The First of Long Island Corporation (Nasdaq: FLIC, the “Company”
or the “Corporation”), the parent of The First National Bank of
Long Island (the “Bank”), reported net income and earnings per
share for the quarter and year ended December 31, 2023.
Analysis of 2023 Earnings
President and Chief Executive Officer Chris
Becker commented on the Company’s financial position: “The leveling
of quarterly earnings during the final three quarters of 2023 was
encouraging as we believe the decline in the net interest margin is
nearing a turning point. We enter 2024 with an enthusiastic focus
on our core business of commercial relationship banking. Our
balance sheet is well positioned to take advantage of a more
favorable rate environment.”
Net income and earnings per share for 2023 were
$26.2 million and $1.16, respectively, compared to $46.9 million
and $2.04, respectively, in 2022. The principal drivers of the
decreases were declines in net interest income of $28.8 million, or
24.9%, and a loss on sale of securities of $3.5 million. These
items were partially offset by a decrease in income tax expense of
$8.1 million and a decrease in the provision for credit losses of
$2.7 million. The decline in net interest income primarily resulted
from the current rate environment’s impact on the Bank’s liability
sensitive balance sheet. Reductions in net income negatively
impacted key financial ratios for the year as compared to
historical results. For the year ended December 31, 2023, the
return on average assets was 0.62%, the return on average equity
was 7.14%, the net interest margin was 2.16%, and the efficiency
ratio was 65.52%.
Over the second half of 2023, the pace of the
decline in the net interest margin slowed considerably. After a 57
basis point reduction in the margin during the first two quarters
of 2023, over the final two quarters of 2023 the margin decreased
17 basis points. The slowing downward trend in the net interest
margin largely resulted from a large portion of the wholesale
funding and time deposits repricing to market rates by mid-2023 and
the completion of two balance sheet repositioning transactions in
the first quarter of 2023 that helped reduce the Bank’s liability
sensitive position. Additionally, as the federal funds rate held
steady in the second half of the year, the demand for higher rates
from depositors
slowed.
For the year ended December 31, 2023, net
interest income declined due to an increase in interest expense of
$50.1 million that was only partially offset by a $21.3 million
increase in interest income. Year over year, the cost of
interest-bearing liabilities increased 186 basis points while the
yield on interest-earning assets increased 48 basis points. Also
contributing to the decline in net interest income was a shift in
the mix of funding as average noninterest-bearing deposits
decreased $217.9 million while average interest-bearing liabilities
increased $221.6 million as depositors took advantage of interest
rates not seen in over a decade.
Noninterest income declined $2.8 million year
over year excluding the net gains and losses on sales of
securities and the disposition of premises and fixed assets.
The primary factor reducing noninterest income for the current year
was a $2.3 million decline in the net pension credit, excluding
service costs. The remaining difference was related to a payment
received in 2022 for the conversion of the Bank’s retail broker and
advisory accounts to LPL.
Noninterest expense declined $3.0 million, or
4.4%, for the year ended December 31, 2023, as compared to the
prior year. Reductions in salaries and employee benefits of $3.7
million primarily drove the decline as short-term incentive and
stock-based compensation costs were substantially lower than 2022
based on the Company falling short of established performance
metrics for 2023. The primary offset to the lower salaries and
employee benefits was a $782,000 increase in FDIC insurance expense
due to higher assessment rates.
The Bank recorded a credit loan loss provision
of $326,000 during 2023. Changes in the loan loss reserve were
driven largely by adjustments for economic conditions offset by net
chargeoffs of $2.1 million, or 6 basis points of average loans. The
reserve coverage ratio at year end 2023 was 0.89% of total loans as
compared to 0.95% of total loans at December 31, 2022. Past due
loans and nonaccrual loans were modest at $3.1 million and $1.1
million, respectively, at December 31, 2023. During the fourth
quarter of 2023, the Bank partially charged off a previously
identified substandard commercial and industrial loan relationship
in the amount of $1.4 million. The remaining outstanding balance of
$632,000 is fully reserved and represents the majority of
outstanding nonaccrual loans. Overall credit quality in the loan
and investment portfolios remains strong.
Income tax expense decreased $8.1 million, and
the effective tax rate declined from 19.4% in 2022 to 11.0% in
2023. The decline in the effective tax rate is mainly due to an
increase in the percentage of pre-tax income derived from the
Bank’s real estate investment trust and bank-owned life insurance.
The decrease in income tax expense reflects the lower effective tax
rate and a decline in pre-tax income.
Analysis of Earnings – Fourth Quarter
2023 Versus Fourth Quarter 2022
Net income for the fourth quarter of 2023
decreased $3.8 million as compared to the fourth quarter of 2022.
The decrease is mainly attributable to a $7.8 million decline in
net interest income and an increase in the provision for credit
losses of $818,000, partially offset by declines in salaries and
employee benefits of $2.7 million and income tax expense of $1.7
million for substantially the same reasons discussed above with
respect to the year over year changes.
Analysis of Earnings – Fourth Quarter
Versus Third Quarter 2023
Net income for the fourth quarter of 2023
declined $741,000 compared to the third quarter. The decrease was
mainly due to a decrease in net interest income of $1.5 million,
primarily due to higher cost of funds on total interest-bearing
liabilities, and an increase in the provision for credit losses of
$1.1 million. These negative impacts on quarterly earnings were
partially offset by lower salaries and employee benefits and lower
income tax expense for substantially the same reasons already
discussed above.
Liquidity
Total average deposits declined by $104.7
million, or 3.0%, comparing 2023 to 2022, reflecting current trends
in the industry. Competition for funding remained fierce throughout
2023 with demand for higher deposit rates from both consumer and
commercial depositors as well as increased pressure from the local
government investment pool alternatives that can offer higher
yields to local municipalities. At December 31, 2023, short term
borrowings were up $70 million from the prior year end. Long-term
borrowings increased $61.5 million to $472.5 million year over
year.
The Bank had $1.1 billion in collateralized
borrowing lines with the Federal Home Loan Bank of New York and the
Federal Reserve Bank, as well as a $20 million unsecured line of
credit with a correspondent bank. We also had $386 million in
unencumbered cash and securities. In total, we had approximately
$1.5 billion of available liquidity, compared to an aggregate of
uninsured and uncollateralized deposits of approximately $1.3
billion. Uninsured and uncollateralized deposits represented 38% of
our total deposits at December 31, 2023.
Capital
The Corporation’s capital position remains
strong with a Leverage Ratio of approximately 10.1% at December 31,
2023. Book value per share was $16.83 at December 31, 2023 versus
$16.24 at December 31, 2022. The accumulated other comprehensive
loss component of stockholders’ equity is mainly comprised of a net
unrealized loss in the available-for-sale securities portfolio due
to higher market interest rates. We did not repurchase any shares
in 2023 and the Bank declared its quarterly cash dividend of $0.21
per share each quarter throughout 2023. The Board and management
continue to evaluate both capital management tools to provide the
best opportunity to maximize shareholder value.
Looking Forward to 2024
Management is encouraged by recent declines in
inflation figures that may lead to reductions in short-term rates
in 2024. Our liability-sensitive balance sheet should perform well
in a falling rate environment. Current expectations are for our net
interest margin to remain under pressure during the first half of
2024 before improving in the second half of the year based on
falling rate assumptions and an improving yield curve.
Management continues to pursue ways to reduce
noninterest expense as a tactic to offset the impact of the decline
in net interest income, yet remains cognizant of preventing short
term expense reductions that could have longer term negative
impacts on shareholder value. We are investing in upgrades to the
Bank’s core system, business online banking, branch systems and
other ancillary systems that will be completed in the first quarter
of 2024. Both customer facing technology and back-office operations
will see benefits. We anticipate a lower run rate of noninterest
expenses in 2024 including the cost associated with making these
technology upgrades.
We believe the stress on deposits is beginning
to ease and the anticipated lower market rates will improve loan
activity. We are optimistic about returning to growth in deposits
and loans in 2024. With our capital levels strong and our bankers
eager to service customers, we are prepared for increases in
demand.
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”). 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 annual report on Form 10-K for the year ended
December 31, 2023. The Form 10-K will be available through the
Bank’s website at www.fnbli.com on or about March 8, 2024,
when it is anticipated to be electronically filed with the SEC. Our
SEC filings are also available on the SEC’s website at
www.sec.gov.
CONSOLIDATED BALANCE
SHEETS(Unaudited) |
|
|
|
|
|
12/31/2023 |
|
|
12/31/2022 |
|
|
|
(dollars in thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
60,887 |
|
|
$ |
74,178 |
|
Investment securities available-for-sale, at fair value |
|
|
695,877 |
|
|
|
673,413 |
|
|
|
|
|
|
|
|
|
|
Loans: |
|
|
|
|
|
|
|
|
Commercial and industrial |
|
|
116,163 |
|
|
|
108,493 |
|
Secured by real estate: |
|
|
|
|
|
|
|
|
Commercial mortgages |
|
|
1,919,714 |
|
|
|
1,916,493 |
|
Residential mortgages |
|
|
1,166,887 |
|
|
|
1,240,144 |
|
Home equity lines |
|
|
44,070 |
|
|
|
45,213 |
|
Consumer and other |
|
|
1,230 |
|
|
|
1,390 |
|
|
|
|
3,248,064 |
|
|
|
3,311,733 |
|
Allowance for credit losses |
|
|
(28,992 |
) |
|
|
(31,432 |
) |
|
|
|
3,219,072 |
|
|
|
3,280,301 |
|
|
|
|
|
|
|
|
|
|
Restricted stock, at cost |
|
|
32,659 |
|
|
|
26,363 |
|
Bank premises and equipment, net |
|
|
31,414 |
|
|
|
31,660 |
|
Right-of-use asset - operating leases |
|
|
22,588 |
|
|
|
23,952 |
|
Bank-owned life insurance |
|
|
114,045 |
|
|
|
110,848 |
|
Pension plan assets, net |
|
|
10,740 |
|
|
|
11,049 |
|
Deferred income tax benefit |
|
|
28,996 |
|
|
|
31,124 |
|
Other assets |
|
|
19,622 |
|
|
|
18,623 |
|
|
|
$ |
4,235,900 |
|
|
$ |
4,281,511 |
|
Liabilities: |
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
Checking |
|
$ |
1,133,184 |
|
|
$ |
1,324,141 |
|
Savings, NOW and money market |
|
|
1,546,369 |
|
|
|
1,661,512 |
|
Time |
|
|
591,433 |
|
|
|
478,981 |
|
|
|
|
3,270,986 |
|
|
|
3,464,634 |
|
|
|
|
|
|
|
|
|
|
Short-term borrowings |
|
|
70,000 |
|
|
|
— |
|
Long-term debt |
|
|
472,500 |
|
|
|
411,000 |
|
Operating lease liability |
|
|
24,940 |
|
|
|
25,896 |
|
Accrued expenses and other liabilities |
|
|
17,328 |
|
|
|
15,445 |
|
|
|
|
3,855,754 |
|
|
|
3,916,975 |
|
Stockholders'
Equity: |
|
|
|
|
|
|
|
|
Common stock, par value $0.10 per share: |
|
|
|
|
|
|
|
|
Authorized, 80,000,000 shares; |
|
|
|
|
|
|
|
|
Issued and outstanding, 22,590,942 and 22,443,380 shares |
|
|
2,259 |
|
|
|
2,244 |
|
Surplus |
|
|
79,728 |
|
|
|
78,462 |
|
Retained earnings |
|
|
355,887 |
|
|
|
348,597 |
|
|
|
|
437,874 |
|
|
|
429,303 |
|
Accumulated other comprehensive loss, net of tax |
|
|
(57,728 |
) |
|
|
(64,767 |
) |
|
|
|
380,146 |
|
|
|
364,536 |
|
|
|
$ |
4,235,900 |
|
|
$ |
4,281,511 |
|
CONSOLIDATED STATEMENTS OF
INCOME(Unaudited) |
|
|
|
|
|
Year Ended |
|
|
Three Months Ended |
|
|
|
12/31/2023 |
|
|
12/31/2022 |
|
|
12/31/2023 |
|
|
12/31/2022 |
|
|
|
(dollars in thousands) |
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
127,866 |
|
|
$ |
116,352 |
|
|
$ |
33,160 |
|
|
$ |
30,171 |
|
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
22,663 |
|
|
|
9,795 |
|
|
|
6,786 |
|
|
|
3,239 |
|
Nontaxable |
|
|
4,954 |
|
|
|
8,063 |
|
|
|
978 |
|
|
|
2,050 |
|
|
|
|
155,483 |
|
|
|
134,210 |
|
|
|
40,924 |
|
|
|
35,460 |
|
Interest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW and money market deposits |
|
|
32,164 |
|
|
|
7,180 |
|
|
|
9,976 |
|
|
|
3,917 |
|
Time deposits |
|
|
19,267 |
|
|
|
5,296 |
|
|
|
6,181 |
|
|
|
1,822 |
|
Short-term borrowings |
|
|
950 |
|
|
|
1,207 |
|
|
|
354 |
|
|
|
432 |
|
Long-term debt |
|
|
16,237 |
|
|
|
4,814 |
|
|
|
4,455 |
|
|
|
1,534 |
|
|
|
|
68,618 |
|
|
|
18,497 |
|
|
|
20,966 |
|
|
|
7,705 |
|
Net interest income |
|
|
86,865 |
|
|
|
115,713 |
|
|
|
19,958 |
|
|
|
27,755 |
|
Provision (credit) for credit
losses |
|
|
(326 |
) |
|
|
2,331 |
|
|
|
901 |
|
|
|
83 |
|
Net interest income after provision (credit) for credit losses |
|
|
87,191 |
|
|
|
113,382 |
|
|
|
19,057 |
|
|
|
27,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank-owned life insurance |
|
|
3,197 |
|
|
|
3,017 |
|
|
|
814 |
|
|
|
764 |
|
Service charges on deposit accounts |
|
|
3,034 |
|
|
|
3,157 |
|
|
|
791 |
|
|
|
811 |
|
Net loss on sales of securities |
|
|
(3,489 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Gain (loss) on disposition of premises and fixed assets |
|
|
240 |
|
|
|
(553 |
) |
|
|
— |
|
|
|
(553 |
) |
Other |
|
|
3,354 |
|
|
|
6,242 |
|
|
|
792 |
|
|
|
1,346 |
|
|
|
|
6,336 |
|
|
|
11,863 |
|
|
|
2,397 |
|
|
|
2,368 |
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
37,373 |
|
|
|
41,096 |
|
|
|
8,105 |
|
|
|
10,832 |
|
Occupancy and equipment |
|
|
13,140 |
|
|
|
13,407 |
|
|
|
3,166 |
|
|
|
3,705 |
|
Other |
|
|
13,546 |
|
|
|
12,523 |
|
|
|
3,536 |
|
|
|
3,277 |
|
|
|
|
64,059 |
|
|
|
67,026 |
|
|
|
14,807 |
|
|
|
17,814 |
|
Income before income taxes |
|
|
29,468 |
|
|
|
58,219 |
|
|
|
6,647 |
|
|
|
12,226 |
|
Income tax expense |
|
|
3,229 |
|
|
|
11,287 |
|
|
|
588 |
|
|
|
2,322 |
|
Net income |
|
$ |
26,239 |
|
|
$ |
46,932 |
|
|
$ |
6,059 |
|
|
$ |
9,904 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share and Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares |
|
|
22,550,562 |
|
|
|
22,868,658 |
|
|
|
22,586,296 |
|
|
|
22,558,414 |
|
Dilutive stock options and restricted stock units |
|
|
82,609 |
|
|
|
99,895 |
|
|
|
122,961 |
|
|
|
129,803 |
|
|
|
|
22,633,171 |
|
|
|
22,968,553 |
|
|
|
22,709,257 |
|
|
|
22,688,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
|
$ |
1.16 |
|
|
$ |
2.05 |
|
|
$ |
0.27 |
|
|
$ |
0.44 |
|
Diluted EPS |
|
|
1.16 |
|
|
|
2.04 |
|
|
|
0.27 |
|
|
|
0.44 |
|
Cash Dividends Declared per share |
|
|
0.84 |
|
|
|
0.82 |
|
|
|
0.21 |
|
|
|
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL RATIOS |
|
(Unaudited) |
|
ROA |
|
|
0.62 |
% |
|
|
1.11 |
% |
|
|
0.57 |
% |
|
|
0.92 |
% |
ROE |
|
|
7.14 |
|
|
|
12.13 |
|
|
|
6.68 |
|
|
|
10.74 |
|
Net Interest Margin |
|
|
2.16 |
|
|
|
2.89 |
|
|
|
2.00 |
|
|
|
2.74 |
|
Dividend Payout Ratio |
|
|
72.41 |
|
|
|
40.20 |
|
|
|
77.78 |
|
|
|
47.73 |
|
Efficiency Ratio |
|
|
65.52 |
|
|
|
51.45 |
|
|
|
65.47 |
|
|
|
57.06 |
|
PROBLEM AND POTENTIAL PROBLEM LOANS AND
ASSETS(Unaudited) |
|
|
|
|
|
12/31/2023 |
|
|
12/31/2022 |
|
|
|
(dollars in thousands) |
|
Loans including modifications to borrowers experiencing financial
difficulty: |
|
|
|
|
|
|
|
|
Modified and performing according to their modified terms |
|
$ |
431 |
|
|
$ |
480 |
|
Past due 30 through 89 days |
|
|
3,086 |
|
|
|
750 |
|
Past due 90 days or more and still accruing |
|
|
— |
|
|
|
— |
|
Nonaccrual |
|
|
1,053 |
|
|
|
— |
|
|
|
|
4,570 |
|
|
|
1,230 |
|
Other real estate owned |
|
|
— |
|
|
|
— |
|
|
|
$ |
4,570 |
|
|
$ |
1,230 |
|
|
|
|
|
|
|
|
|
|
Allowance for credit
losses |
|
$ |
28,992 |
|
|
$ |
31,432 |
|
Allowance for credit losses as
a percentage of total loans |
|
|
0.89 |
% |
|
|
0.95 |
% |
Allowance for credit losses as
a multiple of nonaccrual loans |
|
|
27.5x |
|
|
|
— |
|
AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST
DIFFERENTIAL(Unaudited) |
|
|
|
|
|
Year Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
Average |
|
|
Interest/ |
|
|
Average |
|
|
Average |
|
|
Interest/ |
|
|
Average |
|
(dollars in thousands) |
|
Balance |
|
|
Dividends |
|
|
Rate |
|
|
Balance |
|
|
Dividends |
|
|
Rate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning bank
balances |
|
$ |
48,879 |
|
|
$ |
2,508 |
|
|
|
5.13 |
% |
|
$ |
35,733 |
|
|
$ |
674 |
|
|
|
1.89 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (1) |
|
|
584,450 |
|
|
|
20,155 |
|
|
|
3.45 |
|
|
|
442,758 |
|
|
|
9,121 |
|
|
|
2.06 |
|
Nontaxable (1) (2) |
|
|
196,341 |
|
|
|
6,271 |
|
|
|
3.19 |
|
|
|
318,836 |
|
|
|
10,206 |
|
|
|
3.20 |
|
Loans (1) (2) |
|
|
3,260,903 |
|
|
|
127,868 |
|
|
|
3.92 |
|
|
|
3,276,589 |
|
|
|
116,357 |
|
|
|
3.55 |
|
Total interest-earning
assets |
|
|
4,090,573 |
|
|
|
156,802 |
|
|
|
3.83 |
|
|
|
4,073,916 |
|
|
|
136,358 |
|
|
|
3.35 |
|
Allowance for credit
losses |
|
|
(30,291 |
) |
|
|
|
|
|
|
|
|
|
|
(30,604 |
) |
|
|
|
|
|
|
|
|
Net interest-earning
assets |
|
|
4,060,282 |
|
|
|
|
|
|
|
|
|
|
|
4,043,312 |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
30,847 |
|
|
|
|
|
|
|
|
|
|
|
33,471 |
|
|
|
|
|
|
|
|
|
Premises and equipment,
net |
|
|
32,027 |
|
|
|
|
|
|
|
|
|
|
|
37,376 |
|
|
|
|
|
|
|
|
|
Other assets |
|
|
112,833 |
|
|
|
|
|
|
|
|
|
|
|
132,893 |
|
|
|
|
|
|
|
|
|
|
|
$ |
4,235,989 |
|
|
|
|
|
|
|
|
|
|
$ |
4,247,052 |
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW & money
market deposits |
|
$ |
1,657,947 |
|
|
|
32,164 |
|
|
|
1.94 |
|
|
$ |
1,728,897 |
|
|
|
7,180 |
|
|
|
0.42 |
|
Time deposits |
|
|
553,096 |
|
|
|
19,267 |
|
|
|
3.48 |
|
|
|
368,922 |
|
|
|
5,296 |
|
|
|
1.44 |
|
Total interest-bearing
deposits |
|
|
2,211,043 |
|
|
|
51,431 |
|
|
|
2.33 |
|
|
|
2,097,819 |
|
|
|
12,476 |
|
|
|
0.59 |
|
Short-term borrowings |
|
|
17,529 |
|
|
|
950 |
|
|
|
5.42 |
|
|
|
57,119 |
|
|
|
1,207 |
|
|
|
2.11 |
|
Long-term debt |
|
|
380,399 |
|
|
|
16,237 |
|
|
|
4.27 |
|
|
|
232,465 |
|
|
|
4,814 |
|
|
|
2.07 |
|
Total interest-bearing
liabilities |
|
|
2,608,971 |
|
|
|
68,618 |
|
|
|
2.63 |
|
|
|
2,387,403 |
|
|
|
18,497 |
|
|
|
0.77 |
|
Checking deposits |
|
|
1,220,947 |
|
|
|
|
|
|
|
|
|
|
|
1,438,890 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
38,575 |
|
|
|
|
|
|
|
|
|
|
|
33,920 |
|
|
|
|
|
|
|
|
|
|
|
|
3,868,493 |
|
|
|
|
|
|
|
|
|
|
|
3,860,213 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
367,496 |
|
|
|
|
|
|
|
|
|
|
|
386,839 |
|
|
|
|
|
|
|
|
|
|
|
$ |
4,235,989 |
|
|
|
|
|
|
|
|
|
|
$ |
4,247,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (2) |
|
|
|
|
|
$ |
88,184 |
|
|
|
|
|
|
|
|
|
|
$ |
117,861 |
|
|
|
|
|
Net interest spread (2) |
|
|
|
|
|
|
|
|
|
|
1.20 |
% |
|
|
|
|
|
|
|
|
|
|
2.58 |
% |
Net interest margin (2) |
|
|
|
|
|
|
|
|
|
|
2.16 |
% |
|
|
|
|
|
|
|
|
|
|
2.89 |
% |
(1) The average balances of loans include
nonaccrual loans. The average balances of investment securities
exclude unrealized gains and losses on available-for-sale
securities.
(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 December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
Average |
|
|
Interest/ |
|
|
Average |
|
|
Average |
|
|
Interest/ |
|
|
Average |
|
(dollars in thousands) |
|
Balance |
|
|
Dividends |
|
|
Rate |
|
|
Balance |
|
|
Dividends |
|
|
Rate |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning bank
balances |
|
$ |
39,134 |
|
|
$ |
539 |
|
|
|
5.46 |
% |
|
$ |
36,804 |
|
|
$ |
360 |
|
|
|
3.88 |
% |
Investment securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable (1) |
|
|
642,590 |
|
|
|
6,247 |
|
|
|
3.89 |
|
|
|
455,468 |
|
|
|
2,879 |
|
|
|
2.53 |
|
Nontaxable (1) (2) |
|
|
157,098 |
|
|
|
1,238 |
|
|
|
3.15 |
|
|
|
321,903 |
|
|
|
2,595 |
|
|
|
3.22 |
|
Loans (1) (2) |
|
|
3,245,232 |
|
|
|
33,160 |
|
|
|
4.09 |
|
|
|
3,321,303 |
|
|
|
30,172 |
|
|
|
3.63 |
|
Total interest-earning
assets |
|
|
4,084,054 |
|
|
|
41,184 |
|
|
|
4.03 |
|
|
|
4,135,478 |
|
|
|
36,006 |
|
|
|
3.48 |
|
Allowance for credit
losses |
|
|
(29,577 |
) |
|
|
|
|
|
|
|
|
|
|
(31,412 |
) |
|
|
|
|
|
|
|
|
Net interest-earning
assets |
|
|
4,054,477 |
|
|
|
|
|
|
|
|
|
|
|
4,104,066 |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
29,175 |
|
|
|
|
|
|
|
|
|
|
|
31,778 |
|
|
|
|
|
|
|
|
|
Premises and equipment,
net |
|
|
31,792 |
|
|
|
|
|
|
|
|
|
|
|
35,620 |
|
|
|
|
|
|
|
|
|
Other assets |
|
|
105,902 |
|
|
|
|
|
|
|
|
|
|
|
111,466 |
|
|
|
|
|
|
|
|
|
|
|
$ |
4,221,346 |
|
|
|
|
|
|
|
|
|
|
$ |
4,282,930 |
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Savings, NOW & money
market deposits |
|
$ |
1,626,615 |
|
|
|
9,976 |
|
|
|
2.43 |
|
|
$ |
1,734,863 |
|
|
|
3,917 |
|
|
|
0.90 |
|
Time deposits |
|
|
602,256 |
|
|
|
6,181 |
|
|
|
4.07 |
|
|
|
438,058 |
|
|
|
1,822 |
|
|
|
1.65 |
|
Total interest-bearing
deposits |
|
|
2,228,871 |
|
|
|
16,157 |
|
|
|
2.88 |
|
|
|
2,172,921 |
|
|
|
5,739 |
|
|
|
1.05 |
|
Short-term borrowings |
|
|
25,055 |
|
|
|
354 |
|
|
|
5.61 |
|
|
|
40,152 |
|
|
|
432 |
|
|
|
4.27 |
|
Long-term debt |
|
|
390,326 |
|
|
|
4,455 |
|
|
|
4.53 |
|
|
|
263,849 |
|
|
|
1,534 |
|
|
|
2.31 |
|
Total interest-bearing
liabilities |
|
|
2,644,252 |
|
|
|
20,966 |
|
|
|
3.15 |
|
|
|
2,476,922 |
|
|
|
7,705 |
|
|
|
1.23 |
|
Checking deposits |
|
|
1,176,276 |
|
|
|
|
|
|
|
|
|
|
|
1,400,095 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
41,063 |
|
|
|
|
|
|
|
|
|
|
|
40,132 |
|
|
|
|
|
|
|
|
|
|
|
|
3,861,591 |
|
|
|
|
|
|
|
|
|
|
|
3,917,149 |
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
359,755 |
|
|
|
|
|
|
|
|
|
|
|
365,781 |
|
|
|
|
|
|
|
|
|
|
|
$ |
4,221,346 |
|
|
|
|
|
|
|
|
|
|
$ |
4,282,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income (2) |
|
|
|
|
|
$ |
20,218 |
|
|
|
|
|
|
|
|
|
|
$ |
28,301 |
|
|
|
|
|
Net interest spread (2) |
|
|
|
|
|
|
|
|
|
|
0.88 |
% |
|
|
|
|
|
|
|
|
|
|
2.25 |
% |
Net interest margin (2) |
|
|
|
|
|
|
|
|
|
|
2.00 |
% |
|
|
|
|
|
|
|
|
|
|
2.74 |
% |
(1) The average balances of loans include
nonaccrual loans. The average balances of investment securities
exclude unrealized gains and losses on available-for-sale
securities.
(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:Janet Verneuille, SEVP and CFO
(516) 671-4900, Ext. 7462
First of Long Island (NASDAQ:FLIC)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
First of Long Island (NASDAQ:FLIC)
Historical Stock Chart
Von Mai 2023 bis Mai 2024