Operating cash flow remains inconsistent, evidenced by a negative OCF/NI ratio of -1.53 in 2026Q1, highlighting potential challenges in converting earnings to actual cash.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 45.26M | 61.02M | 12.41M | 34.59M | 85.75M | 88.6M | 71.28M | 63.77M | 77.3M | 83.53M | 42.4M | 44.73M | 57.38M | 74.44M | 71.1M | 64.72M | 67.19M | 28.02M | 29.34M | 25.54M | 30.34M | 25.54M | 29.29M | 28.83M | 25.12M | 15.2M | 14.19M | 17M | 19.9M | 9.7M | 13.2M |
| Operating CF Growth % | 342.16% | 391.62% | -64.11% | -59.67% | -3.21% | 24.3% | 11.77% | -17.51% | -7.45% | 97.02% | -5.22% | -22.04% | -22.92% | 4.7% | 9.85% | -3.67% | 139.75% | -4.49% | 14.9% | -15.82% | 18.77% | -12.8% | 1.59% | 14.79% | 65.23% | 7.09% | -16.51% | -14.57% | 105.15% | -26.52% | - |
| Net Income | 34.51M | 18.88M | -31.33M | 28.66M | 76.94M | 81.79M | 34.67M | 41.28M | 55.09M | 41.12M | 64.92M | 46.21M | 44.24M | 37.75M | 34.33M | 35.35M | 38.84M | 25.56M | 22.26M | 20.18M | 21.64M | 23.54M | 22.65M | 21.68M | 16.26M | 14.93M | 12.42M | 12.7M | 10.2M | 8.5M | 6.7M |
| Depreciation & Amortization | 5.62M | 5.69M | 6.14M | 6.45M | 6.47M | 7.04M | 6.32M | 5.93M | 5.79M | 4.83M | 4.45M | 3.58M | 2.81M | 3.42M | 3.68M | 3.65M | 3.26M | 3.13M | 2.88M | 4.29M | 3.4M | 1.55M | 3.41M | 4.66M | 3.85M | 2.34M | 2.05M | 2.2M | 2.8M | 900K | 1.2M |
| Deferred Taxes | 9.77M | 11.1M | -15.86M | 3.72M | 144K | -1.73M | -4.64M | -3.9M | -2.66M | 8.73M | -1.54M | -5.21M | 4.15M | -682K | -804K | 685K | -8.04M | 7.87M | -6.36M | -848K | 485K | 2.02M | -678K | 1.84M | -859K | 132K | -7K | -100K | 500K | -200K | 0 |
| Other Non-Cash Items | 5.41M | 20.74M | 80.58M | -2.1M | -1.23M | -4.13M | 24.71M | 8.25M | 4.27M | 11.58M | -46M | -4.57M | -5.51M | 17.67M | 25.72M | 24.27M | 25.8M | 21.12M | 11.41M | 499K | 4.19M | -1.57M | 3.91M | 648K | 5.86M | -2.2M | 684K | 100K | 6.4M | 500K | 5.3M |
| Working Capital Changes | -14.16M | 1.46M | -29.58M | -7.75M | -3.38M | -1.2M | 3.76M | 4.44M | 7.8M | 11.27M | 14.69M | -123K | 7.42M | 12.86M | 4.91M | -1.93M | 5.08M | -31.73M | -3M | 1.41M | 631K | 0 | 0 | 0 | 0 | 0 | -954K | 2.1M | 0 | 0 | 0 |
| Cash from Investing | 22.98M | 246.53M | -505.6M | -94.26M | -351.82M | -106.78M | 93.1M | -194.77M | -478M | -254.11M | -322.23M | -600.52M | -339.58M | -326.02M | -197.99M | 22.69M | -180.92M | -192.79M | -634.37M | -505.6M | -319.03M | -285.22M | -151.18M | -291.49M | -155.19M | -128.94M | -96.86M | -101.5M | -127.2M | -252.2M | -60.8M |
| Purchase of Investments | -826M | -496.94M | -1.3B | -187.44M | -241.41M | -538.35M | -217.41M | -176.21M | -307.71M | -170.97M | -179.39M | -318.92M | -162.83M | -458.6M | -311.65M | -157.74M | -397.91M | -198.27M | -518.24M | -211.12M | -60.13M | -37.74M | -104.34M | -442.32M | -262.51M | -190.35M | -31.01M | -80.7M | -254.6M | -177.4M | -141.6M |
| Sale/Maturity of Investments | 649.12M | 82.85M | 727.74M | 58.29M | 170.52M | 395.31M | 505.29M | 213.32M | 203.95M | 286.9M | 270.83M | 280.69M | 227.43M | 343.4M | 183.44M | 162.6M | 280.49M | 271.08M | 150.43M | 95.63M | 97.28M | 119.09M | 202.37M | 252.81M | 210.36M | 142.35M | 64.86M | 104.6M | 279.4M | 148.3M | 183.8M |
| Net Investment Activity | -176.88M | -414.1M | -574.87M | -129.16M | -70.89M | -143.04M | 287.88M | 37.1M | -103.76M | 115.93M | 91.44M | -38.24M | 64.6M | -115.2M | -128.22M | 4.86M | -117.42M | 72.81M | -367.81M | -115.48M | 37.15M | 81.34M | 98.03M | -189.51M | -52.14M | -48M | 33.86M | 23.9M | 24.8M | -29.1M | 42.2M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 31.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 204.16M | 665.85M | 71.58M | 40.38M | -276.58M | 39.93M | -223.78M | -227.66M | -368.82M | -360.61M | -407.02M | -551.19M | -399.85M | -210.01M | -68.48M | 22.39M | -60.49M | -262.92M | -265.28M | -386.81M | -336.56M | -365.33M | -246.54M | -99.75M | -102.19M | -80.62M | -129.53M | -124.6M | -151.1M | -221.6M | -102.4M |
| Cash from Financing | -181.45M | -334.05M | 473.61M | 80.08M | 336.09M | -57.48M | -56.77M | 62.23M | 467.71M | 186.28M | 273.33M | 563.88M | 282.98M | 244.65M | 111.59M | -79.48M | 133.09M | 162.79M | 599.28M | 486.96M | 291.19M | 271.77M | 116.25M | 235.33M | 139.18M | 130.25M | 69.73M | 96.7M | 39.7M | 298.4M | 62.8M |
| Dividends Paid | -30.42M | -30.29M | -26.04M | -26.26M | -27.03M | -26.52M | -24.81M | -24.15M | -22.93M | -20.95M | -19.69M | -18.62M | -17.85M | -15.62M | -15.82M | -15.91M | -15.79M | -14.99M | -10.38M | -9.4M | -8.18M | -7.03M | -6.13M | -4.85M | -4.24M | -3.82M | -3.42M | -2.9M | -2.4M | -1.6M | -600K |
| Share Repurchases | -639K | -721K | -1.71M | -13.16M | -29.68M | -11.37M | -3.88M | -2.66M | -22.59M | -9.29M | -9.86M | -15.61M | -18.87M | -14.15M | -5.55M | -7.72M | -347K | -231K | -409K | 0 | 0 | 0 | -9.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 65.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.04M | 458K | 102.16M | 2.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -639K | -721K | 63.83M | -13.16M | -29.68M | -11.37M | -3.88M | -2.66M | -22.59M | -9.29M | -9.86M | -15.61M | -18.87M | -14.15M | -5.55M | -5.68M | 111K | 101.93M | 1.95M | 0 | 0 | 0 | -9.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Financing | -138.64M | 131.96M | 362.69M | 329.2M | 149.88M | 199.21M | 208.54M | 105.38M | 577.06M | 177.06M | 313.38M | 383.66M | 276.29M | 217.48M | -131.56M | -43.22M | 496.85M | 152.27M | 443.27M | 260.88M | 191.11M | 174.49M | 122.89M | 158.08M | 183.24M | 138.77M | 22.87M | 42.8M | 8.1M | 71.4M | 24.6M |
| Net Change in Cash | -113.2M | -26.5M | -19.58M | 20.4M | 70.03M | -75.67M | 107.6M | -68.77M | 67.02M | 15.69M | -6.51M | 8.1M | 780K | -6.94M | -15.3M | 7.93M | 19.36M | -1.98M | -5.74M | 6.9M | 2.5M | 12.09M | -5.64M | -27.32M | 9.11M | 16.52M | -12.94M | 12.2M | -67.7M | -34.4M | -19.3M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 126.08M | 152.57M | 172.16M | 151.75M | 81.72M | 157.39M | 49.79M | 118.56M | 51.55M | 35.86M | 42.36M | 34.27M | 33.48M | 40.42M | 55.72M | 47.79M | 28.43M | 30.4M | 36.15M | 29.25M | 26.75M | 14.66M | 20.3M | 47.62M | 38.51M | 21.99M | 34.93M | 22.7M | 90.4M | 34.4M | 19.3M |
| Cash at End | 158.71M | 126.08M | 152.57M | 172.16M | 151.75M | 81.72M | 157.39M | 49.79M | 118.56M | 51.55M | 35.86M | 42.36M | 34.27M | 33.48M | 40.42M | 55.72M | 47.79M | 28.43M | 30.4M | 36.15M | 29.25M | 26.75M | 14.66M | 20.3M | 47.62M | 38.51M | 21.99M | 34.9M | 22.7M | 332.8M | 82.1M |
| Interest Paid | 244.37M | 254.04M | 278.7M | 214.61M | 63.68M | 40.56M | 71.38M | 115.62M | 85.11M | 59.87M | 53.76M | 48.47M | 53.97M | 53.6M | 62.37M | 75.91M | 91.94M | 116.12M | 125.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 1.33M | 1.33M | 8.58M | 6.27M | 32.41M | 28.23M | 17.92M | 15.37M | 6.62M | 23.9M | 36.81M | 32.57M | 24.94M | 21.39M | 21.95M | 22.92M | 26.77M | 9.63M | 17.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 40.97M | 55.8M | 10.1M | 29.1M | 81.41M | 84.92M | 68.77M | 59.56M | 71.89M | 74.09M | 35.74M | 33.64M | 53.05M | 73.63M | 69.81M | 60.16M | 64.18M | 25.34M | 28.06M | 22.23M | 21.98M | 24.31M | 26.63M | 26.61M | 24.26M | 14.88M | 13M | 16.2M | 19M | 8.2M | 12.6M |
| FCF Growth % | 88.22% | 452.36% | -65.28% | -64.26% | -4.13% | 23.49% | 15.46% | -17.16% | -2.97% | 107.31% | 6.24% | -36.59% | -27.95% | 5.47% | 16.04% | -6.27% | 153.31% | -9.72% | 26.27% | 1.14% | -9.6% | -8.7% | 0.06% | 9.7% | 63% | 14.48% | -19.75% | -14.74% | 131.71% | -34.92% | - |
NYC Real Estate Concentration
Based on reported financial filings, FFIC has demonstrated significant volatility in its investment portfolio, with quarterly purchase activity reaching as high as $451.4 million in 2024Q2, while simultaneously liquidating securities to manage liquidity needs, as evidenced by the $512.3 million in sales during 2024Q4.
The frequent and large-scale turnover of the investment portfolio suggests that management is utilizing these assets as a primary liquidity buffer rather than a static yield-generating engine. Investors should monitor whether this high-frequency trading of securities is masking underlying core funding gaps or if it represents a tactical response to interest rate volatility.
As reported in recent financial statements, FFIC has maintained a consistent quarterly dividend payout of approximately $7.6 million, even during periods of negative net income, such as the $9.8 million loss recorded in 2025Q1, which warrants further investigation into the long-term sustainability of this capital return policy.
The decision to maintain dividend payments despite significant earnings swings suggests a commitment to shareholder returns that may be increasingly difficult to fund through organic capital generation. This strategy appears to prioritize dividend stability over the retention of capital, which could leave the bank with a thinner buffer should credit losses in the CRE portfolio accelerate.
According to historical data, FFIC's provision for loan losses has fluctuated significantly, peaking at $6.4 million in 2024Q4, which indicates that the bank is actively adjusting its reserve levels in response to the evolving credit risk profile of its NYC-concentrated multi-family and commercial real estate loan book.
The lack of a stable provisioning trend suggests that the bank's internal models are highly sensitive to the current economic environment in the New York metropolitan area. Analysts should interpret these swings as a signal that the bank is attempting to stay ahead of potential asset quality deterioration, though the effectiveness of these reserves remains unproven.
Based on the provided financial data, the cash flow statement appears to obscure the impact of unrealized losses on the investment portfolio, as the reported operating cash flows often diverge sharply from net income, with an OCF/NI ratio of -1.53 observed in 2026Q1.
The disconnect between net income and operating cash flow suggests that traditional cash flow metrics are poor indicators of FFIC's true financial health. Investors should look past these figures to the balance sheet, where the valuation of fixed-income assets and the potential for further credit migration in the loan book likely present more material risks than the cash flow statement implies.
Quick answers to the most common questions about buying FFIC stock.
Flushing Financial Corporation (FFIC) generated $61.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Flushing Financial Corporation (FFIC) generated $55.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Flushing Financial Corporation (FFIC) spent $5.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Flushing Financial Corporation (FFIC) returned $30.3M to shareholders via cash dividends and spent $0.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.