The First of Long Island Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Remaining Quarters of 2018
July 30, 2018 at 10:30 am EDT
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First of Long Island Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2018. For the six months, the company's net interest income was $51,041,000 against $47,453,000 a year ago. Income before income taxes was $24,122,000 against $23,692,000 a year ago. Net income was $21,426,000 against $18,214,000 a year ago. Net income allocated to common stockholders was $21,366,000 against $18,146,000 a year ago. ROA was 1.05% against 1.01% a year ago. ROE was 11.77% against 11.44% a year ago. Diluted EPS was $0.84 against $0.75 a year ago. Revenue for the quarter was $28.6 million, up from $26.5 million reported for the same period last year.
For the quarter, the company's net interest income was $25,885,000 against $23,793,000 a year ago. Income before income taxes was $12,054,000 against $11,714,000 a year ago. Net income was $10,315,000 against $9,133,000 a year ago. Diluted EPS was $0.40 against $0.37 a year ago. ROA was 0.97% against 1.00% a year ago. ROE was 11.08% against 11.16% a year ago. Net income allocated to common stockholders was $10,292,000 against $9,099,000 a year ago.
Management expects the Corporation's effective tax rate in the remaining quarters of this year to be in the range of 14% to 16%.
The First of Long Island Corporation is a one bank holding company. It provides financial services through its wholly owned subsidiary, The First National Bank of Long Island (the Bank). The Bank serves the financial needs of small to middle market businesses, professional service firms, not-for-profits, municipalities and consumers primarily in Nassau and Suffolk Counties of Long Island, and the boroughs of New York City (NYC). The Bankâs loan portfolio is primarily comprised of loans to borrowers on Long Island and in the boroughs of NYC, and its real estate loans are principally secured by properties located in those areas. The Bankâs investment securities portfolio consists of direct obligations of the United States government and its agencies, obligations of the small business administration (SBA), corporate bonds of large United States financial institutions and obligations of states and political subdivisions. The Bank offers trust, estate, custody, and investment services.
The First of Long Island Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Effective Tax Rate Guidance for the Remaining Quarters of 2018
THE FIRST OF LONG ISLAND CORPORATION 
