First of Long Island bank earnings up 8.2%

Higher interest income and setting aside less money for loan losses helped boost third quarter earnings by 8.2 percent at First of Long Island Corp., the banking company said Wednesday.

The Glen Head-based parent of First National Bank of Long Island said net income for the three months ended Sept. 30 was $5.2 million, or 56 cents a share, up from $4.8 million, or 53 cents a share, a year earlier.

The company said net interest income rose by 5.9 percent to $15.7 million while the provision for loan losses fell by 6.6 percent to $1.1 million. Noninterest income rose by 11.2 percent to $1.8 million, mostly due to increases in the Investment Management Division's income, the company said.

The company described the credit quality of its loan portfolio as excellent, with nonaccrual loans, those at least 90 days past due, at 0.38 percent of total loans outstanding.

Total assets at the end of the quarter were $2.4 billion, up 12 percent since the end of last year.

First National of Long Island has 37 branches, including one opened last year in Lindenhurst and others opened this year in Massapequa Park and Sayville.