Flushing Financial Corp (FFIC) has reported 22.80 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $14.29 million, or $0.50 a share in the quarter, compared with $11.63 million, or $0.40 a share for the same period last year. Revenue during the quarter surged 41.27 percent to $57.78 million from $40.90 million in the previous year period. Non-interest income for the quarter rose 619.16 percent over the last year period to $15.43 million.
Net interest margin contracted 2 basis points to 2.96 percent in the quarter from 2.98 percent in the last year period. Efficiency ratio for the quarter deteriorated to 59.63 percent from 56 percent in the previous year period. A rise in efficiency ratio suggests a fall in profitability.
John R. Buran, President and Chief Executive Officer, remarked, “The results achieved for the fourth quarter reflect the continued successful execution of our strategy to maintain net loan growth and increase net interest income by focusing on yield, as opposed to volume. We emphasized assets with the best risk-adjusted returns, resulting in strong GAAP and core diluted EPS of $0.50 and $0.40, respectively. We are pleased to see the beginning of a return to pricing power as the yield on originated loans and commitments in the pipeline have both increased quarter over quarter while we maintain consistently prudent underwriting standards.”
Assets outpace liabilities growth
Total assets stood at $6,058.49 million as on Dec. 31, 2016, up 6.20 percent compared with $5,704.63 million on Dec. 31, 2015. On the other hand, total liabilities stood at $5,544.63 million as on Dec. 31, 2016, up 5.98 percent from $5,231.57 million on Dec. 31, 2015. Loans outpace deposit growth
Net loans stood at $4,813.46 million as on Dec. 31, 2016, up 10.24 percent compared with $4,366.44 million on Dec. 31, 2015. Deposits stood at $4,165.42 million as on Dec. 31, 2016, up 8.03 percent compared with $3,855.70 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $333.16 million or 8 percent of total deposits on Dec. 31, 2016, compared with $269.47 million or 6.99 percent of total deposits on Dec. 31, 2015.
Investments stood at $899.12 million as on Dec. 31, 2016, down 10.05 percent or $100.46 million from year-ago. Shareholders equity stood at $513.85 million as on Dec. 31, 2016, up 8.62 percent or $40.79 million from year-ago.
Return on average assets moved up 11 basis points to 0.95 percent in the quarter from 0.84 percent in the last year period. At the same time, return on average equity increased 126 basis points to 11.15 percent in the quarter from 9.89 percent in the last year period.
Nonperforming assets moved down 29.22 percent or $9.06 million to $21.95 million on Dec. 31, 2016 from $31.01 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 0.36 percent in the quarter, down from 0.54 percent in the last year period.
Equity to assets ratio was 8.48 percent for the quarter, up from 8.29 percent for the previous year quarter. Average equity to average assets ratio was 8.40 percent for the quarter, down from 8.68 percent for the previous year quarter. Book value per share was $17.95 for the quarter, up 9.38 percent or $1.54 compared to $16.41 for the same period last year.
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