Flushing Financial Corp. (NASDAQ:FFIC) Q1 2020 Earnings Conference Call - Final Transcript

Apr 29, 2020 • 09:30 am ET


Flushing Financial Corp. (NASDAQ:FFIC) Q1 2020 Earnings Conference Call - Final Transcript


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Welcome to Flushing Financial Corporation First Quarter 2020 Earnings Conference Call. Hosting the call today are John Buran, President and Chief Executive Officer; Susan Cullen, Senior Executive Vice President, Treasurer and Chief Financial Officer; and Frank Korzekwinski, Senior Executive Vice President and Chief of Real Estate Lending. [Operator Instructions] After today's presentation, there will be an opportunity to ask question. [Operator Instructions] A copy of the earnings press release and slide presentation that the company will be referencing today are available on its Investor Relations website at flushingbank.com.

Before we begin, the company would like to remind you that discussions during this call contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Such statements are subject to risks, uncertainties, and other factors that may cause actual results to differ materially from those contained in any such statements. Such factors are included in the company's filings with the US Securities and Exchange Commission. Flushing Financial Corporation does not undertake any obligation to update any forward-looking statements except as required under applicable law.

During this call, references will be made to non-GAAP financial measures as supplemental measures to review and assess operating performance. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with the US GAAP. For information about these non-GAAP measures and for reconciliation to GAAP, please refer to the earnings release and/or the presentation.

I'd now like to introduce John Buran, President and Chief Executive Officer, who will provide an overview of strategy and results.

John R. Buran

Thank you. Good morning, everyone, and thank you for joining us for our first quarter 2020 earnings call. I'd like to start by saying our thoughts go out to those most affected by COVID-19, especially those on the front lines of this pandemic. As we navigate through these unprecedented and challenging times, the health and safety of our employees and our customers remain our top priority. I'll begin today's call by addressing the current COVID-19 pandemic, including decisive actions we're taking in response as well as discuss our first quarter highlights. Then our CFO, Susan Cullen, will provide greater detail on our financial performance, credit quality, capital and liquidity profile. Following our prepared remarks, Susan and I will address your questions.

Starting with Slide 3, we were quick to respond to the pandemic with new health and safety measures, including social distancing, appointment banking, and expansion of remote capabilities to help keep our team members, customers and communities safe and healthy. Today, we have the capability of having our entire staff work remotely. On any given day, as many as 85% of team members work from home. Importantly, we are also actively assisting our customers by providing short-term forbearances in the form of deferrals of interest, principal and our escrow for terms ranging from one to six months. Through April 17, we have approved forbearances for loans with an outstanding