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First of Long Island posts 13.6% increase in net income

The First of Long Island Corp., the parent

The First of Long Island Corp., the parent company of the First National Bank of Long Island, closed 2016 with $3.5 billion in assets, the Glen Head-based bank said on Monday, Jan. 30, 2017. Above, First National Bank's Lindenhurst branch on Montauk Highway in an undated photo. Photo Credit: First National Bank of Long Island

The First of Long Island Corp. said its net income for the fourth quarter rose 13.6 percent to $7.5 million.

The Glen Head-based bank also said growth in its residential mortgage business pushed its net income up 19 percent to $30.9 million for the full year.

Residential mortgages grew $213 million to $1.2 billion, said Michael N. Vittorio, president and CEO of First of Long Island, the parent company of First National Bank of Long Island.

“About half of the mortgage business increase came from Manhattan,” Vittorio said on Monday. “We reacted to the demand there.”

First National Bank has two branches in Manhattan.

The bank has 47 branches overall and plans to open a branch in East Islip next week. Vittorio said two more branches, including a second Brooklyn branch, will open by the end of 2017.

First of Long Island closed 2016 with $3.5 billion in assets, a 12 percent year-over-year increase.

The bank’s shares closed down 2.3 percent to $27.25. Its shares are up 41 percent in the last year.

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