Flushing Bank Maintains Its Investment Grade Rating by Kroll Bond Rating Agency, Inc.

UNIONDALE, N.Y., Nov. 06, 2020 (GLOBE NEWSWIRE) -- Flushing Financial Corporation (the “Company”) (Nasdaq: FFIC), the parent holding company for Flushing Bank (the “Bank”), announced today that Kroll Bond Rating Agency (“KBRA”), a full-service rating agency, reaffirmed an investment grade rating for the Company and the Bank. These ratings are based on KBRA’s Bank and Bank Holding Company Global Rating Methodology, which evaluates liquidity, asset quality, capital adequacy, and earnings. KBRA maintained the outlook for all long-term ratings as Stable.

The Company and the Bank received ratings of BBB/K3 and BBB+/K2, respectively. According to KBRA’s report, the Company and Bank’s ratings are supported by a seasoned management team that reflects beneficial experience with the greater-NYC banking market, a mid-tier deposit share position in this competitive market, and a loan portfolio that is considered to be relatively low risk.

John R. Buran, President and Chief Executive Officer, stated, “We are pleased to continue to receive an investment grade KBRA rating, validating our business strategy, conservative underwriting standards, and strong risk profile which drive our financial performance. The low interest rate environment provided us with an opportunity to reprice our higher cost deposits and significantly reduce our cost of deposits resulting in an improvement in our net interest margin. We are confident that the earnings accretion and other benefits of the recently completed Empire acquisition will positively impact capital ratios over the long term. Overall, we remain well capitalized and positioned to deliver profitable growth and long-term value to our shareholders.”

About Kroll Bond Rating Agency

KBRA was established in 2010 in an effort to restore trust in credit ratings by creating new standards for assessing risk and by offering accurate and transparent ratings. KBRA is registered with the U.S. Securities and Exchange Commission (SEC) as a Nationally Recognized Statistical Rating Organization (NRSRO) and is recognized by the National Association of Insurance Commission (NAIC) as a Credit Rating Provider (CRP). KBRA is a full-service rating agency whose mission is to set a standard of excellence and integrity.