First of Long Island profits up 21 percent on interest income
First National Bank of Long Island officials say higher net interest income helped push fourth quarter profit up by 21 percent from a year earlier. Credit: First National Bank of Long Island
Higher net interest income helped push First of Long Island Corp.’s fourth quarter profit up by 21 percent from a year earlier.
The Glen Head-based holding company for the 43-branch First National Bank of Long Island said Monday its net income for the three months ended Dec. 31 was $6.6 million or 46 cents a share, up from $5.5 million or 39 cents a share in the quarter a year earlier.
The bank credited an 18 percent increase in net interest income, to $20.4 million, plus net gains on the sale of securities of $191,000 and a decrease of $274,000 in expenses, including real estate taxes, depreciation, upkeep of buildings, rent, utilities, insurance and other items.
Total assets at Dec. 31 were $3.1 billion, up 15 percent from a year earlier.
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