First of Long Island Q1 net income $4.4M ($0.20 EPS), down 32% YoY; NIM 1.79%

FIRST OF LONG ISLAND CORP

2024-Q1 EPS reported $0.20 revenue$880,000

Net income $4.4M (EPS $0.20) vs $6.5M ($0.29) YoY; net interest income fell 23.2%.
Net interest margin 1.79% (down from 2.00% Q4 2023); cost of interest-bearing liabilities up 151 bps.
No credit loss provision in Q1 vs $1.1M provision a year ago; reserve coverage 0.88% of loans.
Dividend maintained at $0.21/share; repurchased 167,526 shares for $2.0M in Q1.
CEO sees deposit stabilization and wholesale repricing complete; margin improvement in H2 2024 dependent on yield curve.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FIRST OF LONG ISLAND CORP reported first quarter of 2024 results: net income $4.4 million, EPS $0.20.

Period: first quarter of 2024
Net income: $4.4 million
EPS: $0.20
Result: reported results

Exact text from the filing

Net income and earnings per share for the quarter ended March 31, 2024, were $4.4 million and $0.20, respectively

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Source: SEC EDGAR

accession 0001437749-24-013516

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