Flushing Financial reports 28 percent net income increase
John R. Buran is CEO of Flushing Financial, which accounced that an increase in loans for multifamily residential properties helped lift first quarter net income to $12.3 million. Credit: /
Flushing Financial Corp. said an increase in loans for multifamily residential properties helped lift first quarter net income to $12.3 million, a 28 percent climb from the same period a year ago.
The Uniondale-based bank reported net loans of $4.9 billion, an 11.6 percent year-over-year increase.
The bank originated $266 million in multifamily commercial real estate and business loans in the fourth quarter, said John R. Buran, president and chief executive at Flushing Financial.
“This was mostly from the multifamily residential area,” he said.
The bank, which has three branches in Nassau and Suffolk counties, plans to move two of its Flushing, Queens, branches to new locations within the same market this year.
Buran said the bank could add Long Island branches, but the immediate focus is on moving the Queens branches.
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
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