Heineken said on Monday it will buy the beverage and retail businesses of Florida Ice and Farm Company for $3.2 billion, boosting its presence across Central America. ...

Core Viewpoint - ConnectOne Bancorp, Inc. has successfully completed its merger with The First of Long Island Corporation, creating a combined entity with approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans [1]. Group 1: Merger Details - The merger allows ConnectOne to operate under a unified brand, enhancing its scale and capabilities while maintaining a client-first culture [2]. - First of Long Island shareholders received 0.5175 shares of ConnectOne common stock for each share of FLIC common stock owned, along with cash for any fractional shares [3]. Group 2: Leadership and Governance - Following the merger, ConnectOne's Board of Directors has expanded to 15 members, with Christopher Becker appointed as Vice Chairman [4]. - The addition of new board members is expected to bring valuable industry expertise and strategic insight to support the company's growth [5]. Group 3: Company Overview - ConnectOne Bancorp operates through its subsidiary, ConnectOne Bank, and its fintech subsidiary, BoeFly, Inc., focusing on small to middle-market businesses [6].

Core Viewpoint - ConnectOne Bancorp, Inc. and The First of Long Island Corporation have received FDIC approval for their merger, which is expected to close around June 1, 2025, pending additional regulatory approvals [1][2][3] Group 1: Merger Details - The merger will combine ConnectOne and First of Long Island, creating a company with approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans [3] - The combined entity will operate under the ConnectOne brand and will rank among the top 5 community banks on Long Island in terms of deposit market share [3] Group 2: Leadership Statements - Frank Sorrentino III, CEO of ConnectOne, expressed confidence in leveraging ConnectOne's commercial expertise and infrastructure to serve First of Long Island's client base [3] - Chris Becker, CEO of The First National Bank of Long Island, highlighted the readiness of both teams for a seamless integration and emphasized shared values in client service [3] Group 3: Company Backgrounds - ConnectOne Bancorp, Inc. operates through ConnectOne Bank and offers a full suite of banking and lending products focused on small to middle-market businesses [4] - The First of Long Island Corporation, founded in 1927, focuses on business and consumer needs in Long Island and New York City, known for its "Customer First" banking experience [5]

Financial Performance - Net income for Q1 2025 was $3.8 million, down from $4.4 million in Q1 2024, resulting in diluted earnings per share of $0.17 compared to $0.20[93]. - The effective tax rate increased from 6.2% in Q1 2024 to 11.5% in Q1 2025, contributing to a $193,000 rise in income tax expense[98][110]. - The Corporation's return on assets (ROA) and return on equity (ROE) for Q1 2025 were 0.37% and 3.98%, respectively, compared to 0.42% and 4.72% for the same period in 2024[139]. Income and Expenses - Net interest income increased by $661,000, while noninterest expense rose by $922,000, primarily due to merger-related costs[93][97]. - Noninterest income decreased by $57,000, or 2.1%, mainly due to nonrecurring items in 2024, despite increases in merchant card service fees and BOLI accretion[96][107]. - Noninterest expense increased by 5.7% year-over-year, largely due to merger expenses and system conversion costs[97][109]. Credit Losses and Provisions - The provision for credit losses was $168,000 in Q1 2025, compared to no provision in Q1 2024, with the allowance for credit losses to total loans ratio at 0.89%[95]. - The Bank recorded loan charge-offs of $370,000 and recoveries of $179,000 in Q1 2025, with a provision for credit loss of $168,000[122]. - As of March 31, 2025, the Allowance for Credit Losses (ACL) was stable at $28.3 million, representing 0.89% of total loans, compared to 0.88% at year-end 2024[122]. Deposits and Liquidity - Total average deposits declined by $51.9 million year-over-year, with uninsured deposits at 49.5% of total deposits as of March 31, 2025[99]. - Total deposits remained flat at $3.3 billion during Q1 2025, with savings and money market deposits increasing by $12.9 million, or 0.8%[132]. - As of March 31, 2025, the Bank had $878.1 million in available liquidity, including $653.3 million in collateralized borrowing lines and $204.8 million in unencumbered securities[137]. Loan Portfolio - The Bank's loan portfolio totaled $3.2 billion, with $725.2 million, or 22.9%, expected to reprice by March 31, 2026[131]. - At March 31, 2025, the commercial mortgage portfolio comprised $1.9 billion, or 61% of total loans, with an average loan size of $2.4 million and a weighted average loan-to-value (LTV) of 50.1%[120]. - Approximately 96% of the Bank's total loans outstanding are secured by real estate, which poses risks related to economic conditions in Long Island and NYC[124]. Interest Rates and Projections - The net interest margin improved to 1.91% in Q1 2025 from 1.79% in Q1 2024, driven by a decrease in interest expense[105]. - The Bank's net interest income is projected to be $84.440 million for the year ending March 31, 2026, under the base case scenario with no rate change[150]. - An immediate increase in interest rates of 100 basis points could negatively impact net interest income by 3.1%[150]. - Approximately $934.5 million, or 24.7% of total assets, will reprice or mature within one year as of March 31, 2025[150]. Capital and Equity - The Bank's leverage ratio was approximately 10.29% at March 31, 2025, with a book value per share of $16.91[100]. - Stockholders' equity increased to $382.8 million at March 31, 2025, driven by a net income of $3.8 million and a decrease in unrealized after-tax losses of $4.8 million[138]. - The leverage ratios for the Corporation and the Bank were 10.29% and 10.28%, respectively, as of March 31, 2025, exceeding regulatory capital requirements[141]. Other Considerations - The Corporation has a stock repurchase program but did not repurchase any shares in Q1 2025 due to merger agreement restrictions[142]. - Uninsured and uncollateralized deposits represented 32.7% of total deposits, amounting to approximately $1.1 million[137]. - The Corporation's forward-looking statements are subject to various risks, including economic conditions, interest rate changes, and the proposed merger with ConnectOne[152].

Core Viewpoint - The First of Long Island Corporation reported a net income of $3.8 million for the first quarter of 2025, a decrease from $4.4 million in the same quarter of 2024, primarily driven by increased expenses and provisions for credit losses [4][6]. Financial Performance - Net income for Q1 2025 increased by $512,000 compared to Q4 2024, mainly due to a $795,000 rise in net interest income and a $1.5 million reduction in noninterest expenses [3]. - For Q1 2025, net income was $3.8 million, or $0.17 per share, compared to $4.4 million, or $0.20 per share, in Q1 2024 [4]. - The return on average assets (ROA) for Q1 2025 was 0.37%, and return on average equity (ROE) was 3.98% [4]. Interest Income and Expenses - Net interest income increased by $661,000, or 3.6%, year-over-year, but was offset by a $168,000 increase in the provision for credit losses and a $922,000 rise in noninterest expenses [4][5]. - Interest expense decreased by $2.0 million, while interest income fell by $1.4 million, leading to a net interest margin of 1.91% for Q1 2025 [5][24]. Credit Losses - The Bank recorded a provision for credit losses of $168,000 in Q1 2025, compared to no provision in Q1 2024 [6]. - The allowance for credit losses remained stable, with a coverage ratio of 0.89% of total loans as of March 31, 2025 [6][23]. Noninterest Income and Expenses - Noninterest income decreased by $57,000, or 2.1%, year-over-year, primarily due to nonrecurring items in 2024 [7]. - Noninterest expenses rose by $922,000, or 5.7%, largely due to merger-related costs and higher legal fees, despite a decrease in salaries and employee benefits [8]. Tax Expenses - Income tax expense increased by $193,000, with the effective tax rate rising from 6.2% in Q1 2024 to 11.5% in Q1 2025 [9]. Liquidity Position - Total average deposits declined by $51.9 million year-over-year, with $878.1 million in liquidity available as of March 31, 2025 [11]. - Uninsured deposits accounted for 49.5% of total deposits at the end of Q1 2025 [11]. Capital Position - The Corporation's leverage ratio was approximately 10.29% as of March 31, 2025, with a book value per share of $16.91 [13]. - The Company declared a quarterly cash dividend of $0.21 per share during the quarter [13].

Core Points - The First of Long Island Corporation declared a first quarter cash dividend of $0.21 per share, payable on April 3, 2025, to shareholders of record on March 24, 2025 [1] - The First of Long Island Corporation is the parent company of The First National Bank of Long Island, which focuses on business and consumer banking needs in Long Island and New York City [2] Company Overview - The First National Bank of Long Island offers a wide range of lending, deposit, investment, and digital products [2] - The bank is recognized for its commitment to extraordinary service and a "Customer First" banking experience, catering to small and middle market businesses, professional service firms, not-for-profits, municipalities, and consumers [2] Contact Information - For further inquiries, the contact person is Janet Verneuille, SEVP & CFO, reachable at (516) 671-4900, Ext. 7462 [3]

Financial Performance - Net income for 2024 was $17.1 million, a decrease from $26.2 million in 2023, with diluted EPS dropping to $0.75 from $1.16[150][151] - Net income for 2024 was $17,076 thousand, down 34.5% from $26,239 thousand in 2023[256] - Earnings per share (EPS) decreased from $1.16 in 2023 to $0.76 in 2024, a drop of 34.5%[256] - The Corporation's return on equity (ROE) was 4.49% for 2024, down from 7.14% in 2023[225] - Other comprehensive income for 2024 was $552 thousand, compared to $7,039 thousand in 2023, indicating a significant decrease[258] Income and Expenses - Net interest income declined by $13.6 million year-over-year, primarily due to a $25.5 million increase in interest expense, while interest income increased by $11.8 million[151][152] - Noninterest income, excluding losses on securities sales, increased by $2.2 million, or 22.8%, driven by increases in service charges and other recurring income[154] - Noninterest expense rose by $4.1 million, or 6.4%, largely due to branch consolidation and merger expenses, with salaries and employee benefits increasing by 6.3%[155] - The effective tax rate improved significantly from 11.0% in 2023 to (1.9%) in 2024, reflecting a higher proportion of income from the Bank's REIT[156] Assets and Liabilities - Total assets at year-end 2024 were $4,119.3 million, a slight decrease from $4,235.9 million in 2023[149] - Total assets decreased from $4,235,900 thousand in 2023 to $4,119,336 thousand in 2024, a decline of approximately 2.7%[254] - Total deposits remained flat at $3.3 billion, while stockholders' equity decreased by $1.2 million, or 0.3%, due to cash dividends of $18.9 million and common stock repurchases of $2.0 million[195] - Total deposits decreased from $3,270,986 thousand in 2023 to $3,264,858 thousand in 2024, a decline of about 0.2%[254] Loans and Credit Quality - Loans outstanding were $3,221.6 million at the end of 2024, down from $3,248.1 million in 2023[149] - Nonaccrual loans increased to $3.2 million, or 0.10% of total loans, compared to $1.1 million, or 0.03%, in 2023[158] - The provision for credit losses was $359,000 in 2024, compared to a reversal of $326,000 in 2023, with the allowance for credit losses to total loans ratio remaining stable at 0.88%[153][157] - The allowance for credit losses was $28.3 million as of December 31, 2024, slightly down from $28.99 million in 2023[203] - The provision for credit losses recorded in 2024 was influenced by deteriorating economic conditions and adjustments for multifamily properties[327] Mergers and Acquisitions - The Corporation entered into a Merger Agreement with ConnectOne, with the transaction expected to close in the second quarter of 2025[170] - The company is facing risks related to the proposed merger with ConnectOne, including potential delays and regulatory approvals[252] Investment Portfolio - The fair value of available-for-sale (AFS) securities decreased from $695.9 million in 2023 to $624.8 million in 2024, reflecting a decline in various categories of securities[198] - The Corporation's investment securities portfolio had a carrying value of $624,779 thousand as of December 31, 2024, with unrealized losses totaling $74,114 thousand[308] - The amortized cost of the Bank's investment securities portfolio was $698.0 million, with a fair value of $624.8 million as of December 31, 2024[322] Stockholder Activities - In Q1 2024, the Corporation repurchased 167,526 shares of common stock for a total cost of $2.0 million, with no repurchases in subsequent quarters due to the Merger Agreement[228] - Cash dividends declared in 2024 totaled $18,912 thousand, slightly increased from $18,949 thousand in 2023 and $18,656 thousand in 2022[262] Economic Conditions and Risks - Future chargeoffs and provisions for credit losses may be affected by economic conditions in Long Island and NYC, where 96% of total loans are secured by real estate[218] - The projected Economic Value of Equity (EVE) at December 31, 2024, was $479.3 million under the base case scenario, with a potential decrease of 27.5% under a +300 basis point rate shock[249]

Financial Performance - Net income for the year ended December 31, 2024, was $17.1 million, a decrease of 34.8% from $26.2 million in 2023, with diluted EPS dropping from $1.16 to $0.75[5] - Net income for the year ended December 31, 2024, was $17.08 million, a decrease of 34.9% compared to $26.24 million in 2023[25] - Basic EPS decreased to $0.76 in 2024 from $1.16 in 2023, reflecting a decline of 34.5%[25] - The efficiency ratio increased to 79.00% in 2024 from 65.52% in 2023, indicating a decrease in operational efficiency[25] Interest Income and Expenses - Net interest income declined by $13.6 million, or 15.7%, due to an increase in interest expense of $25.5 million, while interest income increased by $11.8 million[6] - Interest and dividend income increased to $167.33 million for the year ended December 31, 2024, compared to $155.48 million for the same period in 2023, representing a growth of 7.4%[25] - Net interest income after provision for credit losses decreased to $72.86 million in 2024 from $87.19 million in 2023, a decline of 16.4%[25] - The net interest margin for the year was 1.83%, with a return on average assets (ROA) of 0.40% and return on average equity (ROE) of 4.49%[5] - The net interest margin fell to 1.83% in 2024 from 2.16% in 2023, indicating a compression in interest income relative to interest-earning assets[25] - The net interest spread declined from 0.88% to 0.62%[30] Noninterest Income and Expenses - Noninterest income increased by $2.2 million, or 22.8%, year over year, driven by increases in bank-owned life insurance and service charges on deposit accounts[8] - Noninterest income rose to $12.07 million for the year ended December 31, 2024, up from $6.34 million in 2023, marking an increase of 90.5%[25] - Noninterest expense rose by $4.1 million, or 6.4%, primarily due to branch consolidation and merger expenses totaling $3.1 million[9] Credit Losses and Reserves - The provision for credit losses was $359,000 in 2024, compared to a reversal of $326,000 in 2023, with a stable reserve coverage ratio of 0.88% of total loans[7] - The allowance for credit losses as a percentage of total loans was 0.88% as of December 31, 2024, slightly down from 0.89% in 2023[27] - The allowance for credit losses was $28,679 thousand, slightly decreased from $29,577 thousand[30] Taxation - The effective tax rate decreased from 11.0% in 2023 to (1.9%) in 2024, reflecting a higher percentage of pre-tax income from the Bank's real estate investment trust[10] Liquidity and Capital - Total liquidity available on December 31, 2024, was $868.5 million, with uninsured deposits constituting 45.8% of total deposits[16] - The Corporation's leverage ratio was approximately 10.12% as of December 31, 2024, with a book value per share of $16.77[18] - Stockholders' equity increased to $385,545 thousand from $359,755 thousand[30] Future Outlook - The Corporation is focused on positioning for future opportunities, particularly in light of the pending merger with ConnectOne Bancorp, Inc.[3]

Group 1 - The First of Long Island Corporation (FLIC) is a regional bank focused on serving businesses and consumers in Long Island and New York City [1] - The bank is noted for its ability to provide significant returns through a blended trading and investing approach [1] Group 2 - A promotional offer is available that allows members to lock in 75% savings compared to the standard price of $1,668, which is set to end soon [2] - The company offers a money-back guarantee to ensure customer satisfaction, emphasizing confidence in the potential gains [3]

Core Viewpoint - The First of Long Island Corporation reported a decline in net income and earnings per share for the year ended December 31, 2024, primarily due to a decrease in net interest income and an increase in expenses, while also highlighting a focus on future growth through a pending merger with ConnectOne Bancorp, Inc. [2][4] Financial Performance - Net income for 2024 was $17.1 million, down from $26.2 million in 2023, with diluted earnings per share decreasing from $1.16 to $0.75 [4] - The decline in net income was driven by a $13.6 million (15.7%) decrease in net interest income and a provision for credit losses of $359,000, compared to a reversal of $326,000 in 2023 [4][6] - Noninterest income increased by nearly 23%, largely due to new and recurring fee income categories [2][7] Interest Income and Expense - Net interest income fell to $73.2 million in 2024 from $86.9 million in 2023, attributed to a $25.5 million increase in interest expense, partially offset by an $11.8 million rise in interest income [5][22] - The cost of interest-bearing liabilities rose by 90 basis points, while the yield on interest-earning assets increased by 31 basis points [5] Asset Quality - The allowance for credit losses decreased to $28.3 million at year-end 2024, with a stable reserve coverage ratio of 0.88% of total loans [6][24] - Past due loans were reported at $270,000, and nonaccrual loans totaled $3.2 million, indicating strong overall credit quality [6] Noninterest Expense - Noninterest expense rose by $4.1 million (6.4%) year-over-year, primarily due to merger and branch consolidation expenses [8] - Salaries and employee benefits increased by 6.3%, reflecting various compensation and benefit categories [8] Tax Expense - Income tax expense decreased by $3.5 million, with the effective tax rate dropping from 11.0% in 2023 to (1.9%) in 2024, mainly due to a higher percentage of pre-tax income from the Bank's real estate investment trust [9][10] Liquidity and Capital - As of December 31, 2024, the Bank had $868.5 million in available liquidity, with uninsured deposits comprising 45.8% of total deposits [14] - The Corporation's leverage ratio was approximately 10.12%, with a book value per share of $16.77 [16] Future Outlook - The management expressed optimism regarding the upcoming merger with ConnectOne Bancorp, anticipating new opportunities for stakeholders in 2025 [2]