Flushing Financial Corporation Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and the Year Ended December 31, 2016
January 01, 2017 at 03:30 am IST
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Flushing Financial Corporation announced unaudited consolidated earnings results for the fourth quarter and the year ended December 31, 2016. For the quarter, the company reported net interest income of $42.351 million against $39.416 million a year ago. Income before income taxes was $22.402 million against $17.073 million a year ago. Net income was $14.286 million or $0.50 per diluted share against $11.634 million or $0.40 per diluted share a year ago. Return on average assets was 0.95% against 0.84% a year ago. Return on average equity was 11.15% against 9.89% a year ago. Core income before taxes was $17.818 million against $17.993 million a year ago. Core net income was $11.591 million or $0.40 per diluted share against $12.173 million or $0.42 per diluted share a year ago. Core return on average assets was 0.77% against 0.87% a year ago. Core return on average equity was 9.05% against 10.34% a year ago.
For the full year, the company reported net interest income of $167.086 million against $154.420 million a year ago. Income before income taxes was $106.019 million against $73.376 million a year ago. Net income was $64.916 million or $2.24 per diluted share against $46.209 million or $1.59 per diluted share a year ago. Return on average assets was 1.10% against 0.86% a year ago. Return on average equity was 13.07% against 9.93% a year ago. Core income before taxes was $69.807 million against $68.513 million a year ago. Core net income was $43.952 million or $1.52 per diluted share against $43.446 million or $1.49 per diluted share a year ago. Core return on average assets was 0.74% against 0.81% a year ago. Core return on average equity was 8.85% against 9.34% a year ago. Book value per common share was $17.95 at December 31, 2016, compared to $17.90 at September 30, 2016 and $16.41 at December 31, 2015.
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.