Flushing Financial Corp (NASDAQ: FFIC)

Flushing Financial Corp, known by its stock symbol FFIC, is a Delaware corporation that has been in operation since 1994 as a full-service commercial bank in the state of New York. The company's primary business involves the operation of the Bank, with two subsidiaries: Flushing Service Corporation and FSB Properties Inc. Additionally, Flushing Financial Corp operates internet branches, iGObanking.com and BankPurely.

Flushing Financial Corp operates primarily in the banking industry, with a focus on the New York City metropolitan area. The company generates revenue mainly from interest on loans, mortgage-backed securities portfolio, and interest and dividends on other investments in its securities portfolio. The primary sources of funds for the company include deposits, Federal Home Loan Bank of New York (FHLB-NY) borrowings, principal and interest payments on loans, mortgage-backed securities, and proceeds from sales of securities and loans.

The company's loan portfolio consists primarily of mortgage loans secured by multi-family residential properties, commercial real estate, one-to-four family mixed-use properties, one-to-four family residential properties, and commercial business loans. The majority of these loans are secured by properties located within the New York City metropolitan area. The company focuses on originating multi-family residential mortgage loans, commercial real estate, and commercial business loans with full banking relationships. The loan portfolio consists of fixed-rate and adjustable-rate loans, with maturities of up to 30 years. The largest multi-family residential mortgage loan held in the portfolio had a principal balance of $28.0 million as of December 31, 2023.

Flushing Financial Corp's commercial business loans are generated by its business banking group, which focuses on loan and deposit relationships with businesses located within its market area. These loans are generally personally guaranteed by the owners and may be secured by the assets of the business, which at times may include real estate. The interest rate on these loans is generally adjustable based on a published index.

The company's mortgage loan portfolio consisted of multi-family residential loans, commercial real estate loans, one-to-four family mixed-use property loans, one-to-four family residential loans, and construction loans as of December 31, 2023. The commercial business loan portfolio consisted of SBA loans and commercial business and other loans.

Flushing Financial Corp faces intense competition in attracting deposits and making loans, with 108 banks and thrifts in the counties where it operates. The company competes with credit unions, the stock market, and mutual funds for customers' funds. To compete effectively, the company focuses on providing timely responses to applicants, maintaining a network of quality brokers and other business sources, and delivering enhanced technology and customer-friendly banking services.

The company's loan portfolio is diversified across various industries, including automotive, wholesalers, financing companies, construction and contractors, professional services, healthcare, hotels, manufacturing, restaurants, and retail. The company's customers include individuals, small businesses, and large corporations.