secwatch.observer — SEC 8-K summary
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Issuer:     FLUSHING FINANCIAL CORP (FFIC)
CIK:        0000923139
Form:       8-K
Filed at:   2024-01-26T23:59:59+00:00
Accession:  0001140361-24-003928
Event type: other_material
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 4.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Flushing Financial restates Q1-Q3 2023 results; ERC recognition error cuts net income by $2.6M
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/923139/000114036124003928/0001140361-24-003928-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/923139/000114036124003928/ef20019692_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-24-003928

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