false
0000740663
0000740663
2024-01-25
2024-01-25
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 8-K
__________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): January 25, 2024
__________________
The First of Long Island Corporation
(Exact name of the registrant as specified in its charter)
__________________
New York
|
001-32964
|
11-2672906
|
(State or other jurisdiction of
|
(Commission File Number)
|
(IRS Employer
|
incorporation or organization)
|
|
Identification No.)
|
|
275 Broadhollow Road
|
|
|
|
|
Melville, New York
|
|
11747
|
|
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
(516) 671-4900
(Registrant’s telephone number)
Not applicable
(Former name or former address, if changed since last report)
__________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Securities registered pursuant to Section 12(b) of the Act:
|
|
|
Title of Each Class
|
Trading Symbol
|
Name of Each Exchange on Which Registered
|
Common stock, $0.10 par value per share
|
FLIC
|
Nasdaq
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02
|
Results of Operations and Financial Condition |
On January 25, 2024, The First of Long Island Corporation issued a press release disclosing material non-public information regarding the Corporation's financial condition as of December 31, 2023 and its results of operations for the twelve and three month periods then ended. The press release is furnished as Exhibit 99.1 to this Form 8-K filing.
Item 9.01
|
Financial Statements and Exhibits |
Exhibit 99.1 - Press release dated January 25, 2024 regarding the Corporation's financial condition as of December 31, 2023 and its results of operations for the twelve and three month periods then ended.
Exhibit 104 - Cover page interactive data file (embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
The First of Long Island Corporation |
|
(Registrant) |
|
By: /s/ JANET T. VERNEUILLE |
|
Janet T. Verneuille |
|
Senior Executive Vice President, |
|
Chief Financial Officer & Treasurer |
|
(principal financial officer) |
Dated: January 30, 2024
Exhibit 99.1
|
|
January 25, 2024
|
For More Information Contact:
|
For Immediate Release
|
Janet Verneuille, SEVP and CFO
|
|
(516) 671-4900, Ext. 7462
|
THE FIRST OF LONG ISLAND CORPORATION
REPORTS EARNINGS FOR THE YEAR ENDED DECEMBER 31, 2023
Melville, New York, January 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 net income and earnings per share for the quarter and year ended December 31, 2023.
Analysis of 2023 Earnings
President and Chief Executive Officer Chris Becker commented on the Company’s financial position: “The leveling of quarterly earnings during the final three quarters of 2023 was encouraging as we believe the decline in the net interest margin is nearing a turning point. We enter 2024 with an enthusiastic focus on our core business of commercial relationship banking. Our balance sheet is well positioned to take advantage of a more favorable rate environment.”
Net income and earnings per share for 2023 were $26.2 million and $1.16, respectively, compared to $46.9 million and $2.04, respectively, in 2022. The principal drivers of the decreases were declines in net interest income of $28.8 million, or 24.9%, and a loss on sale of securities of $3.5 million. These items were partially offset by a decrease in income tax expense of $8.1 million and a decrease in the provision for credit losses of $2.7 million. The decline in net interest income primarily resulted from the current rate environment’s impact on the Bank’s liability sensitive balance sheet. Reductions in net income negatively impacted key financial ratios for the year as compared to historical results. For the year ended December 31, 2023, the return on average assets was 0.62%, the return on average equity was 7.14%, the net interest margin was 2.16%, and the efficiency ratio was 65.52%.
Over the second half of 2023, the pace of the decline in the net interest margin slowed considerably. After a 57 basis point reduction in the margin during the first two quarters of 2023, over the final two quarters of 2023 the margin decreased 17 basis points. The slowing downward trend in the net interest margin largely resulted from a large portion of the wholesale funding and time deposits repricing to market rates by mid-2023 and the completion of two balance sheet repositioning transactions in the first quarter of 2023 that helped reduce the Bank’s liability sensitive position. Additionally, as the federal funds rate held steady in the second half of the year, the demand for higher rates from depositors slowed.
For the year ended December 31, 2023, net interest income declined due to an increase in interest expense of $50.1 million that was only partially offset by a $21.3 million increase in interest income. Year over year, the cost of interest-bearing liabilities increased 186 basis points while the yield on interest-earning assets increased 48 basis points. Also contributing to the decline in net interest income was a shift in the mix of funding as average noninterest-bearing deposits decreased $217.9 million while average interest-bearing liabilities increased $221.6 million as depositors took advantage of interest rates not seen in over a decade.
Noninterest income declined $2.8 million year over year excluding the net gains and losses on sales of securities and the disposition of premises and fixed assets. The primary factor reducing noninterest income for the current year was a $2.3 million decline in the net pension credit, excluding service costs. The remaining difference was related to a payment received in 2022 for the conversion of the Bank’s retail broker and advisory accounts to LPL.
Noninterest expense declined $3.0 million, or 4.4%, for the year ended December 31, 2023, as compared to the prior year. Reductions in salaries and employee benefits of $3.7 million primarily drove the decline as short-term incentive and stock-based compensation costs were substantially lower than 2022 based on the Company falling short of established performance metrics for 2023. The primary offset to the lower salaries and employee benefits was a $782,000 increase in FDIC insurance expense due to higher assessment rates.
The Bank recorded a credit loan loss provision of $326,000 during 2023. Changes in the loan loss reserve were driven largely by adjustments for economic conditions offset by net chargeoffs of $2.1 million, or 6 basis points of average loans. The reserve coverage ratio at year end 2023 was 0.89% of total loans as compared to 0.95% of total loans at December 31, 2022. Past due loans and nonaccrual loans were modest at $3.1 million and $1.1 million, respectively, at December 31, 2023. During the fourth quarter of 2023, the Bank partially charged off a previously identified substandard commercial and industrial loan relationship in the amount of $1.4 million. The remaining outstanding balance of $632,000 is fully reserved and represents the majority of outstanding nonaccrual loans. Overall credit quality in the loan and investment portfolios remains strong.
Income tax expense decreased $8.1 million, and the effective tax rate declined from 19.4% in 2022 to 11.0% in 2023. The decline in the effective tax rate is mainly due to an increase in the percentage of pre-tax income derived from the Bank’s real estate investment trust and bank-owned life insurance. The decrease in income tax expense reflects the lower effective tax rate and a decline in pre-tax income.
Analysis of Earnings – Fourth Quarter 2023 Versus Fourth Quarter 2022
Net income for the fourth quarter of 2023 decreased $3.8 million as compared to the fourth quarter of 2022. The decrease is mainly attributable to a $7.8 million decline in net interest income and an increase in the provision for credit losses of $818,000, partially offset by declines in salaries and employee benefits of $2.7 million and income tax expense of $1.7 million for substantially the same reasons discussed above with respect to the year over year changes.
Analysis of Earnings – Fourth Quarter Versus Third Quarter 2023
Net income for the fourth quarter of 2023 declined $741,000 compared to the third quarter. The decrease was mainly due to a decrease in net interest income of $1.5 million, primarily due to higher cost of funds on total interest-bearing liabilities, and an increase in the provision for credit losses of $1.1 million. These negative impacts on quarterly earnings were partially offset by lower salaries and employee benefits and lower income tax expense for substantially the same reasons already discussed above.
Liquidity
Total average deposits declined by $104.7 million, or 3.0%, comparing 2023 to 2022, reflecting current trends in the industry. Competition for funding remained fierce throughout 2023 with demand for higher deposit rates from both consumer and commercial depositors as well as increased pressure from the local government investment pool alternatives that can offer higher yields to local municipalities. At December 31, 2023, short term borrowings were up $70 million from the prior year end. Long-term borrowings increased $61.5 million to $472.5 million year over year.
The Bank had $1.1 billion in collateralized borrowing lines with the Federal Home Loan Bank of New York and the Federal Reserve Bank, as well as a $20 million unsecured line of credit with a correspondent bank. We also had $386 million in unencumbered cash and securities. In total, we had approximately $1.5 billion of available liquidity, compared to an aggregate of uninsured and uncollateralized deposits of approximately $1.3 billion. Uninsured and uncollateralized deposits represented 38% of our total deposits at December 31, 2023.
Capital
The Corporation’s capital position remains strong with a Leverage Ratio of approximately 10.1% at December 31, 2023. Book value per share was $16.83 at December 31, 2023 versus $16.24 at December 31, 2022. The accumulated other comprehensive loss component of stockholders’ equity is mainly comprised of a net unrealized loss in the available-for-sale securities portfolio due to higher market interest rates. We did not repurchase any shares in 2023 and the Bank declared its quarterly cash dividend of $0.21 per share each quarter throughout 2023. The Board and management continue to evaluate both capital management tools to provide the best opportunity to maximize shareholder value.
Looking Forward to 2024
Management is encouraged by recent declines in inflation figures that may lead to reductions in short-term rates in 2024. Our liability-sensitive balance sheet should perform well in a falling rate environment. Current expectations are for our net interest margin to remain under pressure during the first half of 2024 before improving in the second half of the year based on falling rate assumptions and an improving yield curve.
Management continues to pursue ways to reduce noninterest expense as a tactic to offset the impact of the decline in net interest income, yet remains cognizant of preventing short term expense reductions that could have longer term negative impacts on shareholder value. We are investing in upgrades to the Bank’s core system, business online banking, branch systems and other ancillary systems that will be completed in the first quarter of 2024. Both customer facing technology and back-office operations will see benefits. We anticipate a lower run rate of noninterest expenses in 2024 including the cost associated with making these technology upgrades.
We believe the stress on deposits is beginning to ease and the anticipated lower market rates will improve loan activity. We are optimistic about returning to growth in deposits and loans in 2024. With our capital levels strong and our bankers eager to service customers, we are prepared for increases in demand.
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 annual report on Form 10-K for the year ended December 31, 2023. The Form 10-K will be available through the Bank’s website at www.fnbli.com on or about March 8, 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)
|
|
12/31/2023
|
|
|
12/31/2022
|
|
|
|
(dollars in thousands)
|
|
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
60,887 |
|
|
$ |
74,178 |
|
Investment securities available-for-sale, at fair value
|
|
|
695,877 |
|
|
|
673,413 |
|
|
|
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
Commercial and industrial
|
|
|
116,163 |
|
|
|
108,493 |
|
Secured by real estate:
|
|
|
|
|
|
|
|
|
Commercial mortgages
|
|
|
1,919,714 |
|
|
|
1,916,493 |
|
Residential mortgages
|
|
|
1,166,887 |
|
|
|
1,240,144 |
|
Home equity lines
|
|
|
44,070 |
|
|
|
45,213 |
|
Consumer and other
|
|
|
1,230 |
|
|
|
1,390 |
|
|
|
|
3,248,064 |
|
|
|
3,311,733 |
|
Allowance for credit losses
|
|
|
(28,992 |
) |
|
|
(31,432 |
) |
|
|
|
3,219,072 |
|
|
|
3,280,301 |
|
|
|
|
|
|
|
|
|
|
Restricted stock, at cost
|
|
|
32,659 |
|
|
|
26,363 |
|
Bank premises and equipment, net
|
|
|
31,414 |
|
|
|
31,660 |
|
Right-of-use asset - operating leases
|
|
|
22,588 |
|
|
|
23,952 |
|
Bank-owned life insurance
|
|
|
114,045 |
|
|
|
110,848 |
|
Pension plan assets, net
|
|
|
10,740 |
|
|
|
11,049 |
|
Deferred income tax benefit
|
|
|
28,996 |
|
|
|
31,124 |
|
Other assets
|
|
|
19,622 |
|
|
|
18,623 |
|
|
|
$ |
4,235,900 |
|
|
$ |
4,281,511 |
|
Liabilities:
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
Checking
|
|
$ |
1,133,184 |
|
|
$ |
1,324,141 |
|
Savings, NOW and money market
|
|
|
1,546,369 |
|
|
|
1,661,512 |
|
Time
|
|
|
591,433 |
|
|
|
478,981 |
|
|
|
|
3,270,986 |
|
|
|
3,464,634 |
|
|
|
|
|
|
|
|
|
|
Short-term borrowings
|
|
|
70,000 |
|
|
|
— |
|
Long-term debt
|
|
|
472,500 |
|
|
|
411,000 |
|
Operating lease liability
|
|
|
24,940 |
|
|
|
25,896 |
|
Accrued expenses and other liabilities
|
|
|
17,328 |
|
|
|
15,445 |
|
|
|
|
3,855,754 |
|
|
|
3,916,975 |
|
Stockholders' Equity:
|
|
|
|
|
|
|
|
|
Common stock, par value $0.10 per share:
|
|
|
|
|
|
|
|
|
Authorized, 80,000,000 shares;
|
|
|
|
|
|
|
|
|
Issued and outstanding, 22,590,942 and 22,443,380 shares
|
|
|
2,259 |
|
|
|
2,244 |
|
Surplus
|
|
|
79,728 |
|
|
|
78,462 |
|
Retained earnings
|
|
|
355,887 |
|
|
|
348,597 |
|
|
|
|
437,874 |
|
|
|
429,303 |
|
Accumulated other comprehensive loss, net of tax
|
|
|
(57,728 |
) |
|
|
(64,767 |
) |
|
|
|
380,146 |
|
|
|
364,536 |
|
|
|
$ |
4,235,900 |
|
|
$ |
4,281,511 |
|
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
|
|
Year Ended
|
|
|
Three Months Ended
|
|
|
|
12/31/2023
|
|
|
12/31/2022
|
|
|
12/31/2023
|
|
|
12/31/2022
|
|
|
|
(dollars in thousands)
|
|
Interest and dividend income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
$ |
127,866 |
|
|
$ |
116,352 |
|
|
$ |
33,160 |
|
|
$ |
30,171 |
|
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable
|
|
|
22,663 |
|
|
|
9,795 |
|
|
|
6,786 |
|
|
|
3,239 |
|
Nontaxable
|
|
|
4,954 |
|
|
|
8,063 |
|
|
|
978 |
|
|
|
2,050 |
|
|
|
|
155,483 |
|
|
|
134,210 |
|
|
|
40,924 |
|
|
|
35,460 |
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and money market deposits
|
|
|
32,164 |
|
|
|
7,180 |
|
|
|
9,976 |
|
|
|
3,917 |
|
Time deposits
|
|
|
19,267 |
|
|
|
5,296 |
|
|
|
6,181 |
|
|
|
1,822 |
|
Short-term borrowings
|
|
|
950 |
|
|
|
1,207 |
|
|
|
354 |
|
|
|
432 |
|
Long-term debt
|
|
|
16,237 |
|
|
|
4,814 |
|
|
|
4,455 |
|
|
|
1,534 |
|
|
|
|
68,618 |
|
|
|
18,497 |
|
|
|
20,966 |
|
|
|
7,705 |
|
Net interest income
|
|
|
86,865 |
|
|
|
115,713 |
|
|
|
19,958 |
|
|
|
27,755 |
|
Provision (credit) for credit losses
|
|
|
(326 |
) |
|
|
2,331 |
|
|
|
901 |
|
|
|
83 |
|
Net interest income after provision (credit) for credit losses
|
|
|
87,191 |
|
|
|
113,382 |
|
|
|
19,057 |
|
|
|
27,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank-owned life insurance
|
|
|
3,197 |
|
|
|
3,017 |
|
|
|
814 |
|
|
|
764 |
|
Service charges on deposit accounts
|
|
|
3,034 |
|
|
|
3,157 |
|
|
|
791 |
|
|
|
811 |
|
Net loss on sales of securities
|
|
|
(3,489 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain (loss) on disposition of premises and fixed assets
|
|
|
240 |
|
|
|
(553 |
) |
|
|
— |
|
|
|
(553 |
) |
Other
|
|
|
3,354 |
|
|
|
6,242 |
|
|
|
792 |
|
|
|
1,346 |
|
|
|
|
6,336 |
|
|
|
11,863 |
|
|
|
2,397 |
|
|
|
2,368 |
|
Noninterest expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
|
|
37,373 |
|
|
|
41,096 |
|
|
|
8,105 |
|
|
|
10,832 |
|
Occupancy and equipment
|
|
|
13,140 |
|
|
|
13,407 |
|
|
|
3,166 |
|
|
|
3,705 |
|
Other
|
|
|
13,546 |
|
|
|
12,523 |
|
|
|
3,536 |
|
|
|
3,277 |
|
|
|
|
64,059 |
|
|
|
67,026 |
|
|
|
14,807 |
|
|
|
17,814 |
|
Income before income taxes
|
|
|
29,468 |
|
|
|
58,219 |
|
|
|
6,647 |
|
|
|
12,226 |
|
Income tax expense
|
|
|
3,229 |
|
|
|
11,287 |
|
|
|
588 |
|
|
|
2,322 |
|
Net income
|
|
$ |
26,239 |
|
|
$ |
46,932 |
|
|
$ |
6,059 |
|
|
$ |
9,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares
|
|
|
22,550,562 |
|
|
|
22,868,658 |
|
|
|
22,586,296 |
|
|
|
22,558,414 |
|
Dilutive stock options and restricted stock units
|
|
|
82,609 |
|
|
|
99,895 |
|
|
|
122,961 |
|
|
|
129,803 |
|
|
|
|
22,633,171 |
|
|
|
22,968,553 |
|
|
|
22,709,257 |
|
|
|
22,688,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS
|
|
$ |
1.16 |
|
|
$ |
2.05 |
|
|
$ |
0.27 |
|
|
$ |
0.44 |
|
Diluted EPS
|
|
|
1.16 |
|
|
|
2.04 |
|
|
|
0.27 |
|
|
|
0.44 |
|
Cash Dividends Declared per share
|
|
|
0.84 |
|
|
|
0.82 |
|
|
|
0.21 |
|
|
|
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIOS
|
|
(Unaudited)
|
|
ROA
|
|
|
0.62 |
% |
|
|
1.11 |
% |
|
|
0.57 |
% |
|
|
0.92 |
% |
ROE
|
|
|
7.14 |
|
|
|
12.13 |
|
|
|
6.68 |
|
|
|
10.74 |
|
Net Interest Margin
|
|
|
2.16 |
|
|
|
2.89 |
|
|
|
2.00 |
|
|
|
2.74 |
|
Dividend Payout Ratio
|
|
|
72.41 |
|
|
|
40.20 |
|
|
|
77.78 |
|
|
|
47.73 |
|
Efficiency Ratio
|
|
|
65.52 |
|
|
|
51.45 |
|
|
|
65.47 |
|
|
|
57.06 |
|
PROBLEM AND POTENTIAL PROBLEM LOANS AND ASSETS
(Unaudited)
|
|
12/31/2023
|
|
|
12/31/2022
|
|
|
|
(dollars in thousands)
|
|
Loans including modifications to borrowers experiencing financial difficulty:
|
|
|
|
|
|
|
|
|
Modified and performing according to their modified terms
|
|
$ |
431 |
|
|
$ |
480 |
|
Past due 30 through 89 days
|
|
|
3,086 |
|
|
|
750 |
|
Past due 90 days or more and still accruing
|
|
|
— |
|
|
|
— |
|
Nonaccrual
|
|
|
1,053 |
|
|
|
— |
|
|
|
|
4,570 |
|
|
|
1,230 |
|
Other real estate owned
|
|
|
— |
|
|
|
— |
|
|
|
$ |
4,570 |
|
|
$ |
1,230 |
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses
|
|
$ |
28,992 |
|
|
$ |
31,432 |
|
Allowance for credit losses as a percentage of total loans
|
|
|
0.89 |
% |
|
|
0.95 |
% |
Allowance for credit losses as a multiple of nonaccrual loans
|
|
|
27.5 |
x |
|
|
— |
|
AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL
(Unaudited)
|
|
Year Ended December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
|
Average
|
|
|
Interest/
|
|
|
Average
|
|
|
Average
|
|
|
Interest/
|
|
|
Average
|
|
(dollars in thousands)
|
|
Balance
|
|
|
Dividends
|
|
|
Rate
|
|
|
Balance
|
|
|
Dividends
|
|
|
Rate
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning bank balances
|
|
$ |
48,879 |
|
|
$ |
2,508 |
|
|
|
5.13 |
% |
|
$ |
35,733 |
|
|
$ |
674 |
|
|
|
1.89 |
% |
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (1)
|
|
|
584,450 |
|
|
|
20,155 |
|
|
|
3.45 |
|
|
|
442,758 |
|
|
|
9,121 |
|
|
|
2.06 |
|
Nontaxable (1) (2)
|
|
|
196,341 |
|
|
|
6,271 |
|
|
|
3.19 |
|
|
|
318,836 |
|
|
|
10,206 |
|
|
|
3.20 |
|
Loans (1) (2)
|
|
|
3,260,903 |
|
|
|
127,868 |
|
|
|
3.92 |
|
|
|
3,276,589 |
|
|
|
116,357 |
|
|
|
3.55 |
|
Total interest-earning assets
|
|
|
4,090,573 |
|
|
|
156,802 |
|
|
|
3.83 |
|
|
|
4,073,916 |
|
|
|
136,358 |
|
|
|
3.35 |
|
Allowance for credit losses
|
|
|
(30,291 |
) |
|
|
|
|
|
|
|
|
|
|
(30,604 |
) |
|
|
|
|
|
|
|
|
Net interest-earning assets
|
|
|
4,060,282 |
|
|
|
|
|
|
|
|
|
|
|
4,043,312 |
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
30,847 |
|
|
|
|
|
|
|
|
|
|
|
33,471 |
|
|
|
|
|
|
|
|
|
Premises and equipment, net
|
|
|
32,027 |
|
|
|
|
|
|
|
|
|
|
|
37,376 |
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
112,833 |
|
|
|
|
|
|
|
|
|
|
|
132,893 |
|
|
|
|
|
|
|
|
|
|
|
$ |
4,235,989 |
|
|
|
|
|
|
|
|
|
|
$ |
4,247,052 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW & money market deposits
|
|
$ |
1,657,947 |
|
|
|
32,164 |
|
|
|
1.94 |
|
|
$ |
1,728,897 |
|
|
|
7,180 |
|
|
|
0.42 |
|
Time deposits
|
|
|
553,096 |
|
|
|
19,267 |
|
|
|
3.48 |
|
|
|
368,922 |
|
|
|
5,296 |
|
|
|
1.44 |
|
Total interest-bearing deposits
|
|
|
2,211,043 |
|
|
|
51,431 |
|
|
|
2.33 |
|
|
|
2,097,819 |
|
|
|
12,476 |
|
|
|
0.59 |
|
Short-term borrowings
|
|
|
17,529 |
|
|
|
950 |
|
|
|
5.42 |
|
|
|
57,119 |
|
|
|
1,207 |
|
|
|
2.11 |
|
Long-term debt
|
|
|
380,399 |
|
|
|
16,237 |
|
|
|
4.27 |
|
|
|
232,465 |
|
|
|
4,814 |
|
|
|
2.07 |
|
Total interest-bearing liabilities
|
|
|
2,608,971 |
|
|
|
68,618 |
|
|
|
2.63 |
|
|
|
2,387,403 |
|
|
|
18,497 |
|
|
|
0.77 |
|
Checking deposits
|
|
|
1,220,947 |
|
|
|
|
|
|
|
|
|
|
|
1,438,890 |
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
38,575 |
|
|
|
|
|
|
|
|
|
|
|
33,920 |
|
|
|
|
|
|
|
|
|
|
|
|
3,868,493 |
|
|
|
|
|
|
|
|
|
|
|
3,860,213 |
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
367,496 |
|
|
|
|
|
|
|
|
|
|
|
386,839 |
|
|
|
|
|
|
|
|
|
|
|
$ |
4,235,989 |
|
|
|
|
|
|
|
|
|
|
$ |
4,247,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (2)
|
|
|
|
|
|
$ |
88,184 |
|
|
|
|
|
|
|
|
|
|
$ |
117,861 |
|
|
|
|
|
Net interest spread (2)
|
|
|
|
|
|
|
|
|
|
|
1.20 |
% |
|
|
|
|
|
|
|
|
|
|
2.58 |
% |
Net interest margin (2)
|
|
|
|
|
|
|
|
|
|
|
2.16 |
% |
|
|
|
|
|
|
|
|
|
|
2.89 |
% |
(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 $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.
AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL
(Unaudited)
|
|
Three Months Ended December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
|
Average
|
|
|
Interest/
|
|
|
Average
|
|
|
Average
|
|
|
Interest/
|
|
|
Average
|
|
(dollars in thousands)
|
|
Balance
|
|
|
Dividends
|
|
|
Rate
|
|
|
Balance
|
|
|
Dividends
|
|
|
Rate
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning bank balances
|
|
$ |
39,134 |
|
|
$ |
539 |
|
|
|
5.46 |
% |
|
$ |
36,804 |
|
|
$ |
360 |
|
|
|
3.88 |
% |
Investment securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (1)
|
|
|
642,590 |
|
|
|
6,247 |
|
|
|
3.89 |
|
|
|
455,468 |
|
|
|
2,879 |
|
|
|
2.53 |
|
Nontaxable (1) (2)
|
|
|
157,098 |
|
|
|
1,238 |
|
|
|
3.15 |
|
|
|
321,903 |
|
|
|
2,595 |
|
|
|
3.22 |
|
Loans (1) (2)
|
|
|
3,245,232 |
|
|
|
33,160 |
|
|
|
4.09 |
|
|
|
3,321,303 |
|
|
|
30,172 |
|
|
|
3.63 |
|
Total interest-earning assets
|
|
|
4,084,054 |
|
|
|
41,184 |
|
|
|
4.03 |
|
|
|
4,135,478 |
|
|
|
36,006 |
|
|
|
3.48 |
|
Allowance for credit losses
|
|
|
(29,577 |
) |
|
|
|
|
|
|
|
|
|
|
(31,412 |
) |
|
|
|
|
|
|
|
|
Net interest-earning assets
|
|
|
4,054,477 |
|
|
|
|
|
|
|
|
|
|
|
4,104,066 |
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
29,175 |
|
|
|
|
|
|
|
|
|
|
|
31,778 |
|
|
|
|
|
|
|
|
|
Premises and equipment, net
|
|
|
31,792 |
|
|
|
|
|
|
|
|
|
|
|
35,620 |
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
105,902 |
|
|
|
|
|
|
|
|
|
|
|
111,466 |
|
|
|
|
|
|
|
|
|
|
|
$ |
4,221,346 |
|
|
|
|
|
|
|
|
|
|
$ |
4,282,930 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW & money market deposits
|
|
$ |
1,626,615 |
|
|
|
9,976 |
|
|
|
2.43 |
|
|
$ |
1,734,863 |
|
|
|
3,917 |
|
|
|
0.90 |
|
Time deposits
|
|
|
602,256 |
|
|
|
6,181 |
|
|
|
4.07 |
|
|
|
438,058 |
|
|
|
1,822 |
|
|
|
1.65 |
|
Total interest-bearing deposits
|
|
|
2,228,871 |
|
|
|
16,157 |
|
|
|
2.88 |
|
|
|
2,172,921 |
|
|
|
5,739 |
|
|
|
1.05 |
|
Short-term borrowings
|
|
|
25,055 |
|
|
|
354 |
|
|
|
5.61 |
|
|
|
40,152 |
|
|
|
432 |
|
|
|
4.27 |
|
Long-term debt
|
|
|
390,326 |
|
|
|
4,455 |
|
|
|
4.53 |
|
|
|
263,849 |
|
|
|
1,534 |
|
|
|
2.31 |
|
Total interest-bearing liabilities
|
|
|
2,644,252 |
|
|
|
20,966 |
|
|
|
3.15 |
|
|
|
2,476,922 |
|
|
|
7,705 |
|
|
|
1.23 |
|
Checking deposits
|
|
|
1,176,276 |
|
|
|
|
|
|
|
|
|
|
|
1,400,095 |
|
|
|
|
|
|
|
|
|
Other liabilities
|
|
|
41,063 |
|
|
|
|
|
|
|
|
|
|
|
40,132 |
|
|
|
|
|
|
|
|
|
|
|
|
3,861,591 |
|
|
|
|
|
|
|
|
|
|
|
3,917,149 |
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
359,755 |
|
|
|
|
|
|
|
|
|
|
|
365,781 |
|
|
|
|
|
|
|
|
|
|
|
$ |
4,221,346 |
|
|
|
|
|
|
|
|
|
|
$ |
4,282,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (2)
|
|
|
|
|
|
$ |
20,218 |
|
|
|
|
|
|
|
|
|
|
$ |
28,301 |
|
|
|
|
|
Net interest spread (2)
|
|
|
|
|
|
|
|
|
|
|
0.88 |
% |
|
|
|
|
|
|
|
|
|
|
2.25 |
% |
Net interest margin (2)
|
|
|
|
|
|
|
|
|
|
|
2.00 |
% |
|
|
|
|
|
|
|
|
|
|
2.74 |
% |
(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 $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.
v3.24.0.1
Document And Entity Information
|
Jan. 25, 2024 |
Document Information [Line Items] |
|
Entity, Registrant Name |
The First of Long Island Corporation
|
Document, Type |
8-K
|
Document, Period End Date |
Jan. 25, 2024
|
Entity, Incorporation, State or Country Code |
NY
|
Entity, File Number |
001-32964
|
Entity, Tax Identification Number |
11-2672906
|
Entity, Address, Address Line One |
275 Broadhollow Road
|
Entity, Address, City or Town |
Melville
|
Entity, Address, State or Province |
NY
|
Entity, Address, Postal Zip Code |
11747
|
City Area Code |
516
|
Local Phone Number |
671-4900
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common stock, $0.10 par value per share
|
Trading Symbol |
FLIC
|
Security Exchange Name |
NASDAQ
|
Entity, Emerging Growth Company |
false
|
Amendment Flag |
false
|
Entity, Central Index Key |
0000740663
|
X |
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|
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First of Long Island (NASDAQ:FLIC)
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