Record net interest income boosts Flushing Financial results
Flushing Financial Corp. said its net earnings were $11.6 million or 40 cents a share in the fourth quarter of 2015, up from $11.1 million and 38 cents a share a year earlier.
Record net interest income helped push Flushing Financial Corp.’s earnings up 5.2 percent in last year’s final quarter over a year earlier.
In an announcement Tuesday, the parent of the 19-branch Flushing Bank, headquartered in Uniondale, also cited the absence in the quarter of a $2.3 million net loss on the sale of securities booked in the same quarter a year earlier. That caused noninterest income to swing from a net loss of $576,000 in the final quarter of 2014 to a profit of $2.1 million in last year’s fourth quarter.
Flushing said its net earnings were $11.6 million or 40 cents a share in the fourth quarter of 2015, up from $11.1 million and 38 cents a share a year earlier.
Net interest income, the difference between the revenue generated from a bank’s assets and the expenses associated with liabilities, was $39.4 million in the quarter, up 6.2 percent from the final quarter a year earlier.
Flushing said loan originations and purchases in the quarter were a record $395.6 million. “The robust growth supports our already strong balance sheet as we maintained our prudent underwriting standards,” John R. Buran, president and chief executive officer, said in a statement.
Total assets on Dec. 31 were $5.7 billion, up 12.4 percent from a year earlier.
Sarra Sounds Off Ep. 35: EI baseball, girls lacrosse and plays of the week On the latest episode of "Sarra Sounds Off," we look at East Islip baseball's inspirational comeback story, Jared Valluzzi has the plays of the week and Tess Ferguson breaks down the top defensive players in girls lacrosse.
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