The First of Long Island Corporation Reports Unaudited Consolidated Earnings Results Fourth Quarter and Year Ended December 31, 2017
January 30, 2018 at 08:30 pm IST
The First of Long Island Corporation reported unaudited consolidated earnings results fourth quarter and year ended December 31, 2017. For the quarter, the company reported interest and dividend income of $30,460,000 against $27,103,000 a year ago. Net interest income was $24,400,000 against $22,456,000 a year ago. Net interest income after provision for loan losses was $22,749,000 against $20,486,000 a year ago. Income before income taxes was $8,632,000 against $9,552,000 a year ago. Net income was $7,566,000 against $7,518,000 a year ago. The increase is primarily attributable to increases in net interest income and income from BOLI of $1.9 million and $188,000, respectively, and decreases in the provision for loan losses and income tax expense of $319,000 and $968,000, respectively. These items were substantially offset by increases in salaries and occupancy and equipment expense of $536,000 and $380,000, respectively, and the aforementioned securities loss and valuation allowance of $1.9 million and $725,000, respectively. Diluted EPS was $0.30 against $0.31 a year ago. ROA was 0.79% against 0.86% a year ago.
For the year, the company reproved interest and dividend income of $118,265,000 against $104,123,000 a year ago. Net interest income was $96,556,000 against $86,121,000 a year ago. Net interest income after provision for loan losses was $91,702,000 against $82,641,000 a year ago. Income before income taxes was $45,011,000 against $39,929,000 a year ago. Net income was $35,122,000 against $30,880,000 a year ago. The impact of these items was partially offset by securities losses of $1.9 million and increases in the provision for loan losses of $1.4 million, noninterest expense, before debt extinguishment costs, of $3.2 million, or 6.3%, and income tax expense of $840,000. Diluted EPS was $1.43 against $1.34 a year ago. ROA was 0.95% against 0.93% a year ago. ROE was 10.51% against 10.62% a year ago. Book value per share increased 11.4% to $14.37 at December 31, 2017 from $12.90 at December 31, 2016.