2. Flushing Financial Corp.

Shares of Flushing Financial Corp. ( FFIC) of Lake Success, N.Y., closed at $12.31 Friday, declining 9% year-to-date. Based on a quarterly payout of 13 cents, the shares have a dividend yield of 4.22%.

The company had $4.3 billion in total assets as of Sept. 30, with 17 branches in New York City and in Nassau County, on Long Island.

Flushing on Sept. 28 announced a new repurchase plan, authorizing buybacks of a million common shares, after completing a previous buyback plan during the third quarter.

Third-quarter net income was $10.2 million, or 33 cents a share, increasing from $9.1 million, or 29 cents a share, during the second quarter, but declining from $14.6 million, or 48 cents a share, during the third quarter of 2010. The provision for loan losses was $5 million during all three periods.

The year-over-year earnings declined reflected a net tax benefit of $5.5 million, or 18 cents a share ,during the third quarter of 2010.

The third-quarter net interest margin was 3.60%, increasing from $3.56% a year earlier.

The third-quarter ROA was 0.94%, according to SNL Financial.

Guggenheim Securities analyst David Darst on Oct. 31 reiterated his buy rating for Flushing Financial, with a $15 price target, saying that key catalysts for the shares in 2012 include "consistent earning contribution from a stable net interest margin ," improved loan growth and declining credit costs, as problem loans "work through the foreclosure process."

The shares trade for 9.7 times the consensus 2012 EPS estimate of $1.26, among analysts polled by FactSet, and just under tangible book value, according to SNL.

Four out of six analysts covering Flushing Financial Corp. rate the shares a buy. The remaining analysts both have neutral ratings.

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