The First of Long Island Corporation (Nasdaq: FLIC), the parent
company of The First National Bank of Long Island, reported
increases in net income and earnings per share for the three and
six months ended June 30, 2021. In the highlights that follow, all
comparisons are of the current three or six-month period to the
same period last year unless otherwise indicated.
SECOND QUARTER HIGHLIGHTS
- Net Income
and EPS were $11.4 million and $.48, respectively, versus $10.8
million and $.45
- ROA and ROE
were 1.08% and 11.02%, respectively, compared to 1.02% and
11.30%
- Book value
per share increased 7.6% to $17.58 at 6/30/21 from $16.34 at
6/30/20
- Net
interest margin was 2.71% versus 2.64%
- Cash
Dividends Per Share increased 5.6% to $.19 from $.18
- Effective
Tax Rate was 21.7% versus 16.8%
SIX MONTH HIGHLIGHTS
- Net Income
and EPS were $22.7 million and $.95, respectively, versus $19.9
million and $.83
- ROA and ROE
were 1.10% and 11.09%, respectively, compared to .96% and
10.34%
- Net
interest margin was 2.70% versus 2.63%
- Repurchased
200,420 shares at a cost of $4.1 million
- Effective
Tax Rate was 20.6% versus 16.1%
Analysis of Earnings – Six Months Ended
June 30, 2021
Net income for the first six months of 2021 was
$22.7 million, an increase of $2.7 million, or 13.8%, versus the
same period last year. The increase is due to growth in net
interest income of $1.7 million, or 3.4%, and noninterest income of
$770,000, or 13.8%, and a decline in the provision for credit
losses of $4.1 million. These items were partially offset by
increases in noninterest expense of $1.8 million, or 5.8%, and
income tax expense of $2.1 million.
The increase in net interest income reflects a
favorable shift in the mix of funding as an increase in average
checking deposits of $271.9 million, or 26.8%, and a decline in
average interest-bearing liabilities of $279.1 million, or 10.2%,
resulted in average checking deposits comprising a larger portion
of total funding. The increase is also attributable to higher
income from SBA Paycheck Protection Program (“PPP”) loans of $3.0
million. PPP income for the 2021 period was $3.9 million driven by
an average balance of $155.2 million and a weighted average yield
earned of 5.0%. Net interest income for the second quarter and six
months of 2021 also benefited by approximately $450,000 from the
maturity of a $150 million interest rate swap in May 2021 with a
cost of funds of 2.85%. The Bank used excess cash to repay the
interest rate swap.
Partially offsetting the favorable impact on net
interest income was a decline in the average balance of loans of
$161.9 million, or 5.1%. Also exerting downward
pressure on net interest income were current market yields on
securities and loans being lower than the runoff yields on both
portfolios. The average yield on interest-earning assets declined
36 basis points (“bps”) from 3.52% for the first six months of 2020
to 3.16% for the current six-month period. Management substantially
offset the negative impact of declining asset yields on net
interest income through reductions in non-maturity and time deposit
rates. The average cost of interest-bearing liabilities declined 54
bps from 1.30% for the first six months of 2020 to .76% for the
current six-month period.
Net interest margin for the first six months of
2021 was 2.70% versus 2.63% for the 2020 period. Income
from PPP loans improved net interest margin for the first
six-months of 2021 by 9 bps. As of June 30, 2021, the Bank had
$97.6 million of outstanding PPP loans with unearned fees of $3.3
million. We expect substantially all outstanding PPP loans to
payoff by the end of 2021. In the current interest rate
environment, the Bank will be unable to replace the yield being
earned on PPP loans putting downward pressure on the net interest
margin in 2022.
The mortgage loan pipeline was $74 million at
June 30, 2021. Sluggish loan demand and competition for
loans among banks and other lenders continues to put pressure on
the pipeline and originations. Comparing June 30, 2020 to June 30,
2021, the expansion of our lending teams helped grow commercial
mortgages by $127.7 million. Commercial and industrial available
lines of credit have increased. However, line utilization is near
historic low levels resulting in a decrease in commercial and
industrial loans outstanding. We believe the economic impact of the
pandemic and the stimulus packages passed by Congress contributed
not only to the unusually high level of cash on our balance sheet,
but also to decreased loan originations and lower levels of
outstanding balances on existing credit lines.
The increase in noninterest income, net of gains
on sales of securities, of $164,000 is primarily attributable to
increases in the non-service cost components of the Bank’s defined
benefit pension plan of $275,000 and fees from debit and credit
cards of $242,000. These items were partially offset by decreases
in investment services income of $276,000 and service charges on
deposit accounts of $188,000. Revenue from assets under management
fell as the shift to an outside service provider resulted in the
loss of some relationships. Assets under management will likely
decline further as the Bank transitions from its legacy trust and
investment businesses to a single platform with LPL Financial. The
decrease in service charges on deposit accounts is mainly
attributable to the pandemic which has negatively affected most
categories of fee income.
The provision for credit losses decreased $4.1
million when comparing the six-month periods from a provision of
$2.5 million in the 2020 period to a credit of $1.6 million in the
2021 period. The credit provision for the current period was mainly
due to improvements in economic conditions, asset quality and other
portfolio metrics, and a decline in outstanding mortgage loans,
partially offset by net chargeoffs of $460,000. The net chargeoffs
were mainly the result of sales of three commercial mortgages in
the first quarter.
The increase in noninterest expense of $1.8
million was primarily due to an increase in salaries and employee
benefits related to staffing our new Riverhead Branch, building our
lending and credit teams and normal salary adjustments.
Also contributing to the increase was higher FDIC insurance expense
due to an assessment credit in 2020, increased marketing expense
and the cost of facilities maintenance.
Income tax expense increased $2.1 million due to
an increase in pre-tax earnings in the current six-month period as
compared to the 2020 period and an increase in the effective tax
rate to 20.6% from 16.1% when comparing the first six months of
2021 and 2020. The increase in the effective tax rate is mainly due
to a decrease in the percentage of pre-tax income derived from
tax-exempt municipal securities and bank-owned life insurance in
2021. Additionally, a change in NYS tax law to implement a capital
tax in the second quarter of 2021 increased the second quarter
provision by approximately $400,000.
Analysis of Earnings – Second Quarter
2021 Versus Second Quarter 2020
Net income for the second quarter of 2021 of
$11.4 million increased $629,000, or 5.8%, from $10.8 million
earned in the same quarter of last year. The increase is mainly
attributable to an increase in net interest income of $818,000 and
a decline in the provision for credit losses of $715,000, partially
offset by an increase in income tax expense of $991,000. The
variances in each of these items occurred for substantially the
same reasons discussed above with respect to the six-month
periods.
Analysis of Earnings – Second Quarter
Versus First Quarter 2021
Net income for the second quarter of 2021
increased $121,000 from $11.3 million earned in the first quarter.
The increase was mainly attributable to an increase in interest
income from the full quarterly impact of first quarter
mortgage-backed securities purchases and a decline in interest
expense from the aforementioned repayment of the maturing interest
rate swap. The increase in net income was also attributable to
lower overtime, payroll taxes and other compensation-related costs.
Partially offsetting these items was the gain on sale of securities
in the first quarter and an increase in income tax expense for
substantially the same reasons discussed above with respect to the
six-month periods.
Asset Quality
The Bank’s allowance for credit losses to total
loans (reserve coverage ratio) was 1.05% at June 30, 2021 as
compared to 1.09% at December 31, 2020. Excluding PPP
loans, the reserve coverage ratio was 1.08% and 1.13%,
respectively. The decrease in the reserve coverage
ratio was mainly due to improvements in economic conditions, asset
quality and other portfolio metrics. Nonaccrual loans,
troubled debt restructurings and loans past due 30 through 89 days
remain at low levels.
Capital
The Corporation’s balance sheet remains
positioned for lending and growth with a Leverage Ratio of
approximately 9.8% at June 30, 2021. The Corporation repurchased
92,533 shares of common stock during the second quarter of 2021 at
a cost of $2.1 million and 200,420 shares during the first six
months of 2021 at a cost of $4.1 million. We expect to continue our
repurchase program during 2021.
Key Initiatives and Challenges We
Face
As the economy recovers from the pandemic, we
remain optimistic that the Bank’s strategic initiatives will
support the expansion and profitability of our relationship banking
business. Such initiatives include updated branding, a custom
designed website, expanded geographic footprint of the branch
network eastward into Riverhead and East Hampton, and recruitment
of additional seasoned branch, lending and credit professionals.
Renovations at our leased space at 275 Broadhollow Road in
Melville, N.Y. for a state-of-the-art branch and needed office
space are expected to be completed in early 2022. We continually
assess our branch network for efficiencies while remaining
cognizant of our customers' branch banking needs. During the
pandemic we experienced a notable increase in use of our mobile
deposit functionality as well as our cash management offerings.
Low interest rates continue to exert pressure on
operating results and growth. Current lending and investing rates
are below the rates earned on loan and securities repayments. The
net spread on securities purchased is significantly below the
Bank’s current net interest margin, and the net spread on new
lending is near or below current margin. Continued increases in the
cost of cybersecurity, and regulatory expectations in areas such as
environmental, social and governance present additional
challenges.
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”). In addition, the pandemic continues to present financial
and operating challenges for the Corporation, its customers and the
communities it serves. These challenges may adversely affect the
Corporation’s business, results of operations and financial
condition for an indefinite period of time. 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 quarterly report on Form 10-Q for the quarter
ended June 30, 2021. The Form 10-Q will be available through the
Bank’s website at www.fnbli.com on or about August 4, 2021, when it
is electronically filed with the SEC. Our SEC filings are also
available on the SEC’s website at www.sec.gov.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/21 |
|
12/31/20 |
|
|
(dollars in thousands) |
Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
191,002 |
|
|
$ |
211,182 |
|
Investment securities available-for-sale, at fair value |
|
|
806,198 |
|
|
|
662,722 |
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
Commercial and industrial |
|
|
84,813 |
|
|
|
100,015 |
|
SBA Paycheck Protection Program |
|
|
94,309 |
|
|
|
139,487 |
|
Secured by real estate: |
|
|
|
|
|
|
Commercial mortgages |
|
|
1,479,244 |
|
|
|
1,421,071 |
|
Residential mortgages |
|
|
1,244,439 |
|
|
|
1,316,727 |
|
Home equity lines |
|
|
49,693 |
|
|
|
54,005 |
|
Consumer and other |
|
|
907 |
|
|
|
2,149 |
|
|
|
|
2,953,405 |
|
|
|
3,033,454 |
|
Allowance for credit losses |
|
|
(30,968 |
) |
|
|
(33,037 |
) |
|
|
|
2,922,437 |
|
|
|
3,000,417 |
|
|
|
|
|
|
|
|
Restricted stock, at cost |
|
|
19,901 |
|
|
|
20,814 |
|
Bank premises and equipment, net |
|
|
37,646 |
|
|
|
38,830 |
|
Right of use asset - operating leases |
|
|
11,176 |
|
|
|
12,212 |
|
Bank-owned life insurance |
|
|
86,602 |
|
|
|
85,432 |
|
Pension plan assets, net |
|
|
20,273 |
|
|
|
20,109 |
|
Deferred income tax benefit |
|
|
434 |
|
|
|
1,375 |
|
Other assets |
|
|
15,112 |
|
|
|
16,048 |
|
|
|
$ |
4,110,781 |
|
|
$ |
4,069,141 |
|
Liabilities: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Checking |
|
$ |
1,318,941 |
|
|
$ |
1,208,073 |
|
Savings, NOW and money market |
|
|
1,833,590 |
|
|
|
1,679,161 |
|
Time |
|
|
231,042 |
|
|
|
434,354 |
|
|
|
|
3,383,573 |
|
|
|
3,321,588 |
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
55,000 |
|
|
|
60,095 |
|
Long-term debt |
|
|
226,002 |
|
|
|
246,002 |
|
Operating lease liability |
|
|
11,998 |
|
|
|
13,046 |
|
Accrued expenses and other liabilities |
|
|
17,564 |
|
|
|
21,292 |
|
|
|
|
3,694,137 |
|
|
|
3,662,023 |
|
Stockholders'
Equity: |
|
|
|
|
|
|
Common stock, par value $.10 per share: |
|
|
|
|
|
|
Authorized, 80,000,000 shares; |
|
|
|
|
|
|
Issued and outstanding, 23,695,017 and 23,790,589 shares |
|
|
2,370 |
|
|
|
2,379 |
|
Surplus |
|
|
102,636 |
|
|
|
105,547 |
|
Retained earnings |
|
|
309,256 |
|
|
|
295,622 |
|
|
|
|
414,262 |
|
|
|
403,548 |
|
Accumulated other comprehensive income, net of tax |
|
|
2,382 |
|
|
|
3,570 |
|
|
|
|
416,644 |
|
|
|
407,118 |
|
|
|
$ |
4,110,781 |
|
|
$ |
4,069,141 |
|
CONSOLIDATED STATEMENTS OF
INCOME(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
|
Three Months Ended |
|
|
|
6/30/21 |
|
6/30/20 |
|
6/30/21 |
|
6/30/20 |
|
|
|
(dollars in thousands) |
|
Interest and dividend
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
53,456 |
|
|
$ |
56,888 |
|
$ |
26,750 |
|
|
$ |
27,957 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
4,078 |
|
|
|
6,749 |
|
|
2,245 |
|
|
|
3,323 |
|
Nontaxable |
|
|
4,462 |
|
|
|
5,066 |
|
|
2,214 |
|
|
|
2,501 |
|
|
|
|
61,996 |
|
|
|
68,703 |
|
|
31,209 |
|
|
|
33,781 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and money market deposits |
|
|
2,260 |
|
|
|
6,639 |
|
|
1,194 |
|
|
|
2,359 |
|
Time deposits |
|
|
3,897 |
|
|
|
5,928 |
|
|
1,593 |
|
|
|
2,886 |
|
Short-term borrowings |
|
|
700 |
|
|
|
885 |
|
|
350 |
|
|
|
266 |
|
Long-term debt |
|
|
2,311 |
|
|
|
4,157 |
|
|
1,146 |
|
|
|
2,162 |
|
|
|
|
9,168 |
|
|
|
17,609 |
|
|
4,283 |
|
|
|
7,673 |
|
Net interest income |
|
|
52,828 |
|
|
|
51,094 |
|
|
26,926 |
|
|
|
26,108 |
|
Provision (credit) for credit
losses |
|
|
(1,609 |
) |
|
|
2,450 |
|
|
(623 |
) |
|
|
92 |
|
Net interest income after provision (credit) for credit losses |
|
|
54,437 |
|
|
|
48,644 |
|
|
27,549 |
|
|
|
26,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment services income |
|
|
791 |
|
|
|
1,067 |
|
|
317 |
|
|
|
519 |
|
Service charges on deposit accounts |
|
|
1,418 |
|
|
|
1,606 |
|
|
735 |
|
|
|
619 |
|
Net gains on sales of securities |
|
|
606 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
Other |
|
|
3,544 |
|
|
|
2,916 |
|
|
1,775 |
|
|
|
1,433 |
|
|
|
|
6,359 |
|
|
|
5,589 |
|
|
2,827 |
|
|
|
2,571 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
19,915 |
|
|
|
18,913 |
|
|
9,845 |
|
|
|
9,639 |
|
Occupancy and equipment |
|
|
6,344 |
|
|
|
6,133 |
|
|
3,067 |
|
|
|
3,061 |
|
Other |
|
|
6,019 |
|
|
|
5,472 |
|
|
2,917 |
|
|
|
2,960 |
|
|
|
|
32,278 |
|
|
|
30,518 |
|
|
15,829 |
|
|
|
15,660 |
|
Income before income taxes |
|
|
28,518 |
|
|
|
23,715 |
|
|
14,547 |
|
|
|
12,927 |
|
Income tax expense |
|
|
5,863 |
|
|
|
3,808 |
|
|
3,159 |
|
|
|
2,168 |
|
Net income |
|
$ |
22,655 |
|
|
$ |
19,907 |
|
$ |
11,388 |
|
|
$ |
10,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares |
|
|
23,758,398 |
|
|
|
23,871,245 |
|
|
23,735,723 |
|
|
|
23,838,224 |
|
Dilutive stock options and restricted stock units |
|
|
89,776 |
|
|
|
39,135 |
|
|
96,060 |
|
|
|
23,638 |
|
|
|
|
23,848,174 |
|
|
|
23,910,380 |
|
|
23,831,783 |
|
|
|
23,861,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
|
|
$.95 |
|
|
|
$.83 |
|
|
$.48 |
|
|
$.45 |
|
Diluted EPS |
|
|
$.95 |
|
|
|
$.83 |
|
|
$.48 |
|
|
$.45 |
|
Cash Dividends Declared per share |
|
|
$.38 |
|
|
|
$.36 |
|
|
$.19 |
|
|
$.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIOS |
(Unaudited) |
ROA |
|
|
1.10 |
% |
|
|
.96 |
% |
|
1.08 |
|
% |
|
1.02 |
% |
ROE |
|
|
11.09 |
% |
|
|
10.34 |
% |
|
11.02 |
|
% |
|
11.30 |
% |
Net Interest Margin |
|
|
2.70 |
% |
|
|
2.63 |
% |
|
2.71 |
|
% |
|
2.64 |
% |
Dividend Payout Ratio |
|
|
40.00 |
% |
|
|
43.37 |
% |
|
39.58 |
|
% |
|
40.00 |
% |
|
PROBLEM AND POTENTIAL PROBLEM LOANS AND
ASSETS(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6/30/21 |
|
|
12/31/20 |
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
Loans, excluding troubled debt
restructurings: |
|
|
|
|
|
|
|
|
Past due 30 through 89 days |
|
$ |
238 |
|
|
$ |
1,422 |
|
Past due 90 days or more and still accruing |
|
|
— |
|
|
|
— |
|
Nonaccrual |
|
|
260 |
|
|
|
628 |
|
|
|
|
498 |
|
|
|
2,050 |
|
Troubled debt
restructurings: |
|
|
|
|
|
|
|
|
Performing according to their modified terms |
|
|
570 |
|
|
|
815 |
|
Past due 30 through 89 days |
|
|
— |
|
|
|
— |
|
Past due 90 days or more and still accruing |
|
|
— |
|
|
|
— |
|
Nonaccrual |
|
|
— |
|
|
|
494 |
|
|
|
|
570 |
|
|
|
1,309 |
|
Total past due, nonaccrual and
restructured loans: |
|
|
|
|
|
|
|
|
Restructured and performing according to their modified terms |
|
|
570 |
|
|
|
815 |
|
Past due 30 through 89 days |
|
|
238 |
|
|
|
1,422 |
|
Past due 90 days or more and still accruing |
|
|
— |
|
|
|
— |
|
Nonaccrual |
|
|
260 |
|
|
|
1,122 |
|
|
|
|
1,068 |
|
|
|
3,359 |
|
Other real estate owned |
|
|
— |
|
|
|
— |
|
|
|
$ |
1,068 |
|
|
$ |
3,359 |
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses |
|
$ |
30,968 |
|
|
$ |
33,037 |
|
Allowance for credit losses as
a percentage of total loans |
|
|
1.05 |
% |
|
|
1.09 |
% |
Allowance for credit losses as
a multiple of nonaccrual loans |
|
|
119.1 |
x |
|
|
29.4 |
x |
AVERAGE BALANCE SHEET, INTEREST RATES AND
INTEREST DIFFERENTIAL(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2021 |
|
2020 |
|
|
Average |
|
Interest/ |
|
Average |
|
Average |
|
Interest/ |
|
Average |
(dollars in thousands) |
|
Balance |
|
Dividends |
|
Rate |
|
Balance |
|
Dividends |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning bank balances |
|
$ |
184,641 |
|
|
$ |
96 |
|
.10 |
% |
|
$ |
91,821 |
|
|
$ |
120 |
|
.26 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
445,712 |
|
|
|
3,982 |
|
1.79 |
|
|
|
344,932 |
|
|
|
6,629 |
|
3.84 |
|
Nontaxable (1) |
|
|
357,924 |
|
|
|
5,648 |
|
3.16 |
|
|
|
375,326 |
|
|
|
6,412 |
|
3.42 |
|
Loans (1) |
|
|
3,008,594 |
|
|
|
53,459 |
|
3.55 |
|
|
|
3,170,449 |
|
|
|
56,891 |
|
3.59 |
|
Total interest-earning
assets |
|
|
3,996,871 |
|
|
|
63,185 |
|
3.16 |
|
|
|
3,982,528 |
|
|
|
70,052 |
|
3.52 |
|
Allowance for credit
losses |
|
|
(32,256 |
) |
|
|
|
|
|
|
|
|
(33,115 |
) |
|
|
|
|
|
|
Net interest-earning
assets |
|
|
3,964,615 |
|
|
|
|
|
|
|
|
|
3,949,413 |
|
|
|
|
|
|
|
Cash and due from banks |
|
|
34,228 |
|
|
|
|
|
|
|
|
|
32,925 |
|
|
|
|
|
|
|
Premises and equipment,
net |
|
|
38,399 |
|
|
|
|
|
|
|
|
|
39,814 |
|
|
|
|
|
|
|
Other assets |
|
|
133,715 |
|
|
|
|
|
|
|
|
|
134,421 |
|
|
|
|
|
|
|
|
|
$ |
4,170,957 |
|
|
|
|
|
|
|
|
$ |
4,156,573 |
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW & money
market deposits |
|
$ |
1,786,527 |
|
|
|
2,260 |
|
.26 |
|
|
$ |
1,704,484 |
|
|
|
6,639 |
|
.78 |
|
Time deposits |
|
|
371,919 |
|
|
|
3,897 |
|
2.11 |
|
|
|
503,364 |
|
|
|
5,928 |
|
2.37 |
|
Total interest-bearing
deposits |
|
|
2,158,446 |
|
|
|
6,157 |
|
.58 |
|
|
|
2,207,848 |
|
|
|
12,567 |
|
1.14 |
|
Short-term borrowings |
|
|
56,813 |
|
|
|
700 |
|
2.48 |
|
|
|
92,235 |
|
|
|
885 |
|
1.93 |
|
Long-term debt |
|
|
229,593 |
|
|
|
2,311 |
|
2.03 |
|
|
|
423,846 |
|
|
|
4,157 |
|
1.97 |
|
Total interest-bearing
liabilities |
|
|
2,444,852 |
|
|
|
9,168 |
|
.76 |
|
|
|
2,723,929 |
|
|
|
17,609 |
|
1.30 |
|
Checking deposits |
|
|
1,285,761 |
|
|
|
|
|
|
|
|
|
1,013,832 |
|
|
|
|
|
|
|
Other liabilities |
|
|
28,509 |
|
|
|
|
|
|
|
|
|
31,819 |
|
|
|
|
|
|
|
|
|
|
3,759,122 |
|
|
|
|
|
|
|
|
|
3,769,580 |
|
|
|
|
|
|
|
Stockholders' equity |
|
|
411,835 |
|
|
|
|
|
|
|
|
|
386,993 |
|
|
|
|
|
|
|
|
|
$ |
4,170,957 |
|
|
|
|
|
|
|
|
$ |
4,156,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (1) |
|
|
|
|
$ |
54,017 |
|
|
|
|
|
|
|
$ |
52,443 |
|
|
|
Net interest spread (1) |
|
|
|
|
|
|
|
2.40 |
% |
|
|
|
|
|
|
|
2.22 |
% |
Net interest margin (1) |
|
|
|
|
|
|
|
2.70 |
% |
|
|
|
|
|
|
|
2.63 |
% |
(1) 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 June 30, |
|
|
|
2021 |
|
2020 |
|
(dollars in thousands) |
|
AverageBalance |
|
Interest/Dividends |
|
AverageRate |
|
AverageBalance |
|
Interest/Dividends |
|
AverageRate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning bank balances |
|
$ |
213,688 |
|
|
$ |
57 |
|
.11 |
% |
|
$ |
153,565 |
|
|
$ |
38 |
|
.10 |
% |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
489,407 |
|
|
|
2,188 |
|
1.79 |
|
|
|
347,202 |
|
|
|
3,285 |
|
3.78 |
|
|
Nontaxable (1) |
|
|
354,175 |
|
|
|
2,802 |
|
3.16 |
|
|
|
370,479 |
|
|
|
3,165 |
|
3.42 |
|
|
Loans (1) |
|
|
3,004,227 |
|
|
|
26,752 |
|
3.56 |
|
|
|
3,181,365 |
|
|
|
27,958 |
|
3.52 |
|
|
Total interest-earning
assets |
|
|
4,061,497 |
|
|
|
31,799 |
|
3.13 |
|
|
|
4,052,611 |
|
|
|
34,446 |
|
3.40 |
|
|
Allowance for credit
losses |
|
|
(31,623 |
) |
|
|
|
|
|
|
|
|
(34,119 |
) |
|
|
|
|
|
|
|
Net
interest-earning assets |
|
|
4,029,874 |
|
|
|
|
|
|
|
|
|
4,018,492 |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
35,491 |
|
|
|
|
|
|
|
|
|
31,488 |
|
|
|
|
|
|
|
|
Premises and equipment,
net |
|
|
38,102 |
|
|
|
|
|
|
|
|
|
39,696 |
|
|
|
|
|
|
|
|
Other assets |
|
|
132,671 |
|
|
|
|
|
|
|
|
|
139,330 |
|
|
|
|
|
|
|
|
|
|
$ |
4,236,138 |
|
|
|
|
|
|
|
|
$ |
4,229,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW & money
market deposits |
|
$ |
1,864,640 |
|
|
|
1,194 |
|
.26 |
|
|
$ |
1,698,207 |
|
|
|
2,359 |
|
.56 |
|
|
Time deposits |
|
|
322,987 |
|
|
|
1,593 |
|
1.98 |
|
|
|
496,691 |
|
|
|
2,886 |
|
2.34 |
|
|
Total
interest-bearing deposits |
|
|
2,187,627 |
|
|
|
2,787 |
|
.51 |
|
|
|
2,194,898 |
|
|
|
5,245 |
|
.96 |
|
|
Short-term borrowings |
|
|
54,985 |
|
|
|
350 |
|
2.55 |
|
|
|
61,133 |
|
|
|
266 |
|
1.75 |
|
|
Long-term debt |
|
|
226,002 |
|
|
|
1,146 |
|
2.03 |
|
|
|
448,351 |
|
|
|
2,162 |
|
1.94 |
|
|
Total
interest-bearing liabilities |
|
|
2,468,614 |
|
|
|
4,283 |
|
.70 |
|
|
|
2,704,382 |
|
|
|
7,673 |
|
1.14 |
|
|
Checking deposits |
|
|
1,327,332 |
|
|
|
|
|
|
|
|
|
1,109,620 |
|
|
|
|
|
|
|
|
Other liabilities |
|
|
25,649 |
|
|
|
|
|
|
|
|
|
32,179 |
|
|
|
|
|
|
|
|
|
|
|
3,821,595 |
|
|
|
|
|
|
|
|
|
3,846,181 |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
414,543 |
|
|
|
|
|
|
|
|
|
382,825 |
|
|
|
|
|
|
|
|
|
|
$ |
4,236,138 |
|
|
|
|
|
|
|
|
$ |
4,229,006 |
|
|
|
|
|
|
|
|
Net interest income (1) |
|
|
|
|
$ |
27,516 |
|
|
|
|
|
|
|
$ |
26,773 |
|
|
|
|
Net interest spread (1) |
|
|
|
|
|
|
|
2.43 |
% |
|
|
|
|
|
|
|
2.26 |
% |
|
Net interest margin (1) |
|
|
|
|
|
|
|
2.71 |
% |
|
|
|
|
|
|
|
2.64 |
% |
|
(1) 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%.
For More Information Contact:Jay McConie, EVP
and CFO(516) 671-4900, Ext. 7404
First of Long Island (NASDAQ:FLIC)
Historical Stock Chart
From Aug 2024 to Sep 2024
First of Long Island (NASDAQ:FLIC)
Historical Stock Chart
From Sep 2023 to Sep 2024