The First of Long Island (FLIC) came out with quarterly earnings of $0.20 per share, missing the Zacks Consensus Estimate of $0.24 per share. This compares to earnings of $0.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -16.67%. A quarter ago, it was expected that this holding company for The First National Bank of Long Island would post earnings of $0.27 per share when it actually produced earnings of $0.27, delivering n ...

MELVILLE, N.Y., 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, 2024. Analysis of First Quarter Earnings Net income and earnings per share for the quarter ended March 31, 2024, were $4.4 million and $0.20, respectively, compared to $6.5 million and $0.29, respectively, for the comparable ...

Melville, NEW YORK, April 03, 2024 (GLOBE NEWSWIRE) -- The First of Long Island Corporation (NASDAQ:FLIC) will host an earnings conference call on April 26, 2024 at 2:00 pm Eastern time to discuss first quarter results. Financial results will be released after the market closes on April 25, 2024. 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 ID 1256707# approximately 10 minutes prior to the start of ...

Melville, NEW YORK, April 03, 2024 (GLOBE NEWSWIRE) -- The First of Long Island Corporation (Nasdaq: FLIC) will host an earnings conference call on April 26, 2024 at 2:00 pm Eastern time to discuss first quarter results. Financial results will be released after the market closes on April 25, 2024. 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 ID 1256707# approximately 10 minutes prior to the start o ...

Table of Contents Risk Characteristics. Credit risk within the Bank's loan portfolio primarily stems from factors such as changes in the borrower's financial condition, credit concentrations, changes in collateral values, economic conditions, rent regulation and environmental contamination of properties securing mortgage loans. The Bank's commercial loans, including those secured by real estate mortgages, are primarily made to small and medium-sized businesses. Such loans sometimes involve a higher degree o ...

Financial Data and Key Metrics Changes - Net income for Q4 2023 totaled $6.1 million, down $741,000 from the linked quarter, primarily due to lower net interest income of $1.5 million and an increase in the provision for credit losses of $1.1 million [13] - The bank's net interest margin was 2% in Q4 2023, compared to 2.13% in the linked quarter, reflecting a 13 basis point decrease due to seasonal outflows of lower-cost deposits [13] - For the full year 2023, net income totaled $26.2 million, with fully diluted earnings per share at $1.16, a decline from 2022's record net income of $46.9 million and earnings per share of $2.04 [23] Business Line Data and Key Metrics Changes - The bank's noninterest income for Q4 2023 was $2.4 million, consistent with prior guidance and previous quarters [13] - Noninterest expenses decreased by $1.4 million to $14.8 million compared to the linked quarter, mainly due to lower incentive and stock-based compensation expenses [13] - The bank's total commercial loan portfolio has grown by 12% per year on average since 2020, with a slight increase of $0.5 million over the same period [22] Market Data and Key Metrics Changes - Total deposits declined by 4.85% to $3.3 billion, primarily due to seasonal lower municipal and tax escrow deposits, replaced by overnight borrowings and FHLB advances [5] - The bank's total wholesale funding, including brokered deposits, was $648.7 million or 15% of total assets as of December 31, 2023, with a weighted average cost of funds of 4.6% [5] Company Strategy and Development Direction - The bank is transitioning to a more commercially focused institution, with a key objective of growing its commercial and industrial loan and owner-occupied mortgage business [3] - The bank's transformation strategy, initiated in 2020, has led to a more efficient branch network and enhanced technology, which is expected to improve customer experience and service capabilities [12] - The bank plans to resume its stock buyback program in 2024, contingent on strong capital levels [6] Management's Comments on Operating Environment and Future Outlook - Management noted that the yield curve has been inverted for approximately 18 months, complicating the bank's ability to leverage excess capital [5] - The bank anticipates that net interest margin will begin to recover as short-term rates decrease, projecting a bottoming out of the margin in the first half of 2024 [25] - Management expressed optimism about the future, citing a strong capital position and the potential for margin expansion once the Federal Reserve lowers rates [12][24] Other Important Information - The bank maintained $1.1 billion in collateralized borrowing lines and had $386 million in unencumbered cash and securities, totaling approximately $1.5 billion in available liquidity at the end of the quarter [6] - The effective tax rate for 2023 was 11%, down from 19.4% in 2022, attributed to an increase in income from the bank's real estate investment trust and bank-owned life insurance [23] Q&A Session Summary Question: What is the outlook for the loan portfolio in 2024? - Management expects some lower single-digit loan growth in 2024, with a more robust pipeline anticipated as rates stabilize [33] Question: What is the expected tax rate for 2024? - The projected tax rate for 2024 is between 12% and 13% [32] Question: How will the bank approach dividends going forward? - The bank plans to continue paying dividends at the current level, analyzing it quarterly [36][37] Question: What would trigger stock buybacks? - Stock buybacks will be considered based on capital levels and projected earnings, with no specific number provided at this time [38]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 For the quarterly period ended September 30, 2023 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Table of Contents ITEM 1. Financial Statements (Unaudited) Consolidated Statements of Changes in Stockholders' Equity 4 I ...

Table of Contents CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------|--------------------------------|-------|----------------------------|-----------|-------------------------------|-------------|-----------------------------------------------------------|-----------------------------------------------|----------|---------------------| | (d ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ____________ FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-32964 THE FIRST OF LONG ISLAND CORPORATION (Exact name of registrant as specified in its charter) New York 11-267 ...

Net interest income on a tax-equivalent basis was $117.9 million in 2022, an increase of $8.8 million, or 8.1%, from $109.1 million in 2021. The increase in net interest income reflects growth in interest income on loans of $10.1 million due to higher average loans outstanding of $300.5 million, or 10.1%, to $3.3 billion in 2022, offset by $2.3 million of growth in interest expense on total interestbearing liabilities. Also contributing to the increase was a favorable shift in the mix of funding as an incre ...