Flushing Financial Corporation reported a GAAP loss per share of $(0.29) for the first quarter of 2025, primarily due to a non-cash, non-tax deductible goodwill impairment charge of $17.6 million, or $0.51 per share. This impairment had no impact on tangible or regulatory capital.
Despite the GAAP loss, the company achieved core earnings per share of $0.23, surpassing consensus estimates. Both GAAP and core Net Interest Margins (NIM) expanded significantly, reaching 2.51% and 2.49% respectively, marking levels not seen since the fourth quarter of 2022.
The company's loan portfolio is poised for substantial future Net Interest Income (NII) growth, with $511 million of loans expected to reprice 171 basis points higher in the remainder of 2025. An additional $706 million will reprice 190 basis points higher in 2026, and nearly $1 billion will reprice 168 basis points higher in 2027, cumulatively adding approximately $50 million in interest income over three years.
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