First of Long Island Corp. said its first quarter net income rose by almost 15 percent from a year earlier on higher net interest income and a lower provision for loan losses.
The Glen Head-based parent of the 44-branch First National Bank of Long Island said Friday that it earned $7.4 million or 52 cents a share in the three months ended March 31, up from $6.5 million and 46 cents a share in the quarter a year earlier.
It credited a 16.2 percent increase, to $20.7 million, in net interest income, the difference between the revenue generated from a bank’s assets and the expenses associated with liabilities; and a 38 percent decline to $253,000 in its provision for loan losses.
First of Long Island’s shares rose 16 cents Friday to close at $30.61.
The bank’s total assets were $3.2 billion in the quarter, up 15.9 percent from a year earlier.
Its branches are in Nassau, Suffolk, Queens and Manhattan, and it plans to open two new ones later this year, one in Bay Ridge, Brooklyn and one in East Islip.