First of Long Island Corp. Q1 2025: Assets $80M, Net Income $22.6M
| Field | Detail |
|---|---|
| Company | First Of Long Island Corp |
| Form Type | 10-Q |
| Filed Date | May 1, 2025 |
| Risk Level | medium |
| Sentiment | neutral |
Sentiment: neutral
Topics: financials, earnings, interest-rates, loans
TL;DR
**FLIC Q1: Assets $80M, Net Income $22.6M. Loan values down due to rate hikes.**
AI Summary
First of Long Island Corp. (FLIC) reported its Q1 2025 results, with total assets reaching $80 million as of March 31, 2025. Net income for the quarter was $22.6 million. The company noted a decrease in the fair value of net loans primarily due to rising interest rates, with certain fixed-rate residential mortgage loans included in a fair value hedging relationship.
Why It Matters
This filing provides insight into the financial health and performance of First of Long Island Corp., a commercial bank, which can impact its customers and the local economy.
Risk Assessment
Risk Level: medium — The company's financial performance is sensitive to interest rate fluctuations, as indicated by the decrease in loan fair value due to rising rates.
Key Numbers
- $80.0B — Total Assets (As of March 31, 2025)
- $22.6B — Net Income (For the quarter ended March 31, 2025)
Key Players & Entities
- FIRST OF LONG ISLAND CORP (company) — Filer
- 20250331 (date) — Reporting Period End Date
- 20250501 (date) — Filing Date
- $80,000,000 (dollar_amount) — Total Assets
- $22,635,724 (dollar_amount) — Net Income
- $4.3 million (dollar_amount) — Commercial and Industrial Loans
- $1.0 million (dollar_amount) — Owner-Occupied Commercial Mortgage Loans
- $6.9 million (dollar_amount) — Residential Home Equity Loans
- $58,000 (dollar_amount) — Basis Adjustment for Loans
FAQ
What was the total amount of assets for First of Long Island Corp. as of March 31, 2025?
As of March 31, 2025, First of Long Island Corp. had total assets of $80,000,000.
What was the net income reported for the quarter ended March 31, 2025?
The net income for the quarter ended March 31, 2025, was $22,635,724.
What is the primary reason cited for the decrease in the fair value of net loans?
The decrease in the fair value of net loans is mainly due to an increase in interest rates.
Are any fixed-rate residential mortgage loans included in a fair value hedging relationship?
Yes, certain fixed-rate residential mortgage loans are included in a fair value hedging relationship.
What is the total amount of revolving lines converted to term loans?
The filing mentions revolving lines converted to term of $4.3 million of commercial and industrial, $1.0 million of owner-occupied commercial mortgage, and $6.9 million of residential home equity.
Filing Details
This Form 10-Q (Form 10-Q) was filed with the SEC on May 1, 2025 regarding FIRST OF LONG ISLAND CORP.