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]
The First of Long Island (FLIC) - 2024 Q4 - Annual Results