Financial Data and Key Metrics Changes - The company reported a net income of $4.8 million for the second quarter, an increase from $4.4 million in the linked quarter but a decrease from $6.9 million in the same quarter last year [9] - Earnings per share (EPS) were $0.21 for the quarter, equal to the declared dividend, compared to $0.20 in the linked quarter and $0.31 in the same quarter last year [9] - Return on assets increased from 0.42% to 0.45% and return on equity improved from 4.72% to 5.15% [24] - Net interest margin increased slightly from 1.79% to 1.8% [24][19] - Non-interest expense decreased to $15.8 million from $16.2 million in the linked quarter [26] Business Line Data and Key Metrics Changes - The commercial lending business grew by $582 million, with relationship-based C&I and owner-occupied commercial mortgages increasing by 80% [4] - The company experienced a decrease in residential mortgage lending, which amortized down by $514 million [21] - Non-interest income for the quarter was $2.9 million, up from $2.8 million in the linked quarter [45] Market Data and Key Metrics Changes - Average non-maturity interest-bearing deposits increased by $85 million, while certificates of deposit rose by $15 million [27] - The weighted average cost of interest-bearing non-maturity deposits was 2.84% and for CDs it was 4.24% [27] - The yield on total interest-earning assets was 4.16% for the second quarter, compared to 4.8% in the linked quarter [28] Company Strategy and Development Direction - The company is focused on geographic expansion and improving efficiencies within its existing branch network [7] - There is a strategic shift towards relationship-based commercial lending, with no significant increase in multifamily loans [5] - The management remains optimistic about future opportunities to build shareholder value despite recent challenges [7] Management Comments on Operating Environment and Future Outlook - Management noted that the net interest margin is expected to stabilize, with potential improvements if the Federal Reserve cuts rates [19][24] - The company is proactively reaching out to borrowers facing cash flow stress to discuss options [6] - The effective tax rate for the second quarter decreased to 1.6%, with an expected annualized rate of approximately 4% [29] Other Important Information - The allowance for credit losses was $28.5 million, with a provision of $570,000 booked during the quarter [13] - The capital position remains strong with a leverage ratio of approximately 9.9% [48] - The company opened a new branch on the North Fork of Long Island, expanding its presence in the region [23] Q&A Session Summary Question: What drove the uptick in non-performing loans? - The net charge-offs were a little over $400,000 for the quarter, primarily due to one multifamily loan going non-performing [31] Question: What is the expected effective tax rate for 2025? - The effective tax rate is expected to rise to around 7% as income increases and tax-exempt items become a smaller percentage of income [33] Question: How much of the multifamily and non-owner occupied loans repriced in the first half of 2024? - The repricing in the first half was similar to what is expected in the second half, though specific numbers were not provided [38] Question: What is the outlook for loan growth considering the residential strategy? - The company plans to continue focusing on relationship-based C&I and owner-occupied commercial mortgages, with no plans to resume residential mortgage originations [42] Question: How much more repricing is expected in the second half of the year? - Very little repricing is expected, as most CDs are already at market rates [40]

The First of Long Island (FLIC) came out with quarterly earnings of $0.21 per share, beating the Zacks Consensus Estimate of $0.19 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items. Over the last four quarters, the company has surpassed consensus EPS estimates two times. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's comme ...

President and Chief Executive Officer Chris Becker commented on the Company's results: "We are encouraged by a quarter of increase in many financial metrics, including both deposit and loan growth during the quarter. At the end of the first quarter of this year, I commented that we believe our margin should be at the bottom. A one basis point increase in the margin during the second quarter is reflective of that guidance. Our noninterest income and noninterest expense beat our guidance for the second straig ...

Shares of The First of Long Island rallied for the fourth straight trading session. With the Federal Reserve keeping an eye on unemployment reports and cooling inflation numbers, market participants are projecting interest rate cuts as early as during the September FOMC meeting. Thus, this is a positive development for banks that are already reeling under the Fed's aggressive monetary tightening. As the rates come down, so will banks' funding costs. Hence, the investors turned bullish on banking sector stoc ...

Investors and analysts interested in listening and asking questions must register at webpage https://www.cstproxy.com/fnbli/earnings/2024/q2/ by July 23, 2024 and should use the phone number and access code that will be provided to them on the webpage to access the call. For More Information Contact: Janet Verneuille, SEVP & CFO (516) 671-4900, Ext. 7462 Those that wish to listen to the call over the telephone are invited to dial 1 800-450-7155 (international callers dial +1 857-999-9155) and use conference ...

The First of Long Island (NASDAQ:FLIC) is a bank with nearly 100 years of history and is headquartered in Melville, New York. Its recent history has been marked by significant challenges mainly due to the rapid rise in the Fed Funds Rate. In fact, in early 2022 FLIC was trading at about $22 per share; today we are below $10 per share. This is a huge drop, which occurred among other things at a time when FLIC was already far from its all-time high of $31 per share at the end of 2017. Certainly, the TBV per s ...

For More Information Contact: Janet Verneuille, SEVP & CFO (516) 671-4900, Ext. 7462 MELVILLE, N.Y., June 28, 2024 (GLOBE NEWSWIRE) -- The First of Long Island Corporation (NASDAQ:FLIC) announced today the declaration of a second quarter cash dividend in the amount of $.21 per share. The dividend will be paid on July 18, 2024 to shareholders of record on July 10, 2024. The First of Long Island Corporation is the parent company of The First National Bank of Long Island. Through its branch network branded as ...

MELVILLE, N.Y., June 28, 2024 (GLOBE NEWSWIRE) -- The First of Long Island Corporation (Nasdaq: FLIC) announced today the declaration of a second quarter cash dividend in the amount of $.21 per share. The dividend will be paid on July 18, 2024 to shareholders of record on July 10, 2024. The First of Long Island Corporation is the parent company of The First National Bank of Long Island. Through its branch network branded as First National Bank LI, the Bank focuses on business and consumer needs on Long Isla ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 275 Broadhollow Road, Melville, NY 1174 ...

Exhibit 99.1 April 25, 2024 For More Information Contact: For Immediate Release Janet Verneuille, SEVP and CFO (516) 671-4900, Ext. 7462 THE FIRST OF LONG ISLAND CORPORATION REPORTS EARNINGS FOR THE FIRST QUARTER OF 2024 Melville, New York, April 25, 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 net income and earnings per share for the three months ended March 31, 2 ...