UNIONDALE, NY, May 17, 2022 (GLOBE NEWSWIRE) — Flushing Financial Corporation (the “Company”) (Nasdaq-GS: FFIC), the parent company of Flushing Bank (the “Bank”), today announced that the Board of Directors (the “Board”) has authorized an increase in the purchase of its common stock by 1,000,000 shares. Shares may be purchased from time to time, on the open market or through private transactions, subject to market conditions. There is no expiration or maximum dollar amount under this authorization. From April 1, 2022 to May 10, 2022, the Company repurchased 147,307 shares at an average price of $21.83 and 340,880 shares remain under its previous authorization. The combined remaining authorization is 1.3 million shares.
In addition, the board declared a quarterly dividend on its common stock of $0.22 per common share, payable June 24, 2022 to shareholders of record at the close of business June 3, 2022.
John R. Buran, President and CEO of the company, said, “The Board of Directors has authorized an increase of 1 million shares to our current buyback program. With our history of low risk business model, low loan to value ratio for our home loans and strong credit metrics, we are confident in our ability to support an increased share buyback program. This quarter’s dividend marks the 103rd consecutive quarterly dividend. The increased share buyback authorization and quarterly dividend payment underscores our commitment to shareholders while supporting and investing in the franchise for the short and long term. An improving local economy, disruption from market mergers and a record lending pipeline should translate to improved growth in 2022.”
FLUSHING FINANCIAL CORPORATION (FFIC) is the holding company of Flushing Bank®, a New York State licensed, FDIC-insured commercial bank that operates banking offices in Queens, Brooklyn, Manhattan and Long Island. The Bank has been building relationships with families, business owners and communities since 1929. Today, it offers the products, services and amenities associated with major commercial banks, including a full range of deposit, lending , equipment financing and cash management. . Rewarding customers with personalized attention and bankers who can communicate in the languages prevalent within these multicultural markets is what makes the Bank unique and different. As an Equal Housing Lender and leader in home lending, the Bank’s experienced lending teams create mortgage solutions for homeowners and property managers inside and outside the New York metropolitan area. The Bank also fosters consumer relationships nationwide through its online banking division with the iGObanking® and BankPurely® brands.
“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding plans, strategies, economic performance and trends, projections of results of operations or investments specific and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, including, but not limited to, risk factors discussed in the company’s annual report on Form 10-K for the year ended December 31, 2021 and in s other documents filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking statements may be identified by words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believes”, “estimates”, “predicts”, “forecasts”, “targets”, “potential” or “continue” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The Company undertakes no obligation to update these forward-looking statements.
Additional information about Flushing Financial Corporation may be obtained by visiting the company’s website at FlushingBank.com.
Susan K. Cullen
Senior Executive Vice President and
Flushing financial company
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