Flushing Financial Corporation reported GAAP earnings per share of $0.30 and core earnings per share of $0.26 for the third quarter of 2024. The company's GAAP Net Interest Margin (NIM) increased by 5 basis points to 2.10%, while core NIM rose by 4 basis points to 2.07% quarter-over-quarter, reflecting improved earning power.
Net interest income for the quarter reached $45.603 million, marking a 6.8% increase from the third quarter of 2023. Average total deposits grew to $7.464 billion, representing a 9% year-over-year increase and a 4% quarter-over-quarter increase, demonstrating strong funding capabilities.
Credit quality metrics remained solid, with criticized and classified loans to gross loans improving to 100 basis points, down 13 basis points quarter-over-quarter. Nonperforming assets to total assets also decreased to 59 basis points, and the company maintained $3.9 billion in available liquidity, underscoring a stable financial position.
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