The First of Long Island Corporation reported its financial results for the nine months ended September 30, 2024, revealing a decline in net income to $13.8 million, down from $20.2 million in the same period of 2023. This decrease in profitability was attributed to a significant drop in net interest income, which fell by $12 million (17.7%) to $56 million, primarily due to a $23.4 million increase in interest expense, despite an $11.7 million rise in interest income.
The company’s diluted earnings per share decreased to $0.61 from $0.89 year-over-year. The return on average assets (ROA) and return on average equity (ROE) also declined, standing at 0.44% and 4.88%, respectively, compared to 0.64% and 7.29% in the prior year. The net interest margin for the period was reported at 1.83%, down from 2.21% in 2023.
Total assets increased to $3.5 billion as of September 30, 2024, with cash and cash equivalents rising to $78.6 million from $60.9 million at year-end 2023. The loan portfolio totaled $3.2 billion, with commercial mortgages comprising $2 billion, residential mortgages at $1.1 billion, and commercial and industrial loans at $146.4 million. Notably, commercial and industrial loans increased significantly from $116.2 million at the end of 2023.
The company’s total deposits rose by $56.1 million (1.7%) to $3.3 billion, with noninterest-bearing checking deposits representing 33.7% of total deposits. The allowance for credit losses (ACL) remained stable at 0.88% of total loans, totaling $28.6 million, a slight decrease from $29 million at the end of 2023.
In terms of strategic developments, the Corporation entered into a merger agreement with ConnectOne Bancorp, Inc. on September 4, 2024, which is expected to close subject to regulatory and shareholder approvals. This merger will see shareholders of The First of Long Island Corporation receive 0.5175 shares of ConnectOne common stock for each share they hold.
The company declared cash dividends totaling $14.2 million during the period, maintaining a dividend per share of $0.63, unchanged from the previous year. The book value per share increased to $17.25 from $16.83 at year-end 2023, reflecting a solid capital position with a leverage ratio of approximately 10.13%.
About FIRST OF LONG ISLAND CORP
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