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First of Long Island Net Income Edges Up

First of Long Island's income and taxes both rise.

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The First National Bank of Long Island has 52 branches, including this one in Babylon.

Photo by: Courtesy of First National Bank of Long Island

The First of Long Island, the parent company of The First National Bank of Long Island, reported second quarter net income edged up 4.2 percent to $10.7 million from $10.3 million a year ago.

The Glen Head-based bank’s assets and loans were both flat with a year ago at $4.2 billion and $3.2 billion respectively.

The 52-branch bank attributed the increase in income primarily to factors such as a $381,000 decline in the provision for loan losses, a $774,000 drop in salaries and employee benefits and $162,000 less in occupancy and equipment expenses. 

The First of Long Island also pointed to $193,000 more in service charges on deposit accounts, although it also reported a $606,000 decline in net interest income and $315,000 more in income tax expenses.

The bank also said it bought back 240,300 shares during the quarter for $5.3 million, as it continues to invest in its own stock.