Overview
Flushing Financial Q3 adjusted EPS of $0.35 beats analyst expectations
Adjusted net income of $11.96 mln surpasses analyst estimates
Company reports 5.7% YoY growth in average noninterest-bearing deposits
Outlook
Flushing Financial maintains focus on disciplined underwriting and risk management practices
Company confident in navigating evolving macroeconomic landscape with strong liquidity
Result Drivers
NIM EXPANSION - 10 bps increase in GAAP and Core NIM driven by asset repricing and noninterest-bearing deposit growth
DEPOSIT GROWTH - Average noninterest-bearing deposits grew 5.7% YoY
CREDIT DISCIPLINE - Maintained credit discipline led to a decline in CRE concentration and stable credit metrics
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Adjusted EPS | Beat | $0.35 | $0.30 (4 Analysts) |
Q3 EPS | $0.30 | ||
Q3 Adjusted Net Income | Beat | $11.96 mln | $10.30 mln (4 Analysts) |
Q3 Net Income | $10.44 mln | ||
Q3 Net Interest Income | $53.82 mln | ||
Q3 Pretax Profit | $13.67 mln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Flushing Financial Corp is $14.00, about 6.5% above its October 28 closing price of $13.09
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago
Press Release: ID:nACSHMsHMa
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)