The First Of Long Island Corporation Reports Earnings For The Second Quarter Of 2020

Glen Head, New York, July 30, 2020 (GLOBE NEWSWIRE) – The First of Long Island Corporation (Nasdaq: FLIC), the parent company of The First National Bank of Long Island, reported net income and earnings per share for the three and six months ended June 30, 2020. In the highlights that follow, all comparisons are of the current three or six-month period to the same period last year unless otherwise indicated.

SECOND QUARTER HIGHLIGHTS

  • Net Income and EPS were $10.8 million and $.45, respectively, compared to $10.7 million and $.43
  • ROA and ROE were 1.02% and 11.30%, respectively, compared to 1.02% and 11.00%
  • Net interest margin was 2.64% versus 2.58%
  • Cost of interest-bearing deposits declined 51 basis points to .96% and cost of interest-bearingliabilities declined 43 basis points to 1.14%
  • Cash Dividends Per Share increased 5.9% to $.18 from $.17
  • Provided $621 million in loan modifications and originated $171 million in SBA PaycheckProtection Program (“PPP”) loans in support of customers during the pandemic
  • Effective Tax Rate was 16.8% versus 16.0%
  • SIX MONTH HIGHLIGHTS
  • Net Income and EPS were $19.9 million and $.83, respectively, compared to $21.6 million and $.86
  • ROA and ROE were .96% and 10.34%, respectively, compared to 1.03% and 11.15%
  • Net interest margin was 2.63% versus 2.57%
  • Effective Tax Rate was 16.1% versus 16.9%

Analysis of Earnings – Six Months Ended June 30, 2020

Net income for the first six months of 2020 was $19.9 million, a decrease of $1.7 million, or 7.8%, versus the same
period last year. The decrease is due to increases in the provision for credit losses of $2.5 million and noninterest expense
of $607,000, or 2.0%. These items were partially offset by increases in net interest income of $405,000, or .8%, and
noninterest income of $428,000, or 8.3%, and a decrease in income tax expense of $581,000.