The First of Long Island Corporation Reports Earnings for the First Quarter of 2025

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].