Flushing Financial's 2Q earnings surge
John Buran
Despite an increase in bad loans, Flushing Financial Corp., the Lake Success-based owner of Flushing Savings Bank, reported second-quarter earnings of $7.7 million -- 49 percent higher than in the same period last year.
The gain was primarily the result of higher net interest income, because of a higher spread between what the bank pays on deposits and what it earns on loans, company president and chief executive John Buran said in a statement.
The bank set aside another $5 million to cover potential loan losses, and bad loans increased by $19.7 million in the second quarter. But almost half of that was a $9.8 million construction loan on a nearly finished project, and a recent appraisal indicates the bank should recover the entire balance of that loan.
Flushing Savings Bank has assets of $4.3 billion and has 15 branches in Nassau County and New York City.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
Sarra Sounds Off, Season 3, Ep 4: Top football teams in action, fantasy update and plays of the week Gregg Sarra sounds off on the Nassau Conference II football matchup between Calhoun at Carey, plus the comeback story of New Hyde Park's Gabriel Peter, an update on the high school fantasy football standings and the plays of the week.
