Flushing Financial Corporation (the “Company”) (Nasdaq-GS: FFIC), the parent holding company for Flushing Bank (the “Bank”), announced that the Board of Directors (the “Board”) has authorized an increase in the purchase of its common stock by 1,000,000 shares. Stock can be purchased from time to time, in the open market or through private transactions, subject to market conditions. There is no expiration or maximum dollar amount under this authorization. From April 1, 2023, through May 25, 2023, the Company repurchased 270,338 shares at an average price of $11.47 and has 164,608 shares remaining under its previous authorization. The combined remaining authorization is 1.2 million shares.
John R. Buran, the Company’s President and Chief Executive Officer stated: “The Board of Directors authorized an increase of 1 million shares to our current repurchase program. We remain confident in our strong liquidity and conservatively positioned business model. Over 88% of our loan portfolio is real estate collateralized with average loan to values of less than 37%, and strong debt service coverage ratio of 1.9 times. The increase in the share repurchase authorization, and our recent quarterly dividend announcement, highlights our commitment to shareholders.”
