1Q profits up at First of Long Island

First of Long Island Corp.'s profits rose slightly in the first quarter, the Glen Head-based company reported Tuesday. The company, which owns First National Bank of Long Island, reported net income of $4.8 million, a $165,000 increase compared to the same period last year.

Earnings per share fell to $0.54, a $0.09 decrease compared to per-share earnings in the first quarter of last year. The company attributed the decrease primarily to the sale of 1.4 million shares of common stock last year, which diluted earnings.

The main driver of the year-over-year quarterly profit growth was from an increase in net interest income due in part to the company's increasing holdings of higher-yield assets in its portfolio. Net interest income grew to $14.3 million, a 4.7 percent increase compared to a year ago.

Despite favorable results, the bank set aside more funds to cover potential bad loans in the quarter, $854,000 compared to $778,000. The bank company said the increase was due to an increase in the size of the loan portfolio, which grew to $937.6 million from 900.3 million in the fourth quarter of 2010.

The bank has assets of $1.72 billion, 31 branches on Long Island and three branches in Manhattan.