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, 2022. 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 $12.5 million and $.54, respectively, versus $11.4
million and $.48
- ROA and ROE
were 1.18% and 12.94%, respectively, compared to 1.08% and
11.02%
- Net
interest margin was 2.97% versus 2.71%
- Strong loan
originations of $236 million
- Repurchased 286,011 shares at
a cost of $5.3 million
SIX MONTH HIGHLIGHTS
- Net Income
and EPS were $24.6 million and $1.06, respectively, versus $22.7
million and $.95
- ROA and ROE
were 1.18% and 12.43%, respectively, compared to 1.10% and
11.09%
- Net interest margin was 2.93%
versus 2.70%
Analysis of Earnings – Six Months Ended
June 30, 2022
Net income for the first six months of 2022 was
$24.6 million, an increase of $1.9 million, or 8.4%, versus the
same period last year. The increase is primarily due to growth in
net interest income of $4.9 million, or 9.2%, and noninterest
income of $695,000, or 12.1%, excluding 2021 securities gains.
These items were partially offset by increases in the provision for
credit losses of $2.8 million and income tax expense of
$364,000.
The increase in net interest income reflects a
favorable shift in the mix of funding as an increase in average
checking deposits of $157 million, or 12.2%, and a decline in
average interest-bearing liabilities of $127 million, or 5.2%,
resulted in average checking deposits comprising a larger portion
of total funding. Also contributing to the increase was a decline
in interest expense of $1.9 million related to the maturity and
termination of the Bank’s interest rate swap and lower rates on
non-maturity and time deposits. The average cost of
interest-bearing liabilities declined 22 basis points (“bps”) from
.76% for the first six months of 2021 to .54% for the current
six-month period.
The increase in net interest income also
reflects growth of $212 million in average loans outstanding to
$3.2 billion for the first six months of 2022 driven mainly by
commercial mortgage originations. The loan portfolio yield declined
from 3.55% for the 2021 period to 3.49% for the current period as
most originations through June 30, 2022 were committed before the
recent rate increases at yields lower than the overall loan
portfolio and average SBA Paycheck Protection Program (“PPP”) loans
declined $141 million. PPP income declined $2.9 million
to $1.0 million when comparing the six-month periods. The weighted
average yield on the PPP portfolio was 14.6% for the current
six-month period.
During the second quarter of 2022, we originated
$236 million of loans with a weighted average rate of approximately
3.51% which includes $152 million of commercial mortgages at a
weighted average rate of 3.50%. The mortgage loan pipeline was $125
million with a weighted average rate of 4.40% at June 30, 2022.
Net interest margin for the first six months of
2022 was 2.93% versus 2.70% for the 2021 period.
Significant increases in interest rates due to inflation could
present challenges in maintaining or growing net interest income
and margin. The direction of net interest income and margin for the
remainder of 2022 is largely dependent on changes in the yield
curve and competitive and economic conditions.
The provision for credit losses increased $2.8
million when comparing the six-month periods from a credit of $1.6
million in the 2021 period to a charge of $1.2 million in the 2022
period. The provision for the current six-month period was mainly
due to an increase in outstanding mortgage loans partially offset
by qualitative adjustments for current conditions and historical
loss rates.
The increase in noninterest income of $695,000,
excluding $606,000 of gains on sales of securities in 2021, is
primarily attributable to a final transition payment of $477,000
from LPL Financial for the conversion of the Bank’s retail broker
and advisory accounts. The increase also includes higher fees from
debit and credit cards of $339,000 and income from bank-owned life
insurance (“BOLI”) of $320,000. These amounts were partially offset
by a decrease in investment services income of $472,000 as the
shift to an outside service provider resulted in a revenue sharing
agreement and less assets under management.
Noninterest expense remained flat at $32.2
million when comparing the six-month periods. Salaries and benefits
expense decreased $179,000 due to a net reduction in branch
locations partially offset by the hiring of seasoned banking
professionals. Occupancy and equipment expense was stable at $6.3
million as lower rent, depreciation and maintenance and repair
costs from the 2021 branch closures were largely offset by the cost
of new branch locations on the east-end of Long Island and the
relocation to new corporate office space in Melville,
N.Y.
Income tax expense increased $364,000 and the
effective tax rate decreased from 20.6% to 20.2% when comparing the
six-month periods. The decrease in the effective tax rate is mainly
due to the purchase of $20 million of BOLI in December 2021 and
being in a capital tax position for New York State and New York
City purposes. The increase in income tax expense is
due to higher pre-tax earnings in the current six-month period as
compared to the 2021 period partially offset by the lower effective
tax rate.
Analysis of Earnings – Second Quarter
2022 Versus Second Quarter 2021
Net income for the second quarter of 2022 of
$12.5 million increased $1.1 million, or 9.6%, from $11.4 million
earned in the same quarter of last year. The increase is mainly due
to growth in net interest income of $2.8 million, or 10.3%, for
substantially the same reasons discussed above with respect to the
six-month periods. Partially offsetting this was a higher provision
for credit losses of $1.3 million mainly due to strong loan
originations in the current quarter. Also offsetting the increase
in net interest income was an increase of $600,000 in noninterest
expense due to the hiring of seasoned banking professionals, the
cost of new branch locations on the east-end of Long Island and the
relocation of our corporate offices.
Analysis of Earnings – Second Quarter
Versus First Quarter 2022
Net income for the second quarter of 2022
increased $398,000 from $12.1 million earned in the first quarter.
The increase was due to growth in net interest income of $1.7
million mainly related to higher average outstanding loan balances
and higher loan yields. This increase was partially offset by
higher salary and benefit costs due to filling open positions,
higher incentive and stock-based compensation, and additional
occupancy costs mainly related to the relocation of our corporate
offices.
Asset Quality
The Bank’s allowance for credit losses to total
loans (reserve coverage ratio) was .93% on June 30, 2022 as
compared to .96% at December 31, 2021. The decrease in
the reserve coverage ratio was mainly due to qualitative
adjustments for current conditions and historical loss
rates. Nonaccrual and modified loans and loans past due
30 through 89 days are at very low levels.
Capital
The Corporation’s balance sheet remains strong
with a Leverage Ratio of approximately 9.85% on June 30, 2022. We
repurchased 488,897 shares of common stock during the first half of
2022 at a cost of $9.8 million. We expect to continue common stock
repurchases during 2022.
The Corporation’s ROE was 12.94% and 12.43% for
the three-month and six-month periods ended June 30, 2022,
respectively, an increase when compared to 11.02% and 11.09%,
respectively, for the same periods in 2021. The increases in ROE
were due to higher net income for both periods as well as an
increase in accumulated other comprehensive losses due to a
significant increase in the net unrealized loss in the
available-for-sale securities portfolio from higher interest rates.
The losses in the available-for-sale securities portfolio, which
reduced the average balance of stockholders’ equity, accounted for
121 bps and 77 bps of the improvement in the ROE ratio when
compared to the prior year periods. The unrealized loss also
accounted for a $1.89 reduction in the Corporation’s book value per
share of $16.48 at June 30, 2022.
Key Initiatives
We continue focusing on strategic initiatives
supporting the growth of our balance sheet and a profitable
relationship banking business. Such initiatives include improving
the quality of technology through continuing digital enhancements,
optimizing our branch network across a larger geography, using new
branding and “CommunityFirst” focus to improve name recognition,
enhancing our website and social media presence including the
promotion of FirstInvestments, and recruitment of experienced
banking professionals to support our growth and technology
initiatives. We also continue to focus on the areas of
cybersecurity, environmental, social and governance practices. The
consolidation of our back-office staff into a single location at
275 Broadhollow Road in Melville, N.Y. took place in April
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. 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, 2022. The Form 10-Q will be available through the
Bank’s website at www.fnbli.com on or about August 4, 2022, 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)
|
|
6/30/22 |
|
12/31/21 |
|
|
|
|
|
(dollars in thousands) |
Assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
64,073 |
|
|
$ |
43,675 |
|
Investment securities available-for-sale, at fair value |
|
|
689,269 |
|
|
|
734,318 |
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
Commercial and industrial |
|
|
108,049 |
|
|
|
90,386 |
|
SBA Paycheck Protection Program |
|
|
4,427 |
|
|
|
30,534 |
|
Secured by real estate: |
|
|
|
|
|
|
Commercial mortgages |
|
|
1,948,321 |
|
|
|
1,736,612 |
|
Residential mortgages |
|
|
1,228,607 |
|
|
|
1,202,374 |
|
Home equity lines |
|
|
44,929 |
|
|
|
44,139 |
|
Consumer and other |
|
|
1,214 |
|
|
|
991 |
|
|
|
|
3,335,547 |
|
|
|
3,105,036 |
|
Allowance for credit losses |
|
|
(30,865 |
) |
|
|
(29,831 |
) |
|
|
|
3,304,682 |
|
|
|
3,075,205 |
|
|
|
|
|
|
|
|
Restricted stock, at cost |
|
|
20,905 |
|
|
|
21,524 |
|
Bank premises and equipment, net |
|
|
38,081 |
|
|
|
37,523 |
|
Right of use asset - operating leases |
|
|
24,095 |
|
|
|
8,438 |
|
Bank-owned life insurance |
|
|
109,320 |
|
|
|
107,831 |
|
Pension plan assets, net |
|
|
19,161 |
|
|
|
19,097 |
|
Deferred income tax benefit |
|
|
22,433 |
|
|
|
3,987 |
|
Other assets |
|
|
18,565 |
|
|
|
17,191 |
|
|
|
$ |
4,310,584 |
|
|
$ |
4,068,789 |
|
Liabilities: |
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
Checking |
|
$ |
1,469,969 |
|
|
$ |
1,400,998 |
|
Savings, NOW and money market |
|
|
1,750,367 |
|
|
|
1,685,410 |
|
Time |
|
|
385,039 |
|
|
|
228,837 |
|
|
|
|
3,605,375 |
|
|
|
3,315,245 |
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
10,000 |
|
|
|
125,000 |
|
Long-term debt |
|
|
279,435 |
|
|
|
186,322 |
|
Operating lease liability |
|
|
25,668 |
|
|
|
11,259 |
|
Accrued expenses and other liabilities |
|
|
13,650 |
|
|
|
17,151 |
|
|
|
|
3,934,128 |
|
|
|
3,654,977 |
|
Stockholders'
Equity: |
|
|
|
|
|
|
Common stock, par value $.10 per share: |
|
|
|
|
|
|
Authorized, 80,000,000 shares; |
|
|
|
|
|
|
Issued and outstanding, 22,840,516 and 23,240,596 shares |
|
|
2,284 |
|
|
|
2,324 |
|
Surplus |
|
|
84,703 |
|
|
|
93,480 |
|
Retained earnings |
|
|
335,697 |
|
|
|
320,321 |
|
|
|
|
422,684 |
|
|
|
416,125 |
|
Accumulated other comprehensive loss, net of tax |
|
|
(46,228 |
) |
|
|
(2,313 |
) |
|
|
|
376,456 |
|
|
|
413,812 |
|
|
|
$ |
4,310,584 |
|
|
$ |
4,068,789 |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF
INCOME(Unaudited)
|
|
Six Months Ended |
|
Three Months Ended |
|
|
|
6/30/22 |
|
6/30/21 |
|
6/30/22 |
|
6/30/21 |
|
|
|
|
|
|
|
(dollars in thousands) |
|
Interest and dividend
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
56,149 |
|
$ |
53,456 |
|
|
$ |
28,763 |
|
$ |
26,750 |
|
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
3,805 |
|
|
4,078 |
|
|
|
2,137 |
|
|
2,245 |
|
|
Nontaxable |
|
|
3,962 |
|
|
4,462 |
|
|
|
1,994 |
|
|
2,214 |
|
|
|
|
|
63,916 |
|
|
61,996 |
|
|
|
32,894 |
|
|
31,209 |
|
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and money market deposits |
|
|
1,564 |
|
|
2,260 |
|
|
|
801 |
|
|
1,194 |
|
|
Time deposits |
|
|
2,100 |
|
|
3,897 |
|
|
|
1,155 |
|
|
1,593 |
|
|
Short-term borrowings |
|
|
684 |
|
|
700 |
|
|
|
243 |
|
|
350 |
|
|
Long-term debt |
|
|
1,868 |
|
|
2,311 |
|
|
|
1,000 |
|
|
1,146 |
|
|
|
|
|
6,216 |
|
|
9,168 |
|
|
|
3,199 |
|
|
4,283 |
|
|
Net interest income |
|
|
57,700 |
|
|
52,828 |
|
|
|
29,695 |
|
|
26,926 |
|
|
Provision (credit) for credit
losses |
|
|
1,159 |
|
|
(1,609 |
) |
|
|
726 |
|
|
(623 |
) |
|
Net interest income after provision (credit) for credit losses |
|
|
56,541 |
|
|
54,437 |
|
|
|
28,969 |
|
|
27,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank-owned life insurance |
|
|
1,490 |
|
|
1,170 |
|
|
|
748 |
|
|
591 |
|
|
Service charges on deposit accounts |
|
|
1,506 |
|
|
1,418 |
|
|
|
780 |
|
|
735 |
|
|
Net gains on sales of securities |
|
|
— |
|
|
606 |
|
|
|
— |
|
|
— |
|
|
Other |
|
|
3,452 |
|
|
3,165 |
|
|
|
1,496 |
|
|
1,501 |
|
|
|
|
|
6,448 |
|
|
6,359 |
|
|
|
3,024 |
|
|
2,827 |
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
19,736 |
|
|
19,915 |
|
|
|
9,981 |
|
|
9,845 |
|
|
Occupancy and equipment |
|
|
6,307 |
|
|
6,344 |
|
|
|
3,356 |
|
|
3,067 |
|
|
Other |
|
|
6,155 |
|
|
6,019 |
|
|
|
3,092 |
|
|
2,917 |
|
|
|
|
|
32,198 |
|
|
32,278 |
|
|
|
16,429 |
|
|
15,829 |
|
|
Income before income taxes |
|
|
30,791 |
|
|
28,518 |
|
|
|
15,564 |
|
|
14,547 |
|
|
Income tax expense |
|
|
6,227 |
|
|
5,863 |
|
|
|
3,083 |
|
|
3,159 |
|
|
Net income |
|
$ |
24,564 |
|
$ |
22,655 |
|
|
$ |
12,481 |
|
$ |
11,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares |
|
|
23,088,542 |
|
|
23,758,398 |
|
|
|
22,999,598 |
|
|
23,735,723 |
|
|
Dilutive restricted stock units |
|
|
85,043 |
|
|
89,776 |
|
|
|
71,028 |
|
|
96,060 |
|
|
|
|
|
23,173,585 |
|
|
23,848,174 |
|
|
|
23,070,626 |
|
|
23,831,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
|
|
$1.06 |
|
|
$.95 |
|
|
|
$.54 |
|
|
$.48 |
|
|
Diluted EPS |
|
|
$1.06 |
|
|
$.95 |
|
|
|
$.54 |
|
|
$.48 |
|
|
Cash Dividends Declared per share |
|
|
$.40 |
|
|
$.38 |
|
|
|
$.20 |
|
|
$.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIOS |
(Unaudited) |
ROA |
|
|
1.18 |
% |
|
1.10 |
% |
|
|
1.18 |
% |
|
1.08 |
% |
|
ROE |
|
|
12.43 |
% |
|
11.09 |
% |
|
|
12.94 |
% |
|
11.02 |
% |
|
Net Interest Margin |
|
|
2.93 |
% |
|
2.70 |
% |
|
|
2.97 |
% |
|
2.71 |
% |
|
Dividend Payout Ratio |
|
|
37.74 |
% |
|
40.00 |
% |
|
|
37.04 |
% |
|
39.58 |
% |
|
|
PROBLEM AND POTENTIAL PROBLEM LOANS AND
ASSETS(Unaudited)
|
|
06/30/22 |
|
|
12/31/21 |
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
Loans including modifications
to borrowers experiencing financial difficulty: |
|
|
|
|
|
|
|
|
Modified and performing according to their modified terms |
|
$ |
540 |
|
|
$ |
554 |
|
Past due 30 through 89 days |
|
|
193 |
|
|
|
460 |
|
Past due 90 days or more and still accruing |
|
|
— |
|
|
|
— |
|
Nonaccrual |
|
|
260 |
|
|
|
1,235 |
|
|
|
|
993 |
|
|
|
2,249 |
|
|
|
|
|
|
|
|
|
|
Other real estate owned |
|
|
— |
|
|
|
— |
|
|
|
$ |
993 |
|
|
$ |
2,249 |
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses |
|
$ |
30,865 |
|
|
$ |
29,831 |
|
Allowance for credit losses as
a percentage of total loans |
|
|
.93 |
% |
|
|
.96 |
% |
Allowance for credit losses as
a multiple of nonaccrual loans |
|
|
118.7 |
x |
|
|
24.2 |
x |
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET, INTEREST RATES AND
INTEREST DIFFERENTIAL(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2022 |
|
2021 |
|
|
Average |
|
Interest/ |
|
Average |
|
Average |
|
Interest/ |
|
Average |
(dollars in thousands) |
|
Balance |
|
Dividends |
|
Rate |
|
Balance |
|
Dividends |
|
Rate |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning bank balances |
|
$ |
33,674 |
|
|
$ |
97 |
|
.58 |
% |
|
$ |
184,641 |
|
|
$ |
96 |
|
.10 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (1) |
|
|
432,303 |
|
|
|
3,708 |
|
1.72 |
|
|
|
445,712 |
|
|
|
3,982 |
|
1.79 |
|
Nontaxable (1) (2) |
|
|
315,418 |
|
|
|
5,015 |
|
3.18 |
|
|
|
357,924 |
|
|
|
5,648 |
|
3.16 |
|
Loans (1) (2) |
|
|
3,220,953 |
|
|
|
56,151 |
|
3.49 |
|
|
|
3,008,594 |
|
|
|
53,459 |
|
3.55 |
|
Total interest-earning
assets |
|
|
4,002,348 |
|
|
|
64,971 |
|
3.25 |
|
|
|
3,996,871 |
|
|
|
63,185 |
|
3.16 |
|
Allowance for credit
losses |
|
|
(30,059 |
) |
|
|
|
|
|
|
|
|
(32,256 |
) |
|
|
|
|
|
|
Net interest-earning
assets |
|
|
3,972,289 |
|
|
|
|
|
|
|
|
|
3,964,615 |
|
|
|
|
|
|
|
Cash and due from banks |
|
|
33,106 |
|
|
|
|
|
|
|
|
|
34,228 |
|
|
|
|
|
|
|
Premises and equipment,
net |
|
|
37,942 |
|
|
|
|
|
|
|
|
|
38,399 |
|
|
|
|
|
|
|
Other assets |
|
|
144,329 |
|
|
|
|
|
|
|
|
|
133,715 |
|
|
|
|
|
|
|
|
|
$ |
4,187,666 |
|
|
|
|
|
|
|
|
$ |
4,170,957 |
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW & money
market deposits |
|
$ |
1,713,883 |
|
|
|
1,564 |
|
.18 |
|
|
$ |
1,786,527 |
|
|
|
2,260 |
|
.26 |
|
Time deposits |
|
|
319,206 |
|
|
|
2,100 |
|
1.33 |
|
|
|
371,919 |
|
|
|
3,897 |
|
2.11 |
|
Total interest-bearing
deposits |
|
|
2,033,089 |
|
|
|
3,664 |
|
.36 |
|
|
|
2,158,446 |
|
|
|
6,157 |
|
.58 |
|
Short-term borrowings |
|
|
88,091 |
|
|
|
684 |
|
1.57 |
|
|
|
56,813 |
|
|
|
700 |
|
2.48 |
|
Long-term debt |
|
|
196,268 |
|
|
|
1,868 |
|
1.92 |
|
|
|
229,593 |
|
|
|
2,311 |
|
2.03 |
|
Total interest-bearing
liabilities |
|
|
2,317,448 |
|
|
|
6,216 |
|
.54 |
|
|
|
2,444,852 |
|
|
|
9,168 |
|
.76 |
|
Checking deposits |
|
|
1,442,398 |
|
|
|
|
|
|
|
|
|
1,285,761 |
|
|
|
|
|
|
|
Other liabilities |
|
|
29,342 |
|
|
|
|
|
|
|
|
|
28,509 |
|
|
|
|
|
|
|
|
|
|
3,789,188 |
|
|
|
|
|
|
|
|
|
3,759,122 |
|
|
|
|
|
|
|
Stockholders' equity |
|
|
398,478 |
|
|
|
|
|
|
|
|
|
411,835 |
|
|
|
|
|
|
|
|
|
$ |
4,187,666 |
|
|
|
|
|
|
|
|
$ |
4,170,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (2) |
|
|
|
|
$ |
58,755 |
|
|
|
|
|
|
|
$ |
54,017 |
|
|
|
Net interest spread (2) |
|
|
|
|
|
|
|
2.71 |
% |
|
|
|
|
|
|
|
2.40 |
% |
Net interest margin (2) |
|
|
|
|
|
|
|
2.93 |
% |
|
|
|
|
|
|
|
2.70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The average balances of loans include
nonaccrual loans. The average balances of investment securities
include unrealized gains and losses on AFS securities in the 2021
period and exclude such amounts in the 2022 period. Unrealized
gains and losses were immaterial in 2021.
(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 June 30, |
|
|
2022 |
|
2021 |
(dollars in thousands) |
|
AverageBalance |
|
Interest/Dividends |
|
AverageRate |
|
AverageBalance |
|
Interest/Dividends |
|
AverageRate |
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning bank balances |
|
$ |
39,607 |
|
|
$ |
83 |
|
.84 |
% |
|
$ |
213,688 |
|
|
$ |
57 |
|
.11 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (1) |
|
|
431,740 |
|
|
|
2,054 |
|
1.90 |
|
|
|
489,407 |
|
|
|
2,188 |
|
1.79 |
|
Nontaxable (1) (2) |
|
|
316,166 |
|
|
|
2,524 |
|
3.19 |
|
|
|
354,175 |
|
|
|
2,802 |
|
3.16 |
|
Loans (1) (2) |
|
|
3,281,178 |
|
|
|
28,764 |
|
3.51 |
|
|
|
3,004,227 |
|
|
|
26,752 |
|
3.56 |
|
Total interest-earning
assets |
|
|
4,068,691 |
|
|
|
33,425 |
|
3.29 |
|
|
|
4,061,497 |
|
|
|
31,799 |
|
3.13 |
|
Allowance for credit
losses |
|
|
(30,266 |
) |
|
|
|
|
|
|
|
|
(31,623 |
) |
|
|
|
|
|
|
Net
interest-earning assets |
|
|
4,038,425 |
|
|
|
|
|
|
|
|
|
4,029,874 |
|
|
|
|
|
|
|
Cash and due from banks |
|
|
33,723 |
|
|
|
|
|
|
|
|
|
35,491 |
|
|
|
|
|
|
|
Premises and equipment,
net |
|
|
38,002 |
|
|
|
|
|
|
|
|
|
38,102 |
|
|
|
|
|
|
|
Other assets |
|
|
137,582 |
|
|
|
|
|
|
|
|
|
132,671 |
|
|
|
|
|
|
|
|
|
$ |
4,247,732 |
|
|
|
|
|
|
|
|
$ |
4,236,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW & money
market deposits |
|
$ |
1,739,429 |
|
|
|
801 |
|
.18 |
|
|
$ |
1,864,640 |
|
|
|
1,194 |
|
.26 |
|
Time deposits |
|
|
360,289 |
|
|
|
1,155 |
|
1.29 |
|
|
|
322,987 |
|
|
|
1,593 |
|
1.98 |
|
Total
interest-bearing deposits |
|
|
2,099,718 |
|
|
|
1,956 |
|
.37 |
|
|
|
2,187,627 |
|
|
|
2,787 |
|
.51 |
|
Short-term borrowings |
|
|
52,247 |
|
|
|
243 |
|
1.87 |
|
|
|
54,985 |
|
|
|
350 |
|
2.55 |
|
Long-term debt |
|
|
206,105 |
|
|
|
1,000 |
|
1.95 |
|
|
|
226,002 |
|
|
|
1,146 |
|
2.03 |
|
Total
interest-bearing liabilities |
|
|
2,358,070 |
|
|
|
3,199 |
|
.54 |
|
|
|
2,468,614 |
|
|
|
4,283 |
|
.70 |
|
Checking deposits |
|
|
1,468,285 |
|
|
|
|
|
|
|
|
|
1,327,332 |
|
|
|
|
|
|
|
Other liabilities |
|
|
34,593 |
|
|
|
|
|
|
|
|
|
25,649 |
|
|
|
|
|
|
|
|
|
|
3,860,948 |
|
|
|
|
|
|
|
|
|
3,821,595 |
|
|
|
|
|
|
|
Stockholders' equity |
|
|
386,784 |
|
|
|
|
|
|
|
|
|
414,543 |
|
|
|
|
|
|
|
|
|
$ |
4,247,732 |
|
|
|
|
|
|
|
|
$ |
4,236,138 |
|
|
|
|
|
|
|
Net interest income (2) |
|
|
|
|
$ |
30,226 |
|
|
|
|
|
|
|
$ |
27,516 |
|
|
|
Net interest spread (2) |
|
|
|
|
|
|
|
2.75 |
% |
|
|
|
|
|
|
|
2.43 |
% |
Net interest margin (2) |
|
|
|
|
|
|
|
2.97 |
% |
|
|
|
|
|
|
|
2.71 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The average balances of loans include
nonaccrual loans. The average balances of investment securities
include unrealized gains and losses on AFS securities in the 2021
period and exclude such amounts in the 2022 period. Unrealized
gains and losses were immaterial in 2021.
(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%.
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
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From Sep 2023 to Sep 2024