FLUSHING FINANCIAL CORP (FFIC): auditor change — Flushing Financial restates Q1-Q3 2023 results; ERC recognition error cuts net income by $2.6M

FLUSHING FINANCIAL CORP

Restating Q1-Q3 2023 financials due to ERC recognition errors; cumulative net income decrease of $2.6M through Sept 2023.
EPS restated: Q1 from $0.17 to $0.13; H1 from $0.46 to $0.42; 9M from $0.77 to $0.69.
Material weakness in internal control over ERC probability assessment identified; remediation plan underway.
Management determined ERC realization not 'probable' under GAAP, despite prior tax advisor advice; will amend 10-Qs.

item 2.02 item 4.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

FLUSHING FINANCIAL CORP reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: BDO USA, P.C.

Exact text from the filing

require restatement to correct the accounting treatment of employee retention credits

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Source: SEC EDGAR

accession 0001140361-24-003928

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