Flushing Financial Corporation reported a GAAP loss per share of $(1.61) for the fourth quarter of 2024, with a full-year GAAP loss per share of $(1.05). This loss was primarily driven by a $76.0 million pre-tax loss incurred from a comprehensive balance sheet restructuring.
Despite the GAAP loss, the company achieved a core earnings per share of $0.14 for the fourth quarter and $0.73 for the full year 2024. The restructuring involved raising $70 million in common capital, selling $445 million of low-yielding securities, purchasing $384 million of higher-yielding securities, and repositioning borrowings, all aimed at improving future profitability.
The strategic actions led to a significant improvement in Net Interest Margin (NIM), with GAAP NIM increasing 29 basis points and core NIM rising 18 basis points quarter-over-quarter. The company anticipates a further 10-15 basis point NIM expansion in the first quarter of 2025 due to these changes, and its tangible common equity to tangible assets ratio increased to 7.82%, up 82 basis points quarter-over-quarter.
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