UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 7.01. Regulation FD Disclosure.
On January 6, 2021, Flushing Financial Corp. (the “Company”) provided an update on loan deferral trends under the CARES Act by means of this Form 8-K. As of December 31, 2020, payment deferrals declined significantly, dropping 75% to $376 million, or 5.7% of total loans, compared to $1.5 billion, or 25.3% of total loans, at May 31, 2020.
Additionally, the Company prepaid $291 million of its Federal Home Loan Bank (“FHLB”) Advances, which resulted in $7.8 million of prepayment penalties. The FHLB Advances had a weighted average coupon of 1.93% and maturities ranging from 0.8 years to 2.9 years. Furthermore, the Company sold $89.5 million in investment securities, which resulted in a pre-tax loss of $0.6 million. Proceeds were reinvested into higher yielding investment securities. The combined impact of these two actions is anticipated to provide a seven basis point improvement to net interest margin and an increase of $0.12 per diluted common share for 2021.
Attached as Exhibit 99.1 of this Form 8-K is a copy of the presentation which the Company intends to distribute and make available to investors and will post on its website at www.FlushingBank.com. This report is being furnished to the SEC and shall not be deemed "filed" for any purpose.
Item 9.01. Financial Statements and Exhibits.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FLUSHING FINANCIAL CORPORATION | ||
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Date: January 6, 2021 | By: | /s/ SUSAN K. CULLEN |
Susan K. Cullen | ||
Senior Executive Vice President and Chief Financial Officer | ||