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.