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The First of Long Island Corporation (FLIC+2.53%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing a decrease in net income to $17.1 million from $26.2 million in the previous year. The decrease is attributed to a decline in net interest income and an increase in noninterest expense.
Net interest income fell by $13.6 million, primarily due to an increase in interest expense that outpaced the rise in interest income. The net interest margin decreased to 1.83% from 2.16% in the prior year.
The company recorded a provision for credit losses of $359,000, compared to a provision reversal of $326,000 in the previous year. This was driven by chargeoffs and a deterioration in economic conditions.
Noninterest income, excluding the loss on the sale of securities in 2023, increased by $2.2 million, with significant contributions from bank-owned life insurance and service charges on deposit accounts.
Noninterest expense rose by $4.1 million, largely due to merger and branch consolidation expenses. Excluding these, noninterest expense increased by 1.6%.
The company announced a merger with ConnectOne Bancorp, Inc., expected to close in the second quarter of 2025, subject to regulatory approvals.
The allowance for credit losses was $28.3 million at year-end, representing 0.88% of total loans. Nonaccrual loans were $3.2 million, or 0.10% of total loans.
Total assets decreased by 2.8% to $4.1 billion, with loans and securities both declining. Deposits remained stable at $3.3 billion.
Stockholders' equity was $378.9 million, with a book value per share of $16.77. The company maintained a leverage ratio of 10.12%, exceeding regulatory requirements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The First of Long Island Corporation annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.