FLUSHING FINANCIAL CORP — Call Transcript 2023

Apr 26, 2023

1Q23 Earnings Conference Call

April 25, 2023

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Safe Harbor Statement

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: Statements in this Presentation relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments and other statements that are not descriptions of historical facts be statements within the of the Private Securities may forward-looking meaning Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and in other documents filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking statements may be identified by terms such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “forecasts”, “goals”, “potential” or “continue” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The Company has no obligation to update these forward-looking statements.

2

Action Plan Implemented to Improve Performance in 1Q23

Steps	Actions/Results
1) Move more towards interest rate neutral	• The Company has a goal of reaching neutral interest rate risk position in the shorter term • Achieved 40% of our 2023 goal by adding $200MM of hedges on investments, $50MM net of fundings swaps, increasing floating rate securities, and extending funding
2) Enhance focus on risk adjusted returns and profitability	• Relationships will face greater scrutiny to achieve risk adjusted returns • Yields on 1Q23 closings were 7.01%, an increase of 357 bps YoY and 91 bps QoQ
3) Emphasizing our brand of customer service and deepening relationships to expand customer base and drive loyalty	• Given the recent turmoil in the banking industry, activity surrounding new loans and deposits has increased • Loan pipeline increased 5.5% during the quarter with the prospect of additional activity coming from the absence of a large competitor • Checking account openings increased 30% YoY
4) Tighten expense controls	• Greater scrutiny placed on discretionary expenses • Other actions taken to reduce near term expense growth
5) Review new and existing lending relationships to prepare for the next credit cycle	• Early disposal of weaker credits • Focus on recession-proof industries
6) Preserve strong liquidity and capital	• Liquidity is strong and looking to fully utilize the balance sheet to add even more capacity • Working to maintain solid capital position • Average deposits increased 2.0% QoQ and 6.2% YoY

Decisive Actions Expected to Enhance Business Model Resilience and Drive Future Profitability

3

Areas of Focus for Long-term Success

• Midtown Manhattan office exposure is 0.1% of net loans

• The Company is a conservatively managed institution with a history of low and below industry levels of credit

• Credit losses • Over 88% of the loan portfolio is collateralized by real estate with an average loan to value less than 37%

• •

• Quality Weighted average DSR for multifamily and CRE is 1.9x • Resulting in strong level of coverage to absorb the impact of higher operating costs and principal and interest payments

• • Historically the Company operated with a liability sensitive balance sheet resulting in liabilities repricing faster

• Interest than assets when interest rates change • During 1Q23, the Company took significant actions to improve its interest rate risk position

• Rate Risk • These actions, which include adding hedges, floating rate assets, and extending funding, resulted in achievement of 40% of our goal for 2023

• • Deposits increased nearly $250 million in the first quarter, and we see new opportunities for growth due to market disruption and new branches

• • The Company continues to have ample liquidity with $3.7 billion of undrawn lines and resources or 3.4x

• Liquidity uninsured and uncollateralized deposits

• • Uninsured and uncollateralized deposits were only 16.2% of total deposits at March 31, 2023

• • Checking account openings were up 30% YoY in 1Q23

• • Additional opportunities emerging as a result of a major competitor leaving the market

• •

• Customer Approximately 33% of our branches are in Asian markets; a key focus of our business • Bensonhurst, our 27th branch, is expected to open in 2023 enhancing our Asian branch presence

• •

• Experience Digital banking usage continues to increase with double digit growth in monthly mobile deposit active uses and digital banking enrollment in March 2023 versus a year ago

4

1Q23 GAAP EPS $0.17 and Core[1] EPS of $0.10

GAAP ROAA and ROAE 0.24% and 3.02%; Core[1] ROAA and ROAE 0.14% and 1.76%

1 Grow Funding Sources

2 Maintain Loan Portfolio

• Average total deposits increased 6.2% YoY and 2.0% QoQ; Core deposits are 75.3% of average total deposits

• Uninsured and uncollateralized deposits are a low 16.2% of total deposits

• Deposit yields increased 66 bps QoQ to 2.29%; Overall cost of funds totaled 2.47%, an increase of 63 bps QoQ and 204 bps YoY

• Loan closings of $173.5MM, down 47.3% YoY, with weighted average yields of 7.01%, up 91 bps QoQ and 357 bps YoY

• Net loans increased 4.5% YoY

• Loan pipeline of $266.1MM, up 5.5% QoQ

• Portfolio loan yield increased 12 bps QoQ; Core loan yield expanded 17 bps QoQ

3 Focus on Asset Quality

4 Leverage Technology

• NPAs decreased 21.0% QoQ; only 50 bps of assets

• The total real estate portfolio has a low average LTV of <37%

• Weighted average debt service coverage ratios are strong at 1.9x for the multifamily and commercial real estate portfolios

• Digital users and engagement continues to expand

• In 1Q23, originated approximately $6.6MM of loan commitments on the digital platform

• Expanded fintech partnerships to offer customers assistance with filing and processing Employee Retention Tax Credit refunds

1 See Reconciliation of GAAP Earnings and Core Earnings in Appendix

5

$3.7 Billion of Available Liquidity

($ in millions)	Total Available	Amount Used	Net Availability
Internal Sources:
Unpledged Securities and Other	$470.8	$-	$470.8
Interest Earnings Deposits	$99.4	$-	$99.4
External Sources:
Federal Home Loan Bank	$3,789.8	$1,952.8	$1,837.0
Federal Reserve Bank	$110.9	$-	$110.9
Other Banks	$1,208.0	$-	$1,208.0
Total Liquidity	$5,678.9	$1,952.8	$3,726.1

Available Liquidity Is 3.4x Uninsured and Uncollateralized Deposits

6

Loans Secured by Real Estate Have an Average LTV of <37%

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1%
1%
2%2% 1%
2% 2%
3%
5%
38%
6%
$6.9B
Total Portfolio
8%
8%
12%
11%
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88% Real Estate Based

Multifamily: 37.6%

Non Real Estate: 11.6% Owner Occupied CRE: 10.8% One-to-four family - Mixed Use: 8.1% General Commercial: 7.6% CRE - Strip Mall: 6.3% CRE - Shopping Center: 4.7% One-to-four family - Residential: 3.4% CRE - Single Tenant: 2.4% Multi Tenant Office: 1.7% Health Care/Medical Use: 1.6% Industrial: 1.5% Commercial Special Use: 1.3% Construction: 0.9% Single Tenant Office: 0.5%

Midtown Manhattan Office Exposure is 0.1% of Net Loans

Data as of March 31, 2023

7

Strong Asian Banking Market Focus

Asian Communities – Total Loans $810MM and Deposits $1.2B

Multilingual Branch Staff Serves Diverse Customer Base in NYC Metro Area

Growth Aided by the Asian Advisory Board

18% of Total Deposits

$36B Deposit Market Potential (~3% Market Share[1] )

7.6%

Sponsorships of Cultural Activities Support New and Existing Opportunities

FFIC 5 Year Asian Market CAGR vs 3.7%[1] for the Comparable Asian Markets

Expanding into Bensonhurst (Brooklyn) in 2023

1 As of June 30, 2022; Latest FDIC Data

8

Digital Banking Usage Continues to Increase

23% Increase in Monthly Mobile Deposit Active Users March 2023 YoY

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Internet Banks

iGObanking and BankPurely national deposit gathering platforms ~3% of Average Deposits in March 2023

~30,000 12% Users with Active Online Digital Banking Banking Status Enrollment March 2023 YoY Growth 22% March 2023 YoY Growth Numerated ~8,000 Small Business Lending Zelle[®] Transactions Platform ~$2.8MM $6.6MM of Commitments in 2023 Zelle Dollar Transactions in March 2023

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Technology Enhancements Remain a Priority to Grow Customer Base and Increase Engagement

9

Key Community Events During 1Q23

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▪ Announces Community Scholarship for NYC Kids Rise at P.S. 22Q ▪ Attends Manhattan Neighborhood Network Ribbon Cutting ▪ Opened Hauppauge Branch; Bensonhurst to open in 2023

10

Average Total Deposits Increase; Higher CD Percentage

Total Average Deposits

($MM)

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$6,810
$6,678
$6,410 $6,441 $6,277 1.2% 1.0%
1.1% 1.5%
1.1%
20.2%
13.9% 12.7% 24.7%
16.9%
34.8%
35.2%
32.2%
34.0% 30.2%
2.4%
2.4%
2.2%
2.5% 2.0%
31.8% 32.4% 28.8% 29.5%
28.9%
15.6% 16.2% 16.7% 14.7%
13.2%
1Q22 2Q22 3Q22 4Q22 1Q23
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Average Noninterest Deposits

($MM)

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1300
1100 $1,001.6 $1,044.6 $1,050.3 $979.8 $896.5
900
700
500
300
100
- 100 1Q22 2Q22 3Q22 4Q22 1Q23
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▪ Average total deposits increased 2.0% QoQ and 6.2% YoY

▪ Noninterest bearing deposits are 13.2% of average total deposits, down from 15.6% a year ago

▪ 1Q23 checking account openings up 30% YoY

Noninterest Bearing NOW Accounts Savings Money Market CDs Mortgage Escrow Deposit Costs 0.21% 0.29% 0.76% 1.63% 2.29%

▪ Deposit growth driven by CDs, which have a ~12-18 month duration

11

Core Loan Yields Improve; Balances Flat Up YoY

Loan Composition Period End Loans ($MM)

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$6,948 $6,926 $6,895
$6,752
$6,601
22.5% 22.3% 22.4%
21.8%
21.9%
11.5% 11.5% 11.4%
12.0%
12.4%
0.9% 1.0% 0.9%
1.1%
1.0%
27.6% 27.6% 27.6%
27.6%
26.7%
38.0% 37.5% 37.5% 37.6% 37.7%
1Q22 2Q22 3Q22 4Q22 1Q23
Multifamily Commercial Real Estate Construction 1-4 Family Business Banking
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Core Loan Yields 4.04% 4.15% 4.35% 4.63% 4.80%

▪ Net loans increased 4.5% YoY

▪ Loan pipeline totaled $266.1MM at March 31, 2023; Pipeline yield increases 91 bps QoQ

▪ Core loan yields improve 17 bps QoQ; prepayment penalty income totaled $0.6MM in 1Q23 vs $1.2MM in 4Q22 and $1.6MM in 4Q21

▪ Spread between closing and satisfaction yields, excluding PPP, expanded in 1Q23

Closings vs Satisfaction Yields Excluding PPP

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8.00% 7.01% 3.00 %
7.00% 6.10% 5.63% 5.88% 2.50 %
6.00% 4.60% 4.74% 2.00 %
5.00%4.00% 3.44% 3.76% 3.92% 3.64% 1.50 %
3.00% 0.28 % 0.47 % 1.00 %
2.00% (0.14)% 1.13 % 0.50 %
1.00% (0.32)% 0.00 %
0.00% (0.50)%
1Q22 2Q22 3Q22 4Q22 1Q23
Closings Yield Ex PPP Satisfaction Yield Ex PPP Spread
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See Appendix for definitions of Core Loan Yields

12

47% of the Loan Portfolio Reprices Through 2025

Loan Repricing

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($MM)
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$1,092
6.98% $660
$765
$754
6.82%
6.26%
6.15% 6.15%
4.42% 4.40%
4.08%
Floating 2023 2024 2025
Adjustable Loan Repricing Maturing Fixed Rate Total Loan Repicing Current Rate Repricing Rate
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▪ Floating rate loans include any loans (including swaps) tied to an index that reprices within 90 days

▪ Through 2025, loans to reprice 175-207 bps higher assuming index values as of March 31, 2023

▪ ~16% of loans reprice with every Fed move and an additional 10-15% reprice annually

13

NIM Under Pressure Until Fed Stops

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($MM)
$70. 0 The NIM Should: 7.00%
- Compress if the Fed continues to raise rates
$64.6
-
$62.7 Expand, after a lag, if the Fed stops raising rates
$60.5
$60. 0 - Expand if the Fed cut rates 6.00%
$53.0
4.63% 4.80% 5.00%
$50. 0 4.35%
4.15%
4.04% $45.0
4.00%
$40. 0 3.31% 3.33%
3.03%
2.63% 3.00%
2.30%
$30. 0
1.63% 2.25% 2.00%
$20. 0 0.76% 1.00%
0.29%
0.22%
$10. 0 0.00%
1Q22 2Q22 3Q22 4Q22 1Q23
Core NII FTE Core NIM FTE Core Loan Yields Core Deposit Yield
GAAP NIM FTE
3.36% 3.35% 3.07% 2.70% 2.27%
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See Appendix for definitions of Core NII FTE, Core NIM, and Core Loan Yields

14

Over $1.5B of Swap Notional Helps Reduce Rate Sensitivity

Swap Type	Current Notional ($MM)	Weighted Average Duration (Years)	Underlying Asset / Liability Rate	Net Effective Rate
Asset Hedges Used to Convert Fixed into Floating
FV Hedge on Investments	$200.0	4.0	1.90%	3.42%
FV Hedge on Loans	$271.5	7.0	4.03%	6.80%
Back-to-Back Loan Swaps	$109.7	10.8	3.37%	6.70%
Total	$581.2		3.17%	5.62%
Liability Hedges Used to Convert Floating into Fixed
Effective Funding Swaps	$621.5	2.4	4.84%	2.55%
Forward Funding Swaps	$300.0	2.7		Approximately 1.80%

Use Swaps to Narrow the Duration Gap Between Assets and Liabilities

15

Swaps Have Provided Capital Protection As Rates Rise

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($ in 000s) 1Q23 4Q22 3Q22 2Q22 1Q22
Unrealized Gain/(Loss) On Investment Securities ($59,973) ($63,106) ($72,930) ($50,133) ($29,699)
Unrealized Gain/(Loss) On Hedges 21,094 25,380 26,450 18,260 13,345
Net Accumulated Gain/(Loss) ($38,879) ($37,726) ($46,480) ($31,873) ($16,354)
End of Period Effective Fed Funds Rate 4.83% 4.33% 3.08% 1.58% 0.33%
Tangible Common Equity to Tangible Assets 7.73% 7.82% 7.62% 7.82% 8.05%
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Fair Value of Swaps Partially Offsets Fair Market Value Changes in AFS Securities

16

High Quality and Liquid Investment Securities Portfolio

Investment Securities

Amortized Cost ($MM)

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Municipals
7%
9%
US Gov Agencies
47% 18% Corporate
Mutual Funds
Collateralized Loan
1%
Obligations
19%
MBS
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Fair Value ($MM)
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$931.8
$914.1 $893.8 $885.5
$809.1
11.2% 11.2%
10.4% 10.4%
9.6%
1.79% 2.04% 2.32% 2.71% 3.15%
1Q22 2Q22 3Q22 4Q22 1Q23
Investment Securities % Of Total Assets Yield
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▪ Investment securities are used for liquidity and collateral for certain deposits

▪ Investment securities are 10.4% of total assets; duration approximates 3.5 years

▪ Approximately 92% of the portfolio is classified as AFS and 8% HTM

▪ The fair value of the overall portfolio is 88.0% of par compared to 88.6% at 4Q22

▪ Approximately 53% of the portfolio (amortized cost) is floating rate (including fair value hedges)

▪ Investment securities yield improved 44 bps QoQ and 136 bps YoY to 3.15% in 1Q23 from 2.71% in 4Q22 and 1.79% in 1Q22

17

Net Charge-offs Significantly Better Than the Industry; Strong DSR

NCOs / Average Loans

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3.3% Weighted average debt service ratios (DSR) for Multifamily and
NOO CRE portfolios at ~1.9x [1]
2.8% - 200 bps shock increase in rates produces a weighted average DSR of ~1.25x [2]
- 10% increase in operating expense yields a weighted average DSR of >1.50x [2]
- 200 bps shock increase in rates and 10% increase in operating expenses
2.3%
results in a weighted average DSR >1.15 [2]
- In all scenarios, weighted average LTV is less lean 50% [2]
1.8%
1.3%
0.8%
0.54%
0.27%
0.3%
-0.2%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1Q23
FFIC Industry 3
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▪ Over two decades and multiple credit cycles, Flushing Financial has a history of better than industry credit quality ▪ Average LTVs on the Real Estate portfolio is <37%[4]

– Only $22.2MM of real estate loans (0.3% of gross loans) with an LTV of 75% or more[4]

1 Based on most recent Annual Loan Review

2 Based upon a sample size of 89% of loans adjusting between 2022 and 2024 with no increase in rents or total income; analysis done when the weighted average DSR was 1.7x

4 Based on appraised value at origination

3 “Industry” includes FDIC insured institutions from “FDIC Statistics At A Glance” through December 31, 2022

18

Continued Strong Credit Quality

NPAs / Assets

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50.7% LTV on 1Q23 NPAs
0.63%
0.59% 0.58%
0.50%
0.39%
0.43%
0.17% 0.36%
0.29%
1Q22 2Q22 3Q22 4Q22 1Q23
FFIC Peer Median
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ACL / Gross Loans & ACL / NPLs

Criticized and Classified Loans / Gross Loans

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5.00%
4.50% 3.27%
4.00% 2.84% 2.48% 2.42%
3.50%
3.00%
2.50%
2.00%
1.50% 0.90% 0.85% 0.89% 0.98% 0.84%
1.00%
0.50%
0.00%
1Q22 2Q22 3Q22 4Q22 1Q23
FFIC Peer Median
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ACL by Loan Segment (1Q23)

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9.49%
0.35% 0.40% 0.31% 0.31% 0.00% 0.25% 1.14% 10.00%
0. 00%
$2,601 -10. 00%
$1,904 -20. 00%
$1,519 -30. 00%
-40. 00%
$550 -50. 00%
$232 -60. 00%
$6 $60 $23
-70. 00%
Multifamily Commercial 1-4 Family - 1-4 Family - Co-operative Construction Small Commercial
Residential Real Estate Mixed Use Residential Apartments Business Business and
Loan Balance ($MM) ACLs / Loans Administration Other
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300% 266.1% 2%
2%
250%
2%
182.9% 1%
200%
141.1% 142.3% 1%
150% 124.9% 1%
1%
100%
1%
50% 0.57% 0.58% 0.59% 0.58% 0.56% 0%
0%
0% 0%
1Q22 2Q22 3Q22 4Q22 1Q23
ACLs / NPLs ACLs / Loans
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• Peer data through 4Q22; Peers include: BKU, DCOM, FLIC, HNVR, KRNY, NFBK, NYCB, PFS, and VLY

19

Book Value and Tangible Book Value Per Share Grow YoY

3% YoY Book Value Per Share Growth

3% YoY Increase in Tangible Book Value Per Share

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$23. 00 8.70%
$24. 00 30.00%
$22.31
$22.18
8.50%
$22.97 $22. 00 $21.71 $21.81
$23. 00 $22.84 $21.61
$22.47 25.00%
$22.38 8.30%
$22.26
$21. 00
$22. 00 20.00% 8.05% 8.10%
$20. 00
$21. 00 7.82% 7.90%
7.82%
7.73%
15.00% $19. 00
7.62% 7.70%
$20. 00 10.84% 10.52% 10.49% 10.52% 10.37% $18. 00
10.00% 7.50%
$19. 00
9.05% 8.91% 8.74% 8.61% 8.58% $17. 00 7.30%
5.00%
$18. 00
$16. 00
7.10%
$17. 00 0.00% $15. 00 6.90%
1Q22 2Q22 3Q22 4Q22 1Q23 1Q22 2Q22 3Q22 4Q22 1Q23
Book Value Per Share CET1 Ratio Leverage Ratio Tangible Book Value Per Share
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159,516 Shares Repurchased in 1Q23 at an Average Price of $19.14

20

Stable Business Model and Strong Liquidity; Position Flushing Financial for Success

▪ The Company took significant actions to move to a more interest rate risk neutral position

• After a lag, NIM should begin to recover once the Fed is done raising rates

▪ Solid deposit growth with additional market opportunities

▪ Uninsured and uncollateralized deposits are low and liquidity levels are high

• Available liquidity represents 3.4x uninsured and uncollateralized deposits

▪ On going credit metrics are sound

• We view the $9.2 million charge-off as an isolated event

• Criticized and classified assets to loans improved 18 bps and delinquencies improved 16 bps QoQ

▪ Balance Sheet is conservative and low risk

• Average real estate LTVs are less than 37%

• Over 88% of the loan portfolio is real estate secured

• Weighted average debt service coverage ratio of 1.9x for multifamily and nonowner occupied commercial real estate

• Focus on maintaining conservative underwriting standards, full relationships, and appropriate risk-adjusted returns

• Midtown Manhattan office buildings represent 0.1% of loans

• Investment securities portfolio has an approximate 3.5 year duration and is shifting toward floating rate assets

• Unrealized AFS securities losses are partially offset by derivatives to mitigate the impact on AOCI

• Strong tangible capital

21

Appendix

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22

Flushing Financial Snapshot (NASDAQ: FFIC)

1Q23 Key Statistics

Key Messages

Balance Sheet	Balance Sheet	Performance	Performance
Assets Loans, net Total Deposits Equity	$8.5B $6.9B $6.7B $0.7B	GAAP/Core ROAA GAAP/Core ROAE GAAP/Core Exp/Avg Assets Tangible Book Value Dividend Yield	0.24%/0.14%1 3.02%/1.76%1 1.78%/1.78%1 $22.18 6.6%2

Footprint

Brand Promise

Deposits primarily from 26 branches (+1 in process) in multicultural neighborhoods and our online division, consisting of iGObanking[® ] and BankPurely[®]

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Anticipated to open in 2023
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1 See Reconciliation of GAAP Revenue & Pre-Provision Pre-Tax Net Revenue and Reconciliation of GAAP Revenue and Pre-Provision Pre-Tax Net Revenue for calculation 2 Calculated using 4/18/23 closing price of $13.39

23

Experienced Executive Leadership Team

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John Buran

FFIC: 22 years Industry: 46 years

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Maria Grasso

17 years 37 years

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Susan Cullen Francis Korzekwinski Michael Bingold SEVP, CFO, SEVP, Chief of SEVP, Chief Retail and Treasurer Real Estate 8 years 30 years 10 years 33 years 34 years 40 years

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Douglas McClintock

1 year 47 years

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Allen Brewer

14 years 49 years

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Tom Buonaiuto Vincent Giovinco Alan Jin Theresa Kelly SEVP, Chief of Staff, Deposit EVP, Commercial Real Estate EVP, Residential EVP, Business Channel Executive Lending and Mixed Use Banking Banking 15 years[1] 3 years 25 years 17 years 15 years 31 years 25 years 30 years 39 years 43 years

Patricia Mezeul

Executive Compensation and Insider Stock Ownership (5.8%[2] ) Aligned with Shareholder Interests

1 Previously President and COO of Empire Bancorp and Empire National Bank from its inception in February 2008 until the sale to Flushing Financial in October 2020 2 Directors and executive officers as of March 31, 2023

24

Over a 27 Year Track Record of Steady Growth

Assets ($B)

Total Gross Loans ($B)

Total Deposits ($B)

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10% CAGR 12% CAGR 9% CAGR
$8.5
$6.9 $6.7
$0.7 $0.6
$0.3
1995 2000 2005 2010 2015 2020 2022 1Q23 1995 2000 2005 2010 2015 2020 2022 1Q23 1995 2000 2005 2010 2015 2020 2022 1Q23
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Core EPS ($)

Dividends per Share ($)[2]

Tangible Book Value per Share ($)

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9% CAGR [[1]] 15% CAGR [1] 6% CAGR
$22.31
$0.88
$2.49
$4.86
$0.10
$- $-
1995 2000 2005 2010 2015 2020 2022 1Q23 1995 2000 2005 2010 2015 2020 2022 1Q23 1995 2000 2005 2010 2015 2020 2022 1Q23
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9% CAGR [[1]]
$2.49
$0.10
$-
1995 2000 2005 2010 2015 2020 2022 1Q23
----- End of picture text -----

Note: Acquisition of Empire Bancorp in 2020 (loans and deposits acquired of $685MM and $854MM, respectively; assets acquired of $982MM)

1 Calculated from 1996-2022

25

2 Annualized

Annual Financial Highlights

	2022	2022	2021		2020		2019		2018		2017
Reported Results
EPS	$2.50		$2.59		$1.18		$1.44		$1.92		$1.41
ROAA	0.93	%	1.00	%	0.48	%	0.59	%	0.85	%	0.66	%
ROAE	11.44		12.60		5.98		7.35		10.30		7.74
NIM FTE	3.11		3.24		2.85		2.47		2.70		2.93
Core1 Results
EPS	$2.49		$2.81		$1.70		$1.65		$1.94		$1.57
ROAA	0.92	%	1.09	%	0.68	%	0.68	%	0.85	%	0.74	%
ROAE	11.42		13.68		8.58		8.42		10.39		8.63
NIM FTE	3.07		3.17		2.87		2.49		2.72		2.93
Credit Quality
NPAs/Loans & REO	0.77	%	0.23	%	0.31	%	0.24	%	0.29	%	0.35	%
LLR/Loans	0.58		0.56		0.67		0.38		0.38		0.39
LLR/NPLs	124.89		248.66		214.27		164.05		128.87		112.23
NCOs/Avg Loans	0.02		0.05		0.06		0.04		-		0.24
Criticized&Classifieds/Loans	0.98		0.87		1.07		0.66		0.96		1.21
Capital Ratios
CET1	10.52	%	10.86	%	9.88	%	10.95	%	10.98	%	11.59	%
Tier 1	11.25		11.75		10.54		11.77		11.79		12.38
Total Risk-based Capital	14.69		14.32		12.63		13.62		13.72		14.48
Leverage Ratio	8.61		8.98		8.38		8.73		8.74		9.02
TCE/TA	7.82		8.22		7.52		8.05		7.83		8.22
Balance Sheet
Book Value/Share	$22.97		$22.26		$20.11		$20.59		$19.64		$18.63
Tangible Book Value/Share	22.31		21.61		19.45		20.02		19.07		18.08
Dividends/Share	0.88		0.84		0.84		0.84		0.80		0.72
Average Assets ($B)	8.3		8.1		7.3		7.0		6.5		6.2
Average Loans ($B)	6.7		6.6		6.0		5.6		5.3		5.0
Average Deposits ($B)	6.5		6.4		5.2		5.0		4.7		4.5

1 See Reconciliation of GAAP Earnings and Core Earnings in Appendix

26

5 year Loan Mix – Shifting Towards Commercial Business

Loan Composition

Period End Loans ($MM)

==> picture [720 x 385] intentionally omitted <==

----- Start of picture text -----

8,0 00
$6,926
7,0 00 $6,702 $6,634
6,0 00 $5,536 $5,757 22.0% 21.6% 22.3%
18.7%
5,0 00 16.2%
11.5%
12.8% 12.8%
1.0%
14.0% 13.7% 1.2% 0.9%
4,0 00 0.9% 1.2%
27.6%
26.2% 26.8%
3,0 00 27.9% 27.5%
2,0 00
37.8% 37.9% 37.6%
1,0 00 41.0% 38.9%
-
2018 2019 2020 2021 2022
Multifamily Commercial Real Estate Construction 1-4 Family Business Banking
Core Loan Yields
4.38% 4.51% 4.14% 4.05% 4.30%
----- End of picture text -----

Empire Bancorp acquisition added total loans of $685MM in 2020 See Appendix for definitions of Core Loan Yields

27

Well-Secured Multifamily and CRE Portfolios

Multifamily Geography

Non-Owner Occupied CRE Geography

==> picture [360 x 211] intentionally omitted <==

----- Start of picture text -----

16% 15%
17% $2.6B
Portfolio
31%
21%
Bronx Kings Manhattan Queens Other
----- End of picture text -----

• Average loan size: $1.1MM

• Average monthly rent of $1,447 vs $2,988[1] for the market

• Weighted average LTV[2 ] is 45% with no loans having an LTV above 75%

• Weighted average DCR is ~1.9x[3 ]

• Borrowers typically do not sell properties, but refinance to buy more properties

• ARMs adjust each 5-year period with terms up to 30 years and comprise 81% of the portfolio; prepayment penalties are reset for each 5-year period

==> picture [335 x 208] intentionally omitted <==

----- Start of picture text -----

10% 9%
3%
9% 17%
6% $1.9B
Portfolio
8%
17%
21%
Bronx Kings Manhattan Queens Other NY
Nassau Suffolk NJ CT/Other
----- End of picture text -----

• Average loan size: $2.4MM

• Weighted average LTV[2] is 50% with $0.9MM of loans having an LTV above 75%

• Weighted average DCR is ~1.9x[3]

• Require primary operating accounts

• ARMs adjust each 5-year period with terms up to 30 years and comprise 83% of the portfolio

Underwrite Real Estate Loans with a Cap Rate in High 5s and Stress Test Each Loan

• 2 LTVs are based on value at origination.

• 3 Based on most recent Annual Loan Review

1 CoStar New York Multifamily Market Report, 4-10-2023

28

Well-Diversified Commercial Business Portfolio

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----- Start of picture text -----

Real Estate
Collateral
1%
11% $797MM
2% 2%2%2%
2%
3%
3%
3% 10%
3%
4%
$1.5B
5% Total Portfolio 10%
5%
5% 9%
5%
8%
8%
Wholesalers: 11% Other: 10%
Trucking/ Vehicle Transport: 10% Financing Company: 9%
Hotels: 8% Construction / Contractors: 8%
Professional Services (Excluding Medial): 5% Manufacturer: 5%
Medical Professionals: 5% Real Estate: 5%
Apparel: 4% Automobile Related: 3%
Theaters: 3% Civic and Social Organizations: 3%
Restaurants: 3% Other: 2%
Media: 2% Retailer: 2%
Airlines: 2% SBA: 2%
Food Services: 1%
----- End of picture text -----

Commercial Business

• Primarily in market lending

• Annual sales up to $250MM

• Lines of credit and term loans, including owner occupied mortgages

• Loans secured by business assets, including account receivables, inventory, equipment, and real estate

• Personal guarantees are generally required

• Originations are generally $100,000 to $10MM

• Adjustable rate loans with adjustment periods of five years for owner-occupied mortgages and for lines of credit the adjustment period is generally monthly

• Generally not subject to limitations on interest rate increases but have interest rate floors

Average loan size of $1.2MM

Data as of March 31, 2023

29

Continued Strong Credit Quality

NPAs / Assets

Criticized and Classified Loans / Gross Loans

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----- Start of picture text -----

52.3% LTV on 2022 NPAs
0 .7 0% 0.63%
0 .6 0% 0.48%
0 .5 0% 0.41%
0 .4 0%
0.26%
0 .3 0% 0.24%
0 .2 0%
0.29%
0.26%
0.24%
0 .1 0% 0.19% 0.19%
0 .0 0%
2018 2019 2020 2021 2022
FFIC Peer Median
----- End of picture text -----*

==> picture [343 x 180] intentionally omitted <==

----- Start of picture text -----

6.00%
3.88%
5.00% 3.06%
4.00% 2.42%
3.00%
0.98%
0.98%
2.00%
0.96% 1.07% 0.87% 0.98%
1.00% 0.66%
0.00%
2018 2019 2020 2021 2022
FFIC Peer Median
----- End of picture text -----*

Reserves / Gross Loans & Reserves / NPLs

ACL by Loan Segment (1Q23)

==> picture [350 x 176] intentionally omitted <==

----- Start of picture text -----

9.49%
0.35% 0.40% 0.31% 0.31% 0.00% 0.25% 1.14% 10 .0 0%
0. 00%
$2,601 -10. 00%
$1,904 -2 0. 00%
$1,519 -30. 00%
-4 0. 00%
$550 -50. 00%
$232 -60. 00%
$6 $60 $23
-7 0. 00%
Multifamily Commercial 1-4 Family - 1-4 Family - Co-operative Construction Small Commercial
Residential Real Estate Mixed Use Residential Apartments Business Business and
Loan Balance ($MM) ACLs / Loans Administration Other
----- End of picture text -----

==> picture [342 x 180] intentionally omitted <==

----- Start of picture text -----

300% 2%
248.7% 2%
250% 214.3% 2%
1%
200% 164.1%
1%
150% 128.9% 124.9% 1%
1%
100%
1%
0.67% 0%
50% 0.56% 0.58%
0.38% 0.38% 0%
0% 0%
2018 2019 2020 2021 2022
ACLs / NPLs ACLs / Loans
----- End of picture text -----

• Peer data through 2022; Peers include: BKU, DCOM, FLIC, HNVR, KRNY, NFBK, NYCB, PFS, and VLY

30

Deposit Mix Shift

Average Deposits Composition

($MM)

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----- Start of picture text -----

7 00 0
$6,416 $6,452
1.2% 1.2%
6 00 0 16.1% 16.0%
$5,163
$5,013
5 00 0 $4,736 1.4% 1.4%
1.4%
22.6%
30.6% 32.0% 34.0%
4 00 0 31.3%
3 00 0 30.2% 2.5% 2.4%
27.3%
24.7%
3.4%
2 00 0
4.9% 4.0% 33.8% 30.6%
31.1%
1 00 0 29.7% 28.6%
14.4% 15.8%
11.3%
8.0% 8.1%
0
2018 2019 2020 2021 2022
Noninterest Bearing NOW Accounts Savings Money Market CDs Mortgage Escrow
Deposit Costs
1.36% 1.76% 0.82% 0.32% 0.73%
----- End of picture text -----

31

Following NIM Expansion in 2020 and 2021, Compression in 2022

==> picture [720 x 426] intentionally omitted <==

----- Start of picture text -----

($MM)
5.00%
4.51%
4.38%
$250.0 4.14% $243.3 $240.8
4.30% 4.00%
4.05%
$200.0 $196.9
$168.3 $164.2 3.17% 3.07% 3.00%
2.87%
$150.0 2.72% 2.49%
2.00%
1.76%
$100.0
1.36% 1.00%
0.82%
0.74%
$50.0 0.32% 0.00%
$0.0 -1.00%
2018 2019 2020 2021 2022
Core NII FTE Core NIM FTE Core Loan Yields Core Deposit Yield
GAAP NIM FTE
2.70% 2.47% 2.85% 3.24% 3.11%
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See Appendix for definitions of Core NII FTE, Core NIM, and Core Loan Yields

32

Book Value and Tangible Book Value Per Share Grow in 2022

Book Value Per Share CAGR of 4% 2018-2022

Tangible Book Value Per Share 4% 2018-2022

==> picture [720 x 376] intentionally omitted <==

----- Start of picture text -----

$24. 00 40.00% $22.31 15.00%
$22.97 $22. 00 Empire $21.61
$23. 00 14.00%
35.00% Closed
$22.26
$20.02 13.00%
$22. 00
$20. 00
30.00% $19.45
$19.07
12.00%
$21. 00 $20.59
25.00%
$18. 00
$20.11 11.00%
$20. 00 $19.64
20.00% 10.00%
$16. 00
$19. 00
9.00%
15.00% 8.22%
$18. 00 10.98% 10.95% 9.88% 10.86% 10.52% $14. 00 7.83% 8.05% 7.52% 7.82% 8.00%
10.00%
$17. 00
7.00%
8.74% 8.73% 8.38% 8.98% 8.61% $12. 00
5.00%
$16. 00 6.00%
$10. 00 5.00%
$15. 00 0.00%
2018 2019 2020 2021 2022
2018 2019 2020 2021 2022
Book Value Per Share CET1 Ratio Leverage Ratio Tangible Book Value Per Share Tangible Common Equity/Tangible Assets
----- End of picture text -----

71% of Earnings Returned in 2022; 45% in 2021

33

Environmental, Social, and Governance

Environmental – reduction of carbon footprint and assessing climate change through underwriting

Social - Building rewarding relationships with communities, customers, and employees

Governance - Corporate governance is a strength through oversight and risk management

See more details in our ESG Report under Investor Relations at FlushingBank.com

34

Reconciliation of GAAP Earnings and Core Earnings

Non-cash Fair Value Adjustments to GAAP Earnings

The variance in GAAP and core earnings is partly driven by the impact of non-cash net gains and losses from fair value adjustments. These fair value adjustments relate primarily to borrowing carried at fair value under the fair value option.

Core Net Income, Core Diluted EPS, Core ROAE, Core ROAA, Pre-provision, Pre-tax Net Revenue, Core Net Interest Income FTE, Core Net Interest Margin FTE, Core Interest Income and Yield on Total Loans, Core Noninterest Income, Core Noninterest Expense and Tangible Book Value per common share are each non-GAAP measures used in this presentation. A reconciliation to the most directly comparable GAAP financial measures appears below in tabular form. The Company believes that these measures are useful for both investors and management to understand the effects of certain interest and noninterest items and provide an alternative view of the Company's performance over time and in comparison to the Company's competitors. These measures should not be viewed as a substitute for net income. The Company believes that tangible book value per common share is useful for both investors and management as these are measures commonly used by financial institutions, regulators and investors to measure the capital adequacy of financial institutions. The Company believes these measures facilitate comparison of the quality and composition of the Company's capital over time and in comparison to its competitors. These measures should not be viewed as a substitute for total shareholders' equity.

These non-GAAP measures have inherent limitations, are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies.

35

Reconciliation of GAAP to CORE Earnings - Quarters

(Dollars in thousands, except per share data) GAAP income before income taxes Net (gain) loss from fair value adjustments (Noninterest income (loss)) Net loss on sale of securities (Noninterest income (loss))		Fo	r the three months ended
	$ 6,959 (2,619) — 2023 March 31,	$ 12,819 622 10,948 December 31, 2022	$ 32,422 (5,626) — 2022 September 30,	$ 34,971 $ 24,640 (2,533) 1,809 — — June 30, 2022 2022 March 31,
Life insurance proceeds (Noninterest income (loss))	—	(286)	—	(1,536) —
Net gain on disposition of assets (Noninterest income (loss)) Net (gain) loss from fair value adjustments on qualifying hedges (Interest and fees on loans) Net amortization of purchase accounting adjustments (Various) Core income before taxes Provision for core income taxes Core net income GAAP diluted earnings per common share Net (gain) loss from fair value adjustments, net of tax Net loss on sale of securities, net of tax Life insurance proceeds Net gain on disposition of assets, net of tax Net (gain) loss from fair value adjustments on qualifying hedges, net of tax Net amortization of purchase accounting adjustments, net of tax Core diluted earnings per common share(1) Core net income, as calculated above Average assets Average equity Core return on average assets(2) Core return on average equity(2)	— (100) (188) 4,052 1,049 $ 3,003 $ 0.17 (0.06) — — — — (0.01) $ 0.10 $ 3,003 8,468,311 683,071 0.14 % 1.76 %	(104) (936) (219) 22,844 5,445 $ 17,399 $ 0.34 0.02 0.27 (0.01) — (0.02) (0.01) $ 0.57 $ 17,399 8,518,019 676,165 0.82 % 10.29 %	— (28) (650) 26,118 7,165 $ 18,953 $ 0.76 (0.13) — — — — (0.02) $ 0.62 $ 18,953 8,442,657 674,282 0.90 % 11.24 %	— — 60 129 (237) (924) 30,725 25,654 9,207 6,685 $ 21,518 $ 18,969 $ 0.81 $ 0.58 (0.06) 0.04 — — (0.05) — — — — — (0.01) (0.02) $ 0.70 $ 0.61 $ 21,518 $ 18,969 8,211,763 8,049,470 667,456 673,012 1.05 % 0.94 % 12.90 % 11.27 %

1 Core diluted earnings per common share may not foot due to rounding

36

2 Ratios are calculated on an annualized basis

Reconciliation of GAAP Revenue and Pre-provision Pre-tax Net Revenue - Quarters

(Dollars in thousands) GAAP Net interest income Net (gain) loss from fair value adjustments on qualifying hedges Net amortization of purchase accounting adjustments Core Net interest income GAAP Noninterest income (loss) Net (gain) loss from fair value adjustments Net loss on sale of securities Life insurance proceeds Net gain on sale of assets Core Noninterest income GAAP Noninterest expense Net amortization of purchase accounting adjustments Core Noninterest expense Net interest income Noninterest income (loss) Noninterest expense Pre-provision pre-tax net revenue Core: Net interest income Noninterest income Noninterest expense Pre-provision pre-tax net revenue Efficiency Ratio		$ 54,201 $ 61,206 $ 64,730 $ 63,479 (936) (28) 60 129 (342) (775) (367) (1,058) $ 52,923 $ 60,403 $ 64,423 $ 62,550 $ (7,652) $ 8,995 $ 7,353 $ 1,313 622 (5,626) (2,533) 1,809 10,948 — — — (286) — (1,536) — (104) — — — $ 3,528 $ 3,369 $ 3,284 $ 3,122 $ 33,742 $ 35,634 $ 35,522 $ 38,794 (123) (125) (130) (134) $ 33,619 $ 35,509 $ 35,392 $ 38,660 $ 54,201 $ 61,206 $ 64,730 $ 63,479 (7,652) 8,995 7,353 1,313 (33,742) (35,634) (35,522) (38,794) $ 12,807 $ 34,567 $ 36,561 $ 25,998 $ 52,923 $ 60,403 $ 64,423 $ 62,550 3,528 3,369 3,284 3,122 (33,619) (35,509) (35,392) (38,660) $ 22,832 $ 28,263 $ 32,315 $ 27,012 59.6 % 55.7 % 52.3 % 58.9 % For the three months ended December 31, September 30, June 30, March 31, 2022 2022 2022 2022	$ 54,201 $ 61,206 $ 64,730 $ 63,479 (936) (28) 60 129 (342) (775) (367) (1,058) $ 52,923 $ 60,403 $ 64,423 $ 62,550 $ (7,652) $ 8,995 $ 7,353 $ 1,313 622 (5,626) (2,533) 1,809 10,948 — — — (286) — (1,536) — (104) — — — $ 3,528 $ 3,369 $ 3,284 $ 3,122 $ 33,742 $ 35,634 $ 35,522 $ 38,794 (123) (125) (130) (134) $ 33,619 $ 35,509 $ 35,392 $ 38,660 $ 54,201 $ 61,206 $ 64,730 $ 63,479 (7,652) 8,995 7,353 1,313 (33,742) (35,634) (35,522) (38,794) $ 12,807 $ 34,567 $ 36,561 $ 25,998 $ 52,923 $ 60,403 $ 64,423 $ 62,550 3,528 3,369 3,284 3,122 (33,619) (35,509) (35,392) (38,660) $ 22,832 $ 28,263 $ 32,315 $ 27,012 59.6 % 55.7 % 52.3 % 58.9 % For the three months ended December 31, September 30, June 30, March 31, 2022 2022 2022 2022
	$ 45,262 (100) (306) $ 44,856 $ 6,908 (2,619) — — — $ 4,289 $ 37,703 (118) $ 37,585 $ 45,262 6,908 (37,703) $ 14,467 $ 44,856 4,289 (37,585) $ 11,560 76.5 % March 31, 2023	$ 54,201 (936) (342) $ 52,923 $ (7,652) 622 10,948 (286) (104) $ 3,528 $ 33,742 (123) $ 33,619 $ 54,201 (7,652) (33,742) $ 12,807 $ 52,923 3,528 (33,619) $ 22,832 59.6 % December 31, 2022	$ 61,206 (28) (775) $ 60,403 $ 8,995 (5,626) — — — $ 3,369 $ 35,634 (125) $ 35,509 $ 61,206 8,995 (35,634) $ 34,567 $ 60,403 3,369 (35,509) $ 28,263 55.7 % September 30, 2022

37

Reconciliation of GAAP to Core Net Interest Income and NIM - Quarters

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----- Start of picture text -----

For the three months ended
March 31, December 31, September 30, June 30, March 31,
(Dollars in thousands) 2023 2022 2022 2022 2022
GAAP net interest income $ 45,262 $ 54,201 $ 61,206 $ 64,730 $ 63,479
Net (gain) loss from fair value adjustments on
qualifying hedges (100) (936) (28) 60 129
Net amortization of purchase accounting
adjustments (306) (342) (775) (367) (1,058)
Tax equivalent adjustment 100 102 104 131 124
Core net interest income FTE $ 44,956 $ 53,025 $ 60,507 $ 64,554 $ 62,674
Total average interest-earning assets (1) $ 8,001,271 $ 8,050,601 $ 7,984,558 $ 7,746,640 $ 7,577,053
Core net interest margin FTE 2.25 % 2.63 % 3.03 % 3.33 % 3.31 %
GAAP interest income on total loans, net $ 82,889 $ 81,033 $ 75,546 $ 69,192 $ 67,516
Net (gain) loss from fair value adjustments on
qualifying hedges - loans (101) (936) (28) 60 129
Net amortization of purchase accounting
adjustments (316) (372) (783) (357) (1,117)
Core interest income on total loans, net $ 82,472 $ 79,725 $ 74,735 $ 68,895 $ 66,528
Average total loans, net (1) $ 6,876,495 $ 6,886,900 $ 6,867,758 $ 6,647,131 $ 6,586,253
Core yield on total loans 4.80 % 4.63 % 4.35 % 4.15 % 4.04 %
----- End of picture text -----

1 Excludes purchase accounting average balances for all periods presented

38

Calculation of Tangible Stockholders’ Common Equity to Tangible Assets

(Dollars in thousands) Total Equity Less: Goodwill Core deposit Intangibles Intangible deferred tax liabilities Tangible Stockholders' Common Equity Total Assets Less: Goodwill Core deposit Intangibles Intangible deferred tax liabilities Tangible Assets Tangible Stockholders' Common Equity to Tangible Assets	$ 677,157 (17,636) (2,017) — $ 657,504 $ 8,422,946 (17,636) (2,017) — $ 8,403,293 7.82 % December 31, 2022	$ 679,628 (17,636) (2,562) 328 $ 659,758 $ 8,045,911 (17,636) (2,562) 328 $ 8,026,041 8.22 % December 31, 2021	$ 618,997 (17,636) (3,172) 287 $ 598,476 $ 7,976,394 (17,636) (3,172) 287 $ 7,955,873 7.52 % December 31, 2020	$ 579,672 (16,127) — 292 $ 563,837 $ 7,017,776 (16,127) — 292 $ 7,001,941 8.05 % December 31, 2019	$ 549,464 $ 532,608 (16,127) (16,127) — — 290 291 $ 533,627 $ 516,772 $ 6,834,176 $ 6,299,274 (16,127) (16,127) — — 290 291 $ 6,818,339 $ 6,283,438 7.83 % 8.22 % December 31, December 31, 2017 2018

39

Reconciliation of GAAP Earnings and Core Earnings - Years

(Dollars In thousands, except per share data) GAAP income (loss) before income taxes Day 1, Provision for Credit Losses - Empire transaction Net (gain) loss from fair value adjustments Net (gain) loss on sale of securities Life insurance proceeds Net gain on sale or disposition of assets Net (gain) loss from fair value adjustments on qualifying hedges Accelerated employee benefits upon Officer's death Prepayment penalty on borrowings Net amortization of purchase accounting adjustments Merger expense Core income before taxes Provision for core income taxes Core net income GAAP diluted earnings (loss) per common share Day 1, Provision for Credit Losses - Empire transaction, net of tax Net (gain) loss from fair value adjustments, net of tax Net (gain) loss on sale of securities, net of tax Life insurance proceeds Net gain on sale or disposition of assets, net of tax Net (gain) loss from fair value adjustments on qualifying hedges, net of tax Accelerated employee benefits upon Officer's death, net of tax Prepayment penalty on borrowings, net of tax Net amortization of purchase accounting adjustments, net of tax Merger expense, net of tax NYS tax change Core diluted earnings per common share(1) Core net income, as calculated above Average assets Average equity Core return on average assets(2) Core return on average equity(2)			Years End	ed
	December 31, 2022	December 31, 2021	December 31, 2020	December 31, 2019	2018 December 31, December 31, 2017
	$ 104,852 — (5,728) 10,948 (1,822) (104) (775) — — (2,030) — 105,341 28,502 $ 76,839 $ 2.50 — (0.14) 0.26 (0.06) — (0.02) — — (0.05) — — $ 2.49 $ 76,839 8,307,137 672,742 0.92 % 11.42 %	$ 109,278 — 12,995 (113) — (621) (2,079) — — (2,489) 2,562 119,533 30,769 $ 88,764 $ 2.59 — 0.31 — — (0.01) (0.05) — — (0.06) 0.06 (0.02) $ 2.81 $ 88,764 8,143,372 648,946 1.09 % 13.68 %	$ 45,182 1,818 2,142 701 (659) — 1,185 — 7,834 80 6,894 65,177 15,428 $ 49,749 $ 1.18 0.05 0.06 0.02 (0.02) — 0.03 — 0.20 — 0.18 — $ 1.70 $ 49,749 7,276,022 580,067 0.68 % 8.58 %	$ 53,331 — 5,353 15 (462) (770) 1,678 455 — — 1,590 61,190 13,957 $ 47,233 $ 1.44 — 0.14 — (0.02) (0.02) 0.05 0.01 — — 0.04 — $ 1.65 $ 47,233 6,947,881 561,289 0.68 % 8.42 %	$ 65,485 $ 66,134 — — 4,122 3,465 1,920 186 (2,998) (1,405) (1,141) — — — 149 — — — — — — — 67,537 68,380 11,960 22,613 $ 55,577 $ 45,767 $ 1.92 $ 1.41 — — 0.10 0.07 0.05 — (0.10) (0.05) (0.03) 0.13 — — — — — — — — — — — — $ 1.94 $ 1.57 $ 55,577 $ 45,767 6,504,598 6,217,746 534,735 530,300 0.85 % 0.74 % 10.39 % 8.63 %

1 Core diluted earnings per common share may not foot due to rounding 2 Ratios are calculated on an annualized basis

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Reconciliation of GAAP Revenue & Pre-Provision Pre-Tax Net Revenue

		Years Ended	Years Ended	$ 167,406 $ 173,107 — — — — $ 167,406 $ 173,107 December 31, 2018 December 31, 2017
$ 243,616 (775) (2,542) $ 240,299 December 31, 2022	$ 247,969 (2,079) (3,049) $ 242,841 December 31, 2021	$ 195,199 1,185 (11) $ 196,373 December 31, 2020	$ 161,940 1,678 — $ 163,618 December 31, 2019
$ 10,009 (5,728) 10,948 (1,822) (104) $ 13,303 $ 143,692 — — (512) — $ 143,180 $ 243,616 10,009 (143,692) $ 109,933 $ 240,299 13,303 (143,180) $ 110,422 56.5 %	$ 3,687 12,995 (113) — (621) $ 15,948 $ 147,322 — — (560) (2,562) $ 144,200 $ 247,969 3,687 (147,322) $ 104,334 $ 242,841 15,948 (144,200) $ 114,589 55.7 %	$ 11,043 2,142 701 (659) — $ 13,227 $ 137,931 (7,834) — (91) (6,894) $ 123,112 $ 195,199 11,043 (137,931) $ 68,311 $ 196,373 13,227 (123,112) $ 86,488 58.7 %	$ 9,471 5,353 15 (462) (770) $ 13,607 $ 115,269 — (455) — (1,590) $ 113,224 $ 161,940 9,471 (115,269) $ 56,142 $ 163,618 13,607 (113,224) $ 64,001 63.9 %	$ 10,337 $ 10,362 4,122 3,465 1,920 186 (2,998) (1,405) (1,141) — $ 12,240 $ 12,608 $ 111,683 $ 107,474 — — (149) — — — — — $ 111,534 $ 107,474 $ 167,406 $ 173,107 10,337 10,362 (111,683) (107,474) $ 66,060 $ 75,995 $ 167,406 $ 173,107 12,240 12,608 (111,534) (107,474) $ 68,112 $ 78,241 62.1 % 57.9 %

Efficiency ratio, a non-GAAP measure, was calculated by dividing noninterest expenses (excluding merger expenses, OREO expense, prepayment penalty on borrowings, the net gain/loss from the sale of OREO and net amortization of purchase accounting adjustment) by the total of net interest income (excluding net gains and loses from fair value adjustments on qualifying hedges and net amortization of purchase accounting adjustments) and noninterest income (excluding life insurance proceeds, net gains and losses from the sale or disposition of securities, assets and fair value adjustments)

41

Reconciliation of GAAP and Core Net Interest Income and NIM

(Dollars In thousands) GAAP net interest income Net (gain) loss from fair value adjustments on qualifying hedges Net amortization of purchase accounting adjustments Tax equivalent adjustment Core net interest income FTE Total average interest-earning assets(1) Core net interest margin FTE GAAP interest income on total loans, net Net (gain) loss from fair value adjustments on qualifying hedges Net amortization of purchase accounting adjustments Core interest income on total loans, net Average total loans, net(1) Core yield on total loans			Years Ended	Years Ended
	December 31, 2022	December 31, 2021	December 31, 2020	December 31, 2019	December 31, 2017 2018 December 31,
	$ 243,616 $ 247,969 $ 195,199 $ 161,940 $ 167,406 $ 173,107 (775) (2,079) 1,185 1,678 — — (2,542) (3,049) (11) — — — 461 450 508 542 895 — $ 240,760 $ 243,291 $ 196,881 $ 164,160 $ 168,301 $ 173,107 $ 7,841,407 $ 7,681,441 $ 6,863,219 $ 6,582,473 $ 6,194,248 $ 5,916,073 3.07 % 3.17 % 2.87 % 2.49 % 2.72 % 2.93 % $ 293,287 $ 274,331 $ 248,153 $ 251,744 $ 232,719 $ 209,283 (775) (2,079) 1,185 1,678 — — (2,628) (3,013) (356) — — — $ 289,884 $ 269,239 $ 248,982 $ 253,422 $ 232,719 $ 209,283 $ 6,748,165 $ 6,653,980 $ 6,006,931 $ 5,621,033 $ 5,316,968 $ 4,988,613 4.30 % 4.05 % 4.14 % 4.51 % 4.38 % 4.20 %

1 Excludes purchase accounting average balances for the years ended 2022, 2021, and 2020

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Contact Details

Susan K. Cullen SEVP, CFO & Treasurer Phone: (718) 961-5400 Email: scullen@flushingbank.com Al Savastano, CFA Director of Investor Relations Phone: (516) 820-1146 Email: asavastano@flushingbank.com

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