First Long Is Stock Price, News & Analysis

The First of Long Island Corporation (Nasdaq: FLIC) is a financial holding company and the parent of The First National Bank of Long Island. According to company disclosures, the Bank is a full service commercial bank that focuses on business and consumer banking needs on Long Island and in New York City. Through its branch network, which is branded as First National Bank LI, the Bank serves individual, professional, corporate, institutional and government customers. The organization highlights a culture centered on delivering extraordinary service and a "Customer First" banking experience.

Business model and services

The First National Bank of Long Island operates as a community-oriented commercial bank. The Bank states that it offers a broad set of lending, deposit, investment, and digital products. Its lending activities include loans that are reported across categories such as commercial and industrial loans, commercial mortgages, residential mortgages, home equity lines, and consumer and other loans. On the funding side, the Bank reports deposit products including checking, savings, NOW and money market accounts, as well as time deposits. These core activities support the Bank’s interest and fee-based income streams.

In addition to traditional banking products, the Corporation reports noninterest income sources that include bank-owned life insurance (BOLI), service charges on deposit accounts, merchant card services, back-to-back swap fees, and other fee-based categories. The Bank also maintains bank-owned life insurance policies and a real estate investment trust structure, both of which are referenced in its financial discussions as contributors to income and tax efficiency.

Customer base and geographic focus

The Corporation describes its primary markets as Long Island and New York City. Through its First National Bank LI branch network, it focuses on the needs of small and middle market businesses, professional service firms, not-for-profits, municipalities and consumers. Earlier descriptions of the Bank characterize it as the largest community bank headquartered on Long Island and emphasize its role in serving privately owned businesses, professionals and service-conscious consumers in its region.

The Bank’s positioning as a community-focused commercial bank is reflected in its emphasis on personalized service. The organization has historically referred to itself as the bank "where everyone knows your name," underscoring its relationship-based approach to banking within its local markets.

Financial profile and operations

The First of Long Island Corporation reports detailed financial information in its earnings releases and SEC reports, including net interest income, noninterest income, noninterest expense, and provisions for credit losses. Its balance sheet includes cash and cash equivalents, investment securities available-for-sale, a diversified loan portfolio secured in part by real estate, restricted stock, bank premises and equipment, right-of-use assets related to operating leases, pension plan assets, deferred income tax benefits and other assets.

On the liability side, the Corporation reports a deposit base composed of checking, savings, NOW, money market and time deposits, as well as other borrowings and operating lease liabilities. The Bank also maintains collateralized borrowing lines with the Federal Home Loan Bank of New York and the Federal Reserve Bank, along with an unsecured line of credit with a correspondent bank. Management commentary in earnings releases notes that the Corporation monitors its liquidity, uninsured deposit levels and borrowing capacity as part of its overall funding and risk management approach.

The Corporation regularly discloses key performance metrics such as net interest margin, return on average assets (ROA), return on average equity (ROE), efficiency ratio, and credit quality indicators including past due loans, nonaccrual loans, and the allowance for credit losses as a percentage of total loans. These metrics provide insight into the Bank’s core banking performance, cost structure and asset quality over time.

Credit quality and risk management

In its public earnings materials, The First of Long Island Corporation discusses the allowance for credit losses, provisions for credit losses, and the performance of its loan portfolio. The Bank reports information on loans that are modified for borrowers experiencing financial difficulty, past due loans, nonaccrual loans, and the reserve coverage ratio. Management commentary has repeatedly stated that overall credit quality of the loan and investment portfolios remains strong, with reserve levels evaluated in light of historical loss rates, current and forecasted economic conditions, and factors such as rent stabilization status of multifamily properties.

The Corporation also notes the impact of economic and interest rate environments on its funding costs, loan yields and securities portfolio. It identifies factors such as changes in interest rates, deposit flows, demand for loan products, real estate values and legislative and regulatory changes as important considerations for its risk profile, as described in its forward-looking statements and risk factor discussions.

Capital and shareholder returns

The First of Long Island Corporation reports its capital position, including leverage ratio and stockholders’ equity, in its financial releases. The Corporation has highlighted a capital position it characterizes as strong, with details on common stock, surplus, retained earnings and accumulated other comprehensive loss, which includes unrealized losses in the available-for-sale securities portfolio related to interest rate movements.

The Corporation’s board of directors has a history of declaring quarterly cash dividends on its common stock, and recent announcements have referenced a cash dividend amount per share payable to shareholders of record on specified dates. The Corporation also states that it evaluates capital management tools, including the dividend, with the goal of providing opportunities to maximize shareholder value, while noting that there were no share repurchases in several of the reported periods.

Pending merger activity

The First of Long Island Corporation has disclosed a pending merger with ConnectOne Bancorp, Inc. In management commentary, the Corporation notes that its team is focused on positioning the company for the future and this pending merger. Earnings releases attribute certain noninterest expenses to merger-related costs and system conversion expenses, and also refer to branch consolidation expenses associated with an ongoing branch optimization strategy. External legal communications referenced in news coverage also discuss the proposed merger and related investigations from shareholder law firms.

Because the merger is described as pending in the available materials, investors and observers should refer to the Corporation’s most recent SEC filings and official announcements for the latest status and terms of any transaction with ConnectOne Bancorp, Inc.

Access to information and regulatory filings

The First of Long Island Corporation indicates that more detailed financial information is available in its Form 10-K annual reports and Form 10-Q quarterly reports filed with the U.S. Securities and Exchange Commission. The Corporation’s earnings releases state that these filings are accessible through the Bank’s website when filed and are also available on the SEC’s website. These documents include further detail on the Corporation’s financial statements, risk factors, management’s discussion and analysis, and other regulatory disclosures relevant to shareholders, analysts and regulators.

Industry and regulatory context

As a commercial bank operating in the finance and insurance sector, The First National Bank of Long Island is subject to banking regulations and oversight applicable to U.S. depository institutions and their holding companies. The Corporation’s forward-looking statements identify a range of factors that can affect its performance, including changing economic conditions, legislative and regulatory changes, monetary and fiscal policies of the federal government, changes in interest rates, competition, deposit flows, demand for loan products, and changes in accounting principles and real estate values. These disclosures underscore the importance of regulatory and macroeconomic conditions to the Corporation’s operations and financial results.