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The First Of Long Island Corp. (FLIC)
NASDAQ:FLIC
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The First Of Long Island
(NASDAQ:FLIC)
61Neutral
The First Of Long Island (FLIC) vs. S&P 500 (SPY)
Market Cap
$264.83M
Dividend Yield7.33%
Average Volume (3M)80.85K
Price to Earnings (P/E)15.5
Beta (1Y)0.85
Revenue Growth10.86%
EPS Growth-34.85%
CountryUS
Employees265
SectorFinancial
Sector Strength85
IndustryBanks - Regional
Share Statistics
EPS (TTM)0.75
Shares Outstanding22,635,334
10 Day Avg. Volume59,221
30 Day Avg. Volume80,846
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap2.59
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit131.27
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$16.56Price Target Upside42.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
The First Of Long Island Business Overview & Revenue Model
Company DescriptionThe First of Long Island Corporation operates as the holding company for The First National Bank of Long Island that provides financial services to small and medium-sized businesses, professionals, consumers, municipalities, and other organizations. The company offers business and small business checking, personal checking, negotiable order of withdrawal, interest on lawyer, escrow service, rent security, personal and nonpersonal money market, savings, time deposit, holiday club, and individual retirement accounts. It also provides commercial and residential mortgage, commercial and industrial, small business credit scored, Small Business Administration, construction and land development, consumer, and home equity lines of credit/loans, as well as commercial and standby letters of credit; debit or credit cards; and overdraft facilities. In addition, the company offers life insurance, trust, estate and custody, retail investment, bill payment, lockbox, ACH, safe deposit box rental, wire transfer, money order, checkbook printing, check, ATM, and online and mobile banking services, as well as investment securities, management, and advisory services. It operates 40 branches, including 17 branches in Nassau, 15 in Suffolk, 5 in Queens, 2 in Brooklyn, and 1 in Manhattan. The company was founded in 1927 and is headquartered in Glen Head, New York.
How the Company Makes MoneyFLIC primarily makes money through the interest income generated from its lending activities, which include commercial loans, residential mortgage loans, and consumer loans. In addition to interest income, the company earns non-interest income from service charges on deposit accounts, investment management fees, and other banking-related fees. The company also benefits from its strategic focus on relationship banking, which helps attract and retain clients, thus driving both deposit growth and lending opportunities. Additionally, FLIC's earnings are supported by its ability to manage interest rate risk and maintain a strong asset quality, which contribute to its financial stability and profitability.
The First Of Long Island Financial Statement Overview
Summary
The company is facing significant financial challenges, particularly with a drastic drop in revenue and lack of equity in 2024. While cash flow remains stable, the overall financial instability is concerning and requires immediate strategic actions.Income Statement
The company's income statement shows a worrying trend with a significant decline in revenue from $93.5 million in 2023 to $5.2 million in 2024. This represents a drastic drop in revenue, impacting profitability. The net profit margin for 2024 is not meaningful due to the low revenue figure. The gross profit margin remains consistent, but the lack of EBIT and EBITDA in the latest year highlights challenges in operational profitability.60
Neutral
Balance Sheet
The balance sheet reveals a concerning lack of equity in 2024, with total liabilities outweighing assets. This indicates a high financial risk and potential solvency issues. The debt-to-equity ratio cannot be calculated for 2024 due to zero reported equity, which poses a significant risk. Prior years showed more balance, but the deterioration in 2024 needs urgent attention.50
Neutral
Cash Flow
Cash flow analysis indicates stable free cash flow at $25 million in 2024, despite revenue downturns. The operating cash flow to net income ratio is strong, suggesting efficient cash generation from operations. However, the negative financing cash flow reflects challenges in managing financial obligations. Overall, cash flow remains a relative strength amidst financial instability.70
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 5.21M | 93.53M | 128.13M | 119.38M | 116.11M | Gross Profit |
| 5.21M | 92.46M | 128.13M | 119.38M | 116.11M | EBIT |
| -117.61M | 43.01M | 76.72M | 53.31M | 49.53M | EBITDA |
| 0.00 | 35.22M | 64.53M | 61.99M | 55.90M | Net Income Common Stockholders |
| 17.08M | 26.24M | 46.93M | 43.09M | 41.20M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 38.33M | 60.89M | 747.59M | 777.99M | 873.90M | Total Assets |
| 4.12B | 4.24B | 4.28B | 4.07B | 4.07B | Total Debt |
| 456.96M | 567.44M | 436.90M | 322.58M | 319.14M | Net Debt |
| 418.63M | 506.55M | 362.72M | 278.91M | 107.96M | Total Liabilities |
| 3.74B | 3.86B | 3.92B | 3.65B | 3.66B | Stockholders Equity |
| 378.87M | 380.15M | 364.54M | 413.81M | 407.12M |
| Cash Flow | Free Cash Flow | |||
| 25.03M | 29.30M | 47.83M | 43.08M | 43.03M | Operating Cash Flow |
| 25.03M | 32.16M | 51.42M | 50.78M | 46.03M | Investing Cash Flow |
| 97.26M | 35.64M | -233.77M | -183.99M | 198.79M | Financing Cash Flow |
| -134.77M | -81.09M | 212.85M | -34.29M | -72.62M |
The First Of Long Island Technical Analysis
Neutral
11.64
Price Trends
11.89
Negative
12.16
Negative
12.24
Negative
Market Momentum
-0.10
Negative
52.62
Neutral
79.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLIC, the sentiment is Neutral. The current price of 11.64 is above the 20-day moving average (MA) of 11.25, below the 50-day MA of 11.89, and below the 200-day MA of 12.24, indicating a neutral trend. The MACD of -0.10 indicates Negative momentum. The RSI at 52.62 is Neutral, neither overbought nor oversold. The STOCH value of 79.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FLIC.
The First Of Long Island Risk Analysis
The First Of Long Island disclosed 27 risk factors in its most recent earnings report. The First Of Long Island reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
The First Of Long Island Peers Comparison
Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $271.16M | 9.64 | 11.19% | 5.96% | 13.25% | 1.46% | |
77 Outperform | $269.57M | 10.76 | 9.20% | 2.94% | 6.61% | 14.29% | |
73 Outperform | $260.49M | 9.36 | 9.60% | 3.52% | 22.34% | 51.03% | |
71 Outperform | $287.94M | 12.32 | 7.28% | 1.93% | 2.11% | -5.15% | |
69 Neutral | $275.21M | 14.94 | 5.60% | ― | 8.57% | 37.95% | |
63 Neutral | $12.37B | 9.56 | 7.95% | 79.17% | 12.62% | -5.26% | |
61 Neutral | $264.83M | 15.52 | 4.50% | 7.33% | 10.86% | -34.85% |
* Financial Sector Average
Performance Comparison
FLIC
The First Of Long Island
11.64
2.44
26.52%
CBAN
Colony Bankcorp
15.59
4.96
46.66%
FNLC
First Bancorp
24.74
3.12
14.43%
SFST
Southern First Bancshares
36.64
10.94
42.57%
CZFS
Citizens Financial Services
54.98
14.46
35.69%
BCML
BayCom
26.16
6.87
35.61%
The First Of Long Island Earnings Call Summary
Earnings Call Date:Apr 24, 2025
(Q2-2024)
| % Change Since: 2.11%|
Next Earnings Date:Jul 24, 2025
Earnings Call Sentiment Neutral
The earnings call revealed a mix of positive trends in loan origination, commercial lending growth, and operational efficiency, but was tempered by only slight improvements in net interest margin and a notable increase in nonperforming loans. The overall sentiment is cautious optimism towards future stabilization and growth.Q2-2024 Updates
Positive Updates
Improvement in Key Financial Ratios
The company reported linked quarter improvements in several key financial metrics, including return on assets, return on equity, efficiency ratio, and net interest margin.
Increase in Loan Originations
Stronger loan originations of $70 million with a weighted average rate of approximately 7% were noted, driven by C&I and owner-occupied commercial mortgages.
Growth in Commercial Lending
Commercial lending business grew by $582 million, offsetting a $514 million decline in residential lending, and improving the funding mix with noninterest-bearing deposits now representing 30% of the mix.
Branch Network Efficiency
Despite reducing branches from 52 to 41 since 2019, total deposits increased by approximately $220 million, indicating a more efficient model.
Positive Noninterest Income Trends
Noninterest income of $2.9 million exceeded the previous quarter and the same quarter last year, driven by service charges on deposit accounts and merchant card services.
Negative Updates
Slight Net Interest Margin Increase
Net interest margin only slightly increased from 1.79% to 1.8%, following six consecutive quarters of decline.
Decrease in Net Interest Income Year-over-Year
Net interest income decreased by $3.4 million from the same quarter last year.
Increase in Nonperforming Loans
There was an uptick in nonperforming loans, notably a multifamily loan that became nonperforming, leading to a partial charge-off.
Provision for Loan Losses
A provision for loan losses of $570,000 was recorded, attributed to a specific reserve on a nonperforming loan and net charge-offs.
Company Guidance
During the earnings call for The First of Long Island Corporation's second quarter of 2024, detailed financial guidance was provided, highlighting improvements in several key metrics. The company's return on assets increased from 0.42% to 0.45%, and return on equity rose from 4.72% to 5.15%. The net interest margin saw a slight improvement from 1.79% to 1.8%. Additionally, the efficiency ratio improved to 73.6% from 76.5%. The company reported net income of $4.8 million for the quarter, with earnings per share at $0.21, equivalent to the per share dividend declared in June 2024. Loan originations during the quarter amounted to $70 million, with a weighted average rate of approximately 7%, reflecting a strategic focus on commercial lending. The commercial lending business grew by $582 million, partially offset by a $514 million decrease in the residential lending business. The bank's noninterest income improved, exceeding the previous quarters, while noninterest expenses decreased to $15.8 million. The company's effective tax rate for the quarter decreased to 1.6%, with an annualized rate now expected to be approximately 4%. The bank's capital position remained strong, with a leverage ratio of approximately 9.9% at the end of June 2024.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.