Investing.com reports strong Q2 results for The First of Long Island Corporation

Financial Performance and Strategic Developments of The First of Long Island Corporation (FLIC) – Q2 2024

The First of Long Island Corporation (FLIC) has reported a strong financial performance for the second quarter of 2024, with several positive developments. The bank saw growth in key metrics such as return on assets and equity, net income, earnings per share, and net interest margin. Additionally, there was growth in deposits, loans, and non-interest income, along with a reduction in non-interest expenses.

Despite a decrease in net interest income compared to the same quarter last year, FLIC remains optimistic about maintaining positive trends and expects further improvement in net interest margin, especially with anticipated rate cuts by the Fed. The bank also highlighted its strong credit quality and capital position, with a leverage ratio of 9.9%.

Key takeaways from FLIC’s second-quarter performance include growth in return on assets, equity, deposits, loans, and non-interest income. The bank also opened a new branch and is exploring further geographic expansion. Credit quality remains strong, with low levels of problematic loans, although there was a slight increase in non-performing loans attributed to one specific loan.

The company’s outlook includes maintaining positive trends in net interest margin and stable non-interest income. They anticipate an effective annual tax rate of around 4% and are focusing on relationship-based commercial and industrial loans, as well as owner-occupied commercial mortgages. The possibility of revisiting their share buyback program in the future is also being considered.

While there were some bearish highlights, such as a decrease in net interest income and margin compared to the previous year, there were also bullish highlights, including higher earnings per share and net income, an improvement in efficiency ratio, and stronger loan originations, especially in commercial lending.

Overall, FLIC’s second-quarter performance indicates a solid trajectory with strategic focuses on commercial lending and careful credit management. The bank’s commitment to expansion and shareholder value, alongside its strong capital position, suggests continued resilience in the face of shifting market conditions.

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