The First of Long Island Corp, the Glen Head company that owns the First National Bank of Long Island, reported earnings of $4.7 million for the third quarter, up more than 20 percent for the same period a year ago.
The increase came despite the bank's efforts to limit loan growth earlier this year. Income rose because the value of previous loans and tax-exempt securities grew significantly, the company said in a statement. The company also sold some securities and issued new stock to strengthen its capital levels, the company said.
The bank set aside $825,000 in the quarter to cover potential future bad loans -- up from $530,000 in the same quarter last year. Bad loans rose from $2.5 million to $3.1 million, but remain significantly less than comparable banks.
The bank has assets of $1.7 billion and 31 branches on Long Island and in Manhattan.
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