Flushing Financial net dips after noninterest income drops

Flushing Financial Corp. said a sharp drop in noninterest income lowered third quarter earnings by almost 2 percent from a year earlier.

The Uniondale-based parent of the 19-branch Flushing Bank said late Tuesday that net income for the three months ended Sept. 30 was $11 million, down about $200,000 from the same quarter a year earlier. Earnings per share were unchanged at 38 cents.

The bank said its net interest income was a record $39.3 million for the quarter, up 23 percent from a year earlier.

Noninterest income fell by 76 percent to $1.7 million, after a $5.2 million gain in the period a year earlier from the sale of mortgage-backed securities.

Total assets were $5.5 billion at Sept. 30, up 12 percent.