GLEN HEAD, N.Y., April 30, 2013 (GLOBE NEWSWIRE) -- The First of Long Island Corporation (Nasdaq:FLIC), the parent company of The First National Bank of Long Island, reported that net income and earnings per share for the first quarter of 2013 were $5.6 million and $.62, respectively, representing increases over the same quarter last year of 9.5% and 6.9%, respectively. Dividends per share were $.25 for the first quarter of 2013, or 8.7% more than the $.23 per share declared in the same quarter last year. Returns on average assets (ROA) and average equity (ROE) for the first quarter of 2013 were 1.09% and 11.10%, respectively, versus 1.01% and 10.67%, respectively, for the first quarter of 2012. A decrease in unrealized gains on available-for-sale securities accounts for a significant portion of the increase in ROE and is the reason the Corporation's book value per share decreased from $22.81 at year-end 2012 to $22.71 at the end of the current quarter. The credit quality of the Bank's loan portfolio remains excellent and the loan pipeline is strong.
The First Of Long Island Corporation Announces 9.5% Increase In Net Income For The First Quarter Of 2013
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