This acquisition was part of the company's underwritten public offering of common stock, with the shares expected to close on or about December 16, 2024, pending customary closing conditions. Following this transaction, Korzekwinski holds 70,937 shares directly. Additionally, he maintains an indirect ownership of 98,037 shares through the Flushing Bank 401(k) Savings Plan as of December 13, 2024. This move reflects Korzekwinski's continued investment in the $444M market cap company, which boasts a 5.83% dividend yield and has maintained dividend payments for 29 consecutive years. Get deeper insights into FFIC's valuation and 8 additional key metrics with InvestingPro's comprehensive research report. This acquisition was part of the company's underwritten public offering of common stock, with the shares expected to close on or about December 16, 2024, pending customary closing conditions.
Following this transaction, Korzekwinski holds 70,937 shares directly. Additionally, he maintains an indirect ownership of 98,037 shares through the Flushing Bank 401(k) Savings Plan as of December 13, 2024. This move reflects Korzekwinski's continued investment in the company, aligning his interests with those of shareholders.
In other recent news, Flushing Financial (NASDAQ:FFIC) Corporation has been making headlines with positive financial developments. The bank recently reported its strongest quarter in seven years, with GAAP earnings per share at $0.30 and core earnings at $0.26. This robust performance was accompanied by a significant increase in net interest income, which rose by 6.6%, and an improvement in net interest margin by five basis points.
Flushing Financial also announced a $70 million common equity raise aimed at restructuring its balance sheet, a strategic move designed to enhance profitability and expedite an improvement in earnings. Analysts from Raymond (NS:RYMD) James and DA Davidson have reacted positively to these developments, increasing their price targets for Flushing Financial to $19.00 and $16.00 respectively. Both firms maintain confidence in the bank's potential for growth, with Raymond James maintaining an Outperform rating and DA Davidson retaining a Neutral stance.
Flushing Financial has also demonstrated notable deposit growth at a 39% annualized rate and a moderate loan growth of 2%. The bank reported strong liquidity with $3.9 billion on hand and uninsured deposits accounting for 15%. These recent developments reflect the bank's strategic initiatives and their anticipated positive impact on the net interest margin.
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