First of Long Island profit rises 21%
First of Long Island Corp., the Glen Head-based parent of First National Bank of Long Island, says its profit for the April-June period rose 21 percent compared with a year ago on higher interest income. Credit: First National Bank of Long Island
First of Long Island Corp. said its profit for the April-June period rose 21 percent compared with a year ago on higher interest income.
The Glen Head-based parent of the First National Bank of Long Island said last week its second-quarter profit was $7.6 million compared with $6.3 million in 2014.
The profit equals 50 cents per share, compared with 44 cents per share a year earlier.
The bank said its net interest income, the difference between the revenue generated from a bank’s assets and the expense associated with its liabilities, increased 15 percent in the second quarter, year over year, to $21.3 million.
The bank said it plans to open branches in East Islip, College Point in Queens and Bay Ridge in Brooklyn in the next year. The bank already has 44 offices on Long Island and in Queens and Manhattan.
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