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Flushing Financial Corporation

Flushing Financial Corporation operates as the bank holding company for Flushing Bank that provides banking products and services primarily to consumers, businesses, and governmental units. It offers various deposit products, including checking and savings accounts, money market accounts, non-interest bearing demand accounts, NOW accounts, and certificates of deposit. The company provides 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; construction loans; small business administration loans and other small business loans; mortgage loan surrogates, such as mortgage-backed securities; and consumer loans, including overdraft lines of credit, as well as the United States government securities, corporate fixed-income securities, and other marketable securities. It operates full-service banking offices in Queens, Nassau, Suffolk, Kings, and New York counties; and an internet branch under the iGObanking and BankPurely brands. Flushing Financial Corporation was founded in 1929 and is based in Uniondale, New York.

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OceanFirst Financial Posts Second Quarter Net Loss After Flushing Acquisition

OceanFirst Financial Corp. reported a net loss of $3.0 million, or $0.04 per diluted share, for the second quarter of 2026, compared to net income of $16.2 million a year earlier, as the company absorbed $42.8 million in merger-related expenses from its June 1 acquisition of Flushing Financial Corporation. Core earnings, which exclude non-recurring items, rose to $30.5 million, or $0.43 per share, from $17.7 million a year ago, while net interest income climbed to $120.7 million and the net interest margin expanded 12 basis points to 3.05%. The Flushing deal added $8.69 billion in assets, $6.19 billion in loans, and $7.44 billion in deposits, and the company subsequently sold $1.31 billion of multifamily loans from the acquired portfolio at a price of 92.25% to reduce commercial real estate concentration. Total assets ended the quarter at $23.27 billion, and the board declared its 118th consecutive quarterly cash dividend of $0.20 per share, payable on August 21, 2026.
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Piper Sandler Initiates OceanFirst Financial with Neutral Rating, $19 Target

Piper Sandler assumed coverage of OceanFirst Financial Corp. with a Neutral rating and a price target of $19 on June 12, citing middling profitability as the bank digests its acquisition of Flushing Financial. The merger, completed on June 1, creates a regional bank operating under the OceanFirst brand across 71 retail branches in the Northeast, from Massachusetts to Virginia. Concurrently, the company completed a $225 million strategic investment from affiliates of funds managed by Warburg Pincus LLC.
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OceanFirst Financial Completes Sale of $1.3 Billion in NYC Multifamily Loans

OceanFirst Financial Corp. has completed the previously announced sale of $1.3 billion of multifamily loans, largely in the New York City metropolitan area and mostly subject to NYC rent regulations. The sold portfolio consisted of approximately 1,400 multifamily loans, of which $736 million had rent-regulated exposure. The portfolio was originated by Flushing Bank and acquired by OceanFirst through its merger on June 1, 2026. Following the sale, the company’s exposure to loans with greater than 50% rent-regulated units represents less than 2.5% of total assets. CEO Christopher Maher said the transaction rebalances the company’s commercial real estate and multifamily exposure while meaningfully reducing rent regulation risk.
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