Flushing Financial Corporation, incorporated on May 9, 1994, is the bank holding company for Flushing Bank (the Bank). The Company is a community-oriented financial institution offering a range of financial services. The Bank's subsidiaries include Flushing Preferred Funding Corporation, Flushing Service Corporation and FSB Properties Inc. The Company also owns Flushing Financial Capital Trust II, Flushing Financial Capital Trust III and Flushing Financial Capital Trust IV (the Trusts). As of December 31, 2016, the Bank operated 19 full-service offices, which were located in the New York City Boroughs of Queens, Brooklyn, and Manhattan, and in Nassau County, New York. The Company also operates an Internet branch, iGObanking.com. The Bank has a business banking unit, which focuses on the development of a full complement of commercial business deposit, loan and cash management products.
Lending Activities
The Company's loan portfolio consists primarily of mortgage loans secured by multi-family residential, commercial real estate, one- to four-family mixed-use property, one- to four-family residential property and commercial business loans. The Company also offers construction loans, Small Business Administration (SBA) loans and other consumer loans. The Company's commercial real estate mortgage loans are secured by properties, such as office buildings, hotels and motels, nursing homes, small business facilities, strip shopping centers and warehouses. The Company offers mortgage loans secured by one- to four-family mixed-use properties, which contain up to four residential dwelling units and a commercial unit. The Company offers mortgage loans secured by one- to four-family residential properties, including townhouses and condominium units. The Company's one- to four-family residential mortgage loans, co-operative apartment loans and home equity loans are collectively referred to as residential mortgage loans.
The Company's construction loans are primarily made to finance the construction of one- to four-family residential properties, multi-family residential properties and residential condominiums. The Company originates and purchases loans made to New York City and Chicago taxi medallion owners, which loans are secured by liens on the taxi medallions. The Company originates and purchases commercial business loans and other loans for business, personal or household purposes. The Company's commercial business loans include lines of credit and term loans, including owner occupied mortgages. The loans are secured by business assets, including accounts receivables, inventory and real estate. As of December 31, 2016, the Company's total net loans were $4.8 billion.
Investment Activities
The Company classifies its investment securities as available for sale and held to maturity. The Company's securities available for sale include bonds and other debt securities, such as municipal securities and corporate debentures; mutual funds; equity securities, and mortgage-backed securities, such as Federal National Mortgage Association (FNMA), Real Estate Mortgage Investment Conduit (REMIC) and Collateralized Mortgage Obligation (CMO), Federal Home Loan Mortgage Corporation (FHLMC) and Government National Mortgage Association (GNMA). The Company's securities held-to-maturity include bonds and other debt securities, such as municipal securities. As of December 31, 2016, the Company had $861.4 million in securities available for sale and $37.7 million in securities held-to-maturity.
Sources of Funds
Deposits, Federal Home Loan Bank of New York (FHLB-NY) borrowings, repurchase agreements, principal and interest payments on loans, mortgage-backed and other securities, and proceeds from sales of loans and securities are the Company's primary sources of funds for lending, investing and other general purposes. The Company offers a range of deposit accounts having a range of interest rates and terms. The Company's deposits primarily consist of savings accounts, money market accounts, demand accounts, negotiable order of withdrawal (NOW) accounts and certificates of deposit. The Company's Internet branch iGObanking.com offers savings accounts, money market accounts, checking accounts and certificates of deposit. The Company also utilizes brokered deposits as an additional funding source. As of December 31, 2016, the Company's total deposits were $4.2 billion.
Subsidiary Activities
The Bank's Properties is used to hold title to real estate owned that is obtained through foreclosure. Flushing Preferred Funding Corporation (FPFC) acts as a real estate investment trust for the purpose of acquiring, holding and managing real estate mortgage assets. FPFC also provides an additional vehicle for access by the Company to the capital markets for future opportunities. Flushing Service Corporation markets insurance products and mutual funds.
220 Rxr Plz
The company trades on NASDAQ exchange. The company headquarter is located in New York, NY. The company was established in the 1929.| Ticker | FFIC |
| Long Name | Flushing Financial Corporation |
| Short Name | Flushing Financial |