Flushing Financial Corp (NAS:FFIC)
$ 12.51 -0.26 (-2.04%) Market Cap: 363.65 Mil Enterprise Value: 863.08 Mil PE Ratio: 13.31 PB Ratio: 0.54 GF Score: 72/100
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Q2 2023 Flushing Financial Corp Earnings Call Transcript

Jul 26, 2023 / 01:30PM GMT
Release Date Price: $16.11 (+16.74%)
Operator

Good day and welcome to the Flushing Financial Corporation Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Mr. John Buran, president and CEO.

John R. Buran
Flushing Financial Corporation - President, CEO & Director

Good morning and thank you for joining us for our Second Quarter 2023 Earnings Call. Following my prepared remarks, Susan will review the financial trends and we will then answer any questions. During the first quarter, the company instituted a 6 step action plan to enhance the resilience of our business model and strengthen our financial performance.

We executed this plan well during the second quarter and are pleased with the progress we have made so far on key points. First, to move more towards interest rate neutral, we added more than $400 million of asset swaps. Additionally, $250 million of funding swaps became effective during the quarter. We're also increasing the percentage of back to back swap loans. These loans are

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