Here are 1-3 brief analogies for Flushing Financial (FFIC):

• Bank of America for New York communities.

• A local JPMorgan Chase, serving the NYC metropolitan area.

• Wells Fargo, but exclusively focused on the New York market.

• Deposit Services

  These services allow individuals and businesses to save and manage their money through various checking, savings, money market, and certificate of deposit accounts.

• Lending Services

  The company provides diverse loan products, including commercial real estate, residential mortgages, commercial and industrial, and consumer loans, to individuals and businesses.

• Cash Management Services

  Designed for business clients, these services help optimize cash flow, manage payments, and streamline financial operations.

Flushing Financial (FFIC) operates as a bank holding company for Flushing Bank. As a financial institution, it serves a highly diversified customer base rather than having "major customers" in the traditional sense of a manufacturing or service company selling to a few large clients. Its revenue is derived from a broad portfolio of loans and deposits from numerous individuals and businesses.

The company primarily sells to individuals and businesses, and its customer categories can be described as follows:

• Individual Consumers: This category includes residents within Flushing Bank's operating regions (primarily New York City and Long Island) who utilize a range of personal banking products such as checking and savings accounts, certificates of deposit, residential mortgages, home equity loans, and other personal loan products.
• Small to Medium-sized Businesses (SMBs): Local and regional businesses comprise a significant customer segment, relying on Flushing Bank for commercial checking and savings accounts, business loans, lines of credit, treasury management services, and merchant services to support their operations and growth.
• Commercial Real Estate Investors and Developers: A key focus for Flushing Bank is lending to entities involved in commercial real estate. These customers include investors, developers, and property owners seeking financing for the acquisition, development, and management of various commercial properties.

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John R. Buran, President and Chief Executive Officer

John R. Buran has served as President and Chief Executive Officer of Flushing Financial Corporation since July 2005, having joined the company in 2001 as Chief Operating Officer and becoming a Director in 2003. His extensive banking career began in 1977 at Citibank, where he held various senior management positions, including Business Manager of retail distribution and Vice President in charge of the Investment Sales Division. He later served as Senior Vice President, Division Head for Retail Services at NatWest Bank, and Executive Vice President of Fleet Bank's (now Bank of America) retail branch system. Buran also spent time as a consultant and Assistant to the President of Carver Bank. He is a past Chairman and current board member of the New York Bankers Association and has been Chairman of the Board of the Federal Home Loan Bank of New York since 2017, serving as a director since 2010.

Susan K. Cullen, Senior Executive Vice President, Treasurer and Chief Financial Officer

Susan K. Cullen has been the Chief Financial Officer, Senior Executive Vice President, and Treasurer at Flushing Financial Corporation since February 2016. Prior to this, she served as the Chief Accounting Officer and Executive Vice President from August 2015. Ms. Cullen's experience includes serving as Chief Risk Officer and Executive Vice President at Hudson Valley Bank, National Association at Hudson Valley Holding Corp. from 2012 to 2014. She also founded Quantum Learning Solutions, Inc. Cullen has over two decades of experience across banking, accounting, business services, and utility industries. In 2020, she was instrumental in the acquisition of Empire Bancorp and the conversion of its technology systems. She is also a board member of the Neighborhood Housing Services of New York City.

Maria A. Grasso, Senior Executive Vice President, Chief Operating Officer and Corporate Secretary

Maria A. Grasso is the Senior Executive Vice President, Chief Operating Officer, and Corporate Secretary of Flushing Financial Corporation and Flushing Bank. She joined Flushing Bank in 2006 as Chief Operating Officer and was elected Corporate Secretary in 2007. Ms. Grasso has over 38 years of experience in the banking industry, beginning her career with Chase Manhattan. Before joining Flushing Financial, she held the title of Senior Vice President and Division Head of The Bank of New York for Long Island and Queens, overseeing 102 branch locations. She also served as Senior Vice President of the New York Metro Division at Fleet Bank, N.A. Ms. Grasso previously chaired United Way of Long Island's board of directors.

Michael Bingold, Senior Executive Vice President, Chief Retail and Client Development Officer

Michael Bingold is the Senior Executive Vice President, Chief Retail and Client Development Officer at Flushing Financial Corporation.

Francis W. Korzekwinski, Senior Executive Vice President and Chief of Real Estate Lending

Francis W. Korzekwinski serves as Senior Executive Vice President and Chief of Real Estate Lending at Flushing Financial Corporation. He has been Chief of Real Estate Lending of Flushing Financial Corporation and its subsidiary, Flushing Bank, since December 2006, and a Senior Executive Vice President since January 2014.

The key risks to Flushing Financial (FFIC) include challenges with profitability and dividend sustainability, a significant concentration in commercial real estate lending, and ongoing cybersecurity threats and regulatory compliance requirements.

1. Profitability and Dividend Sustainability: Flushing Financial has faced recent profitability concerns, reporting a loss last year and showing a general trend of declining earnings. This has led to questions regarding the sustainability of its dividend, as the company's 5.15% dividend yield is reportedly not well covered by current or forecasted earnings. Furthermore, the company issued new stock equivalent to more than 5% of its market capitalization in the past year, which could dilute shareholders and impact future dividend prospects.
2. Concentration in Commercial Real Estate (CRE) Lending: A substantial portion of Flushing Financial's loan portfolio is concentrated in commercial real estate. Investor CRE comprises 67% of its $6.7 billion loan portfolio, primarily consisting of midsized, rent-regulated multifamily properties. This high concentration exposes the company to significant risk should there be a downturn in the commercial real estate market or adverse changes in regulations affecting rent-controlled properties.
3. Cybersecurity Threats and Regulatory Compliance: As a financial institution, Flushing Financial is exposed to persistent cybersecurity threats. The company addresses these risks through annual assessments using tools like the FFIEC Cybersecurity Assessment Tool and external consultants. Additionally, the company must comply with evolving cybersecurity regulations from bodies like the FDIC and the SEC, which require timely reporting of significant computer-security incidents and disclosure of cybersecurity risk management strategies. Non-compliance or a material cybersecurity breach could significantly disrupt operations, lead to financial losses, and damage the company's reputation.

There are two clear emerging threats for Flushing Financial (FFIC):

1. Digital-First Banks and Fintech Companies: The proliferation and increasing adoption of digital-first banks (neo-banks, challenger banks) and various fintech platforms pose a significant threat. These entities often offer more competitive interest rates on deposits, lower fees, and superior digital user experiences compared to traditional regional banks. They attract customers, especially younger demographics and tech-savvy individuals, by providing convenient mobile-first banking, faster loan approvals, and integrated financial tools, thereby eroding Flushing Financial's customer base for deposits and various lending products.
2. Large Technology Companies Entering Financial Services: Major technology firms like Apple (with Apple Card, Apple Pay Later, and Apple Savings Account in partnership with Goldman Sachs) are increasingly entering the financial services space. These companies leverage their massive user bases, brand loyalty, and technological expertise to offer banking-like services such as high-yield savings accounts, credit products, and payment solutions. Their deep pockets and ability to integrate financial services seamlessly into widely used ecosystems present a formidable competitive challenge to regional banks like Flushing Financial in attracting deposits and retaining consumer financial relationships.

Flushing Financial (Nasdaq: FFIC) operates as the bank holding company for Flushing Bank, primarily serving consumers, businesses, and governmental units in the New York metropolitan area, specifically Queens, Brooklyn, Manhattan, and Long Island. The company also extends its reach to consumers nationwide through its online banking divisions, iGObanking and BankPurely.

The main products and services offered by Flushing Financial include a comprehensive suite of deposit products, such as checking, savings, money market accounts, and certificates of deposit. On the lending side, they specialize in mortgage loans (multi-family residential, commercial real estate, and one-to-four family residential), commercial business loans, construction loans, small business administration (SBA) loans, and various other small business and consumer loans.

Based on their primary geographic focus and product offerings, the addressable markets for Flushing Financial's main products and services are as follows:

• Retail Banking Market (United States): The U.S. retail banking market was valued at approximately USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030, with a compound annual growth rate (CAGR) of 4.22% during that period. North America, including the U.S., generated a revenue of USD 598.4 billion in the retail banking market in 2024 and is expected to grow at a CAGR of 5% from 2025 to 2033, reaching a projected revenue of US$ 922.8 billion by 2033. Globally, the retail banking market surpassed $3 trillion in revenue in 2023. The New York metropolitan area is a significant concentration within the U.S. retail banking market.
• Mortgage Lending Market (United States): The U.S. home mortgage market size was valued at approximately USD 180.91 billion in 2023 and is projected to reach USD 501.67 billion by 2032, growing at a CAGR of approximately 12.00% between 2024 and 2032. Mortgage balances on consumer credit reports in the U.S. totaled $12.94 trillion at the end of June 2025, with $458 billion in newly originated mortgages in the second quarter of 2025. New York accounted for about 4% of the nation's home loan volume in 2021. The global mortgage lending market was valued at $11,487.23 billion in 2021 and is projected to reach $27,509.24 billion by 2031, with a CAGR of 9.5% from 2022 to 2031.
• Commercial Real Estate Lending Market (United States): Total commercial real estate (CRE) mortgage borrowing and lending in the U.S. is estimated to have totaled $498 billion in 2024, a 16% increase from $429 billion in 2023. This is projected to rebound in 2023 to $872 billion after a projected drop in 2022. New York City is noted as the largest commercial real estate market in the U.S., estimated to be close to $2 trillion in value.
• Small Business Lending Market (United States): Community banks, which Flushing Financial operates as, play a vital role in providing a wide range of services to local businesses. In New York, community banks provide nearly 55% of all small business loans. The global community banking market size is expected to be worth around USD 29.07 billion by 2034, from USD 16.7 billion in 2024, growing at a CAGR of 5.7% during the forecast period from 2025 to 2034. The U.S. community banking market reached a valuation of USD 6.35 billion in 2024, showing stable growth with a projected CAGR of 3.8%.

Expected Drivers of Future Revenue Growth for Flushing Financial (FFIC)

• Contractual Repricing of Real Estate Loan Portfolios: Flushing Financial expects significant increases in net interest income through 2027 due to the contractual repricing of its real estate loan portfolios to higher rates. For instance, approximately $175 million of loans were scheduled to reprice upwards in Q4 2025. In Q2 2025, the company successfully retained 92% of repricing loans at a weighted average rate 154 basis points higher than the prior rate.
• Growth in Noninterest-Bearing Deposits and Reduced Funding Costs: The company is strategically focused on enhancing profitability by emphasizing the growth of noninterest-bearing deposits and reducing overall funding costs. This strategy is reflected in an increase in average noninterest-bearing deposits and is expected to contribute directly to Net Interest Margin (NIM) expansion.
• Strategic Branch Expansion and Focus on Asian Markets: Flushing Financial plans to open new branches and has a targeted focus on expanding its presence within Asian banking communities. This expansion is aimed at driving future deposit growth and improving profitability.
• Net Interest Margin (NIM) Expansion from Balance Sheet Management and Yield Curve: The company anticipates further net interest margin expansion due to strategic balance sheet restructuring and the expected positive slope of the yield curve. Efforts to lower funding costs while repricing the real estate loan portfolio higher over the next three years are also contributing to NIM growth.
• Growth in Back-to-Back Swap Loans: A healthy pipeline of back-to-back swap loans is projected to benefit noninterest income, contributing to overall revenue growth for Flushing Financial.

Share Repurchases

• On May 31, 2023, Flushing Financial Corporation's Board of Directors authorized an increase of 1,000,000 shares to its existing repurchase program. This brought the combined remaining authorization to 1.2 million shares.
• Between April 1, 2023, and May 25, 2023, the Company repurchased 270,338 shares at an average price of $11.47 per share.
• During the fourth quarter of 2023, Flushing Financial repurchased 38,815 shares at an average cost of $15.08 per share.

Share Issuance

• The activities of the Holding Company are primarily funded, in part, by issuances of equity securities.

Capital Expenditures

• Capital expenditures for purchases of premises and equipment were approximately $5.488 million in 2023.
• Capital expenditures for purchases of premises and equipment were approximately $4.342 million in 2022.
• Capital expenditures for purchases of premises and equipment were approximately $3.680 million in 2021.