Flushing Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 26, 2016 at 10:48 pm
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Flushing Financial Corp. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company announced total interest and dividend income of $52,468,000 compared to $49,171,000 for the same period a year ago. Net interest income was $39,416,000 compared to $37,114,000 for the same period a year ago. Income before income taxes was $17,073,000 compared to $18,045,000 for the same period a year ago. Net income was $11,634,000 or $0.40 per basic and diluted common share compared to $11,057,000 or $0.38 per basic and diluted common share for the same period a year ago. Book value per common share was $16.41 compared to $15.52 for the same period a year ago. Tangible book value per common share was $15.86 compared to $14.98 for the same period a year ago. Return on average assets was 0.84% compared to 0.90% for the same period a year ago. Return on average equity was 9.89% compared to 9.74% for the same period a year ago. Core income before taxes was $17,993,000 compared to $21,434,000 for the same period a year ago. Core net income was $12,173,000 compared to $12,992,000 for the same period a year ago. Core diluted earnings per common share was $0.42 compared to $0.44 for the same period a year ago. Core return on average assets was 0.87% compared to 1.06% for the same period a year ago. Core return on average equity was 10.34% compared to 11.44% for the same period a year ago. The increase in net interest income was primarily due to an increase of $624.1 million in the average balance of interest-earning assets to $5,285.0 million for the three months ended December 31, 2015 from $4,660.9 million for the comparable prior year period.
For the full year, the company announced total interest and dividend income of $204,146,000 compared to $197,128,000 for the same period a year ago. Net interest income was $154,420,000 compared to $142,387,000 for the same period a year ago. Income before income taxes was $73,376,000 compared to $72,812,000 for the same period a year ago. Net income was $46,209,000 or $1.59 per basic and diluted common share compared to $44,239,000 or $1.48 per diluted common share for the same period a year ago. Return on average assets was 0.86% compared to 0.91% for the same period a year ago. Return on average equity was 9.93% compared to 9.82% for the same period a year ago. Core income before taxes was $68,513,000 compared to $77,692,000 for the same period a year ago. Core net income was $43,446,000 compared to $47,025,000 for the same period a year ago. Core diluted earnings per common share was $1.49 compared to $1.58 for the same period a year ago. Core return on average assets was 0.81% compared to 0.97% for the same period a year ago. Core return on average equity was 9.34% compared to 10.44% for the same period a year ago.
For the fourth quarter ended December 31, 2015, the company announced total net loan charge-offs of $2,102,000 compared to $56,000 for the same period a year ago.
Flushing Financial Corporation is the holding company for Flushing Bank (the Bank). The Bank offers the products, services, and conveniences associated with large commercial banks, including a full complement of deposit, loan, equipment finance, and cash management services. The Bank's principal business is attracting retail deposits from the general public and investing those deposits together with funds generated from ongoing operations and borrowings, primarily in originations and purchases of multi-family residential properties loans, commercial business loans, commercial real estate mortgage loans and, to a lesser extent, one-to-four family loans; construction loans; small business administration (SBA) loans; mortgage loan surrogates, such as mortgage-backed securities; and United States government securities, corporate fixed-income securities and other marketable securities. The Bank also operates an Internet branch that operates under the brands of iGObanking.com and BankPurely.
Flushing Financial Corp. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Announces Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2015