Welcome to our dedicated page for First Long Is news (Ticker: FLIC), a resource for investors and traders seeking the latest updates and insights on First Long Is stock.
Overview
First Long Is Corp (FLIC) stands as a prominent holding company in the financial sector, offering a wide range of financial services and banking solutions. As the parent organization of a major community bank headquartered on Long Island, FLIC delivers services encompassing commercial banking, investment management, and digital banking. This comprehensive approach ensures that individual, corporate, institutional, and government customers receive personalized and innovative financial solutions in a competitive market.
History and Legacy
Established decades ago, FLIC has roots deeply embedded in the tradition of community banking. The company has evolved alongside the regional economic landscape, consistently expanding its services to meet changing customer demands. Its longstanding heritage is marked by a commitment to personalized service, ensuring that every client, from small business owners to large institutional clients, experiences a tailored banking experience.
Core Business Areas
At its core, First Long Is Corp operates through a diversified financial services portfolio that includes:
- Deposit Services: Offering savings accounts, current accounts, and capital gain accounts that cater to the varying needs of its customer base.
- Lending Services: Providing an array of loans such as residential and commercial mortgage loans, industrial loans, and specialized small business credit facilities which are designed to fuel economic growth in business communities.
- Digital and ATM Banking: Enabling clients to manage their accounts via online platforms and mobile banking solutions, ensuring accessibility and convenience.
- Ancillary Financial Services: Including account reconciliation, bill payment services, cash management, and payroll processing that streamline financial operations for businesses and consumers alike.
Revenue Model and Financial Services
FLIC generates revenue primarily through interest earned on loans and income from investment securities, accompanied by fees on deposit accounts and income derived from its investment management services. This multi-faceted revenue model reflects the company’s integrated approach to banking, where both traditional lending and modern digital services are harnessed to provide a stable financial foundation.
Market Position and Competitive Landscape
Positioned as a significant player among community banks, FLIC leverages its deep regional roots to deliver personalized, customer-first banking experiences. Its strategic geographic footprint, primarily on Long Island and in New York City, allows it to cater effectively to small and middle market businesses, professional service firms, and consumers with a focus on hands-on, individualized service. FLIC’s competitive advantage lies in its balanced mix of traditional banking services and digital innovation.
Operational Excellence and Technological Integration
Emphasizing operational efficiency, First Long Is Corp has invested in digital platforms and technological enhancements that not only improve customer accessibility but also streamline internal processes. The integration of mobile banking, online banking, and sophisticated cash management services ensures that clients receive 24/7 service coupled with real-time financial oversight. This melding of tech and tradition reinforces the company’s reputation as both a stalwart of conventional banking and a forward-thinking financial institution.
Commitment to Personalized Service
The hallmark of FLIC’s success is its dedication to personalized service. The company ensures that every customer interaction is marked by an understanding of personalized financial needs, forming a vital link between the community and the banking industry. This customer-centric philosophy extends to tailored loan products, customized deposit packages, and a responsive digital interface that caters to evolving consumer preferences.
Conclusion
First Long Is Corp exemplifies a robust and diversified approach to financial services. With strong community ties, an extensive range of financial products, and a clear commitment to the personalized needs of its clients, FLIC stands resilient in a competitive environment. Its unwavering dedication to marrying traditional banking principles with modern digital solutions continues to define its identity as a comprehensive financial services provider, ensuring that it remains a cornerstone of community-focused banking and financial innovation.
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.
On January 26, 2021, Peoples Bancorp Inc. announced the election of Michael N. Vittorio to its Board of Directors. Vittorio, who has over 45 years of banking experience, previously served as President and CEO of The First of Long Island Corporation until his retirement in December 2019. His extensive background is expected to bring valuable insights to Peoples. The company, with total assets of $4.8 billion as of December 31, 2020, operates 88 locations across Ohio, Kentucky, and West Virginia, emphasizing its commitment to financial stability and community impact.
On December 18, 2020, The First of Long Island Corporation (Nasdaq: FLIC) declared a cash dividend of $.19 per share for the fourth quarter, marking a 5.6% increase from last year's $.18 per share. The dividend is scheduled for payment on January 21, 2021, to shareholders of record by January 11, 2021. The First National Bank of Long Island serves as its sole subsidiary, operating 49 branches across several locations in New York.
The First of Long Island Corporation (NASDAQ: FLIC) announced the appointment of Susanne Pheffer as Executive Vice President and Chief Information Officer on November 30, 2020. Pheffer brings over 29 years of banking experience, having served as CTO at Empire National Bank and CIO at the State Bank of Long Island. President Christopher Becker highlighted her expertise in technology and operations, particularly crucial as digital banking surges amid the pandemic. The bank operates 50 branches primarily in Long Island and parts of NYC, serving various financial needs.
The First National Bank of Long Island has launched a new branding initiative aimed at modernizing its image while preserving its 93-year history. The initiative highlights the bank's commitment to a 'Customer First' experience, featuring a new logo and a state-of-the-art website. The campaign's tagline, 'Go First. Go Far.', reflects the bank's promise to prioritize customer needs and assist them in achieving financial goals. Additionally, the bank was recognized as the 'Best Small Bank in New York State' by Newsweek in 2021, reinforcing its strong reputation in the market.
The First of Long Island Corporation (Nasdaq: FLIC) announced that The First National Bank of Long Island was recognized as the 'Best Small Bank in New York State' in Newsweek's inaugural ranking of 'America's Best Banks 2021.' This ranking evaluated over 2,500 FDIC-insured financial institutions based on 55 criteria related to loans, savings, and checking accounts. President and CEO Chris Becker expressed pride in this recognition, attributing it to the bank's commitment to personalized service and dedication of employees.
The First of Long Island Corporation (NASDAQ: FLIC) has announced the promotion of Michael J. Spolarich to Executive Vice President and Chief Credit Officer of its banking subsidiary, effective December 1, 2020. Spolarich, who has served as Senior Vice President and Senior Credit Officer since April 2020, has over thirty years of banking experience. His knowledge in credit management is expected to bolster the Bank’s asset quality. The First National Bank of Long Island operates forty-nine branches, primarily serving Nassau and Suffolk Counties as well as parts of New York City.
The First of Long Island Corporation (FLIC) reported net income of $10.8 million and EPS of $0.45 for Q3 2020, maintaining net income from Q3 2019. However, net income for the first nine months of 2020 decreased to $30.7 million, down 5.2% year-over-year. The net interest margin improved to 2.66%, supported by reduced deposit costs, yet impacted by rising provisions for credit losses of $2.5 million due to the COVID-19 pandemic. The corporation also completed a $128.7 million deleverage transaction to enhance capital efficiency. Cash dividends per share rose by 5.6% to $0.19.
The First of Long Island Corporation (Nasdaq: FLIC) declared a third quarter cash dividend of $.19 per share, reflecting a 5.6% increase from last year's $.18 per share. The dividend payment date is set for October 22, 2020, and shareholders must be on record by October 13, 2020. The corporation's sole subsidiary is The First National Bank of Long Island, which operates 49 branches across various regions, including Long Island and parts of New York City.
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