$15.470
-0.484 (-3.13%)收盤時
FFIC 資訊
FFIC 事件
Q1 Revenue at $57.0M, Below Estimate of $62.0M
Reports Q1 revenue $57.0M, one estimate $62.0M. Net interest margin increased 16bps y/y and decreased 1bps q/q to 2.67%. "Our first quarter results demonstrate the strength of this franchise as we move toward closing our transaction with OceanFirst Financial Corp. Noninterest bearing deposits grew to $995.5 million, up 15% year over year, and our cost of funds declined 13 basis points from the prior quarter, driving a net interest rate margin that has expanded 16 basis points year over year. Core net income grew 25% year over year, driven by sustained net interest income growth and an improved funding mix. With a loan pipeline of $327.4 million at quarter end, up 55% year over year, we enter this next chapter from a position of strength. We look forward to completing the transaction with OceanFirst Financial Corp. and to the expanded capabilities and opportunities their platform will bring to the customers and communities we serve," said John R. Buran, President and CEO.
OceanFirst and Flushing Merger Approved by Federal Reserve
OceanFirst Financial (OCFC) and Flushing Financial Corporation (FFIC) jointly announced the receipt of regulatory approval from the Board of Governors of the Federal Reserve System on April 24, to complete the proposed merger of Flushing with and into OceanFirst. The Federal Reserve approval follows recent approvals from the New York State Department of Financial Services and the Office of the Comptroller of the Currency on March 23, and April 6, respectively. All necessary regulatory approvals to complete the proposed transaction have now been received. In addition, as previously announced, both OceanFirst and Flushing received shareholder approval for the transaction on April 2, OceanFirst and Flushing expect to close the merger no later than June 1, subject to the satisfaction or waiver of the remaining customary closing conditions.
OceanFirst and Flushing Merger Receives Shareholder Approval
OceanFirst Financial (OCFC) and Flushing Financial (FFIC) jointly announced the receipt of the requisite shareholder approvals for the previously announced combination of OceanFirst and Flushing, pursuant to the Agreement and Plan of Merger, dated December 29, 2025, by and among OceanFirst, Apollo Merger Sub Corp., a Delaware corporation and wholly-owned subsidiary of OceanFirst, and Flushing. Additionally, the New York State Department of Financial Services and the Office of the Comptroller of the Currency granted their requisite approvals of the proposed transaction on March 23, 2026, and April 6, 2026, respectively. The consummation of the proposed transaction remains subject to the receipt of the requisite regulatory approval from the Board of Governors of the Federal Reserve System and other customary closing conditions.
Flushing Financial Q4 NIM Expands to 2.68%
Reports Q4 NIM expanded on both a GAAP and Core basis by 4 bps QoQ to 2.68% and 2.66%, respectively, primarily driven by growth in noninterest-bearing deposits and lower deposit costs. Reports Q4 provision for credit losses $2.7M vs. $6.4M last year. John R. Buran, President and CEO, commented, "Flushing Financial's Q4 and FY25 results underscore the strength and resilience of our franchise. Net interest margin expanded 4 basis points to 2.68%, with Core NIM reaching 2.66%, driven by favorable deposit mix and declining funding costs. Average noninterest-bearing deposits increased 12% year-over-year to 13% of total deposits, providing a stable, low-cost funding base. Our tangible common equity ratio improved to 8.14%, up 32 basis points from a year ago, while our CRE concentration declined to 465% from 522% a year earlier, reflecting our strategic capital and balance sheet management. With a loan pipeline of $276M and liquidity of $3.9B at December 31, 2025, we are well-positioned to serve our customers and deploy capital prudently. We remain committed to serving our customers and executing on our priorities with excellence. We look forward to the Company's transformation due to the announced merger with OceanFirst Financial Corp. and the opportunities the combination will create."
Raymond James Downgrades OceanFirst Financial to Market Perform
Raymond James analyst Daniel Tamayo double downgraded OceanFirst Financial (OCFC) to Market Perform from Strong Buy without a price target following the company's announcement to acquire Flushing Financial (FFIC). The acquisition increases OceanFirst's presence in Long Island and Manhattan, leads to higher earnings forecasts, and was done at a at a fair price, the analyst tells investors in a research note. However, the firm expects "significant" dilution and says the deal slows the benefit of OceanFirst's shift to a stronger core deposit franchise. It also carries risk in maintaining bankers and the ability to lower funding costs in competitive markets, adds Raymond James.
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