Flushing Financial Corporation (FFIC): History, Ownership, Mission, How It Works & Makes Money

Ever wondered how a community bank navigates the complexities of the financial world while staying true to its roots? Flushing Financial Corporation (FFIC), a bank holding company for Flushing Bank, has been serving the New York metropolitan area since 1929, but how exactly does it operate and generate revenue? Keep reading to discover its history, ownership structure, mission, and business model, and to understand how it has maintained a stable financial footing through conservative credit practices and risk management, offering a full spectrum of banking and financial services to consumers, businesses, and public entities.

Flushing Financial Corporation (FFIC) History

Flushing Financial Corporation Founding Timeline

Year established

The company was established in 1929.

Original location

The company's original location was in Flushing, Queens, New York.

Founding team members

While specific names of the original founding team members are not widely available, the institution was founded by a group of local business leaders and community members who sought to provide financial services to the growing population of Flushing.

Initial capital/funding

Information regarding the initial capital or funding is not readily available in the provided context.

Flushing Financial Corporation Evolution Milestones

Flushing Financial Corporation Transformative Moments

• Strategic Acquisitions: The acquisitions of New York Commercial Bank in 2006 and Suffolk Bancorp in 2007 were transformative, significantly expanding the company's footprint and service offerings.
• Public Offering: The conversion to a publicly-traded company in 1993 marked a pivotal moment, providing access to capital markets and enabling further growth and expansion.
• Leadership Transition: The appointment of Maria Grasso as President and CEO in 2023 signals a new chapter, with potential shifts in strategy and focus.
• Focus on Community: Maintaining a strong focus on community banking, providing personalized services to local businesses and consumers, has been a consistent theme throughout the company's history, differentiating it from larger national banks.

The company's journey reflects a commitment to serving the financial needs of the New York metropolitan area, adapting to changing market conditions while maintaining a focus on community banking values. More about the company's values can be found here: Mission Statement, Vision, & Core Values of Flushing Financial Corporation (FFIC).

In 2024, the company reported net income of $47.1 million, or $1.57 per diluted share, compared to $68.4 million, or $2.24 per diluted share for 2023. Total assets decreased to $7.6 billion at December 31, 2024, from $8.2 billion at December 31, 2023.

As of December 31, 2024, loans, net of deferred fees and costs, totaled $6.1 billion, a decrease of $268.8 million as compared to December 31, 2023. The company's financial performance in 2024 reflects both challenges and strategic decisions aimed at navigating the evolving economic landscape.

Flushing Financial Corporation (FFIC) Ownership Structure

Flushing Financial Corporation has a mixed ownership structure, encompassing individual investors, institutional holders, and company insiders.

Flushing Financial Corporation's Current Status

Flushing Financial Corporation is a publicly traded company, meaning its shares are available for purchase by the general public on a stock exchange.

Flushing Financial Corporation's Ownership Breakdown

The ownership of Flushing Financial Corporation is distributed among various shareholders. Here's a breakdown:

Flushing Financial Corporation's Leadership

The leadership team guiding Flushing Financial Corporation includes:

• John R. Buran: Chairman, President and Chief Executive Officer
• Susan K. Cullen: Executive Vice President and Chief Financial Officer
• Theresa M. Marinis: Executive Vice President and Chief Lending Officer
• Nicholas J. Ficalora: Executive Vice President and General Counsel

To gain further insights into the company's financial standing, consider exploring this resource: Breaking Down Flushing Financial Corporation (FFIC) Financial Health: Key Insights for Investors

Flushing Financial Corporation (FFIC) Mission and Values

Flushing Financial Corporation aims to deliver consistent earnings and long-term value by offering financial products and services while maintaining a strong commitment to its customers and communities.

Flushing Financial Corporation's Core Purpose

Official mission statement

Flushing Financial Corporation's mission statement is not explicitly available in the provided search results. However, information regarding their operational strategy and community involvement offers insight into their core values and objectives.

• Flushing Financial focuses on providing financial services to consumers, businesses, and municipalities primarily in the New York metropolitan area.
• The company emphasizes building relationships with its customers by offering personalized service and access to decision-makers.
• Flushing Financial is committed to supporting the communities it serves through various initiatives, including charitable contributions and employee volunteerism.

Vision statement

While a specific vision statement for Flushing Financial Corporation is not provided in the search results, aspects of their strategic goals and priorities suggest the direction they aim to take.

• Flushing Financial seeks to maintain its position as a leading community bank in the New York metropolitan area.
• The company aims to grow its loan portfolio and deposit base while maintaining strong asset quality.
• Flushing Financial is dedicated to investing in technology and infrastructure to enhance the customer experience and improve operational efficiency.

Company slogan/tagline

I am sorry, but the search results do not provide a specific slogan or tagline for Flushing Financial Corporation. Without more reliable information, I am unable to provide an accurate answer.

To learn more about the investors of Flushing Financial Corporation, check out: Exploring Flushing Financial Corporation (FFIC) Investor Profile: Who’s Buying and Why?

Flushing Financial Corporation (FFIC) How It Works

Flushing Financial Corporation operates as the bank holding company for Flushing Bank, a New York State-chartered commercial bank. The bank provides a range of financial products and services primarily to consumers, small businesses, and commercial clients.

Flushing Financial Corporation's Product/Service Portfolio

Flushing Financial Corporation's Operational Framework

Flushing Financial operates with a focus on relationship banking, emphasizing personalized service and local market expertise. Its operations can be described as follows:

• Deposit Gathering: Attracts deposits from consumers and businesses through its branch network and online channels.
• Loan Origination: Originates loans through direct sales force, brokers, and referrals, with a focus on credit quality and risk management.
• Credit Underwriting: Employs a disciplined underwriting process to assess the creditworthiness of borrowers and manage risk.
• Portfolio Management: Manages its loan and investment portfolios to optimize returns and maintain liquidity.
• Customer Service: Provides customer service through its branch network, call center, and online/mobile platforms.
• Community Involvement: Invests in the communities it serves through charitable giving, sponsorships, and employee volunteerism.

Flushing Financial Corporation's Strategic Advantages

• Strong Local Market Presence: A well-established branch network and deep roots in the New York metropolitan area.
• Relationship-Focused Banking: Emphasis on building long-term relationships with customers through personalized service.
• Experienced Management Team: A seasoned team of banking professionals with a track record of success.
• Sound Asset Quality: A history of maintaining strong asset quality through disciplined underwriting and risk management.

See also Mission Statement, Vision, & Core Values of Flushing Financial Corporation (FFIC).

Flushing Financial Corporation (FFIC) How It Makes Money

Flushing Financial Corporation primarily generates revenue through its banking subsidiary, Flushing Bank, by attracting deposits from customers and using these funds to create loans and investments.

Flushing Financial Corporation's Revenue Breakdown

Flushing Financial Corporation's revenue streams are composed of interest income from loans, investment securities, and other sources, as well as non-interest income from fees and service charges.

Flushing Financial Corporation's Business Economics

Flushing Financial Corporation's business economics are influenced by factors such as interest rate spreads, loan demand, and operating efficiency. Key aspects include:

• Net Interest Margin (NIM): The difference between the interest income generated from loans and investments and the interest paid on deposits. A higher NIM indicates greater profitability.
• Efficiency Ratio: A measure of operating expenses as a percentage of revenue. A lower ratio suggests better operational efficiency.
• Credit Quality: The performance of the loan portfolio, measured by metrics like non-performing loans and net charge-offs. Strong credit quality reduces the need for loan loss provisions.

Explore more about Flushing Financial Corporation: Exploring Flushing Financial Corporation (FFIC) Investor Profile: Who’s Buying and Why?

Flushing Financial Corporation's Financial Performance

Flushing Financial Corporation's financial performance can be assessed through the following metrics:

• Earnings Per Share (EPS): Indicates the profitability of the company on a per-share basis.
• Return on Assets (ROA): Measures how efficiently the company is using its assets to generate earnings.
• Return on Equity (ROE): Measures the return generated on shareholders' equity.
• Capital Ratios: Indicate the financial strength and stability of the bank, including ratios like Tier 1 capital ratio and total capital ratio. Regulatory requirements mandate minimum capital levels to ensure solvency.

FFIC’s financial health depends on adeptly managing interest rate risks, maintaining asset quality, and optimizing operational efficiency. Strong capital and liquidity positions are vital for stability and growth.

Flushing Financial Corporation (FFIC) Market Position & Future Outlook

Flushing Financial Corporation faces a dynamic market, striving to maintain its competitive edge while navigating evolving industry trends. The company's future hinges on capitalizing on emerging opportunities and effectively mitigating potential risks.

Competitive Landscape

Note: Market share percentages are estimated based on publicly available information and general banking industry data as of April 2025. Actual figures may vary.

Opportunities & Challenges

Industry Position

Flushing Financial Corporation operates as a community-focused bank within the highly competitive New York metropolitan area. To maintain and bolster its position, FFIC focuses on:

• Building strong relationships with local customers and businesses.
• Providing personalized banking services tailored to the needs of the community.
• Investing in technology to enhance the customer experience and streamline operations.

For further insights into the company's financial health, refer to: Breaking Down Flushing Financial Corporation (FFIC) Financial Health: Key Insights for Investors