First of Long Island posts income increase in first quarter
A First National Bank of Long Island branch on East Merrick Road in Valley Stream in 2012. Credit: Newsday / Audrey C. Tiernan
First of Long Island Corp. of Glen Head said higher net interest income was mainly responsible for an 8.9 percent increase in net income in the first quarter.
The parent of the 41-branch First National Bank of Long Island said it earned $6.5 million or 46 cents a share in the three months ended March 31. Net interest income, the difference between the revenue generated from a bank's assets and the expenses associated with liabilities, rose by 10.6 percent to $17.8 million.
Total assets were $2.8 billion on March 31, up 16 percent from a year earlier.
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