			672,762			667,557			720,656			668,371
Core return on average assets⁽²⁾		0.50	%		0.35	%		0.19	%		0.34	%		0.25	%		0.43	%		0.22	%
Core return on average equity⁽²⁾		6.29	%		4.34	%		2.54	%		4.59	%		3.27	%		5.30	%		2.92	%

⁽¹⁾

Core diluted earnings per common share may not foot due to rounding.

⁽²⁾

Ratios are calculated on an annualized basis.

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌16

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

RECONCILIATION OF GAAP REVENUE and PRE-PROVISION

PRE-TAX NET REVENUE

(Unaudited)


	For the three months ended															For the six months ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(Dollars in thousands)	2025			2025			2024			2024			2024			2025			2024

GAAP Net interest income	$	53,209		$	52,989		$	51,235		$	45,603		$	42,776		$	106,198		$	85,173
Net (gain) loss from fair value adjustments on hedges		(64)			(56)			(2,911)			(554)			(177)			(120)			10
Net amortization of purchase accounting adjustments		(257)			(252)			(191)			(155)			(182)			(509)			(453)
Core Net interest income	$	52,888		$	52,681		$	48,133		$	44,894		$	42,417		$	105,569		$	84,730

GAAP Noninterest income (loss)	$	10,277		$	5,074		$	(71,022)		$	6,277		$	4,216		$	15,351		$	7,300
Net (gain) loss from fair value adjustments		(1,656)			152			1,136			(974)			(57)			(1,504)			777
Net loss on sale of securities		—			—			72,315			—			—			—			—
(Reversal) Valuation allowance on loans transferred to held for sale		(2,590)			194			3,836			—			—			(2,396)			—
Life insurance proceeds		—			—			(284)			(1)			—			—			—
Core Noninterest income	$	6,031		$	5,420		$	5,981		$	5,302		$	4,159		$	11,451		$	8,077

GAAP Noninterest expense	$	40,356		$	59,676		$	45,630		$	38,696		$	39,047		$	100,032		$	78,939
Prepayment penalty on borrowings		—			—			(2,572)			—			—			—			—
Net amortization of purchase accounting adjustments		(81)			(85)			(90)			(93)			(97)			(166)			(199)
Impairment of goodwill		—			(17,636)			—			—			—			(17,636)			—
Miscellaneous expense		(395)			1			(218)			(10)			(494)			(394)			(494)
Core Noninterest expense	$	39,880		$	41,956		$	42,750		$	38,593		$	38,456		$	81,836		$	78,246

Net interest income	$	53,209		$	52,989		$	51,235		$	45,603		$	42,776		$	106,198		$	85,173
Noninterest income (loss)		10,277			5,074			(71,022)			6,277			4,216			15,351			7,300
Noninterest expense		(40,356)			(59,676)			(45,630)			(38,696)			(39,047)			(100,032)			(78,939)
Pre-provision pre-tax net (loss) revenue	$	23,130		$	(1,613)		$	(65,417)		$	13,184		$	7,945		$	21,517		$	13,534

Core:
Net interest income	$	52,888		$	52,681		$	48,133		$	44,894		$	42,417		$	105,569		$	84,730
Noninterest income		6,031			5,420			5,981			5,302			4,159			11,451			8,077
Noninterest expense		(39,880)			(41,956)			(42,750)			(38,593)			(38,456)			(81,836)			(78,246)
Pre-provision pre-tax net revenue	$	19,039		$	16,145		$	11,364		$	11,603		$	8,120		$	35,184		$	14,561
Efficiency Ratio		67.7	%		72.2	%		79.0	%		77.2	%		82.6	%		69.9	%		84.3	%

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌17

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

RECONCILIATION OF GAAP NET INTEREST INCOME and NET INTEREST MARGIN

to CORE NET INTEREST INCOME

(Unaudited)


	For the three months ended															For the six months ended
	June 30,			March 31,			December 31,			September 30,			June 30,			June 30,			June 30,
(Dollars in thousands)	2025			2025			2024			2024			2024			2025			2024
GAAP net interest income	$	53,209		$	52,989		$	51,235		$	45,603		$	42,776		$	106,198		$	85,173
Net (gain) loss from fair value adjustments on hedges		(64)			(56)			(2,911)			(554)			(177)			(120)			10
Net amortization of purchase accounting adjustments		(257)			(252)			(191)			(155)			(182)			(509)			(453)
Tax equivalent adjustment		96			96			98			100			98			192			198
Core net interest income FTE	$	52,984		$	52,777		$	48,231		$	44,994		$	42,515		$	105,761		$	84,928
Episodic items ⁽¹⁾		(878)			(294)			(648)			(1,647)			(369)			(1,172)			(1,297)
Net interest income FTE excluding episodic items	$	52,106		$	52,483		$	47,583		$	43,347		$	42,146		$	104,589		$	83,631

Total average interest-earning assets ⁽²⁾	$	8,405,053		$	8,471,609		$	8,590,022		$	8,712,443		$	8,358,006		$	8,438,149		$	8,298,199
Core net interest margin FTE		2.52	%		2.49	%		2.25	%		2.07	%		2.03	%		2.51	%		2.05	%
Net interest margin FTE excluding episodic items		2.48	%		2.48	%		2.22	%		1.99	%		2.02	%		2.48	%		2.02	%

GAAP interest income on total loans, net ⁽³⁾	$	94,758		$	92,368		$	94,104		$	95,780		$	92,728		$	187,126		$	185,687
Net (gain) loss from fair value adjustments on hedges - loans		(64)			(56)			29			(364)			(137)			(120)			(14)
Net amortization of purchase accounting adjustments		(260)			(252)			(216)			(168)			(198)			(512)			(493)
Core interest income on total loans, net	$	94,434		$	92,060		$	93,917		$	95,248		$	92,393		$	186,494		$	185,180

Average total loans, net ⁽²⁾	$	6,681,009		$	6,674,665		$	6,783,264		$	6,740,579		$	6,751,715		$	6,677,855		$	6,779,829
Core yield on total loans		5.65	%		5.52	%		5.54	%		5.65	%		5.47	%		5.59	%		5.46	%

⁽¹⁾	Episodic items include prepayment penalty income, net reversals and recovered interest from nonaccrual and delinquent loans, and swap terminations fees.

⁽²⁾	Excludes purchase accounting average balances for all periods presented.

⁽³⁾	Excludes interest income from loans held for sale.

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌18

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES

CALCULATION OF TANGIBLE STOCKHOLDERS’

COMMON EQUITY to TANGIBLE ASSETS

(Unaudited)


	June 30,			March 31,			December 31,			September 30,			June 30,
(Dollars in thousands)	2025			2025			2024			2024			2024
Total Equity	$	706,377		$	702,851		$	724,539		$	666,891		$	665,322
Less:
Goodwill		—			—			(17,636)			(17,636)			(17,636)
Core deposit intangibles		(940)			(1,029)			(1,123)			(1,220)			(1,322)
Tangible Stockholders' Common Equity	$	705,437		$	701,822		$	705,780		$	648,035		$	646,364

Total Assets	$	8,776,524		$	9,008,396		$	9,038,972		$	9,280,886		$	9,097,240
Less:
Goodwill		—			—			(17,636)			(17,636)			(17,636)
Core deposit intangibles		(940)			(1,029)			(1,123)			(1,220)			(1,322)
Tangible Assets	$	8,775,584		$	9,007,367		$	9,020,213		$	9,262,030		$	9,078,282

Tangible Stockholders' Common Equity to Tangible Assets		8.04	%		7.79	%		7.82	%		7.00	%		7.12	%

Investor Contact: Susan K. Cullen, SEVP, CFO and Treasurer, 718-961-5400‌19