Flushing Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and the Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Effective Corporate Tax Rate Guidance for the Year 2018
January 30, 2018 at 05:30 pm EST
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Flushing Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and the year ended December 31, 2017. For the quarter, the company reported total interest and dividend income of $59,697,000 compared to $56,019,000 a year ago. Net interest income was $43,060,000 against $42,351,000 a year ago. Net interest income after provision for loan losses was $36,465,000 compared to $42,351,000 a year ago. Income before income taxes was $13,650,000 against $22,402,000 a year ago. Net income was $5,957,000 or $0.21 per basic and diluted share against $14,286,000 or $0.50 per basic and diluted share a year ago. Return on average assets was 0.38% against 0.95% a year ago. Return on average equity was 4.44% against 11.15% a year ago. Core income before taxes was $14.281 million against $17.818 million a year ago. Core net income was $9.629 million or $0.33 per diluted share against $11.591 million or $0.40 per diluted share a year ago. Core return on average assets was 0.62% against 0.77% a year ago. Core return on average equity was 7.17% against 9.05% a year ago.
For the full year, total interest and dividend income of $234,585,000 compared to $220,997,000 a year ago. Net interest income was $173,107,000 against $167,086,000 a year ago. Net interest income after provision for loan losses was $163,246,000 compared to $167,086,000 a year ago. Income before income taxes was $66,134,000 against $106,019,000 a year ago. Net income was $41,121,000 or $1.41 per basic and diluted share against $64,916,000 or $2.24 per basic and diluted share a year ago. Book value per common share was $18.63 at December 31, 2017, compared to $17.95 at December 31, 2016. Tangible book value per common share was $18.08 at December 31, 2017, compared to $17.40 at December 31, 2016. Return on average assets was 0.66% against 1.10% a year ago. Return on average equity was 7.75% against 13.07% a year ago. Core income before taxes was $68.380 million against $69.807 million a year ago. Core net income was $45.767 million or $1.57 per diluted share against 43.952 million or $1.52 per diluted share a year ago. Core return on average assets was 0.74% against 0.74% a year ago. Core return on average equity was 8.63% against 8.85% a year ago.
Net charge-offs were $11.5 million for fourth quarter of 2017, primarily due to write-downs of taxi medallion loans totaling $11.2 million, compared to $0.2 million in third quarter of 2017 and recoveries of $0.4 million in fourth quarter of 2016.
For the year 2018, the company expects effective corporate tax rate to be approximately 23%.
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 Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and the Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Effective Corporate Tax Rate Guidance for the Year 2018