The First of Long Island Corporation Reports Earnings for the Second Quarter of 2024
The First of Long Island (Nasdaq: FLIC) reported earnings for Q2 2024. Key highlights include:
- Net income of $9.2 million and EPS of $0.41 for the six months ended June 30, 2024
- Q2 2024 net interest margin of 1.80%, up from 1.79% in Q1 2024
- Deposit and loan growth during Q2
- Noninterest income and expense beat guidance for the second straight quarter
- Strong credit quality with reserve coverage ratio at 0.88% of total loans
- Available liquidity of approximately $1.4 billion on June 30, 2024
- Leverage ratio of 9.91% and book value per share of $16.71 on June 30, 2024
- Quarterly cash dividend of $0.21 per share declared
Il First of Long Island (Nasdaq: FLIC) ha riportato gli utili per il secondo trimestre del 2024. I punti salienti includono:
- Utile netto di 9,2 milioni di dollari e utili per azione (EPS) di 0,41 dollari per i sei mesi terminati il 30 giugno 2024
- Margine di interesse netto del 1,80% nel Q2 2024, in aumento rispetto all'1,79% nel Q1 2024
- Crescita dei depositi e dei prestiti durante il Q2
- Il reddito non da interessi e le spese hanno superato le previsioni per il secondo trimestre consecutivo
- Qualità del credito solida con un rapporto di copertura delle riserve allo 0,88% dei prestiti totali
- Liquidità disponibile di circa 1,4 miliardi di dollari al 30 giugno 2024
- Rapporto di indebitamento del 9,91% e valore contabile per azione di 16,71 dollari al 30 giugno 2024
- Dividendo trimestrale in contante di 0,21 dollari per azione dichiarato
First of Long Island (Nasdaq: FLIC) informó sobre los ingresos del segundo trimestre de 2024. Los aspectos más destacados incluyen:
- Ingreso neto de 9,2 millones de dólares y EPS de 0,41 dólares para los seis meses que terminaron el 30 de junio de 2024
- Margen de interés neto del 1,80% en el Q2 2024, en comparación con el 1,79% en el Q1 2024
- Crecimiento de depósitos y préstamos durante el Q2
- Los ingresos y gastos no por intereses superaron las expectativas por segundo trimestre consecutivo
- Calidad crediticia sólida con una tasa de cobertura de reservas del 0,88% de los préstamos totales
- Liquidez disponible de aproximadamente 1,4 mil millones de dólares al 30 de junio de 2024
- Razón de apalancamiento del 9,91% y valor en libros por acción de 16,71 dólares al 30 de junio de 2024
- Dividendo en efectivo trimestral de 0,21 dólares por acción declarado
롱 아일랜드의 최초 (Nasdaq: FLIC)가 2024년 2분기 실적을 보고했습니다. 주요 하이라이트는 다음과 같습니다:
- 2024년 6월 30일 종료된 6개월 간의 순이익은 920만 달러, 주당 순이익(EPS)은 0.41달러
- 2024년 Q2의 순이자 마진은 1.80%, 2024년 Q1의 1.79%에서 증가
- Q2 동안의 예금 및 대출 성장
- 비이자 수익과 비용이 두 번째 연속 분기에 걸쳐 가이던스를 초과
- 대출 총액의 0.88%에 해당하는 비율로 강한 신용 품질을 유지
- 2024년 6월 30일 기준으로 약 14억 달러의 유동성 보유
- 2024년 6월 30일 기준으로 9.91%의 레버리지 비율과 주당 16.71달러의 장부가치
- 주당 0.21달러의 분기 현금 배당금 선언
First of Long Island (Nasdaq: FLIC) a annoncé ses résultats pour le deuxième trimestre 2024. Les faits marquants incluent :
- Bénéfice net de 9,2 millions de dollars et BPA de 0,41 dollar pour les six mois prenant fin le 30 juin 2024
- Marge d'intérêt nette de 1,80 % au T2 2024, en hausse par rapport à 1,79 % au T1 2024
- Croissance des dépôts et des prêts au cours du T2
- Les revenus et dépenses non liés aux intérêts ont dépassé les prévisions pour le deuxième trimestre consécutif
- Qualité du crédit solide avec un ratio de couverture des réserves de 0,88 % des prêts totaux
- Liquidité disponible d'environ 1,4 milliard de dollars au 30 juin 2024
- Ratio d'endettement de 9,91 % et valeur comptable par action de 16,71 dollars au 30 juin 2024
- Dividende en espèces trimestriel de 0,21 dollar par action déclaré
First of Long Island (Nasdaq: FLIC) hat die Ergebnisse für das zweite Quartal 2024 bekannt gegeben. Die wichtigsten Punkte sind:
- Nettoergebnis von 9,2 Millionen US-Dollar und EPS von 0,41 US-Dollar für die sechs Monate bis zum 30. Juni 2024
- Nettozinsspanne im Q2 2024 von 1,80%, ein Anstieg von 1,79% im Q1 2024
- Wachstum bei Einlagen und Krediten im Q2
- Die nichtzinsbezogenen Einnahmen und Aufwendungen übertrafen die Prognosen im zweiten aufeinanderfolgenden Quartal
- Starke Kreditqualität mit einem Rücklagenabdeckungsverhältnis von 0,88% der gesamten Kredite
- Verfügbare Liquidität von ca. 1,4 Milliarden US-Dollar am 30. Juni 2024
- Verschuldungsquote von 9,91% und Buchwert pro Aktie von 16,71 US-Dollar am 30. Juni 2024
- Vorstand erklärte eine vierteljährliche Bardividende von 0,21 US-Dollar pro Aktie
- Deposit and loan growth in Q2 2024
- Net interest margin increased by 1 basis point to 1.80% in Q2 2024
- Noninterest income and expense beat guidance for second consecutive quarter
- Strong credit quality with stable reserve coverage ratio at 0.88% of total loans
- Available liquidity of $1.4 billion as of June 30, 2024
- Strong capital position with leverage ratio of 9.91%
- Net income decreased to $9.2 million for H1 2024 from $13.4 million in H1 2023
- EPS declined to $0.41 for H1 2024 from $0.59 in H1 2023
- Net interest income declined by $8.9 million or 19.5% year-over-year for H1
- Provision for credit losses increased by $1.6 million compared to H1 2023
- Total average deposits declined by $81.0 million or 2.4% year-over-year for H1
The First of Long Island 's Q2 2024 earnings report reveals a mixed financial picture. While there are some positive indicators, the overall trend shows challenges in maintaining profitability levels compared to the previous year.
Key points to consider:
- Net income for H1 2024 decreased to
$9.2 million from$13.4 million in H1 2023, a significant31.3% drop. - Earnings per share declined from
$0.59 to$0.41 , a30.5% decrease. - Net interest income fell by
$8.9 million or19.5% , primarily due to higher interest expenses. - The net interest margin remained stable at
1.80% in Q2 2024, showing a slight improvement from Q1 2024. - Credit quality remains strong with a stable reserve coverage ratio of
0.88% . - Noninterest income increased by
8.8% , excluding a one-time loss on securities sales in 2023. - Noninterest expenses decreased by
$1.0 million or3.1% , reflecting cost-cutting efforts.
The bank's efforts to stabilize its net interest margin and reduce expenses are commendable, but the significant drop in net income is concerning. The slight increase in net interest margin from Q1 to Q2 2024 suggests that the bank's strategy to manage its interest rate sensitivity is starting to show results. However, the continued pressure on net interest income remains a challenge.
Investors should monitor the bank's ability to grow its loan portfolio and attract low-cost deposits to improve its net interest margin further. The strong credit quality and cost-cutting measures provide some stability, but the bank needs to find ways to boost its top-line growth to reverse the declining profitability trend.
The First of Long Island 's Q2 2024 results reflect broader industry trends and macroeconomic conditions affecting regional banks. Several key factors warrant attention:
- Deposit trends: Total average deposits declined by
2.4% year-over-year, aligning with industry-wide challenges in deposit retention amid rising interest rates. - Liquidity position: The bank maintains a strong liquidity position with
$1.4 billion in available liquidity, important in the current banking environment where liquidity concerns have been prevalent. - Interest rate sensitivity: The bank's balance sheet remains liability-sensitive, but the narrowing gap between asset yields and funding costs suggests improving interest rate risk management.
- Capital strength: With a leverage ratio of
9.91% , the bank maintains a robust capital position, providing a buffer against potential economic headwinds. - Efficiency improvements: The reduction in noninterest expenses, particularly in areas like occupancy and equipment, reflects successful cost management strategies.
The bank's performance should be viewed in the context of the challenging environment for regional banks. Rising interest rates have pressured net interest margins across the industry, while concerns about commercial real estate exposure have affected investor sentiment towards regional banks.
The First of Long Island 's focus on maintaining strong credit quality, improving operational efficiency and managing its interest rate risk positions it relatively well among its peers. However, the bank's ability to grow its loan portfolio and attract core deposits in a competitive market will be important for future performance.
Investors should keep an eye on the bank's strategies for deposit growth, particularly in lower-cost categories, as well as its ability to capitalize on potential opportunities in a changing interest rate environment. The bank's dividend policy and capital management approach also merit attention, as they reflect management's confidence in future earnings potential.
MELVILLE, N.Y., July 25, 2024 (GLOBE NEWSWIRE) -- The First of Long Island Corporation (Nasdaq: FLIC, the “Company” or the “Corporation”), the parent of The First National Bank of Long Island (the “Bank”), reported earnings for the three and six months ended June 30, 2024.
President and Chief Executive Officer Chris Becker commented on the Company's results: "We are encouraged by a quarter of increase in many financial metrics, including both deposit and loan growth during the quarter. At the end of the first quarter of this year, I commented that we believe our margin should be at the bottom. A one basis point increase in the margin during the second quarter is reflective of that guidance. Our noninterest income and noninterest expense beat our guidance for the second straight quarter. Finally, our credit quality results remained strong."
Analysis of Earnings - Six Months Ended June 30, 2024
Net income and earnings per share for the six months ended June 30, 2024, were
Net interest income declined when comparing the six months of 2024 and 2023 due to an increase in interest expense of
The Bank recorded a provision for credit losses of
Noninterest income, excluding the loss on sales of securities in the 2023 period, increased
Noninterest expense declined
Income tax expense decreased
Analysis of Earnings – Second Quarter 2024 Versus Second Quarter 2023
Net income for the second quarter of 2024 decreased
Analysis of Earnings – Second Quarter 2024 Versus First Quarter 2024
Net income for the second quarter of 2024 increased
The increase in the net interest margin to
Liquidity
Total average deposits declined by
Capital
The Corporation’s capital position remains strong with a leverage ratio of approximately
Forward Looking Information
This earnings release contains various “forward-looking statements” within the meaning of that term as set forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of the Securities Exchange Act of 1934. Such statements are generally contained in sentences including the words “may” or “expect” or “could” or “should” or “would” or “believe” or “anticipate”. The Corporation cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in interest rates; deposit flows and the cost of funds; demand for loan products; competition; changes in management’s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; and other factors discussed in the “risk factors” section of the Corporation’s filings with the Securities and Exchange Commission (“SEC”). The forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.
For more detailed financial information please see the Corporation’s quarterly report on Form 10-Q for the quarter ended June 30, 2024. The Form 10-Q will be available through the Bank’s website at www.fnbli.com on or about August 1, 2024, when it is anticipated to be electronically filed with the SEC. Our SEC filings are also available on the SEC’s website at www.sec.gov.
CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||
6/30/2024 | 12/31/2023 | |||||||
(dollars in thousands) | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 67,289 | $ | 60,887 | ||||
Investment securities available-for-sale, at fair value | 657,989 | 695,877 | ||||||
Loans: | ||||||||
Commercial and industrial | 150,587 | 116,163 | ||||||
Secured by real estate: | ||||||||
Commercial mortgages | 1,936,691 | 1,919,714 | ||||||
Residential mortgages | 1,122,866 | 1,166,887 | ||||||
Home equity lines | 39,665 | 44,070 | ||||||
Consumer and other | 1,330 | 1,230 | ||||||
3,251,139 | 3,248,064 | |||||||
Allowance for credit losses | (28,484 | ) | (28,992 | ) | ||||
3,222,655 | 3,219,072 | |||||||
Restricted stock, at cost | 27,530 | 32,659 | ||||||
Bank premises and equipment, net | 30,687 | 31,414 | ||||||
Right-of-use asset - operating leases | 21,270 | 22,588 | ||||||
Bank-owned life insurance | 115,317 | 114,045 | ||||||
Pension plan assets, net | 10,527 | 10,740 | ||||||
Deferred income tax benefit | 31,628 | 28,996 | ||||||
Other assets | 24,432 | 19,622 | ||||||
$ | 4,209,324 | $ | 4,235,900 | |||||
Liabilities: | ||||||||
Deposits: | ||||||||
Checking | $ | 1,123,244 | $ | 1,133,184 | ||||
Savings, NOW and money market | 1,628,078 | 1,546,369 | ||||||
Time | 612,119 | 591,433 | ||||||
3,363,441 | 3,270,986 | |||||||
Overnight advances | — | 70,000 | ||||||
Other borrowings | 430,000 | 472,500 | ||||||
Operating lease liability | 23,553 | 24,940 | ||||||
Accrued expenses and other liabilities | 16,134 | 17,328 | ||||||
3,833,128 | 3,855,754 | |||||||
Stockholders' Equity: | ||||||||
Common stock, par value | ||||||||
Authorized, 80,000,000 shares; | ||||||||
Issued and outstanding, 22,517,881 and 22,590,942 shares | 2,252 | 2,259 | ||||||
Surplus | 78,537 | 79,728 | ||||||
Retained earnings | 355,674 | 355,887 | ||||||
436,463 | 437,874 | |||||||
Accumulated other comprehensive loss, net of tax | (60,267 | ) | (57,728 | ) | ||||
376,196 | 380,146 | |||||||
$ | 4,209,324 | $ | 4,235,900 |
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) | ||||||||||||||||
Six Months Ended | Three Months Ended | |||||||||||||||
6/30/2024 | 6/30/2023 | 6/30/2024 | 6/30/2023 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Interest and dividend income: | ||||||||||||||||
Loans | $ | 67,653 | $ | 61,888 | $ | 34,110 | $ | 31,483 | ||||||||
Investment securities: | ||||||||||||||||
Taxable | 14,472 | 9,283 | 7,479 | 5,614 | ||||||||||||
Nontaxable | 1,917 | 2,972 | 957 | 1,027 | ||||||||||||
84,042 | 74,143 | 42,546 | 38,124 | |||||||||||||
Interest expense: | ||||||||||||||||
Savings, NOW and money market deposits | 21,520 | 13,386 | 11,437 | 7,611 | ||||||||||||
Time deposits | 14,036 | 7,301 | 7,059 | 4,232 | ||||||||||||
Overnight advances | 267 | 546 | 4 | 438 | ||||||||||||
Other borrowings | 11,627 | 7,435 | 5,615 | 4,002 | ||||||||||||
47,450 | 28,668 | 24,115 | 16,283 | |||||||||||||
Net interest income | 36,592 | 45,475 | 18,431 | 21,841 | ||||||||||||
Provision (credit) for credit losses | 570 | (1,056 | ) | 570 | — | |||||||||||
Net interest income after provision (credit) for credit losses | 36,022 | 46,531 | 17,861 | 21,841 | ||||||||||||
Noninterest income: | ||||||||||||||||
Bank-owned life insurance | 1,697 | 1,574 | 857 | 794 | ||||||||||||
Service charges on deposit accounts | 1,701 | 1,540 | 821 | 753 | ||||||||||||
Net loss on sales of securities | — | (3,489 | ) | — | — | |||||||||||
Other | 2,240 | 2,070 | 1,186 | 1,135 | ||||||||||||
5,638 | 1,695 | 2,864 | 2,682 | |||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 19,474 | 19,619 | 9,500 | 9,854 | ||||||||||||
Occupancy and equipment | 6,324 | 6,721 | 3,110 | 3,396 | ||||||||||||
Other | 6,257 | 6,748 | 3,239 | 3,267 | ||||||||||||
32,055 | 33,088 | 15,849 | 16,517 | |||||||||||||
Income before income taxes | 9,605 | 15,138 | 4,876 | 8,006 | ||||||||||||
Income tax expense | 372 | 1,758 | 78 | 1,107 | ||||||||||||
Net income | $ | 9,233 | $ | 13,380 | $ | 4,798 | $ | 6,899 | ||||||||
Share and Per Share Data: | ||||||||||||||||
Weighted Average Common Shares | 22,515,464 | 22,522,663 | 22,510,359 | 22,551,568 | ||||||||||||
Dilutive restricted stock units | 62,161 | 59,910 | 50,494 | 33,309 | ||||||||||||
22,577,625 | 22,582,573 | 22,560,853 | 22,584,877 | |||||||||||||
Basic EPS | $ | 0.41 | $ | 0.59 | $ | 0.21 | $ | 0.31 | ||||||||
Diluted EPS | 0.41 | 0.59 | 0.21 | 0.31 | ||||||||||||
Cash Dividends Declared per share | 0.42 | 0.42 | 0.21 | 0.21 | ||||||||||||
FINANCIAL RATIOS | ||||||||||||||||
(Unaudited) | ||||||||||||||||
ROA | 0.44 | % | 0.64 | % | 0.45 | % | 0.66 | % | ||||||||
ROE | 4.93 | 7.27 | 5.15 | 7.44 | ||||||||||||
Net Interest Margin | 1.80 | 2.25 | 1.80 | 2.17 | ||||||||||||
Dividend Payout Ratio | 102.44 | 71.19 | 100.00 | 67.74 | ||||||||||||
Efficiency Ratio | 75.00 | 64.31 | 73.55 | 66.61 |
PROBLEM AND POTENTIAL PROBLEM LOANS AND ASSETS (Unaudited) | ||||||||
6/30/2024 | 12/31/2023 | |||||||
(dollars in thousands) | ||||||||
Loans including modifications to borrowers experiencing financial difficulty: | ||||||||
Modified and performing according to their modified terms | $ | 426 | $ | 431 | ||||
Past due 30 through 89 days | 942 | 3,086 | ||||||
Past due 90 days or more and still accruing | — | — | ||||||
Nonaccrual | 2,370 | 1,053 | ||||||
3,738 | 4,570 | |||||||
Other real estate owned | — | — | ||||||
$ | 3,738 | $ | 4,570 | |||||
Allowance for credit losses | $ | 28,484 | $ | 28,992 | ||||
Allowance for credit losses as a percentage of total loans | 0.88 | % | 0.89 | % | ||||
Allowance for credit losses as a multiple of nonaccrual loans | 12.0 | x | 27.5 | x |
AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL (Unaudited) | ||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||
Average | Interest/ | Average | Average | Interest/ | Average | |||||||||||||||||||
(dollars in thousands) | Balance | Dividends | Rate | Balance | Dividends | Rate | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Interest-earning bank balances | $ | 83,341 | $ | 2,271 | 5.48 | % | $ | 44,889 | $ | 1,067 | 4.79 | % | ||||||||||||
Investment securities: | ||||||||||||||||||||||||
Taxable (1) | 629,958 | 12,201 | 3.87 | 533,866 | 8,216 | 3.08 | ||||||||||||||||||
Nontaxable (1) (2) | 153,001 | 2,427 | 3.17 | 234,036 | 3,762 | 3.21 | ||||||||||||||||||
Loans (1) (2) | 3,236,620 | 67,653 | 4.18 | 3,270,722 | 61,890 | 3.78 | ||||||||||||||||||
Total interest-earning assets | 4,102,920 | 84,552 | 4.12 | 4,083,513 | 74,935 | 3.67 | ||||||||||||||||||
Allowance for credit losses | (28,639 | ) | (30,811 | ) | ||||||||||||||||||||
Net interest-earning assets | 4,074,281 | 4,052,702 | ||||||||||||||||||||||
Cash and due from banks | 32,751 | 30,388 | ||||||||||||||||||||||
Premises and equipment, net | 31,093 | 32,024 | ||||||||||||||||||||||
Other assets | 120,772 | 116,229 | ||||||||||||||||||||||
$ | 4,258,897 | $ | 4,231,343 | |||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||
Savings, NOW & money market deposits | $ | 1,576,447 | 21,520 | 2.75 | $ | 1,675,355 | 13,386 | 1.61 | ||||||||||||||||
Time deposits | 638,028 | 14,036 | 4.42 | 510,461 | 7,301 | 2.88 | ||||||||||||||||||
Total interest-bearing deposits | 2,214,475 | 35,556 | 3.23 | 2,185,816 | 20,687 | 1.91 | ||||||||||||||||||
Overnight advances | 9,560 | 267 | 5.62 | 20,845 | 546 | 5.28 | ||||||||||||||||||
Other borrowings | 487,541 | 11,627 | 4.80 | 374,285 | 7,435 | 4.01 | ||||||||||||||||||
Total interest-bearing liabilities | 2,711,576 | 47,450 | 3.52 | 2,580,946 | 28,668 | 2.24 | ||||||||||||||||||
Checking deposits | 1,131,917 | 1,241,566 | ||||||||||||||||||||||
Other liabilities | 39,137 | 37,541 | ||||||||||||||||||||||
3,882,630 | 3,860,053 | |||||||||||||||||||||||
Stockholders' equity | 376,267 | 371,290 | ||||||||||||||||||||||
$ | 4,258,897 | $ | 4,231,343 | |||||||||||||||||||||
Net interest income (2) | $ | 37,102 | $ | 46,267 | ||||||||||||||||||||
Net interest spread (2) | 0.60 | % | 1.43 | % | ||||||||||||||||||||
Net interest margin (2) | 1.80 | % | 2.25 | % |
(1) The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on available-for-sale securities.
(2) Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation's investment in tax-exempt loans and investment securities had been made in loans and investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of
AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL (Unaudited) | ||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||
Average | Interest/ | Average | Average | Interest/ | Average | |||||||||||||||||||
(dollars in thousands) | Balance | Dividends | Rate | Balance | Dividends | Rate | ||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Interest-earning bank balances | $ | 111,565 | $ | 1,520 | 5.48 | % | $ | 40,668 | $ | 520 | 5.13 | % | ||||||||||||
Investment securities: | ||||||||||||||||||||||||
Taxable (1) | 621,059 | 5,959 | 3.84 | 599,558 | 5,094 | 3.40 | ||||||||||||||||||
Nontaxable (1) (2) | 152,585 | 1,212 | 3.18 | 165,559 | 1,300 | 3.14 | ||||||||||||||||||
Loans (1) | 3,229,796 | 34,110 | 4.22 | 3,253,952 | 31,483 | 3.87 | ||||||||||||||||||
Total interest-earning assets | 4,115,005 | 42,801 | 4.16 | 4,059,737 | 38,397 | 3.78 | ||||||||||||||||||
Allowance for credit losses | (28,330 | ) | (30,204 | ) | ||||||||||||||||||||
Net interest-earning assets | 4,086,675 | 4,029,533 | ||||||||||||||||||||||
Cash and due from banks | 33,798 | 29,768 | ||||||||||||||||||||||
Premises and equipment, net | 30,929 | 32,263 | ||||||||||||||||||||||
Other assets | 120,660 | 117,288 | ||||||||||||||||||||||
$ | 4,272,062 | $ | 4,208,852 | |||||||||||||||||||||
Liabilities and Stockholders' Equity: | ||||||||||||||||||||||||
Savings, NOW & money market deposits | $ | 1,618,812 | 11,437 | 2.84 | $ | 1,673,101 | 7,611 | 1.82 | ||||||||||||||||
Time deposits | 632,201 | 7,059 | 4.49 | 513,414 | 4,232 | 3.31 | ||||||||||||||||||
Total interest-bearing deposits | 2,251,013 | 18,496 | 3.30 | 2,186,515 | 11,843 | 2.17 | ||||||||||||||||||
Overnight advances | 275 | 4 | 5.85 | 32,747 | 438 | 5.36 | ||||||||||||||||||
Other borrowings | 470,824 | 5,615 | 4.80 | 378,654 | 4,002 | 4.24 | ||||||||||||||||||
Total interest-bearing liabilities | 2,722,112 | 24,115 | 3.56 | 2,597,916 | 16,283 | 2.51 | ||||||||||||||||||
Checking deposits | 1,137,244 | 1,201,585 | ||||||||||||||||||||||
Other liabilities | 38,259 | 37,391 | ||||||||||||||||||||||
3,897,615 | 3,836,892 | |||||||||||||||||||||||
Stockholders' equity | 374,447 | 371,960 | ||||||||||||||||||||||
$ | 4,272,062 | $ | 4,208,852 | |||||||||||||||||||||
Net interest income (2) | $ | 18,686 | $ | 22,114 | ||||||||||||||||||||
Net interest spread (2) | 0.60 | % | 1.27 | % | ||||||||||||||||||||
Net interest margin (2) | 1.80 | % | 2.17 | % |
(1) The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on available-for-sale securities.
(2) Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation's investment in tax-exempt investment securities had been made in investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of
For More Information Contact: |
Janet Verneuille, SEVP and CFO |
(516) 671-4900, Ext. 7462 |
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