Welcome to our dedicated page for First of Long Island Corp/The news (Ticker: FLIC), a resource for investors and traders seeking the latest updates and insights on First of Long Island Corp/The stock.
The First of Long Island Corporation (Nasdaq: FLIC), founded in 1927, is the parent company of The First National Bank of Long Island. As the largest community bank headquartered on Long Island, First National Bank LI focuses on delivering exceptional personalized service across its extensive branch network in Long Island and Manhattan. Known as the bank "where everyone knows your name", it provides a comprehensive range of financial services to individuals, professionals, corporations, institutions, and government bodies.
First National Bank LI offers a broad spectrum of services, including saving accounts, current accounts, and capital gain accounts. The bank also specializes in providing various lending services such as commercial and residential mortgage loans, industrial loans, and small business credit scored loans. Additionally, other credit facilities are available to meet the diverse needs of its clientele.
The company is committed to modern banking solutions, offering account reconciliation services, ATM banking, bill payment, cash management services, mobile banking, online banking, and payroll services. Its core business operations generate revenue primarily through interest on loans and investment securities, along with fees on deposit accounts and income from investment management.
In recent news, The First of Long Island Corporation continuously updates its stakeholders with quarterly earnings conference calls. The most recent announcements include the Q2 2023 earnings call scheduled for July 28, 2023, and the upcoming Q3 2023 earnings call on October 27, 2023. These events provide detailed insights into the company's financial performance and future projections. Furthermore, Janet T. Verneuille has been appointed as the new Chief Financial Officer, underscoring the company's commitment to strong leadership and financial management.
With a longstanding reputation for excellence and a robust portfolio of financial products and services, First National Bank LI remains a cornerstone of the Long Island and New York City banking community. Its ongoing projects and partnerships ensure that the bank continues to meet the evolving needs of privately owned businesses, professional service firms, not-for-profits, municipalities, and individual consumers.
The First of Long Island Corporation (Nasdaq: FLIC) reported strong financial results for Q3 and nine months ending September 30, 2022. Net income rose to $12.5 million ($.55 EPS) from $11.4 million ($.48 EPS) in Q3 2021, and $37.0 million ($1.61 EPS) for the nine months, up from $34.1 million ($1.43 EPS). Key growth drivers included a 10.7% increase in net interest income. However, a rise in provisions for credit losses and rising funding costs pose challenges. The company's ROA and ROE improved to 1.14% and 12.84% respectively. FLIC also repurchased shares worth $4.1 million.
The First of Long Island Corporation (NASDAQ: FLIC) will host an earnings conference call on October 27, 2022, at 3:00 PM Eastern Time, to discuss its third-quarter financial results, which will be released prior to market opening on the same day. Interested parties can listen by calling 1 800-450-7155 or +1 857-999-9155 for international access, using conference ID 3574546#. Registration is required by October 25, 2022, for those wishing to ask questions. An audio recording will be available two days post-call.
The First of Long Island Corporation (Nasdaq: FLIC) has declared a third-quarter cash dividend of $0.21 per share, marking a 5.0% increase from the $0.20 dividend in the same quarter last year. The dividend payment is scheduled for October 21, 2022, to shareholders on record as of October 12, 2022.
The First of Long Island Corporation operates The First National Bank of Long Island, providing a range of banking services across Long Island and New York City.
The First of Long Island Corporation (Nasdaq: FLIC) reported a net income of $12.5 million and EPS of $0.54 for Q2 2022, a 9.6% increase year-over-year. For the first half of 2022, net income rose to $24.6 million, up 8.4% from last year. Net interest margin increased to 2.97%, supported by strong loan originations of $236 million. However, the provision for credit losses rose by $2.8 million. The company repurchased 286,011 shares at a cost of $5.3 million, maintaining a leverage ratio of 9.85% and a ROE of 12.94% in Q2.
The First of Long Island Corporation (Nasdaq: FLIC) will host an earnings conference call on July 28, 2022, at 3:00 PM Eastern time to discuss its second-quarter results. Financial results will be released prior to market opening on the same day. Interested participants can join the call by dialing 1 800-450-7155 (or +1 857-999-9155 for international callers) using conference ID 0891590#. Registration is required by July 25, 2022, via the provided link. An audio recording of the call will be available afterward until August 12, 2022.
The First of Long Island Corporation (Nasdaq: FLIC) declared a second quarter cash dividend of $.20 per share, reflecting a 5.3% increase from last year's dividend of $.19. This dividend will be paid on July 22, 2022, to shareholders on record as of July 14, 2022. The company, which operates through The First National Bank of Long Island, focuses on delivering a range of financial services, emphasizing a customer-centric approach for both businesses and consumers in the Long Island and New York City regions.
The First of Long Island Corporation (Nasdaq: FLIC) reported strong first quarter results for 2022, with net income increasing to $12.1 million or $0.52 per share, up 7.2% year-over-year. Significant metrics include a 1.19% ROA and a 11.94% ROE, alongside a 2.90% net interest margin. Loan originations reached $261 million, contributing to an 8.1% rise in net interest income. The corporation repurchased 202,886 shares for $4.5 million. Despite a 1.4 million provision for credit losses, the overall financial outlook remains positive.
The First of Long Island Corporation (FLIC) has declared a cash dividend of $0.20 per share for the first quarter of 2022, marking a 5.3% increase from the $0.19 per share dividend issued last year. The payment will be made on March 24, 2022, to shareholders on record as of March 16, 2022. The corporation, parent to The First National Bank of Long Island, continues to focus on delivering exceptional service and a wide range of financial products to both business and consumer clients across Long Island and New York City.
The First of Long Island Corporation (Nasdaq: FLIC) announced a new stock repurchase program worth $30 million. This program allows the company to buy back shares through various means, including open market purchases and private transactions, but does not obligate the firm to repurchase any specific number of shares. The timing and volume of repurchases will depend on market conditions, liquidity, and available opportunities. This move aims to enhance shareholder value while maintaining flexibility in capital management.
The First of Long Island Corporation (Nasdaq: FLIC) reported a net income of $43.1 million and earnings per share (EPS) of $1.81 for 2021, up from $41.2 million and $1.72 in 2020. The net interest margin improved to 2.74%, aided by a 4.7% growth in net interest income. However, Q4 2021 saw a 14.4% decline in net income to $9.0 million. Noninterest expenses rose by 10.8%, driven by branch consolidations. The effective tax rate increased to 19.2%. The bank plans to enhance its digital presence and branch network in 2022.
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