LI bank reports 8 percent income rise

The First of Long Island Corp., based in Glen Head, reports an 8 percent increase in net income for the first quarter of 2012, earning $5.2 million compared to $4.8 million in the same quarter last year.

Earnings per share increased by 7.4 percent, the bank said, to 58 cents per share in the first quarter of 2012 from 54 cents per share for the first quarter of 2022.

The company operates First National Bank of Long Island, with three branches in Manhattan and more than 30 in Nassau and Suffolk counties.

Comparing the first quarter of 2012 to the prior-year quarter, the bank also reported that it has increased its allowance for loan losses, to $17.2 million from $16.5 million; or, expressing the loan-loss allowance as a percentage of total loans, the level was 1.7 percent in the 2012 quarter compared to 1.68 percent in the prior-year quarter.

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