Flushing Financial Corporation Announces Authorization of Stock Repurchase Program; Declares Quarterly Dividend of $0.20 per...
February 27 2018 - 4:30PM
Flushing Financial Corporation (the “Company”) (Nasdaq:FFIC), the
parent holding company for Flushing Bank (the “Bank”), today
announced that the Board of Directors (the “Board”) has authorized
the purchase of up to 1,000,000 shares of its common stock. Stock
will 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. The
Company will complete the purchase of the 124,713 shares remaining
from its previous purchase authorization prior to purchasing shares
under this authorization.
As previously announced on January 22, 2018, the
Company has planned for an 11% quarterly dividend increase for
2018. The Company announced today that the Board of Directors
declared a quarterly dividend on its common stock of $0.20 per
common share, payable on March 30, 2018 to shareholders of record
at the close of business on March 9, 2018.
John R. Buran, Flushing Financial’s President
and Chief Executive Officer, stated: “Our strong financial
performance and capital position, as well as our confidence in the
opportunities for future growth, underlie our belief that our
shares are a good value in today’s marketplace and that the
repurchase of our shares represents an attractive investment
opportunity that will benefit the Company and our shareholders.
While the timing and amount of future share repurchases will depend
on market conditions and the attractiveness of alternative capital
investments, this action confirms a continuing commitment to
utilize share repurchases as one approach for enhancing shareholder
value. In addition to the share repurchase, as we strive to
enhance our continuing efforts to increase total shareholder
return, the Board approved an 11% increase of the dividend.
The Board will continue to review further dividend payments on a
quarterly basis.”
FLUSHING FINANCIAL CORPORATION (Nasdaq:FFIC) is
the holding company for Flushing Bank®, a New York State-chartered
commercial bank insured by the Federal Deposit Insurance
Corporation. The Bank serves consumers, businesses, professionals,
corporate clients, and public entities by offering a full
complement of deposit, loan, equipment finance, and cash management
services through its banking offices located in Queens, Brooklyn,
Manhattan, and Nassau County. As a leader in real estate lending,
the Bank’s experienced lending team creates mortgage solutions for
real estate owners and property managers both within and outside
the New York City metropolitan area. Flushing Bank is an Equal
Housing Lender. The Bank also operates an online banking division,
consisting of iGObanking.com® which offers competitively priced
deposit products to consumers nationwide and BankPurely®, our
eco-friendly, healthier lifestyle community brand.
“Safe Harbor” Statement under the
Private Securities Litigation Reform Act of 1995:
Statements in this Press Release relating to plans, strategies,
economic performance and trends, projections of results of specific
activities or investments and other statements that are not
descriptions of historical facts may be forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Forward-looking information
is inherently subject to risks and uncertainties, and actual
results could differ materially from those currently anticipated
due to a number of factors, which include, but are not limited to,
risk factors discussed in the Company’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2016 and in other documents
filed by the Company with the Securities and Exchange Commission
from time to time. Forward-looking statements may be identified by
terms such as “may”, “will”, “should”, “could”, “expects”, “plans”,
“intends”, “anticipates”, “believes”, “estimates”, “predicts”,
“forecasts”, “potential” or “continue” or similar terms or the
negative of these terms. Although we believe that the expectations
reflected in the forward-looking statements are reasonable, we
cannot guarantee future results, levels of activity, performance or
achievements. The Company has no obligation to update these
forward-looking statements.
Additional information on Flushing Financial
Corporation may be obtained by visiting the Company’s web site at
http://www.flushingbank.com.
CONTACT:
Susan K. CullenSenior Executive Vice President
andChief Financial OfficerFlushing Financial Corporation(718)
961-5400
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