EXHIBIT 99.1.
Press release of Flushing Financial Corporation, dated October 19, 2004

CONTACT:

David Fry	Van Negris / Lexi Terrero
Senior Vice President and	Van Negris & Company, Inc.
Chief Financial Officer	(212) 626-6730
Flushing Financial Corporation
(718) 961-5400

FOR IMMEDIATE RELEASE

Flushing Financial Corporation Reports
2004 Third Quarter and Nine Months Ended Results

FLUSHING, NY -- October 19, 2004 -- Flushing Financial Corporation (Nasdaq: FFIC), the parent holding company for Flushing Savings Bank, FSB (the "Bank"), today announced its results for the three and nine months ended September 30, 2004.

For the third quarter ended September 30, 2004, diluted earnings per share were $0.35, an increase of $0.04, or 12.9%, from the $0.31 earned in the comparable quarter a year ago. Net income for the third quarter of 2004 was $6.3 million, an increase of $0.7 million, or 13.4%, from the $5.5 million earned in the comparable quarter a year ago.

For the first nine months of 2004, diluted earnings per share were $0.97, an increase of $0.07, or 7.8%, from the $0.90 earned for the nine months ended September 30, 2003. Net income for the first nine months of 2004 was $17.6 million, an increase of $1.7 million, or 10.9%, from the $15.9 million earned during the nine months ended September 30, 2003.

The results for the nine months ended September 30, 2004 include a charge to earnings, recorded in the first quarter, of $1.1 million, $0.7 million on an after-tax basis or $0.04 per diluted share, relating to an adjustment of compensation expense for certain of the Company's restricted stock awards and supplemental retirement benefits to reflect that certain participants under these plans have reached, or are close to reaching, retirement eligibility, at which time such awards will be fully vested. Although this adjustment relates to prior periods, the amount of the charge attributable to any prior year would not have been material to the Company's financial condition or results of operations as reported for that year.

All prior year share and per share amounts in this release have been adjusted to reflect the Company's three-for-two common stock split in the form of a stock dividend on December 15, 2003.

Michael J. Hegarty, President and Chief Executive Officer stated: "The first nine months of 2004, while presenting a challenging interest-rate environment, produced strong results for Flushing Financial. We faced this challenge by continuing to implement the key initiatives of our strategic plan, which includes reducing our lower-yielding mortgage-backed securities portfolio and shifting these funds to the higher-yielding mortgage loan portfolio.

"Interest rates, having previously declined to their lowest levels in over forty years, began to rise during the second and third quarters. Short term rates have now increased approximately 75 basis points since the first quarter of 2004. Long term rates, after rising briefly, have returned to their levels at the beginning of the year. In an effort to meet the demands of the current interest rate environment, during the first three quarters of 2004, we remained focused on the origination of higher yielding mortgage loan products, increasing core deposits, and extending the maturity of our borrowings and depositors' certificates of deposit at today's rates.

"During the nine months ended September 30, 2004, total loans, net increased $191.2 million as originations totaled $379.8 million, focusing on higher yielding loan products. At September 30, 2004, loans in process totaled $174.1 million, compared to $210.6 million at September 30, 2003. While loans in process have declined from prior period levels, the demand remains strong for our loan products. We also reduced the level of mortgage-backed securities and other securities from their levels at December 31, 2003, investing these funds in higher yielding mortgage loans. We continued to attract deposits, which increased $107.3 million during the first nine months of the year.

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Flushing Financial Corporation
October 19, 2004
Page Two

"The result of this growth was a $6.3 million, or 14.4%, increase in net interest income in the first nine months of 2004 compared to the first nine months of 2003, as we achieved a net interest margin of 3.53% for the first nine months of 2004.

"Our continued strong capital position enabled us to increase our asset size and focus on shareholder value initiatives. During the first nine months of 2004, we continued our stock repurchase program and increased our quarterly dividend. During the third quarter of 2004, we paid a dividend of $0.09 per common share, an increase of 22.7% from the third quarter of 2003. In addition, during the third quarter we announced a new stock repurchase program under which we intend to purchase 1,000,000 shares.

"We remain committed to a path of structured and orderly growth, and continued expansion of the financial services we offer to our customers. We plan to remain focused on the origination of higher-yielding one-to-four family mixed-use property mortgage loans, multi-family residential mortgage loans, and commercial real estate loans. At the same time, we will continue our increased focus on fee-based products.

"Above all, we continue to strive to optimize our shareholders' return on their investment."

Earnings Summary -- Three Months Ended September 30, 2004

Net interest income for the three months ended September 30, 2004 increased $1.7 million, or 11.0%, to $16.9 million from $15.2 million for the three months ended September 30, 2003. This increase in net interest income is primarily due to a $181.3 million increase in the average balance of interest-earning assets, as the net interest spread was 3.33% for the three months ended September 30, 2004, the same as that for the three months ended September 30, 2003. The yield on interest-earning assets declined 22 basis points to 6.27% for the three months ended September 30, 2004 from 6.49% in the three months ended September 30, 2003, while the cost of funds declined 22 basis points to 2.94% for the three months ended September 30, 2004 from 3.16% for the three months ended September 30, 2003. These decreases were primarily due to the declining interest rate environment experienced during the past three years, the effect of which further lowered the yield on assets and the cost of funds in 2004 from their levels in 2003. However, short term rates have now increased approximately 75 basis points since the first quarter of 2004. Long term rates, after rising briefly, have returned to their levels at the beginning of the year. The yield on mortgage loans reflects the high refinancing activity that has occurred during the first nine months of 2004 and the previous two years. The Bank's existing borrowers have been refinancing their higher costing mortgage loans at the current lower rates, which has resulted in a decrease in the yield of the mortgage portfolio. This decrease has been partially offset by prepayment penalties that have been collected. The average balance of the higher-yielding mortgage loan portfolio increased $194.0 million, while the average balance of the lower-yielding mortgage-backed securities portfolio decreased $18.8 million. This reflects the Bank's current strategy of moving funds from the lower-yielding mortgage-backed securities portfolio to the higher-yielding mortgage loan portfolio. The net interest margin for the three months ended September 30, 2004 improved to 3.53% from 3.51% for the three months ended September 30, 2003, due to an increase of $28.1 million in the amount by which interest-earning assets exceeded interest-bearing liabilities for the three months ended September 30, 2004 compared to the three months ended September 30, 2003. However, the net interest margin of 3.53% for the three months ended September 30, 2004 is the same as that for the three months ended June 30, 2004.

Non-interest income for the three months ended September 30, 2004 was $1.5 million, a decrease of $0.1 million from the $1.7 million for the three months ended September 30, 2003. This decrease is attributable to the reduction in dividends received on Federal Home Loan Bank of New York ("FHLB-NY") stock, which decreased $0.2 million for the three months ended September 30, 2004 from the three months ended September 30, 2003.

Non-interest expense was $8.1 million for the three months ended September 30, 2004, an increase of $0.2 million, or 2.8%, from $7.9 million for the three months ended September 30, 2003. The increase from the prior year period is primarily attributable to the Bank's continued focus on expanding its current product offerings to enhance its ability to serve its customers, including increases in personnel to provide these services, and, in the fourth quarter of 2003, the opening of a new branch in Astoria, Queens. Management continues to monitor expenditures resulting in efficiency ratios of 44.3% and 47.1% for the three months ended September 30, 2004 and 2003, respectively.

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Flushing Financial Corporation
October 19, 2004
Page Three

Return on average equity was 16.6% for the three months ended September 30, 2004 compared to 16.3% for the three months ended September 30, 2003. Return on average assets was 1.2% for the three months ended September 30, 2004, the same as that for the three months ended September 30, 2003.

Earnings Summary -- Nine Months Ended September 30, 2004

Net interest income for the nine months ended September 30, 2004 increased $6.3 million, or 14.4%, to $50.1 million from $43.8 million in the nine months ended September 30, 2003. This increase in net interest income is primarily due to a $231.6 million increase in the average balance of interest-earning assets, and a 3 basis point increase in the net interest spread. The yield on interest-earning assets declined 43 basis points to 6.25% for the nine months ended September 30, 2004 from 6.68% in the nine months ended September 30, 2003, while the cost of funds declined 46 basis points to 2.89% for the nine months ended September 30, 2004 from 3.35% for the nine months ended September 30, 2003. These decreases were primarily due to the declining interest rate environment experienced during the past three years, the effect of which further lowered the yield on assets and the cost of funds in 2004 from their levels in 2003. However, short term rates have now increased approximately 75 basis points since the first quarter of 2004. Long term rates, after rising briefly, have returned to their levels at the beginning of the year. The yield on mortgage loans reflects the high refinancing activity that has occurred during the first nine months of 2004 and the previous two years. The Bank's existing borrowers have been refinancing their higher costing mortgage loans at the current lower rates, which has resulted in a decrease in the yield of the mortgage portfolio. This decrease has been partially offset by prepayment penalties that have been collected. The average balance of the higher-yielding mortgage loan portfolio increased $160.7 million, while the average balance of the lower-yielding mortgage-backed securities portfolio increased $63.2 million. This increase in the average balance of the mortgage-backed securities portfolio, while increasing net interest income, reduced the yield on total interest-earning assets. The Bank's current strategy is to reduce the lower-yielding mortgage-backed securities portfolio and shift these funds to the higher-yielding mortgage loan portfolio. The net interest margin for the nine months ended September 30, 2004 improved to 3.53% from 3.52% for the nine months ended September 30, 2003 due to the increase in the net interest spread and an increase of $24.9 million in the amount by which average interest-earning assets exceeded average interest-bearing liabilities, partially offset by the increase in the average balance of interest-earning assets.

Non-interest income for the nine months ended September 30, 2004 decreased $0.3 million, or 6.0%, to $4.6 million from $4.9 million for the comparable 2003 period. Loan fees and banking services fees increased $0.3 million for the nine months ended September 30, 2004 compared to the nine months ended September 30, 2003. This was more than offset by the reduction in dividends on Federal Home Loan Bank of New York ("FHLB-NY") stock, which decreased $0.6 million for the nine months ended September 30, 2004 from the nine months ended September 30, 2003.

Non-interest expense was $25.9 million for the first nine months of 2004, an increase of $2.9 million, or 12.5%, from $23.1 million for the first nine months of 2003. Salaries and employee benefits and other operating expenses increased $0.9 million and $0.2 million, respectively, as a result of the adjustment to amortization of compensation expense for certain of the Company's restricted stock awards and supplemental retirement benefits during the first quarter of 2004. In addition, the second quarter of 2004 included the expensing of certain restricted stock unit awards at the time of grant as the participants have no risk of forfeiture, and increased professional service fees due to costs incurred to comply with the Sarbanes-Oxley Act. The remaining increase from the prior year period is primarily attributable to the Bank's continued focus on expanding its current product offerings to enhance its ability to serve its customers, including increases in personnel to provide these services, and, in the fourth quarter of 2003, the opening of a new branch in Astoria, Queens. Management continues to monitor expenditures resulting in an efficiency ratio of 47.4% and 47.3% for the nine-month periods ended September 30, 2004 and 2003, respectively.

Return on average equity was 15.7% for the nine months ended September 30, 2004, the same as that for the nine months ended September 30, 2003. Return on average assets was 1.2% for the nine months ended September 30, 2004, the same as that for the nine months ended September 30, 2003.

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Flushing Financial Corporation
October 19, 2004
Page Four

Balance Sheet Summary

At September 30, 2004, total assets were $2,038.0 million, an increase of $127.2 million from December 31, 2003. Total loans, net increased $191.2 million during the nine months ended September 30, 2004 to $1,460.7 million from $1,269.5 million at December 31, 2003.

The following table shows loan originations and purchases for the periods indicated.

	For the three months				For the nine months
	ended September 30,				ended September 30,
	2004		2003		2004		2003
	(in thousands)
Multi-family residential	$	58,053	$	39,120	$	158,058	$	124,435
Commercial real estate		22,436		28,613		71,384		72,254
One-to-four family - mixed-use property		36,454		22,855		104,186		58,382
One-to-four family - residential		6,501		3,511		14,743		15,166
Construction		8,846		3,304		19,163		12,792
Co-operative apartment		75		—		302		35
Commercial business and other loans		3,894		2,004		11,916		7,656
Total	$	136,259	$	99,407	$	379,752	$	290,720

As the Company continues to increase its loan portfolio, management continues to adhere to the Bank's strict underwriting standards. As a result, the Company has been able to minimize charge-offs of losses from impaired loans and maintain asset quality. Non-performing assets were $4.5 million at September 30, 2004 compared to $0.7 million at December 31, 2003 and $1.7 million at September 30, 2003. The increase in non-performing assets at September 30, 2004 is attributed to two mortgages secured by commercial properties. The borrower is negotiating the sale of these properties, which is expected to occur during the fourth quarter of 2004. The Company believes it has a secure position in these two loans, and does not anticipate a significant loss, if any, will be incurred. Total non-performing assets as a percentage of total assets were 0.22% at September 30, 2004, 0.04% at December 31, 2003, and 0.09% at September 30, 2003. The ratio of allowance for loan losses to total non-performing loans was 146% at September 30, 2004 compared to 961% at December 31, 2003 and 387% at September 30, 2003.

During the first nine months of 2004, mortgage-backed securities decreased $58.4 million to $421.0 million, while other securities decreased $14.9 million to $41.4 million. As these securities repaid, the funds have been reinvested in higher-yielding mortgage loans. Other securities primarily consists of securities issued by government agencies and mutual or bond funds that invest in government and government agency securities. At September 30, 2004, loans in process totaled $174.1 million.

Total liabilities increased $117.5 million to $1,881.5 million at September 30, 2004 from $1,764.0 million at December 31, 2003. Due to depositors increased $107.3 million as certificate of deposit accounts increased $97.8 million while lower costing core deposits increased $9.5 million. Borrowed funds decreased $3.4 million during the nine months ended September 30, 2004, as asset growth was funded by deposit growth.

Total stockholders' equity increased $9.7 million to $156.4 million at September 30, 2004 from $146.8 million at December 31, 2003. Net income of $17.6 million for the nine months ended September 30, 2004 was partially offset by $7.9 million in treasury shares purchased through the Company's stock repurchase programs, a net after-tax decrease of $1.5 million in the market value of securities available for sale, and $4.6 million in cash dividends paid during the nine month period. In addition, the exercise of stock options increased stockholders' equity by $5.1 million, including the income tax benefit realized by the Company upon the exercise of stock options. Book value per share was $8.16 at September 30, 2004 compared to $7.61 per share at December 31, 2003 and $7.34 per share at September 30, 2003.

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Flushing Financial Corporation
October 19, 2004
Page Five

Under its stock repurchase programs, the Company repurchased 448,600 shares during the nine months ended September 30, 2004, at a total cost of $7.9 million, or an average of $17.67 per share. During the third quarter of 2004, the Company announced the approval of a new stock repurchase program authorizing the purchase of an additional 1,000,000 shares. At September 30, 2004, 991,350 shares remain to be repurchased under the current stock repurchase program. Through September 30, 2004, the Company had repurchased approximately 46% of the common shares issued in connection with the Company's initial public offering at a cost of $107.8 million.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this Press Release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments 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, which include, but are not limited to, risk factors discussed in the Company's Annual Report on Form 10-K and in other documents filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking statements may be identified by terms such as "may", "will", "should", "could", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "forecasts", "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 has no obligation to update these forward-looking statements.

Flushing Financial Corporation is the holding company for Flushing Savings Bank, FSB, a federally chartered stock savings bank insured by the Federal Deposit Insurance Corporation ("FDIC"). The Bank conducts its business through eleven banking offices located in Queens, Brooklyn, Manhattan, Bronx and Nassau County. The Bank has taken steps to close the banking office located in the Bronx during the fourth quarter of 2004. Upon completion, this closing will reduce the number of branches to ten, and the deposits held at this location will be transferred to the main branch in Flushing, Queens. The Company does not anticipate that the closing of this branch will have a material effect on its financial condition or operating results.

Additional information on Flushing Financial Corporation may be obtained by visiting the Company's web site at http://www.flushingsavings.com.

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Flushing Financial Corporation
October 19, 2004
Page Six

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in Thousands)
(Unaudited)

	September 30,			December 31,
	2004			2003
ASSETS
Cash and due from banks	$	14,096		$	20,300
Federal funds sold		13,000			—
Securities available for sale:
Mortgage-backed securities		421,005			479,393
Other securities		41,406			56,316
Loans:
Multi-family residential		618,019			541,837
Commercial real estate		329,026			290,332
One-to-four family - mixed-use property		308,871			226,225
One-to-four family - residential		160,609			178,474
Co-operative apartments		3,203			3,729
Construction		29,754			23,622
Small Business Administration		5,121			4,931
Commercial business and other		8,480			4,894
Net unamortized premiums and unearned          loan fees		4,173			2,030
Allowance for loan losses		(6,546	)		(6,553	)
Net loans		1,460,710			1,269,521
Interest and dividends receivable		8,991			8,647
Real estate owned, net		—			—
Bank premises and equipment, net		7,186			6,380
Federal Home Loan Bank of New York stock		21,761			24,462
Goodwill		3,905			3,905
Other assets		45,916			41,827
Total assets	$	2,037,976		$	1,910,751
LIABILITIES
Due to depositors:
Non-interest bearing	$	48,979		$	41,397
Interest bearing:
Certificate of deposit accounts		691,602			593,760
Passbook savings accounts		216,420			216,988
Money market accounts		263,852			263,621
NOW accounts		45,030			42,809
Total interest-bearing deposits		1,216,904			1,117,178
Mortgagors' escrow deposits		20,772			11,334
Borrowed funds		574,743			578,142
Other liabilities		20,130			15,938
Total liabilities		1,881,528			1,763,989
STOCKHOLDERS' EQUITY
Preferred stock ($0.01 par value; 5,000,000 shares     authorized)		—			—
Common stock ($0.01 par value; 40,000,000 shares     authorized;19,456,696 issued and 19,183,119     outstanding at September 30, 2004; 19,290,601     shares issued and outstanding     at December 31, 2003		195			193
Additional paid-in capital		36,069			32,783
Treasury stock (273,577 shares and none at     September 30, 2004 and     December 31, 2003, respectively)		(4,503	)		—
Unearned compensation		(5,001	)		(7,373	)
Retained earnings		130,711			120,683
Accumulated other comprehensive income (loss),     net of taxes		(1,023	)		476
Total stockholders' equity		156,448			146,762
Total liabilities and                        stockholders' equity	$	2,037,976		$	1,910,751

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Flushing Financial Corporation
October 19, 2004
Page Seven

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands Except Per Share Data)
(Unaudited)

	For the three				For the nine
	months ended September 30,				months ended September 30,
	2004		2003		2004			2003
Interest and dividend income
Interest and fees on loans	$	25,077	$	23,460	$	72,923		$	69,687
Interest and dividends on securities:
Interest		4,800		4,552		15,385			13,255
Dividends		84		79		256			169
Other interest income		61		34		124			151
Total interest and dividend income		30,022		28,125		88,688			83,262
Interest expense
Deposits		7,247		6,694		21,194			20,703
Other interest expense		5,903		6,233		17,350			18,727
Total interest expense		13,150		12,927		38,544			39,430
Net interest income		16,872		15,198		50,144			43,832
Provision for loan losses		--		--		--			--
Net interest income after
Provision for loan losses		16,872		15,198		50,144			43,832
Non-interest income
Other fee income		911		871		2,753			2,498
Net gain on sales of loans held for sale		47		76		227			246
Net gain (loss) on sales of securities		5		25		(11	)		6
Other income		565		690		1,650			2,165
Total non-interest income		1,528		1,662		4,619			4,915
Non-interest expense
Salaries and employee benefits		4,114		4,017		13,620			11,949
Occupancy and equipment		931		799		2,575			2,205
Professional services		791		758		2,491			2,134
Data processing		465		530		1,468			1,350
Depreciation and amortization		371		322		1,096			872
Other operating expenses		1,470		1,496		4,690			4,551
Total non-interest expense		8,142		7,922		25,940			23,061
Income before income taxes		10,258		8,938		28,823			25,686
Provision for income taxes
Federal		2,969		2,620		8,580			7,637
State and local		1,032		801		2,661			2,188
Total taxes		4,001		3,421		11,241			9,825
Net income	$	6,257	$	5,517	$	17,582		$	15,861
Basic earnings per share (1)		$0.36		$0.32		$1.01			$0.93
Diluted earnings per share (1)		$0.35		$0.31		$0.97			$0.90

(1) Per share information for 2003 is restated to reflect the Company's three-for-two common stock split paid in the form of a stock dividend on December 15, 2003.

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Flushing Financial Corporation
October 19, 2004
Page Eight

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in Thousands Except Per Share Data)
(Unaudited)

	At or for the three months						At or for the nine months
	ended September 30,						ended September 30,
	2004			2003			2004			2003
Per Share Data (1)
Basic earnings per share		$0.36			$0.32			$1.01			$0.93
Diluted earnings per share		$0.35			$0.31			$0.97			$0.90
Average number of shares  outstanding for:
Basic earnings per share      computation		17,457,372			17,104,224			17,424,392			16,984,695
Diluted earnings per share      computation		18,050,891			17,815,413			18,097,437			17,698,168
Book value per share    based on 19,183,119    and 19,119,894 shares    outstanding at    September 30, 2004 and    2003, respectively)		$8.16			$7.34			$8.16			$7.34
Average Balances
Total loans, net	$	1,416,897		$	1,217,999		$	1,358,815		$	1,195,365
Total interest-earning assets		1,914,322			1,732,984			1,892,299			1,660,740
Total assets		2,007,404			1,843,167			1,987,904			1,771,259
Total due to depositors		1,187,661			1,074,204			1,171,309			1,040,012
Total interest-bearing liabilities		1,791,283			1,638,079			1,775,636			1,568,927
Stockholders' equity		151,021			135,519			149,579			134,708
Performance Ratios (2)
Return on average assets		1.25	%		1.20	%		1.18	%		1.19	%
Return on average equity		16.57			16.28			15.67			15.70
Yield on average     interest-earning assets		6.27			6.49			6.25			6.68
Cost of average     interest-bearing liabilities		2.94			3.16			2.89			3.35
Interest rate spread during period		3.33			3.33			3.36			3.33
Net interest margin		3.53			3.51			3.53			3.52
Non-interest expense     to average assets		1.62			1.72			1.74			1.74
Efficiency ratio		44.26			47.06			47.36			47.31
Average interest-earning    assets to average    interest-bearing liabilities		1.07	x		1.06	x		1.07	x		1.06	x

(1) Per share information for 2003 is restated to reflect the Company's three-for-two common stock split paid in the form of a stock dividend on December 15, 2003.

(2) Ratios for the quarters and nine months ended September 30, 2004 and 2003 are presented on an annualized basis.

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Flushing Financial Corporation
October 19, 2004
Page Nine

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)

	At or for the nine			At or for the year
	months ended			ended
	September 30, 2004			December 31, 2003
Selected Financial Ratios and Other Data
Regulatory capital ratios    (for Flushing Savings Bank only):
Tangible capital         (minimum requirement = 1.5%)		7.67	%		8.00	%
Leverage and core capital         (minimum requirement = 3%)		7.67			8.00
Total risk-based capital         (minimum requirement = 8%)		13.87			15.12
Capital ratios:
Average equity to average assets		7.52	%		7.57	%
Equity to total assets		7.68			7.68
Asset quality:
Non-performing loans		$4,491			$682
Non-performing assets		4,491			682
Net (recoveries) charge-offs		7			28
Asset Quality Ratios:
Non-performing loans to gross loans		0.31	%		0.05	%
Non-performing assets to total assets		0.22			0.04
Allowance for loan losses to gross loans		0.45			0.51
Allowance for loan losses to total         non-performing assets		145.76			960.86
Allowance for loan losses to total         non-performing loans		145.76			960.86
Full-service customer facilities		11			11

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Flushing Financial Corporation
October 19, 2004
Page Ten

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
NET INTEREST MARGIN
(Dollars in Thousands)
(Unaudited)

	For the Three Months Ended September 30,
	2004								2003
	Average				Yield/				Average			Yield/
	Balance		Interest		Cost				Balance		Interest	Cost
Assets
Interest-earning assets:
Mortgage loans, net(1)	$	1,402,672	$	24,868		7.09	%	$	1,208,638	$	23,328	7.72	%
Other loans, net(1)		14,225		209		5.88			9,361		132	5.64
Total loans, net		1,416,897		25,077		7.08			1,217,999		23,460	7.70
Mortgage-backed securities		432,856		4,507		4.16			451,649		4,242	3.76
Other securities		44,390		377		3.40			47,188		389	3.30
Total securities		477,246		4,884		4.09			498,837		4,631	3.71
Interest-earning deposits     and federal funds     sold		20,179		61		1.21			16,148		34	0.84
Total interest-earning assets		1,914,322		30,022		6.27			1,732,984		28,125	6.49
Other assets		93,082							110,183
Total assets	$	2,007,404						$	1,843,167
Liabilities and Equity
Interest-bearing liabilities:
Deposits:
Passbook accounts	$	219,083		275		0.50		$	220,425		310	0.56
NOW accounts		43,839		54		0.49			40,995		57	0.56
Money market accounts		262,651		1,093		1.66			238,919		1,135	1.90
Certificate of deposit        accounts		662,088		5,812		3.51			573,865		5,179	3.61
Total due to depositors		1,187,661		7,234		2.44			1,074,204		6,681	2.49
Mortgagors' escrow        accounts		18,062		13		0.29			11,921		13	0.44
Total deposits		1,205,723		7,247		2.40			1,086,125		6,694	2.47
Borrowed funds		585,560		5,903		4.03			551,954		6,233	4.52
Total interest-bearing         liabilities		1,791,283		13,150		2.94			1,638,079		12,927	3.16
Non-interest bearing deposits		46,616							37,048
Other liabilities		18,484							32,521
Total liabilities		1,856,383							1,707,648
Equity		151,021							135,519
Total liabilities and equity	$	2,007,404						$	1,843,167
Net interest income/net    interest rate spread			$	16,872		3.33	%			$	15,198	3.33	%
Net interest-earning assets/    net interest margin	$	123,039				3.53	%	$	94,905			3.51	%
Ratio of interest-earning    assets to interest-bearing     liabilities						1.07	x					1.06	x

(1)    Loan interest income includes loan fee income (which includes net amortization of
        deferred fees and costs, late charges, and prepayment penalties) of approximately
        $1.6 million and $1.4 million for each of the three-month periods ended
        September 30, 2004 and 2003, respectively.

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Flushing Financial Corporation
October 19, 2004
Page Eleven

FLUSHING FINANCIAL CORPORATION and SUBSIDIARIES
NET INTEREST MARGIN
(Dollars in Thousands)
(Unaudited)

	For the Nine Months Ended September 30,
	2004								2003
	Average				Yield/				Average			Yield/
	Balance		Interest		Cost				Balance		Interest	Cost
Assets
Interest-earning assets:
Mortgage loans, net(2)	$	1,347,379	$	72,401		7.16	%	$	1,186,687	$	69,276	7.78	%
Other loans, net(2)		11,436		522		6.09			8,678		411	6.31
Total loans, net		1,358,815		72,923		7.16			1,195,365		69,687	7.77
Mortgage-backed securities		459,637		14,210		4.12			396,402		12,179	4.10
Other securities		56,755		1,431		3.36			49,307		1,245	3.37
Total securities		516,392		15,641		4.04			445,709		13,424	4.02
Interest-earning deposits     and federal funds sold		17,092		124		0.97			19,666		151	1.02
Total interest-earning assets		1,892,299		88,688		6.25			1,660,740		83,262	6.68
Other assets		95,605							110,519
Total assets	$	1,987,904						$	1,771,259
Liabilities and Equity
Interest-bearing liabilities:
Deposits:
Passbook accounts	$	218,828		819		0.50		$	217,407		1,339	0.82
NOW accounts		43,340		162		0.50			39,754		203	0.68
Money market accounts		283,922		3,869		1.82			218,534		3,448	2.10
Certificate of deposit        accounts		625,219		16,307		3.48			564,317		15,664	3.70
Total due to depositors		1,171,309		21,157		2.41			1,040,012		20,654	2.65
Mortgagors' escrow         accounts		19,494		37		0.25			14,243		49	0.46
Total deposits		1,190,803		21,194		2.37			1,054,255		20,703	2.62
Borrowed funds		584,833		17,350		3.96			514,672		18,727	4.85
Total interest-bearing         liabilities		1,775,636		38,544		2.89			1,568,927		39,430	3.35
Non-interest bearing deposits		44,317							35,503
Other liabilities		18,372							32,121
Total liabilities		1,838,325							1,636,551
Equity		149,579							134,708
Total liabilities and equity	$	1,987,904						$	1,771,259
Net interest income/net    interest rate spread			$	50,144		3.36	%			$	43,832	3.33	%
Net interest-earning assets/     net interest margin	$	116,663				3.53	%	$	91,813			3.52	%
Ratio of interest-earning    assets to interest-bearing    liabilities						1.07	x					1.06	x

(2)    Loan interest income includes loan fee income (which includes net amortization of
        deferred fees and costs, late charges, and prepayment penalties) of approximately
        $3.8 million and $3.1 million for each of the nine-month periods ended
        September 30, 2004 and 2003, respectively.

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