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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.
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.
The First of Long Island Corporation (FLIC) reported net income of $10.8 million and earnings per share of $0.45 for Q2 2020, up from $10.7 million and $0.43 in Q2 2019. For the first half of 2020, net income decreased to $19.9 million from $21.6 million year-over-year, primarily due to a $2.5 million provision for credit losses. The net interest margin improved to 2.64%, with a decrease in costs for interest-bearing deposits. The company also supported customers with $621 million in loan modifications and $171 million in SBA PPP loans amidst pandemic challenges.
The First of Long Island Corporation (Nasdaq: FLIC) has declared a second quarter cash dividend of $0.18 per share, marking a 5.9% increase from last year's $0.17 per share. This dividend will be distributed on July 20, 2020, to shareholders on record as of July 9, 2020. The company's sole subsidiary, The First National Bank of Long Island, operates 52 branches across Nassau and Suffolk Counties and in the boroughs of Queens, Brooklyn, and Manhattan.
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