secwatch.observer — SEC 8-K summary
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Issuer:     FIRST OF LONG ISLAND CORP (—)
CIK:        0000740663
Form:       8-K
Filed at:   2024-04-29T23:59:59+00:00
Accession:  0001437749-24-013516
Event type: earnings
Sentiment:  negative
Materiality: 0.70
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/740663/000143774924013516/0001437749-24-013516-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/740663/000143774924013516/flic20240319_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-013516

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer