First of Long Island Corp. said Thursday that higher loan balances and increases in nontaxable securities helped boost its third quarter net earnings by almost 17 percent from a year earlier.
The corporate parent of the 39-branch First National Bank of Long Island, based in Glen Head, said net income was $6.1 million or 43 cents a share in the three months ended Sept. 30, compared with $5.2 million or 38 cents a share a year earlier.
First of Long Island said quarterly and nine-month income rose largely on higher net interest income, the difference between the revenue generated from a bank's assets and the expenses associated with liabilities. That increase, 9.8 percent for the quarter to $17.2 million, in turn, was due mostly to higher loan balances and increases in nontaxable securities, the bank said.
"The bank's continued ability to grow loans is attributable to a variety of factors, including competitive pricing, targeted solicitation efforts, advertising campaigns, and broker relationships for both residential and commercial mortgages," the company said in a statement.
Noninterest income also rose.
First National of Long Island recently opened branches in Oceanside and Manhasset and expects to open its 40th branch in Greenlawn by year-end. "Management is continuing to evaluate sites for future branch expansion," the statement said.
Total assets were $2.57 million at Sept. 30, up 7 percent from Dec. 31.