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First of Long Island reports higher earnings

Michael Vittorio is First National Bank of Long

Michael Vittorio is First National Bank of Long Island's president and chief executive. (Dec. 3, 2009) Photo Credit: Handout

First of Long Island Corp. of Glen Head said Monday its net income rose for the fourth quarter and all of last year over the year-earlier periods on an increase in net interest income and a reduction in income tax expense.

The operator of the First National Bank of Long Island said net income for the year was $19.5 million, or $2.20 per share, compared with $18.4 million, or $2.30 per share for 2010.

The bank said returns on average assets and average equity rose, but that gains on sales of securities were $138,000 last year, down from $1.7 million in 2010.

Excluding those gains from each year, net income was up $2 million, or 11.6 percent, versus the reported increase of $1.1 million, or 5.8 percent, the bank said.

Earnings per share for 2011 included the dilutive effect of 1.4 million shares of common stock sold in July 2010, while 2010 earnings per share only include the dilutive effect of the sale from the date of sale through the end of the year.

The bank said net income for the fourth quarter of 2011 was $4.7 million, or 53 cents a share, up from $4.1 million, or $46 cents per share, for the same quarter last year.

Analysts’ estimates for the quarter averaged 60 cents.

The bank's shares were down 60 cents to $27.38 in afternoon trading on the Nasdaq stock market.

Photo: Michael N. Vittorio, chief executive and president, First of Long Island Corp.

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