Flushing Financial Corp (FFIC) has reported a 28.23 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $12.26 million, or $0.42 a share in the quarter, compared with $9.56 million, or $0.33 a share for the same period last year.
Revenue during the quarter grew 7.80 percent to $47.08 million from $43.67 million in the previous year period. Non-interest income for the quarter rose 45.24 percent over the last year period to $3.69 million.
Net interest margin contracted 5 basis points to 2.95 percent in the quarter from 3 percent in the last year period. Efficiency ratio for the quarter improved to 63.98 percent from 64.50 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
John R. Buran, president and chief executive officer, remarked, "The positive momentum we saw at the end of last year carried over to a strong start in 2017. Loan growth of 3% coupled with an uptick on the yield of loan originations and purchases during the first quarter resulted in record net interest income. Credit quality remains a Company strength as we recorded minimal net charge offs and the percentage of non-performing assets to total assets improved from December 31, 2016. We continue to be well positioned for the future, as our loan pipeline totals over $300 million at an average rate of 4.15% as of March 31, 2017."
Assets outpace liabilities growth
Total assets stood at $6,231.48 million as on Mar. 31, 2017, up 7.20 percent compared with $5,813.07 million on Mar. 31, 2016. On the other hand, total liabilities stood at $5,706.08 million as on Mar. 31, 2017, up 7.15 percent from $5,325.29 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $4,952.38 million as on Mar. 31, 2017, up 11.63 percent compared with $4,436.55 million on Mar. 31, 2016. Deposits stood at $4,348.92 million as on Mar. 31, 2017, up 8.53 percent compared with $4,007.28 million on Mar. 31, 2016.
Noninterest-bearing deposit liabilities were $344.03 million or 7.91 percent of total deposits on Mar. 31, 2017, compared with $280.45 million or 7 percent of total deposits on Mar. 31, 2016.
Investments stood at $920.55 million as on Mar. 31, 2017, down 12.26 percent or $128.60 million from year-ago. Shareholders equity stood at $525.40 million as on Mar. 31, 2017, up 7.71 percent or $37.62 million from year-ago.
Return on average assets moved up 13 basis points to 0.79 percent in the quarter from 0.66 percent in the last year period. At the same time, return on average equity increased 149 basis points to 9.47 percent in the quarter from 7.98 percent in the last year period.
Nonperforming assets moved down 38.02 percent or $11.37 million to $18.54 million on Mar. 31, 2017 from $29.90 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.30 percent in the quarter, down from 0.51 percent in the last year period.
Capital ratios improve
Flushing Financial Corp recorded an improvement in capital ratios during the quarter. Tier-1 leverage ratio stood at 8.92 percent for the quarter, up from 8.65 percent for the previous year quarter. Equity to assets ratio was 8.43 percent for the quarter, up from 8.39 percent for the previous year quarter. Average equity to average assets ratio was 8.39 percent for the quarter, up from 8.30 percent for the previous year quarter. Book value per share was $18.24 for the quarter, up 8.38 percent or $1.41 compared to $16.83 for the same period last year.
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