The First Of Long Island (FLIC) AI Stock Analysis

Compare

209 Followers

FLIC Dividends

Top Page

The First Of Long Island

(NASDAQ:FLIC)

59Neutral

The overall stock score reflects significant challenges in financial performance, particularly the drastic revenue decline and lack of equity, despite stable cash flow. The technical indicators confirm a bearish trend but suggest potential for a rebound. The valuation is relatively attractive with a fair P/E ratio and high dividend yield, providing some support to the stock score.

The First Of Long Island (FLIC) vs. S&P 500 (SPY)

Market Cap

$246.05M

Dividend Yield7.67%

Average Volume (3M)84.08K

Price to Earnings (P/E)14.4

Beta (1Y)0.83

Revenue Growth10.86%

EPS Growth-34.85%

CountryUS

Employees265

SectorFinancial

Sector Strength78

IndustryBanks - Regional

Share Statistics

EPS (TTM)0.75

Shares Outstanding22,635,334

10 Day Avg. Volume80,846

30 Day Avg. Volume84,084

Financial Highlights & Ratios

PEG RatioN/A

Price to Book (P/B)N/A

Price to Sales (P/S)3.20

Price to Cash Flow (P/CF)-734.40

P/FCF Ratio1.00

Enterprise Value/Market CapN/A

Enterprise Value/RevenueN/A

Enterprise Value/Gross ProfitN/A

Enterprise Value/EbitdaN/A

Forecast

1Y Price Target

$16.56

Price Target Upside52.35% Upside

Rating ConsensusModerate Buy

Number of Analyst Covering1

The First Of Long Island Business Overview & Revenue Model

Company DescriptionThe First of Long Island Corporation (FLIC) is a bank holding company based in Glen Head, New York. It operates through its wholly-owned subsidiary, The First National Bank of Long Island, which provides a range of financial services. The bank primarily serves small and medium-sized businesses, professionals, consumers, municipalities, and not-for-profit organizations across Long Island and the greater metropolitan New York area. Its core products and services include personal and business banking, commercial lending, mortgage lending, and investment management services.

How the Company Makes MoneyFLIC primarily makes money through the interest income generated from its lending activities, which include commercial loans, residential mortgage loans, and consumer loans. In addition to interest income, the company earns non-interest income from service charges on deposit accounts, investment management fees, and other banking-related fees. The company also benefits from its strategic focus on relationship banking, which helps attract and retain clients, thus driving both deposit growth and lending opportunities. Additionally, FLIC's earnings are supported by its ability to manage interest rate risk and maintain a strong asset quality, which contribute to its financial stability and profitability.

The First Of Long Island Financial Statement Overview

Summary

The company is facing significant financial challenges, particularly with a drastic drop in revenue and lack of equity in 2024. While cash flow remains stable, the overall financial instability is concerning and requires immediate strategic actions.

Income Statement

Neutral

The company's income statement shows a worrying trend with a significant decline in revenue from $93.5 million in 2023 to $5.2 million in 2024. This represents a drastic drop in revenue, impacting profitability. The net profit margin for 2024 is not meaningful due to the low revenue figure. The gross profit margin remains consistent, but the lack of EBIT and EBITDA in the latest year highlights challenges in operational profitability.

Balance Sheet

Neutral

The balance sheet reveals a concerning lack of equity in 2024, with total liabilities outweighing assets. This indicates a high financial risk and potential solvency issues. The debt-to-equity ratio cannot be calculated for 2024 due to zero reported equity, which poses a significant risk. Prior years showed more balance, but the deterioration in 2024 needs urgent attention.

Cash Flow

Positive

Cash flow analysis indicates stable free cash flow at $25 million in 2024, despite revenue downturns. The operating cash flow to net income ratio is strong, suggesting efficient cash generation from operations. However, the negative financing cash flow reflects challenges in managing financial obligations. Overall, cash flow remains a relative strength amidst financial instability.

Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Breakdown
Income Statement		Total Revenue
5.21M	93.53M	128.13M	119.38M	116.11M
	Gross Profit
5.21M	92.46M	128.13M	119.38M	116.11M
	EBIT
-117.61M	43.01M	76.72M	53.31M	49.53M
	EBITDA
0.00	35.22M	64.53M	61.99M	55.90M
	Net Income Common Stockholders
17.08M	26.24M	46.93M	43.09M	41.20M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
38.33M	60.89M	747.59M	777.99M	873.90M
	Total Assets
4.12B	4.24B	4.28B	4.07B	4.07B
	Total Debt
456.96M	567.44M	436.90M	322.58M	319.14M
	Net Debt
418.63M	506.55M	362.72M	278.91M	107.96M
	Total Liabilities
3.74B	3.86B	3.92B	3.65B	3.66B
	Stockholders Equity
378.87M	380.15M	364.54M	413.81M	407.12M
Cash Flow		Free Cash Flow
25.03M	29.30M	47.83M	43.08M	43.03M
	Operating Cash Flow
25.03M	32.16M	51.42M	50.78M	46.03M
	Investing Cash Flow
97.26M	35.64M	-233.77M	-183.99M	198.79M
	Financing Cash Flow
-134.77M	-81.09M	212.85M	-34.29M	-72.62M

The First Of Long Island Technical Analysis

Technical Analysis Sentiment

Negative

Last Price10.87

Price Trends

50DMA

12.13

Negative

100DMA

12.31

Negative

200DMA

12.18

Negative

Market Momentum

MACD

-0.37

Positive

RSI

39.85

Neutral

STOCH

31.90

Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FLIC, the sentiment is Negative. The current price of 10.87 is below the 20-day moving average (MA) of 11.49, below the 50-day MA of 12.13, and below the 200-day MA of 12.18, indicating a bearish trend. The MACD of -0.37 indicates Positive momentum. The RSI at 39.85 is Neutral, neither overbought nor oversold. The STOCH value of 31.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FLIC.

The First Of Long Island Risk Analysis

The First Of Long Island disclosed 27 risk factors in its most recent earnings report. The First Of Long Island reported the most risks in the “Finance & Corporate” category.

Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy

Latest Risks Added 0 New Risks

The First Of Long Island Peers Comparison

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CBAN	76 Outperform	$259.30M	10.89	8.95%	3.06%	10.01%	9.89%
FNLC	75 Outperform	$261.87M	9.63	10.91%	6.11%	15.18%	-8.96%
CZFS	71 Outperform	$266.10M	9.56	9.60%	3.50%	22.34%	51.03%
BCML	70 Outperform	$289.16M	12.37	7.28%	1.92%	2.11%	-5.15%
SFST	65 Neutral	$259.12M	16.57	4.83%	―	13.81%	15.38%
Sector *	63 Neutral	$12.00B	9.27	8.14%	79.61%	12.85%	-5.12%
FLIC	59 Neutral	$246.05M	14.42	4.50%	7.67%	10.86%	-34.85%

* Financial Sector Average

Performance Comparison

FLIC

The First Of Long Island

10.87

1.04

10.58%

CBAN

Colony Bankcorp

14.74

4.38

42.28%

FNLC

First Bancorp

23.52

1.61

7.35%

SFST

Southern First Bancshares

32.32

3.45

11.95%

CZFS

Citizens Financial Services

55.02

12.53

29.49%

BCML

BayCom

25.93

6.91

36.33%

The First Of Long Island Earnings Call Summary

Earnings Call Date: Jan 30, 2025 | % Change Since: -14.14% | Next Earnings Date: Apr 24, 2025

Earnings Call Sentiment Neutral

The earnings call revealed a mix of positive trends in loan origination, commercial lending growth, and operational efficiency, but was tempered by only slight improvements in net interest margin and a notable increase in nonperforming loans. The overall sentiment is cautious optimism towards future stabilization and growth.

Highlights

Improvement in Key Financial Ratios

The company reported linked quarter improvements in several key financial metrics, including return on assets, return on equity, efficiency ratio, and net interest margin.

Increase in Loan Originations

Stronger loan originations of $70 million with a weighted average rate of approximately 7% were noted, driven by C&I and owner-occupied commercial mortgages.

Growth in Commercial Lending

Commercial lending business grew by $582 million, offsetting a $514 million decline in residential lending, and improving the funding mix with noninterest-bearing deposits now representing 30% of the mix.

Branch Network Efficiency

Despite reducing branches from 52 to 41 since 2019, total deposits increased by approximately $220 million, indicating a more efficient model.

Positive Noninterest Income Trends

Noninterest income of $2.9 million exceeded the previous quarter and the same quarter last year, driven by service charges on deposit accounts and merchant card services.

Lowlights

Slight Net Interest Margin Increase

Net interest margin only slightly increased from 1.79% to 1.8%, following six consecutive quarters of decline.

Decrease in Net Interest Income Year-over-Year

Net interest income decreased by $3.4 million from the same quarter last year.

Increase in Nonperforming Loans

There was an uptick in nonperforming loans, notably a multifamily loan that became nonperforming, leading to a partial charge-off.

Provision for Loan Losses

A provision for loan losses of $570,000 was recorded, attributed to a specific reserve on a nonperforming loan and net charge-offs.

Company Guidance

During the earnings call for The First of Long Island Corporation's second quarter of 2024, detailed financial guidance was provided, highlighting improvements in several key metrics. The company's return on assets increased from 0.42% to 0.45%, and return on equity rose from 4.72% to 5.15%. The net interest margin saw a slight improvement from 1.79% to 1.8%. Additionally, the efficiency ratio improved to 73.6% from 76.5%. The company reported net income of $4.8 million for the quarter, with earnings per share at $0.21, equivalent to the per share dividend declared in June 2024. Loan originations during the quarter amounted to $70 million, with a weighted average rate of approximately 7%, reflecting a strategic focus on commercial lending. The commercial lending business grew by $582 million, partially offset by a $514 million decrease in the residential lending business. The bank's noninterest income improved, exceeding the previous quarters, while noninterest expenses decreased to $15.8 million. The company's effective tax rate for the quarter decreased to 1.6%, with an annualized rate now expected to be approximately 4%. The bank's capital position remained strong, with a leverage ratio of approximately 9.9% at the end of June 2024.

Glossary

OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.

NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.

UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.