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Earnings Call Summary | First of Long Island(FLIC.US) Q1 2024 Earnings Conference

Futu News ·  Apr 27 10:28  · Conference Call

The following is a summary of the The First of Long Island Corporation (FLIC) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • The First of Long Island Corporation's capital remains strong with a leverage ratio of 10%.

  • There was a 6% increase in C&I loans since year-end.

  • Non-interest income for Q1 slightly exceeded the company's guidance.

  • Net income for Q1 decreased year-over-year due to lower net interest income and credit provision for loan losses.

  • First of Long Island repurchased company shares worth $2 million.

Business Progress:

  • The firm is expanding its services with a new technology platform for future growth and is set to open a fourth branch.

  • Despite a challenging environment, FLIC maintains its commitment to high credit quality and long-standing relationships.

  • It also achieved stability in its commercial and consumer relationship deposits.

  • Share buybacks are being considered dependent on their capital position.

  • Progress in the REIT context is expected with tax benefits starting to max out.

More details: First of Long Island IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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