From GlobeNewswire: 2024-07-25 17:00:00

The First of Long Island Corporation reported increased financial metrics for the second quarter of 2024, with President and CEO Chris Becker noting improvements in margins, noninterest income, and credit quality. Net income for the six months ended June 30, 2024, decreased compared to the same period in 2023 due to declines in net interest income and an increase in the provision for credit losses. Key financial ratios for the period included a 0.44% return on average assets and a 4.93% return on average equity.

In comparison, the net interest income decline was attributed to increased interest expenses outpacing interest income growth, causing a net income decrease in the second quarter of 2024. The bank’s balance sheet saw a stable net interest margin due to matching pace of repricing assets and liabilities. There was also a $570,000 provision for credit losses, and noninterest income increased by 8.8%.

For the second quarter of 2024, compared to the first quarter, net income increased primarily due to improved net interest income and decreased expenses. Salaries and benefits declined, alongside increased interest income and a decrease in high-cost borrowings. The net interest margin improved to 1.80%, reflecting stabilized wholesale funding costs and improved deposit and borrowing balances.



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