First of Long Island reports increase in net income
A First National Bank of Long Island branch in 2012. Credit: Newsday / Audrey C. Tiernan
The First of Long Island Corp. said its second quarter net income rose 4.5 percent from a year earlier on higher net interest income and despite higher salaries paid.
The Glen Head-based parent of the First National Bank of Long Island said net income for the quarter was $5.5 million or 60 cents a share, up 4.5 percent and 3.4 percent or 2 cents, respectively, over a year earlier.
Net interest income, the difference between the revenue generated from a bank's assets and the expenses associated with liabilities, rose by 5.8 percent, to $16.4 million.
In a statement Friday, First of Long Island said a 12-percent increase in salaries, to $4.5 million, "is primarily due to higher stock-based compensation expense, normal annual salary adjustments, branch openings and additions to staff in the back office."
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