The First of Long Island Corporation Reports Unaudited Consolidated Earnings Results Fourth Quarter and Year Ended December 31, 2016
January 30, 2017 at 09:00 am EST
The First of Long Island Corporation reported unaudited consolidated earnings results fourth quarter and year ended December 31, 2016. For the quarter, the company reported interest and dividend income of $27,103,000 against $24,507,000 a year ago. Net interest income was $22,456,000 against $20,373,000 a year ago. Net interest income after provision for loan losses was $20,486,000 against $18,458,000 a year ago. Income before income taxes was $9,552,000 against $8,238,000 a year ago. Net income was $7,518,000 against $6,618,000 a year ago. Diluted EPS was $0.31 against $0.31 a year ago. ROA was 0.86% against 0.86% a year ago. The increase in net income is primarily attributable to an increase in net interest income of $10.5 million, or 13.9%, and a decrease in the provision for loan losses of $837,000. The impact of these items was partially offset by increases in noninterest expense, before debt extinguishment costs, of $4.7 million and income tax expense of $1.6 million. The increase in net interest income was primarily driven by growth in average interest-earning assets of $431.2 million, or 15.4%, partially offset by a seven basis point decline in net interest margin.
For the year, the company reproved interest and dividend income of $104,123,000 against $92,135,000 a year ago. Net interest income was $86,121,000 against $75,606,000 a year ago. Net interest income after provision for loan losses was $82,641,000 against $71,289,000 a year ago. Income before income taxes was $39,929,000 against $33,356,000 a year ago. Net income was $30,880,000 against $25,890,000 a year ago. Diluted EPS was $1.34 against $1.22 a year ago. ROA was 0.93% against 0.89% a year ago. ROE was 9.64% against 10.22% a year ago. Book value per share increased 8.9% to $12.90 at December 31, 2016 from $11.85 at December 31, 2015.