Flushing Financial Corporation Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Provides Effective Tax Rate Guidance for the Second Quarter of 2018 and Full Year 2018
April 24, 2018 at 05:30 pm EDT
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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.
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 First Quarter Ended March 31, 2018; Provides Effective Tax Rate Guidance for the Second Quarter of 2018 and Full Year 2018