First of Long Island Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net income of $5,051,000 or $0.56 diluted earnings per share against net income of $4,728,000 or $0.53 diluted earnings per share a year ago. Income before income taxes was $6,302,000 and net interest income was $14,926,000 against income before income taxes of $5,754,000 and net interest income of $15,069,000 a year ago. Return on assets was 0.97% and return on equity was 9.72% against return on assets of 0.95% and return on equity of 10.04% a year ago. The increase in net income for the fourth quarter of 2012 versus the same quarter last year is primarily attributable to a decrease in the provision for loan losses of $699,000 and an increase in noninterest income of $71,000, or 4.5%, as partially offset by a decrease in net interest income of $143,000, or 0.9%, and an increase in noninterest expense of $79,000, or 0.8%. The net positive earnings impact of these items was partially offset by a related increase in income tax expense of $225,000. The decline in net interest income occurred because the negative impact of a 20 basis point decline in net interest margin for the quarter more than offset the positive impact of quarterly growth in average interest-earnings assets of 4.7%.

For the year, the company reported net income of $20,393,000 or $2.27 diluted earnings per share against net income of $19,457,000 or $2.20 diluted earnings per share a year ago. Income before income taxes was $25,410,000 and net interest income was $60,102,000 against income before income taxes of $24,401,000 and net interest income of $58,745,000 a year ago. Return on assets was 0.99% and return on equity was 10.19% against return on assets of 1.05% and return on equity of 11.15% a year ago. The increase in net income for 2012 is primarily attributable to an increase in net interest income of $1.4 million, or 2.3%, a decrease in the provision for loan losses of $433,000, and an increase in noninterest income, excluding securities gains, of $287,000, or 4.6%. Partially offsetting the positive earnings impact of these items was a net loss of $338,000 on a deleveraging transaction executed in the second quarter of this year, an increase in noninterest expense, before debt extinguishment costs, of $731,000, or 2.0%, and an increase in income tax expense of $73,000. The increase in net interest income resulted from an increase in average interest-earning assets of $204.8 million, or 11.4%, as partially offset by a 29 basis point decline in net interest margin.