ADDED
At December 31, 2025, the Company had total assets of $8.7 billion, deposits of $7.3 billion and stockholders equity of $0.7 billion.
At December 31, 2025, we had gross loans outstanding of $6,639.8 million, with gross mortgage loans totaling $5,226.4 million, or 78.7% of gross loans, and commercial business loans totaling $1,413.4 million, or 21.3% of gross loans.
Our primary sources of funds are deposits, Federal Home Loan Bank of New York ( FHLB-NY ) borrowings, principal and interest payments on loans, mortgage-backed, other securities and to a lesser extent proceeds from sales of securities and loans.
Proposed Merger On December 29, 2025, the Company, OceanFirst Financial Corp.
( OceanFirst ), and Apollo Merger Sub Corp., a wholly-owned subsidiary of OceanFirst ( Merger Sub ), entered into an Agreement and Plan of Merger (as it may be amended, modified or supplemented from time to time in accordance with its terms, the merger agreement ), pursuant to which, on the terms and subject to the conditions set forth in the merger agreement, OceanFirst and the Company have agreed to combine their respective businesses through a series of mergers.
In the terms and subject to the conditions set forth in the merger agreement, at the closing, Merger Sub will merge with and into the Company (the first merger ), with the Company as the surviving entity.
Immediately following the first merger, the Company will merge with and into OceanFirst (the second merger and together with the first merger, the mergers ), with OceanFirst as the surviving corporation (the combined company and certain references to OceanFirst herein refer to the combined company following the second merger, as context requires).
On the day immediately following the mergers, Flushing Bank will merge with and into OceanFirst Bank, National Association, a national banking association and a wholly-owned subsidiary of OceanFirst ( OceanFirst Bank, and such merger, the bank merger ), with OceanFirst Bank continuing as the surviving bank (the surviving bank ).
In the first merger, the Company s stockholders will be entitled to receive 0.85 of a share of OceanFirst common stock for each share of Company common stock they own, subject to certain exceptions.
Although the number of shares of OceanFirst common stock that the Company s stockholders will be entitled to receive per share of Company common stock is fixed, the market value of the merger consideration will fluctuate with the market price of OceanFirst common stock and will not be known at the time the Company s stockholders vote on the merger agreement.
REMOVED
At December 31, 2024, the Company had total assets of $9.0 billion, deposits of $7.2 billion and stockholders equity of $0.7 billion.
During December 2024, the Company issued $70.0 million (gross) of common equity in order to complete a restructuring transaction of the balance sheet.
The Company sold $444.8 million of securities yielding 1.98%, repositioned the borrowings from the Federal Home Loan Bank of New York ( FHLB-NY ), and moved $74.0 million of loans to held for sale.
The net result of these and other transactions was a pre-tax loss of $76.0 million.
At December 31, 2024, we had gross loans outstanding of $6,737.8 million, with gross mortgage loans totaling $5,316.2 million, or 78.9% of gross loans, and commercial business loans totaling $1,421.5 million, or 21.1% of gross loans.
Our primary sources of funds are deposits, FHLB-NY borrowings, principal and interest payments on loans, mortgage-backed, other securities and to a lesser extent proceeds from sales of securities and loans.
During 2024, loan demand was below expectations and put the earnings at risk.
Management, therefore, executed on a leverage strategy purchasing $944.8 million of securities with an average yield of 6.69%.
As loan demand returns to historic norms, these securities may be sold to fund loan growth.
The purchase of these adjustable rate securities aided in moving the Company s interest rate position to more neutral.