Flushing Financial Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total interest and dividend income of $60,786,000 compared to $57,254,000 a year ago. Net interest income was $42,609,000 compared to $43,389,000 a year ago. Income before income taxes was $14,362,000 compared to $17,514,000 a year ago. Net income was $11,412,000 or $0.39 per basic and diluted share compared to $12,260,000 or $0.42 per basic and diluted share a year ago. Book value per common share as at March 31, 2018 was $18.75 compared to $18.24 a year ago. Tangible book value per common share as at March 31, 2018 was $18.20 compared to $17.69 a year ago. Return on average assets was 0.71% compared to 0.79% a year ago. Return on average equity was 8.62% compared to 9.47% a year ago. Core income before taxes was $13,686,000 compared to $16,731,000 a year ago. Core net income was $10,704,000 compared to $11,711,000 a year ago. Core diluted earnings per common share was $0.37 compared to $0.40 a year ago. Core return on average assets was 0.67% compared to 0.76% a year ago. Core return on average equity was 8.09% compared to 9.05% a year ago.

The company expects effective tax rate to increase to approximately 24.5% in the second quarter of 2018 and approximately 23.5% for the full year 2018.