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
nine months ended September 30, 2021. In the highlights that
follow, all comparisons are of the current three or nine-month
period to the same period last year unless otherwise indicated.
THIRD 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 10.71%, respectively, compared to 1.02% and
10.77%
- Net
interest margin was 2.71% versus 2.66%
- Recorded
charges of $1.2 million relating to announced branch optimization
strategy
- Cash
Dividends Per Share increased 5.3% to $.20 from $.19
- Effective
Tax Rate was 19.4% versus 18.0%
NINE MONTH HIGHLIGHTS
- Net Income
and EPS were $34.1 million and $1.43, respectively, versus $30.7
million and $1.28
- ROA and ROE
were 1.09% and 10.96%, respectively, compared to .98% and
10.49%
- Net
interest margin was 2.70% versus 2.64%
- Repurchased
301,265 shares at a cost of $6.3 million
- Effective
Tax Rate was 20.2% versus 16.8%
Analysis of Earnings – Nine Months Ended
September 30, 2021
Net income for the first nine months of 2021 was
$34.1 million, an increase of $3.4 million, or 11.1%, versus the
same period last year. The increase is due to growth in net
interest income of $2.4 million, or 3.1%, and noninterest income,
net of gains on sales of securities, of $219,000, and a decline in
the provision for credit losses of $5.5 million. These items were
partially offset by increases in noninterest expense, net of debt
extinguishment costs, of $2.9 million, and income tax expense of
$2.4 million.
The increase in net interest income reflects a
favorable shift in the mix of funding as an increase in average
checking deposits of $247.9 million, or 23.2%, and a decline in
average interest-bearing liabilities of $258.9 million, or 9.7%,
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 $3.2
million. PPP income for the 2021 period was $5.1 million driven by
an average balance of $129.3 million and a weighted average yield
earned of 5.3%. In addition, the repayment of a maturing interest
rate swap in May 2021 lowered the cost of funds in the 2021 period
by $1.5 million.
Partially offsetting the favorable impact of the
above items on net interest income was a decline in the average
balance of loans of $169.2 million, or 5.4%. In
addition, the current market yields on loans and investments are
below the runoff yields on both portfolios which exerts downward
pressure on net interest income. The average yield on
interest-earning assets declined 31 basis points (“bps”) from 3.44%
for the first nine months of 2020 to 3.13% for the current
nine-month period. The negative impact of declining asset yields on
net interest income was substantially offset through reductions in
non-maturity and time deposit rates. The average cost of
interest-bearing liabilities declined 48 bps from 1.19% for the
first nine months of 2020 to .71% for the current nine-month
period.
Net interest margin for the first nine months of
2021 was 2.70% versus 2.64% for the 2020 period. Income
from PPP loans improved net interest margin for the first nine
months of 2021 by 8 bps. As of September 30, 2021, the Bank had
$67.8 million of outstanding PPP loans with unearned fees of $2.3
million. We expect most of the outstanding PPP loan portfolio will
be fully satisfied by March 31, 2022.
The mortgage loan pipeline was $165 million at
September 30, 2021 with a weighted average rate of approximately
3.0%. Sluggish loan demand and competition among bank
and non-bank lenders continue to put pressure on the pipeline and
originations. The expansion of our lending teams helped grow
commercial mortgages by $174.5 million since September 30, 2020 and
now comprise 54.4% of total mortgages compared to 48.1% a year
ago. While commercial and industrial lines of credit
have increased, line utilization remains low contributing to a
decrease in commercial and industrial loans outstanding. We believe
the economic impact of the pandemic and the stimulus packages
passed by Congress contributed to decreased loan demand, lower
levels of outstanding balances on existing credit lines and the
high level of cash on our balance sheet.
The increase in noninterest income, net of gains
on sales of securities, of $219,000 is primarily attributable to
increases in the non-service cost components of the Bank’s defined
benefit pension plan of $413,000 and fees from debit and credit
cards of $417,000. These items were partially offset by a decrease
in investment services income of $586,000 as the shift to an
outside service provider resulted in less assets under
management. Assets under management will likely decline
further through year-end 2021 as the Bank transitions from its
legacy trust and investment businesses to a single platform with
LPL Financial.
The provision for credit losses decreased $5.5
million when comparing the nine-month periods from a provision of
$2.5 million in the 2020 period to a credit of $3.1 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 residential
mortgage loans, partially offset by net chargeoffs of $463,000. The
net chargeoffs were mainly the result of sales of four commercial
mortgages.
The increase in noninterest expense, net of debt
extinguishment costs, of $2.9 million includes charges of $1.2
million related to the previously announced closing and
consolidation of eight branches as part of our branch optimization
strategy. The $1.2 million includes severance-related salary and
benefits expense of $123,000, occupancy and equipment expense
related to rent, depreciation and asset disposals of $1.1 million,
and telecom contract breakage costs of $40,000. The Bank expects
$2.2 million of additional closing-related expense in the fourth
quarter of 2021. The increase in noninterest expense also includes
higher salaries and employee benefits related to staffing our new
Riverhead Branch, building our lending and credit teams, normal
salary adjustments and an increase in the service cost component of
the Bank’s pension plan. Also contributing to the
increase was higher FDIC insurance expense due to an assessment
credit in 2020.
Income tax expense increased $2.4 million due to
growth in pre-tax earnings in 2021 and an increase in the effective
tax rate to 20.2% for the 2021 period from 16.8% for the 2020
period. The increase in the effective tax rate is due to a decrease
in the percentage of pre-tax income derived from tax-exempt
municipal securities and bank-owned life insurance in 2021 and a
change in New York State tax law to implement a capital tax in the
second quarter of 2021.
Analysis of Earnings – Third Quarter 2021
Versus Third Quarter 2020
Net income for the third quarter of 2021 of
$11.4 million increased $655,000, or 6.1%, 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 $690,000 and
a credit provision of $1.4 million in the 2021 period. Partially
offsetting these items were increases in noninterest expense, net
of debt extinguishment costs, of $1.2 million and income tax
expense of $381,000. Net interest margin of 2.71% for the current
quarter increased 5 bps as compared to 2.66% for the third quarter
of last year. The variances in each of these items occurred for
substantially the same reasons discussed above with respect to the
nine-month periods.
Analysis of Earnings – Third Quarter
Versus Second Quarter 2021
Net income for the third quarter of 2021 of
$11.4 million was essentially unchanged as compared to the second
quarter. Key items impacting the third quarter include the
aforementioned charges for branch closures and consolidation and an
increase in the credit provision of $826,000 mainly due to improved
economic conditions. Additional items impacting third quarter
earnings include a decline in net interest income of $318,000
mainly due a decline in average outstanding loans and a decrease in
income tax expense of $410,000 mainly due to the changes in New
York State tax law in the second quarter.
Asset Quality
The Bank’s allowance for credit losses to total
loans (reserve coverage ratio) was 1.02% at September 30, 2021 as
compared to 1.09% at December 31, 2020. Excluding PPP
loans, the reserve coverage ratio was 1.04% 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 10.1% at September 30, 2021. The Corporation
repurchased 100,845 shares of common stock during the third quarter
of 2021 at a cost of $2.2 million and 301,265 shares during the
first nine months of 2021 at a cost of $6.3 million. We expect to
continue our repurchase program during the fourth quarter of 2021
and in 2022.
Key Initiatives and Challenges We
Face
We continue focusing on the Bank’s strategic
initiatives supporting the expansion and profitability of our
relationship banking business. Such initiatives include new
branding, an enhanced website, a branch optimization strategy that
expands the geographic footprint of the branch network into eastern
Long Island and recruitment of additional seasoned banking
professionals. While incremental relationship-based lending and
loans from third party sources have increased our loan pipeline,
continued growth in lending will be dependent on increased business
productivity in the economy. Renovations of our leased
space at 275 Broadhollow Road in Melville, N.Y. for a
state-of-the-art branch and office space are expected to be
completed in early 2022. Management continues to focus
on the areas of cybersecurity, environmental, social and governance
practices.
During the pandemic we experienced a notable
increase in the use of our mobile deposit functionality as well as
our cash management offerings. We continually assess our branch
network for efficiencies while remaining cognizant of our
customers’ branch banking needs. During the third
quarter we announced a continuation of our branch optimization
strategy with the closure and consolidation of eight branches into
nearby locations on November 30, 2021. The optimization of the
legacy branch network supports the expansion geographically with de
novo branching and the reallocation of resources to lenders and
digital banking products.
Low interest rates and competition continue to
exert pressure on operating results and growth. Current lending and
investing market 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 our current margin. If current
conditions continue, we expect downward pressure on the net
interest margin in 2022.
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 September 30, 2021. The Form 10-Q will be available through
the Bank’s website at www.fnbli.com on or about November 3, 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)
|
|
9/30/21 |
|
12/31/20 |
|
|
(dollars in thousands) |
Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
259,066 |
|
|
$ |
211,182 |
|
Investment securities available-for-sale, at fair value |
|
|
775,747 |
|
|
|
662,722 |
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
Commercial and industrial |
|
|
67,379 |
|
|
|
100,015 |
|
SBA Paycheck Protection Program |
|
|
65,505 |
|
|
|
139,487 |
|
Secured by real estate: |
|
|
|
|
|
|
Commercial mortgages |
|
|
1,506,382 |
|
|
|
1,421,071 |
|
Residential mortgages |
|
|
1,215,395 |
|
|
|
1,316,727 |
|
Home equity lines |
|
|
46,072 |
|
|
|
54,005 |
|
Consumer and other |
|
|
680 |
|
|
|
2,149 |
|
|
|
|
2,901,413 |
|
|
|
3,033,454 |
|
Allowance for credit losses |
|
|
(29,516 |
) |
|
|
(33,037 |
) |
|
|
|
2,871,897 |
|
|
|
3,000,417 |
|
|
|
|
|
|
|
|
Restricted stock, at cost |
|
|
19,935 |
|
|
|
20,814 |
|
Bank premises and equipment, net |
|
|
37,768 |
|
|
|
38,830 |
|
Right of use asset - operating leases |
|
|
9,903 |
|
|
|
12,212 |
|
Bank-owned life insurance |
|
|
87,202 |
|
|
|
85,432 |
|
Pension plan assets, net |
|
|
20,356 |
|
|
|
20,109 |
|
Deferred income tax benefit |
|
|
1,462 |
|
|
|
1,375 |
|
Other assets |
|
|
13,520 |
|
|
|
16,048 |
|
|
|
$ |
4,096,856 |
|
|
$ |
4,069,141 |
|
Liabilities: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Checking |
|
$ |
1,393,555 |
|
|
$ |
1,208,073 |
|
Savings, NOW and money market |
|
|
1,748,048 |
|
|
|
1,679,161 |
|
Time |
|
|
229,943 |
|
|
|
434,354 |
|
|
|
|
3,371,546 |
|
|
|
3,321,588 |
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
50,000 |
|
|
|
60,095 |
|
Long-term debt |
|
|
226,002 |
|
|
|
246,002 |
|
Operating lease liability |
|
|
11,462 |
|
|
|
13,046 |
|
Accrued expenses and other liabilities |
|
|
17,963 |
|
|
|
21,292 |
|
|
|
|
3,676,973 |
|
|
|
3,662,023 |
|
Stockholders'
Equity: |
|
|
|
|
|
|
Common stock, par value $.10 per share: |
|
|
|
|
|
|
Authorized, 80,000,000 shares; |
|
|
|
|
|
|
Issued and outstanding, 23,606,212 and 23,790,589 shares |
|
|
2,361 |
|
|
|
2,379 |
|
Surplus |
|
|
101,197 |
|
|
|
105,547 |
|
Retained earnings |
|
|
315,957 |
|
|
|
295,622 |
|
|
|
|
419,515 |
|
|
|
403,548 |
|
Accumulated other comprehensive income, net of tax |
|
|
368 |
|
|
|
3,570 |
|
|
|
|
419,883 |
|
|
|
407,118 |
|
|
|
$ |
4,096,856 |
|
|
$ |
4,069,141 |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF
INCOME(Unaudited)
|
|
Nine Months Ended |
|
Three Months Ended |
|
|
9/30/21 |
|
9/30/20 |
|
9/30/21 |
|
9/30/20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
Interest and dividend
income: |
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
79,431 |
|
|
$ |
83,349 |
|
|
$ |
25,975 |
|
|
$ |
26,461 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
6,269 |
|
|
9,972 |
|
|
2,191 |
|
|
3,223 |
|
Nontaxable |
|
6,535 |
|
|
7,520 |
|
|
2,073 |
|
|
2,454 |
|
|
|
92,235 |
|
|
100,841 |
|
|
30,239 |
|
|
32,138 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and money market deposits |
|
3,451 |
|
|
7,946 |
|
|
1,191 |
|
|
1,307 |
|
Time deposits |
|
4,818 |
|
|
8,487 |
|
|
921 |
|
|
2,559 |
|
Short-term borrowings |
|
1,062 |
|
|
1,219 |
|
|
362 |
|
|
334 |
|
Long-term debt |
|
3,468 |
|
|
6,177 |
|
|
1,157 |
|
|
2,020 |
|
|
|
12,799 |
|
|
23,829 |
|
|
3,631 |
|
|
6,220 |
|
Net interest income |
|
79,436 |
|
|
77,012 |
|
|
26,608 |
|
|
25,918 |
|
Provision (credit) for credit
losses |
|
(3,058 |
) |
|
2,450 |
|
|
(1,449 |
) |
|
— |
|
Net interest income after provision (credit) for credit losses |
|
82,494 |
|
|
74,562 |
|
|
28,057 |
|
|
25,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
Investment services income |
|
1,034 |
|
|
1,620 |
|
|
243 |
|
|
553 |
|
Service charges on deposit accounts |
|
2,170 |
|
|
2,267 |
|
|
752 |
|
|
661 |
|
Net gains on sales of securities |
|
606 |
|
|
2,556 |
|
|
— |
|
|
2,556 |
|
Other |
|
5,404 |
|
|
4,502 |
|
|
1,860 |
|
|
1,586 |
|
|
|
9,214 |
|
|
10,945 |
|
|
2,855 |
|
|
5,356 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
29,663 |
|
|
28,278 |
|
|
9,748 |
|
|
9,365 |
|
Occupancy and equipment |
|
10,446 |
|
|
9,324 |
|
|
4,102 |
|
|
3,191 |
|
Debt extinguishment |
|
— |
|
|
2,559 |
|
|
— |
|
|
2,559 |
|
Other |
|
8,910 |
|
|
8,496 |
|
|
2,891 |
|
|
3,024 |
|
|
|
49,019 |
|
|
48,657 |
|
|
16,741 |
|
|
18,139 |
|
Income before income taxes |
|
42,689 |
|
|
36,850 |
|
|
14,171 |
|
|
13,135 |
|
Income tax expense |
|
8,612 |
|
|
6,176 |
|
|
2,749 |
|
|
2,368 |
|
Net income |
|
$ |
34,077 |
|
|
$ |
30,674 |
|
|
$ |
11,422 |
|
|
$ |
10,767 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares |
|
23,720,578 |
|
|
23,867,726 |
|
|
23,646,172 |
|
|
23,860,764 |
|
Dilutive stock options and restricted stock units |
|
97,291 |
|
|
38,678 |
|
|
112,074 |
|
|
37,773 |
|
|
|
23,817,869 |
|
|
23,906,404 |
|
|
23,758,246 |
|
|
23,898,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
|
$1.44 |
|
|
$1.29 |
|
|
|
$.48 |
|
|
$.45 |
|
Diluted EPS |
|
$1.43 |
|
|
$1.28 |
|
|
|
$.48 |
|
|
$.45 |
|
Cash Dividends Declared per share |
|
$.58 |
|
|
$.55 |
|
|
|
$.20 |
|
|
$.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIOS |
(Unaudited) |
ROA |
|
1.09 |
% |
|
.98 |
% |
|
1.08 |
% |
|
1.02 |
% |
ROE |
|
10.96 |
% |
|
10.49 |
% |
|
10.71 |
% |
|
10.77 |
% |
Net Interest Margin |
|
2.70 |
% |
|
2.64 |
% |
|
2.71 |
% |
|
2.66 |
% |
Dividend Payout Ratio |
|
40.56 |
% |
|
42.97 |
% |
|
41.67 |
% |
|
42.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROBLEM AND POTENTIAL PROBLEM LOANS AND
ASSETS(Unaudited)
|
|
9/30/21 |
|
|
12/31/20 |
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Loans, excluding troubled debt
restructurings: |
|
|
|
|
|
|
|
|
|
|
Past due 30 through 89 days |
|
$ |
1,581 |
|
|
|
$ |
1,422 |
|
|
Past due 90 days or more and still accruing |
|
|
— |
|
|
|
|
— |
|
|
Nonaccrual |
|
|
1,235 |
|
|
|
|
628 |
|
|
|
|
|
2,816 |
|
|
|
|
2,050 |
|
|
Troubled debt
restructurings: |
|
|
|
|
|
|
|
|
|
|
Performing according to their modified terms |
|
|
563 |
|
|
|
|
815 |
|
|
Past due 30 through 89 days |
|
|
— |
|
|
|
|
— |
|
|
Past due 90 days or more and still accruing |
|
|
— |
|
|
|
|
— |
|
|
Nonaccrual |
|
|
— |
|
|
|
|
494 |
|
|
|
|
|
563 |
|
|
|
|
1,309 |
|
|
Total past due, nonaccrual and
restructured loans: |
|
|
|
|
|
|
|
|
|
|
Restructured and performing according to their modified terms |
|
|
563 |
|
|
|
|
815 |
|
|
Past due 30 through 89 days |
|
|
1,581 |
|
|
|
|
1,422 |
|
|
Past due 90 days or more and still accruing |
|
|
— |
|
|
|
|
— |
|
|
Nonaccrual |
|
|
1,235 |
|
|
|
|
1,122 |
|
|
|
|
|
3,379 |
|
|
|
|
3,359 |
|
|
Other real estate owned |
|
|
— |
|
|
|
|
— |
|
|
|
|
$ |
3,379 |
|
|
|
$ |
3,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses |
|
$ |
29,516 |
|
|
|
$ |
33,037 |
|
|
Allowance for credit losses as
a percentage of total loans |
|
|
1.02 |
|
% |
|
|
1.09 |
|
% |
Allowance for credit losses as
a multiple of nonaccrual loans |
|
|
23.9 |
|
x |
|
|
29.4 |
|
x |
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET, INTEREST RATES AND
INTEREST DIFFERENTIAL(Unaudited)
|
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
|
Average |
|
Interest/ |
|
Average |
|
Average |
|
Interest/ |
|
Average |
(dollars in thousands) |
|
Balance |
|
Dividends |
|
Rate |
|
Balance |
|
Dividends |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning bank balances |
|
$ |
217,501 |
|
|
$ |
204 |
|
.13 |
|
% |
|
$ |
111,979 |
|
|
$ |
159 |
|
.19 |
|
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
456,244 |
|
|
|
6,065 |
|
1.77 |
|
|
|
|
356,512 |
|
|
|
9,813 |
|
3.67 |
|
|
Nontaxable (1) |
|
|
351,254 |
|
|
|
8,272 |
|
3.14 |
|
|
|
|
375,570 |
|
|
|
9,519 |
|
3.38 |
|
|
Loans (1) |
|
|
2,977,583 |
|
|
|
79,435 |
|
3.56 |
|
|
|
|
3,146,738 |
|
|
|
83,353 |
|
3.53 |
|
|
Total interest-earning
assets |
|
|
4,002,582 |
|
|
|
93,976 |
|
3.13 |
|
|
|
|
3,990,799 |
|
|
|
102,844 |
|
3.44 |
|
|
Allowance for credit
losses |
|
|
(31,905 |
) |
|
|
|
|
|
|
|
|
|
(33,286 |
) |
|
|
|
|
|
|
|
Net interest-earning
assets |
|
|
3,970,677 |
|
|
|
|
|
|
|
|
|
|
3,957,513 |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
34,026 |
|
|
|
|
|
|
|
|
|
|
33,144 |
|
|
|
|
|
|
|
|
Premises and equipment,
net |
|
|
38,362 |
|
|
|
|
|
|
|
|
|
|
39,588 |
|
|
|
|
|
|
|
|
Other assets |
|
|
132,527 |
|
|
|
|
|
|
|
|
|
|
135,351 |
|
|
|
|
|
|
|
|
|
|
$ |
4,175,592 |
|
|
|
|
|
|
|
|
|
$ |
4,165,596 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW & money
market deposits |
|
$ |
1,808,349 |
|
|
|
3,451 |
|
.26 |
|
|
|
$ |
1,687,377 |
|
|
|
7,946 |
|
.63 |
|
|
Time deposits |
|
|
324,419 |
|
|
|
4,818 |
|
1.99 |
|
|
|
|
486,181 |
|
|
|
8,487 |
|
2.33 |
|
|
Total interest-bearing
deposits |
|
|
2,132,768 |
|
|
|
8,269 |
|
.52 |
|
|
|
|
2,173,558 |
|
|
|
16,433 |
|
1.01 |
|
|
Short-term borrowings |
|
|
55,238 |
|
|
|
1,062 |
|
2.57 |
|
|
|
|
81,509 |
|
|
|
1,219 |
|
2.00 |
|
|
Long-term debt |
|
|
228,383 |
|
|
|
3,468 |
|
2.03 |
|
|
|
|
420,255 |
|
|
|
6,177 |
|
1.96 |
|
|
Total interest-bearing
liabilities |
|
|
2,416,389 |
|
|
|
12,799 |
|
.71 |
|
|
|
|
2,675,322 |
|
|
|
23,829 |
|
1.19 |
|
|
Checking deposits |
|
|
1,315,768 |
|
|
|
|
|
|
|
|
|
|
1,067,839 |
|
|
|
|
|
|
|
|
Other liabilities |
|
|
27,856 |
|
|
|
|
|
|
|
|
|
|
31,878 |
|
|
|
|
|
|
|
|
|
|
|
3,760,013 |
|
|
|
|
|
|
|
|
|
|
3,775,039 |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
415,579 |
|
|
|
|
|
|
|
|
|
|
390,557 |
|
|
|
|
|
|
|
|
|
|
$ |
4,175,592 |
|
|
|
|
|
|
|
|
|
$ |
4,165,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (1) |
|
|
|
|
$ |
81,177 |
|
|
|
|
|
|
|
|
$ |
79,015 |
|
|
|
|
Net interest spread (1) |
|
|
|
|
|
|
|
2.42 |
|
% |
|
|
|
|
|
|
|
2.25 |
|
% |
Net interest margin (1) |
|
|
|
|
|
|
|
2.70 |
|
% |
|
|
|
|
|
|
|
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%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET, INTEREST RATES AND
INTEREST DIFFERENTIAL(Unaudited)
|
|
Three Months Ended September 30, |
|
|
2021 |
|
2020 |
(dollars in thousands) |
|
AverageBalance |
|
Interest/Dividends |
|
AverageRate |
|
AverageBalance |
|
Interest/Dividends |
|
AverageRate |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning bank balances |
|
$ |
282,148 |
|
|
$ |
108 |
|
.15 |
|
% |
|
$ |
151,857 |
|
|
$ |
39 |
|
.10 |
|
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
476,963 |
|
|
|
2,083 |
|
1.75 |
|
|
|
|
379,422 |
|
|
|
3,184 |
|
3.36 |
|
|
Nontaxable (1) |
|
|
338,130 |
|
|
|
2,624 |
|
3.10 |
|
|
|
|
376,053 |
|
|
|
3,107 |
|
3.30 |
|
|
Loans (1) |
|
|
2,916,572 |
|
|
|
25,976 |
|
3.56 |
|
|
|
|
3,099,830 |
|
|
|
26,462 |
|
3.41 |
|
|
Total interest-earning
assets |
|
|
4,013,813 |
|
|
|
30,791 |
|
3.07 |
|
|
|
|
4,007,162 |
|
|
|
32,792 |
|
3.27 |
|
|
Allowance for credit
losses |
|
|
(31,213 |
) |
|
|
|
|
|
|
|
|
|
(33,624 |
) |
|
|
|
|
|
|
|
Net
interest-earning assets |
|
|
3,982,600 |
|
|
|
|
|
|
|
|
|
|
3,973,538 |
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
33,632 |
|
|
|
|
|
|
|
|
|
|
33,578 |
|
|
|
|
|
|
|
|
Premises and equipment,
net |
|
|
38,287 |
|
|
|
|
|
|
|
|
|
|
39,141 |
|
|
|
|
|
|
|
|
Other assets |
|
|
130,235 |
|
|
|
|
|
|
|
|
|
|
137,190 |
|
|
|
|
|
|
|
|
|
|
$ |
4,184,754 |
|
|
|
|
|
|
|
|
|
$ |
4,183,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW & money
market deposits |
|
$ |
1,851,281 |
|
|
|
1,191 |
|
.26 |
|
|
|
$ |
1,653,535 |
|
|
|
1,307 |
|
.31 |
|
|
Time deposits |
|
|
230,967 |
|
|
|
921 |
|
1.58 |
|
|
|
|
452,188 |
|
|
|
2,559 |
|
2.25 |
|
|
Total
interest-bearing deposits |
|
|
2,082,248 |
|
|
|
2,112 |
|
.40 |
|
|
|
|
2,105,723 |
|
|
|
3,866 |
|
.73 |
|
|
Short-term borrowings |
|
|
52,138 |
|
|
|
362 |
|
2.75 |
|
|
|
|
60,291 |
|
|
|
334 |
|
2.20 |
|
|
Long-term debt |
|
|
226,002 |
|
|
|
1,157 |
|
2.03 |
|
|
|
|
413,153 |
|
|
|
2,020 |
|
1.95 |
|
|
Total
interest-bearing liabilities |
|
|
2,360,388 |
|
|
|
3,631 |
|
.61 |
|
|
|
|
2,579,167 |
|
|
|
6,220 |
|
.96 |
|
|
Checking deposits |
|
|
1,374,803 |
|
|
|
|
|
|
|
|
|
|
1,174,680 |
|
|
|
|
|
|
|
|
Other liabilities |
|
|
26,618 |
|
|
|
|
|
|
|
|
|
|
31,991 |
|
|
|
|
|
|
|
|
|
|
|
3,761,809 |
|
|
|
|
|
|
|
|
|
|
3,785,838 |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
422,945 |
|
|
|
|
|
|
|
|
|
|
397,609 |
|
|
|
|
|
|
|
|
|
|
$ |
4,184,754 |
|
|
|
|
|
|
|
|
|
$ |
4,183,447 |
|
|
|
|
|
|
|
|
Net interest income (1) |
|
|
|
|
$ |
27,160 |
|
|
|
|
|
|
|
|
$ |
26,572 |
|
|
|
|
Net interest spread (1) |
|
|
|
|
|
|
|
2.46 |
|
% |
|
|
|
|
|
|
|
2.31 |
|
% |
Net interest margin (1) |
|
|
|
|
|
|
|
2.71 |
|
% |
|
|
|
|
|
|
|
2.66 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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