Benzinga | Jul 8, 2021 04:01PM EDT

Flushing Financial Corporation Says During The Quarter, $69M Of PPP Loans Were Forgiven

Flushing Financial Corporation (the "Company") (Nasdaq-GS: FFIC), the parent holding company for Flushing Bank (the "Bank"), is providing an update on the Paycheck Protection Program (PPP) activity for the second quarter of 2021.



During the quarter, $69 million of PPP loans were forgiven by the SBA. We also recognized total net fees, which includes normal amortization and forgiven activity, of $1.2 million on the PPP portfolio. At June 30, 2021, the Company had $197 million in PPP loans, of which approximately $22 million are in the process of forgiveness. Over the course of the program, the Company has originated and acquired $310 million of loans with forgiveness totaling $113 million. The SBA can take up to 90 days to forgive PPP loans. Additional details will be provided with the second quarter 2021 earnings release after the market closes on Tuesday, July 27, 2021 and on the earnings conference call on Wednesday, July 28, 2021 at 9:30 AM (ET).