FFIC Butterfly Strategy
FFIC (Flushing Financial Corporation), in the Financial Services sector, (Banks - Regional industry), listed on NASDAQ.
Flushing Financial Corporation operates as the bank holding company for Flushing Bank that provides banking products and services primarily to consumers, businesses, and governmental units. It offers various deposit products, including checking and savings accounts, money market accounts, demand accounts, NOW accounts, and certificates of deposit. The company also provides mortgage loans secured by multi-family residential, commercial real estate, one-to-four family mixed-use property, one-to-four family residential property, and commercial business loans; construction loans; small business administration loans and other small business loans; mortgage loan surrogates, such as mortgage-backed securities; and consumer loans, including overdraft lines of credit, as well as the United States government securities, corporate fixed-income securities, and other marketable securities. In addition, it offers banking services to public municipalities comprising counties, cities, towns, villages, school districts, libraries, fire districts, and various courts. As of December 31, 2021, the company operated 24 full-service offices located in the New York City boroughs of Queens, Brooklyn, and Manhattan; and in Nassau and Suffolk County, New York, as well as an Internet branch. Flushing Financial Corporation was founded in 1929 and is based in Uniondale, New York.
FFIC (Flushing Financial Corporation) trades in the Financial Services sector, specifically Banks - Regional, with a market capitalization of approximately $521.5M, a trailing P/E of 15.15, a beta of 0.76 versus the broader market, a 52-week range of 11.13-17.79, average daily share volume of 229K, a public-listing history dating back to 1995, approximately 571 full-time employees. These structural characteristics shape how FFIC stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.76 places FFIC roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. FFIC pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a butterfly on FFIC?
A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration.
Current FFIC snapshot
As of May 15, 2026, spot at $15.44, ATM IV 113.30%, IV rank 50.54%, expected move 32.48%. The butterfly on FFIC below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this butterfly structure on FFIC specifically: FFIC IV at 113.30% is mid-range versus its 1-year history, so strategy selection should anchor more to the directional thesis than to the IV regime, with a market-implied 1-standard-deviation move of approximately 32.48% (roughly $5.02 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated FFIC expiries trade a higher absolute premium for lower per-day decay. Position sizing on FFIC should anchor to the underlying notional of $15.44 per share and to the trader's directional view on FFIC stock.
FFIC butterfly setup
The FFIC butterfly below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With FFIC near $15.44, the first option leg uses a $14.67 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed FFIC chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 FFIC shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $14.67 | N/A |
| Sell 2 | Call | $15.44 | N/A |
| Buy 1 | Call | $16.21 | N/A |
FFIC butterfly risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit.
FFIC butterfly payoff curve
Modeled P&L at expiration across a range of underlying prices for the butterfly on FFIC. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use butterfly on FFIC
Butterflies on FFIC are pinning bets - traders use them when they expect FFIC to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
FFIC thesis for this butterfly
The market-implied 1-standard-deviation range for FFIC extends from approximately $10.42 on the downside to $20.46 on the upside. A FFIC long call butterfly is a pinning play: it pays maximum at the middle strike if FFIC settles there at expiration, with the wing legs capping both the cost and the maximum loss to the net debit. Current FFIC IV rank near 50.54% is mid-range against its 1-year distribution, so the IV signal is neutral; the butterfly thesis on FFIC should anchor more to the directional view and the expected-move geometry. As a Financial Services name, FFIC options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to FFIC-specific events.
FFIC butterfly positions are structurally neutral / pin (limited-risk, limited-reward); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. FFIC positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move FFIC alongside the broader basket even when FFIC-specific fundamentals are unchanged. Always rebuild the position from current FFIC chain quotes before placing a trade.
Frequently asked questions
- What is a butterfly on FFIC?
- A butterfly on FFIC is the butterfly strategy applied to FFIC (stock). The strategy is structurally neutral / pin (limited-risk, limited-reward): A long call butterfly buys one lower-strike call, sells two ATM calls, and buys one higher-strike call, paying a small net debit for a defined-risk position that maxes out if the underlying pins the middle strike at expiration. With FFIC stock trading near $15.44, the strikes shown on this page are snapped to the nearest listed FFIC chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are FFIC butterfly max profit and max loss calculated?
- Max profit equals the wing width minus net debit times 100 (reached when the underlying pins the middle strike); max loss equals the net debit times 100. Two breakevens at lower-wing plus debit and upper-wing minus debit. For the FFIC butterfly priced from the end-of-day chain at a 30-day expiry (ATM IV 113.30%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a FFIC butterfly?
- The breakeven for the FFIC butterfly priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current FFIC market-implied 1-standard-deviation expected move is approximately 32.48%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a butterfly on FFIC?
- Butterflies on FFIC are pinning bets - traders use them when they expect FFIC to settle near a specific level at expiration (often the prior close, a round number, or the max-pain strike) and want defined-risk exposure to that outcome.
- How does current FFIC implied volatility affect this butterfly?
- FFIC ATM IV is at 113.30% with IV rank near 50.54%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.