The dividend yield has grown even faster, at a 10-year average annual rate of more than 7%. The company’s earnings per share have grown consistently but unevenly over the last decade, with an average annual increase of 5%. Management expects to continue common stock repurchases in 2022. The company repurchased 488,897 shares of common stock during the first half of 2022 for $9.8 million. The Corporation’s balance sheet remains strong, with a leverage ratio of approximately 9.9%. The increase in net interest income of $2.8 million, or 10.3%, was for substantially the same reasons discussed above for the six-month period. Net income for the second quarter of 2022 of $12.5 million increased $1.1 million, or 9.6%, from $11.4 million earned in the same quarter of last year. These items were partially offset by increases in the provision for credit losses of $2.8 million and income tax expense of $364,000. The increase was primarily due to growth in net interest income of $4.9 million, or 9.2%, and noninterest income of $695,000, or 12.1%, excluding 2021 securities gains. Net income for the first six months of 2022 was $24.6 million, an increase of $1.9 million, or 8.4%, versus the same period last year.
On July 28th, 2022, the company reported the second quarter and six months results for Fiscal Year (FY)2022. FLIC has a history of almost 100 years since being founded in 1927, and the company is headquartered in Glen Head, New York. FLIC operates around 50 branches in two Long Island counties and several NYC burrows, including Queens, Brooklyn, and Manhattan. Its offerings include business loans, consumer loans, mortgages, savings accounts, etc. This small-sized bank provides a range of financial services to consumers and small to medium-sized businesses.
The First of Long Island Corporation is the holding company for The First National Bank of Long Island. (FLIC) as part of the 2022 Blue Chip Stocks In Focus series. This article will analyze First of Long Island Corp. In addition to the Excel spreadsheet above, we will individually review the top 50 blue chip stocks today as ranked using expected total returns from the Sure Analysis Research Database.
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