Flushing Bank Maintains Investment Grade Rating from KBRA
NOV 9, 2020 - 7:31 am
Kroll Bond Rating Agency reaffirmed an investment grade rating for Flushing Financial and Flushing 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. Flushing Financial and Flushing Bank received ratings of BBB/K3 and BBB+/K2, respectively.
According to KBRA’s report, Flushing Financial’s and Flushing Bank’s ratings are supported by a seasoned management team that reflects beneficial experience with the greater-New York City banking market, a mid-tier deposit share position in this competitive market and a loan portfolio that is considered to be relatively low risk.
“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,” John R. Buran, president and CEO of Flushing Financial, said. “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.”
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