Flushing Financial Corporation Surveillance Report

Company Profile

Flushing Financial Corporation (NASDAQ: FFIC) (“Flushing” or “the company”) is an $8.9 billion asset / $7.4 billion deposit bank holding company headquartered in Uniondale, New York. Through principal operating subsidiary, Flushing Bank, the company operates a 29-branch footprint in the greater-NYC area; mainly in Queens, Brooklyn, and Nassau County (LI), with locations in Manhattan and Eastern LI as well.
Flushing's moderate growth over multiple years has been largely organic, though the acquisition of Empire Bancorp in 4Q20 marked the company’s first deal in many years, adding approximately $1 billion in assets, and expanding the company into Eastern LI.
Flushing’s $6.7 billion loan portfolio is commercially oriented, with investor CRE comprising the largest portion of the portfolio (67%); mainly in midsized, rent-regulated multifamily properties which comprise the majority of this segment and has been Flushing’s historic lending…

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