Flushing Financial net rises 23% on loan growth
John R. Buran, seen on March 8, 2012, the president and chief executive at Flushing Financial, said the bank expects future growth in multifamily and business lending. Credit: Jeremy Bales
Flushing Financial Corp. said loan growth helped lift its net income for the fourth quarter to $14.3 million, a 23 percent year-over-year increase.
The Uniondale-based bank said it had net loans of $4.8 billion at the end of the quarter, up 10 percent from the same period in 2015.
John R. Buran, president and chief executive at Flushing Financial, said the bank expects future growth in multifamily and business lending.
The bank originated $243.2 million in multifamily, commercial real estate and business loans in the fourth quarter.
Buran also said the bank is in the process of renovating branches.
Flushing Financial has three branches on Long Island. Buran said the bank won’t add branches in Nassau and Suffolk counties in 2017, but “we will look at that market again shortly.”
Flushing shares closed Tuesday at $27.20 and were unchanged in trading after the close. Its shares are up 24 percent in the past year.
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