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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) has declared a fourth quarter cash dividend of $.20 per share, marking a 5.3% increase from last year's $.19. This dividend will be paid on January 14, 2022, to shareholders of record on January 5, 2022. The corporation, parent of The First National Bank of Long Island, focuses on providing banking services to small and middle market businesses and consumers across Long Island and New York City.
The First of Long Island Corporation (Nasdaq: FLIC) reported a 6.1% increase in third-quarter net income to $11.4 million and earnings per share (EPS) of $0.48. For the nine months ended September 30, net income rose 11.1% to $34.1 million with EPS at $1.43. The net interest margin improved to 2.71% in Q3 and 2.70% for the nine-month period. The bank also announced a 5.3% increase in cash dividends per share to $0.20. However, it anticipates continued downward pressure on net interest margins due to low market yields.
On September 24, 2021, The First of Long Island Corporation (Nasdaq: FLIC) declared a third quarter cash dividend of $0.20 per share, marking a 5.3% increase from last year's $0.19. This dividend will be payable on October 18, 2021, to shareholders recorded as of October 8, 2021. The First National Bank of Long Island, the corporation's sole subsidiary, operates 47 branches across Long Island and parts of New York City.
The First of Long Island Corporation (Nasdaq: FLIC) announced the closure and consolidation of eight branches effective November 30, 2021. This strategic move follows the 2020 closure of six branches and is aimed at optimizing the branch network while expanding into new markets. The Bank anticipates a pre-tax charge of up to $3.8 million for associated costs but expects to realize an annual pre-tax income benefit of $2.3 million by 2022, with a payback period of approximately 20 months.
The First of Long Island Corporation (Nasdaq: FLIC) reported strong financial performance for the second quarter and first half of 2021. Net income rose to $11.4 million ($0.48 per share) for Q2, up 5.8% year-over-year, and $22.7 million ($0.95 per share) for the first six months, marking a 13.8% increase. Key metrics include a net interest margin of 2.71%, a 7.6% rise in book value per share to $17.58, and an effective tax rate of 21.7%. Notably, the provision for credit losses saw a significant decline of $4.1 million, enhancing earnings stability amid economic recovery.
The First of Long Island Corporation (Nasdaq: FLIC) has declared a second quarter cash dividend of $0.19 per share, marking a 5.6% increase from $0.18 per share in the same quarter last year. This dividend will be paid on July 16, 2021 to shareholders of record as of July 8, 2021. The company's sole subsidiary, The First National Bank of Long Island, operates forty-seven branches across Long Island and parts of New York City.
The First of Long Island Corporation (FLIC) reported notable financial growth for Q1 2021, with a net income of $11.3 million and an EPS of $0.47, marking increases of 23.2% and 23.7% respectively compared to Q1 2020. Key highlights include an ROA of 1.11% and a net interest margin of 2.69%. The bank repurchased 107,887 shares at $2 million. However, the average loan balance fell by 4.6% due to COVID-19 impacts. The effective tax rate rose to 19.4% from 15.2%, indicating increased tax burdens. Despite challenges, growth in checking deposits and PPP loan income was encouraging.
The First of Long Island Corporation (Nasdaq: FLIC) has declared a cash dividend of $.19 per share for the first quarter of 2021, marking a 5.6% increase from $.18 per share in the same quarter last year. This dividend will be distributed on March 19, 2021, to shareholders recorded by March 10, 2021. The First National Bank of Long Island serves as the sole subsidiary of the corporation, operating 47 branches across Long Island and parts of New York City.
The First of Long Island Corporation (FLIC) reported a net income of $10.5 million and EPS of $0.44 for Q4 2020, marking an increase from $9.2 million and $0.38 in Q4 2019. For the fiscal year, net income was $41.2 million, down 0.8% from $41.6 million in 2019, primarily due to a $3 million increase in provision for credit losses. ROA and ROE stood at 1.03% and 10.40% respectively. The net interest margin improved to 2.64%. Cash dividends rose 5.6% to $0.19 per share, and share repurchases continue, with 115,500 shares bought back for $2 million.
Financial Resources Group Investment Services announces a partnership with The First National Bank of Long Island to transition its retail investment and management platforms to LPL Financial. This collaboration aims to enhance the bank's wealth management offerings and provide access to a wide range of investment products tailored to customer needs. With over $4 billion in assets, First National Bank LI aims to leverage LPL's technology and Financial Resources Group's support to improve client services, continuing its legacy of financial advice since 1927.
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