Flushing Financial Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total interest and dividend income of $63,293,000 against $58,315,000 for the same period a year ago. Net interest income was $42,640,000 against $43,617,000 for the same period a year ago, due to net interest margin pressure, driven by the higher funding cost. Net interest income after provision for loan losses was $42,640,000 against $43,617,000 for the same period a year ago. Income before income taxes was $18,412,000 against $19,500,000 for the same period a year ago. Net income was $13,923,000 or $0.48 per basic and diluted share against $12,725,000 or $0.44 per basic and diluted share for the same period a year ago. Book value per common share was $19.00 as at June 30, 2018 against $18.54 as at June 30, 2017. Tangible book value per common share was $18.44 as at June 30, 2018 against $18.00 as at June 30, 2017. Return on average assets was 0.86% against 0.82% for the same period a year ago. Return on average equity was 10.47% against 9.61% for the same period a year ago. Core income before taxes was $18,679,000 against $20,653,000 for the same period a year ago. Core net income was $14,106,000 or $0.49 per diluted share against $13,524,000 or $0.46 per diluted share for the same period a year ago. Core return on average assets was 0.87% against 0.87% for the same period a year ago. Core return on average equity was 10.61% against 10.22% for the same period a year ago.

For the six months, the company reported total interest and dividend income of $124,079,000 against $115,569,000 for the same period a year ago. Net interest income was $85,249,000 against $87,006,000 for the same period a year ago. Net interest income after provision for loan losses was $85,096,000 against $87,006,000 for the same period a year ago. Income before income taxes was $32,774,000 against $37,014,000 for the same period a year ago. Net income was $25,335,000 or $0.88 per basic and diluted share against $24,985,000 or $0.86 per basic and diluted share for the same period a year ago. Return on average assets was 0.79% against 0.81% for the same period a year ago. Return on average equity was 9.55% against 9.54% for the same period a year ago. Core income before taxes was $32,365,000 against $37,384,000 for the same period a year ago. Core net income was $24,810,000 or $0.86 per diluted share against $25,235,000 or $0.87 per diluted share for the same period a year ago. Core return on average assets was 0.77% against 0.81% for the same period a year ago. Core return on average equity was 9.35% against 9.64% for the same period a year ago.

For the second quarter ended June 30, 2018, total net loan charge-offs for the quarter were $322,000 against $54,000 a year ago.

The company anticipate the effective tax rate to be 22% to 25% for all of 2018.