Flushing Financial Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Net Loan Charge-Offs for the Second Quarter Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Year 2018
July 24, 2018 at 05:30 pm EDT
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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.
Flushing Financial Corporation is the holding company for Flushing Bank (the Bank). The Bank offers the products, services, and conveniences associated with large commercial banks, including a full complement of deposit, loan, equipment finance, and cash management services. The Bank's principal business is attracting retail deposits from the general public and investing those deposits together with funds generated from ongoing operations and borrowings, primarily in originations and purchases of multi-family residential properties loans, commercial business loans, commercial real estate mortgage loans and, to a lesser extent, one-to-four family loans; construction loans; small business administration (SBA) loans; mortgage loan surrogates, such as mortgage-backed securities; and United States government securities, corporate fixed-income securities and other marketable securities. The Bank also operates an Internet branch that operates under the brands of iGObanking.com and BankPurely.
Flushing Financial Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Reports Net Loan Charge-Offs for the Second Quarter Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Year 2018