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]

Group 1 - The First of Long Island Corporation is the parent company of The First National Bank of Long Island, focusing on business and consumer needs in Long Island and New York City [1] - The bank offers a wide range of lending, deposit, investment, and digital products, emphasizing a "Customer First" banking experience [1] - The company has announced a fourth quarter cash dividend of $0.21 per share, payable on January 9, 2025, to shareholders of record on December 31, 2024 [2]

Group 1 - The First of Long Island Corporation operates as a regional bank and is the holding company for The First National Bank of Long Island [1] - The bank is characterized as a community bank, indicating a focus on local customers and businesses [1] Group 2 - There is a promotional offer for a service that allows significant savings, with a current sale providing 75% off the regular price of $1,668 [2] - The promotion is time-sensitive, ending when three more members sign up, suggesting urgency in customer acquisition [2] - A money-back guarantee is offered to customers, indicating confidence in the service provided [2]

Financial Performance - Net income for the first nine months of 2024 was $13.8 million, down from $20.2 million in the same period last year, resulting in diluted earnings per share of $0.61 compared to $0.89[86] - Net income for Q3 2024 was $4.6 million, a decrease of $2.2 million, or 32.4%, from $6.8 million in Q3 2023[106] - The Corporation's capital position remains strong with a leverage ratio of approximately 10.13% and book value per share increased to $17.25 from $16.83 at year-end 2023[94] - Stockholders' equity increased to $388.6 million at September 30, 2024, from $380.1 million at December 31, 2023, driven by net income of $13.8 million[134] Income and Expenses - Net interest income declined by $11.7 million, with a provision for credit losses of $740,000 compared to a provision reversal of $1.2 million in the prior period[87] - Noninterest income, excluding a $3.5 million loss on securities sales in 2023, increased by $1.4 million, with bank-owned life insurance and service charges on deposit accounts rising by 8.0% and 13.4% respectively[90] - Noninterest expense increased by $254,000, primarily due to merger and branch consolidation expenses of $1.4 million[91] - Noninterest expense increased by $254,000, or 0.5%, primarily due to merger and branch consolidation expenses of $1.4 million recorded in Q3 2024[104] Asset and Liability Management - Total average deposits declined by $89.6 million, with uninsured deposits representing 45.9% of total deposits at September 30, 2024[93] - The net interest margin for the first nine months of 2024 was 1.83%, down from 2.21% in the same period last year[96] - The cost of interest-bearing liabilities increased by 109 basis points, while the yield on interest-earning assets increased by 38 basis points when comparing the first nine months of 2024 and 2023[100] - The Bank's loans and securities that reprice or mature within one year amounted to approximately $890.9 million, or 22.9% of the total[145] Credit Quality - The Bank's allowance for credit losses (ACL) to total loans remained stable at 0.88% as of September 30, 2024[89] - A $341,000 increase in the provision for credit losses was noted in Q3 2024[106] - The Bank recorded loan charge-offs of $1.1 million and a provision for credit loss of $740,000 during the first nine months of 2024[119] - As of September 30, 2024, the Allowance for Credit Losses (ACL) was $28.6 million, representing 0.88% of total loans, a decrease from $29.0 million or 0.89% at December 31, 2023[119] Tax and Regulatory Compliance - The effective tax rate decreased from 11.6% to (0.3%), reflecting a higher percentage of pre-tax income derived from the Bank's REIT[92] - The effective tax rate declined from 11.6% to (0.3%) due to an increase in pre-tax income derived from the Bank's REIT[105] - The leverage ratios for the Corporation and the Bank were 10.13% and 10.10%, respectively, as of September 30, 2024, exceeding regulatory capital requirements[136] Mergers and Acquisitions - The Corporation entered into a Merger Agreement with ConnectOne, with shareholders receiving 0.5175 shares of ConnectOne common stock for each share of the Corporation's common stock[107] - The Corporation has a stock repurchase program but did not repurchase any shares in the third quarter of 2024 due to merger agreement restrictions[137] Forward-Looking Statements and Risks - Forward-looking statements are subject to various risks, including economic conditions, interest rate fluctuations, and the proposed merger with ConnectOne[147] - The Bank's estimates for net interest income are sensitive to changes in rates paid on nonmaturity deposits, which could materially impact projected amounts[145] - The Bank utilizes interest rate sensitivity modeling to calculate EVE, which captures long-term interest rate risk not reflected in short-term projections[141] - Management's estimates include assumptions about future cash flows, prepayments, and discount rates applied to various cash flows[142]

MELVILLE, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) -- The First of Long Island Corporation (Nasdaq: FLIC, the “Company” or the “Corporation”), the parent of The First National Bank of Long Island (the “Bank”), reported earnings for the three and nine months ended September 30, 2024. President and Chief Executive Officer Chris Becker commented on the Company's results: "We are encouraged by a second consecutive linked quarter showing improvements in key financial metrics. After an increase in the net interest ma ...

Group 1 - The First of Long Island Corporation declared a third quarter cash dividend of $0.21 per share, payable on October 21, 2024, to shareholders of record on October 11, 2024 [1] Group 2 - The First of Long Island Corporation is the parent company of The First National Bank of Long Island, which focuses on business and consumer needs in Long Island and New York City [2] - The bank offers a wide range of lending, deposit, investment, and digital products, emphasizing a "Customer First" banking experience [2]

MILWAUKEE, Sept. 17, 2024 /PRNewswire/ -- Ademi LLP is investigating First of Long Island (Nasdaq: FLIC) for possible breaches of fiduciary duty and other violations of law in its transaction with ConnectOne. Click here to learn how to join our investigation https://www.ademilaw.com/case/first-long-island-corporation or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you. In the transaction, First of Long Island shareholders will receive only 0.5175 shares of ConnectOne common s ...

NEW YORK, Sept. 12, 2024 (GLOBE NEWSWIRE) -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: The First of Long Island Corporation (NASDAQ: FLIC)'s sale to ConnectOne Bancorp, Inc. for 0.5175 shares of ConnectOne common stock for each share of Long Island common stock. If you are a Long Island shareholder, click here to learn more about your legal ri ...

NEW YORK, Sept. 11, 2024 /PRNewswire/ -- Monteverde & Associates PC (the "M&A Class Action Firm"), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating First of Long Island Corp. (Nasdaq: FLIC), relating to its proposed merger with ConnectOne Bancorp, Inc. Under the terms of the agreement, FLIC anticipates acquiring ConnectOne shares at the ...

Here are three stocks with buy rank and strong income characteristics for investors to consider today, September 4th: Trend Micro Incorporated (TMICY) : This security-related software company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 4.9% over the last 60 days. This Zacks Rank #1 company has a dividend yield of 6.9%, compared with the industry average of 0.0%. The First of Long Island Corporation (FLIC) : This holding company for The First Nation ...