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The First Of Long Island Corp. (FLIC)
NASDAQ:FLIC
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Earnings Data
Report Date
Jan 23, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.24Last Year’s EPS
$0.27Same Quarter Last Year
Based on 0 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 24, 2024
|% Change Since: -2.36%
|Next Earnings Date:Jan 23, 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.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.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.
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FLIC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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FLIC Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 24, 2024 | $12.70 | $12.39 | -2.44% |
| Jul 25, 2024 | $12.48 | $13.12 | +5.13% |
| Apr 25, 2024 | $10.10 | $10.12 | +0.20% |
| Jan 25, 2024 | $12.15 | $12.22 | +0.58% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does The First Of Long Island Corp. (FLIC) report earnings?
The First Of Long Island Corp. (FLIC) is schdueled to report earning on Jan 23, 2025, TBA Not Confirmed.
What is The First Of Long Island Corp. (FLIC) earnings time?
The First Of Long Island Corp. (FLIC) earnings time is at Jan 23, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is FLIC EPS forecast?
FLIC EPS forecast for the fiscal quarter 2024 (Q4) is $0.24.
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