The First of Long Island (FLIC) Q4 2024 earnings summary

Executive summary

• Net income for 2024 was $17.1 million, down from $26.2 million in 2023, with diluted EPS of $0.75 versus $1.16 year-over-year.

• Net interest margin bottomed in Q1 2024 and began recovering, ending the year at 1.83%.

• Noninterest income, excluding 2023's securities loss, rose nearly 23% due to new and recurring fee categories.

• Noninterest expense was well controlled, up 1.6% after excluding $3.1 million in merger and branch consolidation costs.

• Asset quality remains strong, with low levels of past due and nonaccrual loans.

Financial highlights

• Net interest income declined $13.6 million (15.7%) year-over-year, mainly from higher interest expense.

• Provision for credit losses was $359,000 in 2024, compared to a reversal of $326,000 in 2023.

• Noninterest income (excluding securities loss) increased $2.2 million (22.8%) year-over-year.

• Noninterest expense rose $4.1 million (6.4%), mainly from $1.9 million in branch consolidation and $1.2 million in merger expenses.

• Income tax expense decreased $3.5 million, with the effective tax rate dropping to (1.9%) from 11.0%.

Outlook and guidance

• Management anticipates new opportunities in 2025, driven by the pending merger with ConnectOne Bancorp, Inc.

• Forward-looking statements caution on risks from economic, regulatory, and interest rate changes.