The drop is attributed to current recession
Flushing Financial has reported that its net income for the first quarter ended March 31, 2009 was $6.31m, or $0.26, per diluted share, compared to the $7.15m, or $0.35 per diluted share, for the first quarter ended March 31, 2008.
For the first quarter of 2009, net interest income was $26.06m, an increase of 25.8%, from $20.71m for the first quarter of 2008. The net interest margin increased 14 basis points to 2.72% for the first quarter of 2009 from 2.58% for the comparable quarter of 2008.
At March 31, 2009, total assets were $4.07 billion, an increase of 3%, from $3.95 billion at December 31, 2008. Total loans, net increased 2.3%, at March 31, 2009 to $3.03 billion from $2.96 billion at December 31, 2008.
John Buran, president and CEO, said: The first quarter of 2009 reflected the same challenges we faced in 2008 as the economy remained in a recession. During the first quarter of 2009, credit markets continued to soften, and we saw a $19.5m increase in our non-performing loans.
While we remain cautious about the economy, we recognize that we have the capital, liquidity, and the credit discipline to pick up market share in this huge New York metropolitan market, as certain competitors temporarily focus on other matters.