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First Of Long Island Corp. reports developments as the bank holding company for The First National Bank of Long Island, which operates a branch network branded as First National Bank LI on Long Island and in New York City. Company updates center on commercial and consumer banking activity, including lending, deposits, investment services and digital banking products for small and middle market businesses, professional service firms, not-for-profits, municipalities and consumers.
Recurring news includes quarterly earnings, net interest margin trends, loan and deposit growth, noninterest income and expense, credit quality, capital levels, book value, dividend declarations and broader capital-management actions tied to the bank’s balance sheet and shareholder returns.
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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