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Stock impact report

The First of Long Island Corporation Reports Earnings for the First Quarter of 2024

The First of Long Island Corporation (FLIC) 
Last the first of long island corporation earnings: 4/30 08:14 am Check Earnings Report
US:NASDAQ Investor Relations: fnbli.com/stock-information.aspx
Company Research Source: GlobeNewswire
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 quarter in 2023. The principal drivers of the lower earnings were a decline in net interest income of $5.5 million, or 23.2%, and a $1.1 million credit provision for credit losses taken in the first quarter of 2023, partially offset by a loss on sales of securities of $3.5 million in the first quarter of 2023. The decline in net interest income primarily resulted from the current rate environment’s impact on the Bank’s liability sensitive balance sheet. The quarter produced a re Show less Read more
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