The First of Long Island Corporation (FLIC) has reported an 18.94 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $9.08 million, or $0.38 a share in the quarter, compared with $7.64 million, or $0.35 a share for the same period last year.
Revenue during the quarter grew 12.57 percent to $24.99 million from $22.20 million in the previous year period. Net interest income for the quarter rose 14.29 percent over the prior year period to $23.66 million. Non-interest income for the quarter rose 20.87 percent over the last year period to $2.12 million.
The First of Long Island Corporation has made provision of $0.79 million for loan losses during the quarter, up 211.46 percent from $0.25 million in the same period last year.
Net interest margin contracted 1 basis points to 2.92 percent in the quarter from 2.93 percent in the last year period.
Assets outpace liabilities growth
Total assets stood at $3,607.03 million as on Mar. 31, 2017, up 11.52 percent compared with $3,234.38 million on Mar. 31, 2016. On the other hand, total liabilities stood at $3,290.60 million as on Mar. 31, 2017, up 10.65 percent from $2,973.94 million on Mar. 31, 2016.
Loans outpace deposit growth
Net loans stood at $2,644.44 million as on Mar. 31, 2017, up 15.90 percent compared with $2,281.63 million on Mar. 31, 2016. Deposits stood at $2,747.59 million as on Mar. 31, 2017, up 7.50 percent compared with $2,556 million on Mar. 31, 2016.
Investments stood at $757.55 million as on Mar. 31, 2017, down 5.13 percent or $41 million from year-ago. Shareholders equity stood at $316.43 million as on Mar. 31, 2017, up 21.50 percent or $56 million from year-ago.
Return on assets moved up 5 basis points to 1.02 percent in the quarter from 0.97 percent in the last year period. At the same time, return on equity decreased 19 basis points to 11.75 percent in the quarter from 11.94 percent in the last year period.
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