Flushing Financial Corp. said its first quarter net income rose 9.5 percent from the year-earlier period, boosted by record net interest income.
The Uniondale-based parent of the 19-branch Flushing Bank said in a statement late Tuesday that its net income was $9.6 million, or 33 cents a share in the three months ended March 31. The per share amount was 3 cents higher than a year earlier.
The increase was driven by a 9.5 percent increase in net interest income — the difference between the revenue generated from a bank’s assets and the expenses associated with liabilities — to $41.1 million.
John R. Buran, president and chief executive officer, said in a statement that the earnings growth “was achieved through loan and deposit growth, as well as continued improvements in credit quality, which all contributed to the company achieving record net interest income for the current quarter.”
Flushing’s assets totaled $5.8 billion on March 31, up from $5.3 billion a year earlier.