Financial service provider Flushing Financial Corp. (FFIC) Tuesday reported a decline in fourth-quarter profit, reflecting other-than-temporary impairment charges and higher provision for loan losses.
GAAP net income for the fourth quarter of 2009 decreased to $5.98 million from $6.48 million last year. Net income available to common shareholders slipped to $4.39 million from $6.35 million a year earlier.
However, earnings per share dipped to $0.15 from last year's $0.31. The company said earnings per share were reduced by $0.04 due to the write-off of unamortized issuance costs of the TARP preferred stock when it was redeemed, and partially due to an increase in common shares outstanding, which was mainly the result of the common stock offering completed on October 1, 2009.
Excluding the effects of financial assets and financial liabilities carried at fair value, OTTI charges, net gains/losses on the sale of securities, and certain non-recurring items, the company's core net income stood at $7.90 million or $0.25 per share, compared with $6.35 million or $0.30 per share a year earlier.
On average, 5 analysts polled by Thomson Reuters expected earnings per share of $0.22 for the quarter. Analysts' estimate typically excludes one-time items.
Net interest income after provision for loan losses rose to $25.74 million from $20.8 million in the last year quarter. Total non-interest loss for the period was $0.64 million compared with an income of $2.92 million in the same period prior year.
During the fourth quarter of 2009, net interest margin increased 14 basis points on a linked quarter basis to 3.14%.
For the year ended December 31, 2009, Flushing Financial posted GAAP net income of $25.56 million compared with $22.26 million in 2008. Net income available to common shareholders for the latest year slightly declined to $21.12 million from $22.13 million in the prior year period. Full-year earnings per common share were $0.91, a decrease of 16.5%, from $1.09 in the year ended December 31, 2008.
Meanwhile, core net income improved to $26.41 million from $24.87 million last year. However, on a per share basis, core earnings for the year were down to $1.00 from $1.21 a year earlier. Two analysts had expected earnings per share of $0.97 for the year.
Full-year net interest income was $114.79 million, an increase of 30.8% from $87.73 million in the year ended December 31, 2008, attributed to a rise in the average balance of interest-earning assets of $502.1 million to $3,879.5 million, combined with an increase in the net interest spread of 33 basis points to 2.76% from 2.43% in the comparable period.
During 2009, Flushing Financial, the holding company of Flushing Savings Bank, completed the public offering of 9.3 million common shares at an offering price of $11.50 per share and the net proceeds received increased its capital by $101.6 million.
FFIC closed Tuesday's regular trading session at $12.02, down $0.04 or 0.33%, on the Nasdaq.
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