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Business

First National Bank of LI parent says earnings up 31%

First National Bank of LI

First National Bank of LI Credit: Patricia Caleca

Earnings are up sharply for the First of Long Island Corp., the Glen Head company that owns the First National Bank of Long Island.
 
The company reported net income of $9.6 million for the first half of the year, up 31.2 percent over the same period last year. Earnings per share were $1.31, up 29.7 percent for the same period.
 
The bank company attributed most of the improvement to growth in sales of tax-exempt securities and relatively low-risk loans, such as apartment building, owner-occupied commercial and residential mortgages.
 
The earnings growth came despite the bank setting aside another $1.6 million to cover potential bad loans, bringing its total provision to $11.9 million. The bank now has $3.4 million in bad loans, up from $2.7 million a year ago. Still, that represents a relatively low percentage of total loans, compared to most banks.
 
The bank now has assets of $1.6 billion and 33 branches on Long Island and in Manhattan.

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