{"id":844722,"date":"2025-04-30T19:19:30","date_gmt":"2025-04-30T23:19:30","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/the-first-of-long-island-corporation-reports-earnings-for-the-first-quarter-of-2025\/"},"modified":"2025-04-30T19:19:30","modified_gmt":"2025-04-30T23:19:30","slug":"the-first-of-long-island-corporation-reports-earnings-for-the-first-quarter-of-2025","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/the-first-of-long-island-corporation-reports-earnings-for-the-first-quarter-of-2025\/","title":{"rendered":"The First of Long Island Corporation Reports Earnings for the First Quarter of 2025"},"content":{"rendered":"
\n

MELVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — The First of Long Island Corporation (Nasdaq: FLIC, the \u201cCompany\u201d or the \u201cCorporation\u201d), the parent of The First National Bank of Long Island (the \u201cBank\u201d), reported\u00a0earnings\u00a0for the\u00a0three\u00a0months ended March 31, 2025.<\/p>\n

\n Analysis of Earnings <\/strong>\u2013\u00a0First\u00a0Quarter 2025 Versus Linked Quarter<\/strong><\/p>\n

Net income for the first\u00a0quarter of 2025 increased\u00a0$512,000 compared to the fourth\u00a0quarter of 2024. The increase in net income was primarily due to\u00a0a $795,000 increase in net interest income largely due to an eight\u00a0basis point improvement in the net interest margin, and a decrease in noninterest expense of $1.5 million primarily due to branch consolidation expenses of $1.4 million and vesting of equity awards\u00a0during the fourth quarter of 2024 offset by pending merger related system conversion expenses of $468,000 and debit card chargeoffs of $243,000 during the first quarter of 2025. These were partially offset by a provision for credit losses of $168,000 as compared to a provision reversal for credit losses of $381,000 in the fourth quarter, a decrease in noninterest income of $503,000 primarily due to $233,000 of back-to-back swap fees and $225,000 of bank-owned life insurance (“BOLI”)\u00a0benefit payments earned in the fourth quarter, and an increase in income tax expense of $761,000 substantially due to a decrease in the percentage of pre-tax income derived from the Bank’s real estate investment trust, increasing the state and local income tax due.\u00a0<\/p>\n

\n Analysis of Earnings – First Quarter 2025 Versus First Quarter of 2024<\/strong>\n <\/p>\n

Net income and earnings per share (“EPS”) for the quarter\u00a0ended\u00a0March 31, 2025\u00a0were $3.8\u00a0million and $0.17, respectively, as compared to\u00a0$4.4\u00a0million and $0.20, respectively, for the comparable quarter in\u00a02024. The principal drivers of the change in net income\u00a0were an increase in net interest income of $661,000, or 3.6%, which was more than offset by an increase in the\u00a0provision for credit losses of\u00a0$168,000,\u00a0an increase\u00a0in noninterest expense of $922,000,\u00a0and an\u00a0increase\u00a0in income tax expense of $193,000. The quarter produced a return on average assets (“ROA”) of 0.37%, return on average equity (“ROE”)\u00a0of 3.98%, and a net interest margin of 1.91%.<\/p>\n

Net interest income increased\u00a0when comparing the first quarters\u00a0of 2025\u00a0and 2024\u00a0primarily due to a decrease\u00a0in interest expense of $2.0\u00a0million which\u00a0was partially offset by a $1.4\u00a0million decrease\u00a0in interest income. The decrease in interest expense was a combination of a 16 basis points decrease in the cost of interest-bearing liabilities and a decrease in average interest-bearing liabilities of $92.9 million.\u00a0The decrease in interest income resulted from interest-earning assets decreasing by $156.6 million offset by the yield on interest-earning assets increasing two\u00a0basis points.<\/p>\n

In the first quarter of\u00a02025, the Bank recorded a provision for credit losses of $168,000. The Bank did not record a\u00a0provision in the first quarter of 2024.\u00a0The allowance for credit losses remained relatively flat\u00a0when compared to year-end 2024 largely due to declines in historical loss rates and loan balances which were offset by an increase due to deterioration in current and forecasted economic conditions, including adjustments for economic uncertainty. The reserve coverage ratio ticked up one basis point to\u00a00.89%\u00a0of total loans at March 31, 2025\u00a0as compared to\u00a00.88%\u00a0at December 31, 2024.\u00a0Past due loans and nonaccrual loans were at $7.5\u00a0million and $3.5\u00a0million, respectively, on March 31, 2025. Overall, the credit quality of the loan and investment portfolios remains strong.<\/p>\n

Noninterest income decreased\u00a0$57,000, or 2.1%, when comparing the first\u00a0quarters\u00a0of 2025\u00a0and 2024\u00a0mainly due to 2024 nonrecurring items of\u00a0$114,000 in real estate tax refunds, $60,000 in BOLI benefit payments, $50,000 in joint marketing fees and an additional one-time service charge cycle related to the Bank’s core system conversion,\u00a0which were partially offset by increases of $96,000 in merchant card service fees and $72,000 in BOLI accretion.<\/p>\n

Noninterest expense increased $922,000, or 5.7%, for the first quarter\u00a0of 2025, as compared to the first quarter\u00a0of\u00a02024. The change in noninterest expense is mainly attributable to the current year’s expenses related to the pending merger. Noninterest expense increased\u00a0due to merger expenses of $230,000,\u00a0merger related system conversion expenses of $468,000,\u00a0debit card chargeoffs of $243,000\u00a0and higher legal fees, partially offset by a 2.6%\u00a0year-over-year decrease in salaries and employee benefits.\u00a0 The decrease in salaries and employee benefits\u00a0was due to a decrease in full time equivalent employees, primarily the result of branch closings in 2024.<\/p>\n

Income tax expense increased\u00a0$193,000\u00a0due to an increase in the effective tax rate from\u00a06.2%\u00a0in the first quarter of 2024 to 11.5%\u00a0in the current quarter.\u00a0The increase in the effective tax rate is mainly due to the same reasons discussed above with respect to the linked quarter changes.\u00a0<\/p>\n

\n Liquidity<\/strong>\n <\/p>\n

Total average deposits declined\u00a0by\u00a0$51.9\u00a0million when comparing the\u00a0first quarters of\u00a02025\u00a0and\u00a02024. There were no overnight advances on March 31, 2025\u00a0or December 31, 2024.\u00a0On March 31, 2025,\u00a0other borrowings were down by\u00a0$75.0\u00a0million from year-end 2024.\u00a0At March 31, 2025, the Bank had $653.3\u00a0million in collateralized borrowing lines with the Federal Home Loan Bank of New York and the Federal Reserve Bank, a\u00a0$20.0\u00a0million unsecured line of credit with a correspondent bank and\u00a0$204.8\u00a0million in unencumbered\u00a0securities. In total,\u00a0$878.1\u00a0million in liquidity was available on March 31, 2025. Uninsured\u00a0deposits were 49.5%\u00a0of total deposits at March 31, 2025.\u00a0<\/p>\n

\n Capital<\/strong>\n <\/p>\n

The Corporation\u2019s capital position remains strong with a leverage ratio of approximately 10.29%\u00a0on March 31, 2025. Book value per share was $16.91\u00a0on March 31, 2025, versus $16.77\u00a0on December 31, 2024. The Company declared its quarterly cash dividend of $0.21\u00a0per share during the quarter. There were no share repurchases during the quarter.<\/p>\n

\n Forward Looking Information <\/strong>\n <\/p>\n

This earnings release contains various \u201cforward-looking statements\u201d within the meaning of that term as set forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of the Securities Exchange Act of 1934. Such statements are generally contained in sentences including the words \u201cmay\u201d or \u201cexpect\u201d or \u201ccould\u201d or \u201cshould\u201d or \u201cwould\u201d or \u201cbelieve\u201d or \u201canticipate\u201d. The Corporation cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes; changes in domestic or international governmental policies, including the imposition of tariffs; monetary and fiscal policies of the federal government; changes in interest rates; deposit flows and the cost of funds; demand for loan products; competition; changes in management\u2019s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; and other factors discussed in the \u201crisk factors\u201d section of the Corporation\u2019s filings with the Securities and Exchange Commission (\u201cSEC\u201d). The forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.<\/p>\n

For more detailed financial information please see the Corporation\u2019s quarterly report on Form 10-Q for the quarter ended March 31, 2025. The Form 10-Q will be available through the Bank\u2019s website at www.fnbli.com on or about May 1, 2025, when it is anticipated to be electronically filed with the SEC. Our SEC filings are also available on the SEC\u2019s website at www.sec.gov.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n CONSOLIDATED BALANCE SHEETS<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n3\/31\/2025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12\/31\/2024<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n (dollars in thousands)<\/em>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Assets:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n$<\/td>\n67,555<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n38,330<\/td>\n\u00a0<\/td>\n<\/tr>\n
Investment securities available-for-sale, at fair value<\/td>\n\u00a0<\/td>\n615,350<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n624,779<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loans:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Commercial and industrial<\/td>\n\u00a0<\/td>\n134,095<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n136,732<\/td>\n\u00a0<\/td>\n<\/tr>\n
Secured by real estate:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Commercial mortgages<\/td>\n\u00a0<\/td>\n1,929,881<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,963,107<\/td>\n\u00a0<\/td>\n<\/tr>\n
Residential mortgages<\/td>\n\u00a0<\/td>\n1,065,380<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,084,090<\/td>\n\u00a0<\/td>\n<\/tr>\n
Home equity lines<\/td>\n\u00a0<\/td>\n33,452<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36,468<\/td>\n\u00a0<\/td>\n<\/tr>\n
Consumer and other<\/td>\n\u00a0<\/td>\n1,126<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,210<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n3,163,934<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,221,607<\/td>\n\u00a0<\/td>\n<\/tr>\n
Allowance for credit losses<\/td>\n\u00a0<\/td>\n(28,308<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(28,331<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n3,135,626<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,193,276<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Restricted stock, at cost<\/td>\n\u00a0<\/td>\n24,329<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n27,712<\/td>\n\u00a0<\/td>\n<\/tr>\n
Bank premises and equipment, net<\/td>\n\u00a0<\/td>\n28,411<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n29,135<\/td>\n\u00a0<\/td>\n<\/tr>\n
Right-of-use asset – operating leases<\/td>\n\u00a0<\/td>\n18,358<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,951<\/td>\n\u00a0<\/td>\n<\/tr>\n
Bank-owned life insurance<\/td>\n\u00a0<\/td>\n117,471<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n117,075<\/td>\n\u00a0<\/td>\n<\/tr>\n
Pension plan assets, net<\/td>\n\u00a0<\/td>\n11,693<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n11,806<\/td>\n\u00a0<\/td>\n<\/tr>\n
Deferred income tax benefit<\/td>\n\u00a0<\/td>\n35,022<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36,192<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n22,491<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,080<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n$<\/td>\n4,076,306<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,119,336<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Deposits:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Checking<\/td>\n$<\/td>\n1,072,766<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,074,671<\/td>\n\u00a0<\/td>\n<\/tr>\n
Savings, NOW and money market<\/td>\n\u00a0<\/td>\n1,587,030<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,574,160<\/td>\n\u00a0<\/td>\n<\/tr>\n
Time<\/td>\n\u00a0<\/td>\n635,789<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n616,027<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n3,295,585<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,264,858<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Overnight advances<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other borrowings<\/td>\n\u00a0<\/td>\n360,000<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n435,000<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating lease liability<\/td>\n\u00a0<\/td>\n20,348<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,964<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accrued expenses and other liabilities<\/td>\n\u00a0<\/td>\n17,533<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,648<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n3,693,466<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,740,470<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Stockholders’ Equity:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Common stock, par value $0.10 per share:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Authorized, 80,000,000 shares;<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Issued and outstanding, 22,635,724 and 22,595,349 shares<\/td>\n\u00a0<\/td>\n2,264<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,260<\/td>\n\u00a0<\/td>\n<\/tr>\n
Surplus<\/td>\n\u00a0<\/td>\n79,866<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n79,731<\/td>\n\u00a0<\/td>\n<\/tr>\n
Retained earnings<\/td>\n\u00a0<\/td>\n353,043<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n354,051<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n435,173<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n436,042<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accumulated other comprehensive loss, net of tax<\/td>\n\u00a0<\/td>\n(52,333<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(57,176<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n382,840<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n378,866<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n$<\/td>\n4,076,306<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,119,336<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n CONSOLIDATED STATEMENTS OF INCOME<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nThree Months Ended<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n3\/31\/2025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3\/31\/2024<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n (dollars in thousands)<\/em>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest and dividend income:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loans<\/td>\n$<\/td>\n33,785<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n33,543<\/td>\n\u00a0<\/td>\n<\/tr>\n
Investment securities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Taxable<\/td>\n\u00a0<\/td>\n5,374<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,993<\/td>\n\u00a0<\/td>\n<\/tr>\n
Nontaxable<\/td>\n\u00a0<\/td>\n956<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n960<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n40,115<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,496<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest expense:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Savings, NOW and money market deposits<\/td>\n\u00a0<\/td>\n10,318<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,083<\/td>\n\u00a0<\/td>\n<\/tr>\n
Time deposits<\/td>\n\u00a0<\/td>\n6,403<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,977<\/td>\n\u00a0<\/td>\n<\/tr>\n
Overnight advances<\/td>\n\u00a0<\/td>\n71<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n263<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other borrowings<\/td>\n\u00a0<\/td>\n4,501<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,012<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n21,293<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,335<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net interest income<\/td>\n\u00a0<\/td>\n18,822<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,161<\/td>\n\u00a0<\/td>\n<\/tr>\n
Provision for credit losses<\/td>\n\u00a0<\/td>\n168<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net interest income after provision for credit losses<\/td>\n\u00a0<\/td>\n18,654<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,161<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Noninterest income:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Bank-owned life insurance<\/td>\n\u00a0<\/td>\n912<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n840<\/td>\n\u00a0<\/td>\n<\/tr>\n
Service charges on deposit accounts<\/td>\n\u00a0<\/td>\n829<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n880<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net loss on sales of securities<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other<\/td>\n\u00a0<\/td>\n976<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,054<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n2,717<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,774<\/td>\n\u00a0<\/td>\n<\/tr>\n
Noninterest expense:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Salaries and employee benefits<\/td>\n\u00a0<\/td>\n9,711<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,974<\/td>\n\u00a0<\/td>\n<\/tr>\n
Occupancy and equipment<\/td>\n\u00a0<\/td>\n3,233<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,214<\/td>\n\u00a0<\/td>\n<\/tr>\n
Merger expenses<\/td>\n\u00a0<\/td>\n230<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other<\/td>\n\u00a0<\/td>\n3,954<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,018<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n17,128<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,206<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income before income taxes<\/td>\n\u00a0<\/td>\n4,243<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,729<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income tax expense<\/td>\n\u00a0<\/td>\n487<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n294<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n$<\/td>\n3,756<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,435<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Share and Per Share Data:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted Average Common Shares<\/td>\n\u00a0<\/td>\n22,625,117<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,520,568<\/td>\n\u00a0<\/td>\n<\/tr>\n
Dilutive restricted stock units<\/td>\n\u00a0<\/td>\n86,270<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n73,827<\/td>\n\u00a0<\/td>\n<\/tr>\n
Dilutive weighted average common shares<\/td>\n\u00a0<\/td>\n22,711,387<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n22,594,395<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Basic EPS<\/td>\n$<\/td>\n0.17<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.20<\/td>\n\u00a0<\/td>\n<\/tr>\n
Diluted EPS<\/td>\n\u00a0<\/td>\n0.17<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.20<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash Dividends Declared per share<\/td>\n\u00a0<\/td>\n0.21<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.21<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n FINANCIAL RATIOS<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (Unaudited)<\/strong>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
ROA<\/td>\n\u00a0<\/td>\n0.37<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.42<\/td>\n%<\/td>\n<\/tr>\n
ROE<\/td>\n\u00a0<\/td>\n3.98<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4.72<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Interest Margin<\/td>\n\u00a0<\/td>\n1.91<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.79<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n PROBLEM AND POTENTIAL PROBLEM LOANS AND ASSETS<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n3\/31\/2025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12\/31\/2024<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n (dollars in thousands)<\/em>\n <\/td>\n\u00a0<\/td>\n<\/tr>\n
Loans including modifications to borrowers experiencing financial difficulty:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Modified and performing according to their modified terms<\/td>\n$<\/td>\n419<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n421<\/td>\n\u00a0<\/td>\n<\/tr>\n
Past due 30 through 89 days<\/td>\n\u00a0<\/td>\n7,452<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n270<\/td>\n\u00a0<\/td>\n<\/tr>\n
Past due 90 days or more and still accruing<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
Nonaccrual<\/td>\n\u00a0<\/td>\n3,510<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,229<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n11,381<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,920<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other real estate owned<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n$<\/td>\n11,381<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3,920<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Allowance for credit losses<\/td>\n$<\/td>\n28,308<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n28,331<\/td>\n\u00a0<\/td>\n<\/tr>\n
Allowance for credit losses as a percentage of total loans<\/td>\n\u00a0<\/td>\n0.89<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.88<\/td>\n%<\/td>\n<\/tr>\n
Allowance for credit losses as a multiple of nonaccrual loans<\/td>\n\u00a0<\/td>\n8.1<\/td>\nx<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n8.8<\/td>\nx<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL<\/strong>
\n
\n (Unaudited)<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nThree Months Ended March 31,<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n2025<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2024<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\nAverage<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nInterest\/<\/td>\n\u00a0<\/td>\nAverage<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nAverage<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nInterest\/<\/td>\n\u00a0<\/td>\nAverage<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (dollars in thousands)<\/em>\n <\/td>\nBalance<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nDividends<\/td>\n\u00a0<\/td>\nRate<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nBalance<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nDividends<\/td>\n\u00a0<\/td>\nRate<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Assets:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Interest-earning bank balances<\/td>\n$<\/td>\n28,537<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n313<\/td>\n\u00a0<\/td>\n4.45<\/td>\n%<\/td>\n\u00a0<\/td>\n$<\/td>\n55,117<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n751<\/td>\n\u00a0<\/td>\n5.48<\/td>\n%<\/td>\n<\/tr>\n
Investment securities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Taxable (1)<\/td>\n\u00a0<\/td>\n568,162<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,061<\/td>\n\u00a0<\/td>\n3.56<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n638,857<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,242<\/td>\n\u00a0<\/td>\n3.91<\/td>\n\u00a0<\/td>\n<\/tr>\n
Nontaxable (1) (2)<\/td>\n\u00a0<\/td>\n151,745<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,210<\/td>\n\u00a0<\/td>\n3.19<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n153,417<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,215<\/td>\n\u00a0<\/td>\n3.17<\/td>\n\u00a0<\/td>\n<\/tr>\n
Loans (1)<\/td>\n\u00a0<\/td>\n3,185,771<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,785<\/td>\n\u00a0<\/td>\n4.24<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,243,445<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n33,543<\/td>\n\u00a0<\/td>\n4.14<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total interest-earning assets<\/td>\n\u00a0<\/td>\n3,934,215<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40,369<\/td>\n\u00a0<\/td>\n4.10<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,090,836<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n41,751<\/td>\n\u00a0<\/td>\n4.08<\/td>\n\u00a0<\/td>\n<\/tr>\n
Allowance for credit losses<\/td>\n\u00a0<\/td>\n(28,399<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(28,947<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net interest-earning assets<\/td>\n\u00a0<\/td>\n3,905,816<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,061,889<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and due from banks<\/td>\n\u00a0<\/td>\n28,197<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31,703<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Premises and equipment, net<\/td>\n\u00a0<\/td>\n28,912<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n31,257<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n130,528<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n120,884<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n$<\/td>\n4,093,453<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,245,733<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Liabilities and Stockholders’ Equity:<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n<\/tr>\n
Savings, NOW & money market deposits<\/td>\n$<\/td>\n1,572,109<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,318<\/td>\n\u00a0<\/td>\n2.66<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n1,534,081<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n10,083<\/td>\n\u00a0<\/td>\n2.64<\/td>\n\u00a0<\/td>\n<\/tr>\n
Time deposits<\/td>\n\u00a0<\/td>\n612,730<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,403<\/td>\n\u00a0<\/td>\n4.24<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n643,854<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,977<\/td>\n\u00a0<\/td>\n4.36<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total interest-bearing deposits<\/td>\n\u00a0<\/td>\n2,184,839<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n16,721<\/td>\n\u00a0<\/td>\n3.10<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,177,935<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n17,060<\/td>\n\u00a0<\/td>\n3.15<\/td>\n\u00a0<\/td>\n<\/tr>\n
Overnight advances<\/td>\n\u00a0<\/td>\n6,322<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n71<\/td>\n\u00a0<\/td>\n4.55<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,846<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n263<\/td>\n\u00a0<\/td>\n5.61<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other borrowings<\/td>\n\u00a0<\/td>\n416,944<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,501<\/td>\n\u00a0<\/td>\n4.38<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n504,258<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,012<\/td>\n\u00a0<\/td>\n4.80<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total interest-bearing liabilities<\/td>\n\u00a0<\/td>\n2,608,105<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n21,293<\/td>\n\u00a0<\/td>\n3.31<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,701,039<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n23,335<\/td>\n\u00a0<\/td>\n3.47<\/td>\n\u00a0<\/td>\n<\/tr>\n
Checking deposits<\/td>\n\u00a0<\/td>\n1,067,804<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,126,593<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other liabilities<\/td>\n\u00a0<\/td>\n35,260<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n40,014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n3,711,169<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,867,646<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stockholders’ equity<\/td>\n\u00a0<\/td>\n382,284<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n378,087<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n$<\/td>\n4,093,453<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n4,245,733<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net interest income (2)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n19,076<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n18,416<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net interest spread (2)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.79<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n0.61<\/td>\n%<\/td>\n<\/tr>\n
Net interest margin (2)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.91<\/td>\n%<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1.79<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n
(1)<\/td>\nThe average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on available-for-sale securities.<\/td>\n<\/tr>\n
(2)<\/td>\nTax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation’s investment in tax-exempt investment securities had been made in investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

For More Information Contact:
Janet Verneuille, SEVP and CFO
(516) 671-4900, Ext. 7462<\/p>\n

\"\"
\n
\n \"\"\n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

MELVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — The First of Long Island Corporation (Nasdaq: FLIC, the \u201cCompany\u201d or the \u201cCorporation\u201d), the parent of The First National Bank of Long Island (the \u201cBank\u201d), reported\u00a0earnings\u00a0for the\u00a0three\u00a0months ended March 31, 2025. Analysis of Earnings \u2013\u00a0First\u00a0Quarter 2025 Versus Linked Quarter Net income for the first\u00a0quarter of 2025 increased\u00a0$512,000 compared to the fourth\u00a0quarter of 2024. The increase in net income was primarily due to\u00a0a $795,000 increase in net interest income largely due to an eight\u00a0basis point improvement in the net interest margin, and a decrease in noninterest expense of $1.5 million primarily due to branch consolidation expenses of $1.4 million and vesting of equity awards\u00a0during the fourth quarter of 2024 offset by pending merger … <\/p>\n

Continue reading “The First of Long Island Corporation Reports Earnings for the First Quarter of 2025”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-844722","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nThe First of Long Island Corporation Reports Earnings for the First Quarter of 2025 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/the-first-of-long-island-corporation-reports-earnings-for-the-first-quarter-of-2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The First of Long Island Corporation Reports Earnings for the First Quarter of 2025 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MELVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — The First of Long Island Corporation (Nasdaq: FLIC, the \u201cCompany\u201d or the \u201cCorporation\u201d), the parent of The First National Bank of Long Island (the \u201cBank\u201d), reported\u00a0earnings\u00a0for the\u00a0three\u00a0months ended March 31, 2025. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/the-first-of-long-island-corporation-reports-earnings-for-the-first-quarter-of-2025\/","og_locale":"en_US","og_type":"article","og_title":"The First of Long Island Corporation Reports Earnings for the First Quarter of 2025 - Market Newsdesk","og_description":"MELVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — The First of Long Island Corporation (Nasdaq: FLIC, the \u201cCompany\u201d or the \u201cCorporation\u201d), the parent of The First National Bank of Long Island (the \u201cBank\u201d), reported\u00a0earnings\u00a0for the\u00a0three\u00a0months ended March 31, 2025. Analysis of Earnings \u2013\u00a0First\u00a0Quarter 2025 Versus Linked Quarter Net income for the first\u00a0quarter of 2025 increased\u00a0$512,000 compared to the fourth\u00a0quarter of 2024. The increase in net income was primarily due to\u00a0a $795,000 increase in net interest income largely due to an eight\u00a0basis point improvement in the net interest margin, and a decrease in noninterest expense of $1.5 million primarily due to branch consolidation expenses of $1.4 million and vesting of equity awards\u00a0during the fourth quarter of 2024 offset by pending merger … Continue reading \"The First of Long Island Corporation Reports Earnings for the First Quarter of 2025\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/the-first-of-long-island-corporation-reports-earnings-for-the-first-quarter-of-2025\/","og_site_name":"Market Newsdesk","article_published_time":"2025-04-30T23:19:30+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTQ0MjA2MSM2OTA4NTEzIzIwMTg5MTg=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-first-of-long-island-corporation-reports-earnings-for-the-first-quarter-of-2025\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-first-of-long-island-corporation-reports-earnings-for-the-first-quarter-of-2025\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"The First of Long Island Corporation Reports Earnings for the First Quarter of 2025","datePublished":"2025-04-30T23:19:30+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-first-of-long-island-corporation-reports-earnings-for-the-first-quarter-of-2025\/"},"wordCount":1663,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-first-of-long-island-corporation-reports-earnings-for-the-first-quarter-of-2025\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTQ0MjA2MSM2OTA4NTEzIzIwMTg5MTg=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/the-first-of-long-island-corporation-reports-earnings-for-the-first-quarter-of-2025\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/the-first-of-long-island-corporation-reports-earnings-for-the-first-quarter-of-2025\/","name":"The First of Long Island Corporation Reports Earnings for the First Quarter of 2025 - 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