The First Of Long Island ( (FLIC) ) has released its Q4 earnings. Here is a breakdown of the information The First Of Long Island presented to its investors.
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The First of Long Island Corporation is the parent company of The First National Bank of Long Island, operating in the financial services sector, primarily focusing on banking solutions and services.
In its latest earnings report, The First of Long Island Corporation disclosed financial results for the year ended December 31, 2024, highlighting a significant focus on future positioning and a pending merger with ConnectOne Bancorp, Inc.
The company’s net income for 2024 was $17.1 million, a decrease from $26.2 million in 2023, with diluted earnings per share dropping from $1.16 to $0.75. This decrease was mainly due to a decline in net interest income, influenced by rising interest expenses. Noninterest income, however, saw a substantial increase of nearly 23%, driven by new and recurring fee income categories. The bank maintained strong asset quality and efficient cost management, with noninterest expenses rising only 1.6% excluding merger and consolidation costs.
Looking ahead, The First of Long Island Corporation remains optimistic about its upcoming merger and the opportunities it will present in 2025, focusing on enhancing value for shareholders, customers, and employees.
