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%.