First Long Island | 10-Q: FY2025 Q1 EPS Misses Estimate at USD 0.17

EPS: As of FY2025 Q1, the actual value is USD 0.17, missing the estimate of USD 0.21.

EBIT: As of FY2025 Q1, the actual value is USD 4.243 M.

Financial Metrics by Segment

Net Income

• Net income for the quarter ended March 31, 2025, was $3.8 million, compared to $4.4 million for the same period in 2024.

Return on Average Assets (ROA) and Return on Average Equity (ROE)

• ROA for the quarter was 0.37%, and ROE was 3.98%.

Net Interest Margin

• Net interest margin for the first quarter of 2025 was 1.91%, compared to 1.79% for the same period in 2024.

Provision for Credit Losses

• The provision for credit losses was $168,000 for the first quarter of 2025, whereas no provision was recorded in the first quarter of 2024.

Noninterest Income

• Noninterest income decreased by $57,000, or 2.1%, mainly due to nonrecurring items in 2024, partially offset by increases in merchant card service fees and BOLI accretion.

Noninterest Expense

• Noninterest expense increased by $922,000, or 5.7%, primarily due to merger-related expenses and higher legal fees, partially offset by a decrease in salaries and employee benefits.

Cash Flow

• Net cash provided by operating activities was $1,082,000 for the first quarter of 2025.

Liquidity

• Total average deposits declined by $51.9 million when comparing the first quarters of 2025 and 2024.
• The Bank had $653.3 million in collateralized borrowing lines and $204.8 million in unencumbered securities, totaling $878.1 million in available liquidity at March 31, 2025.

Capital

• The Corporation’s capital position remains strong with a leverage ratio of approximately 10.29% at March 31, 2025.

Future Outlook and Strategy

Core Business Focus

• The Corporation anticipates the merger with ConnectOne Bancorp, Inc. will close in the second quarter of 2025, subject to regulatory approvals and customary closing conditions.

Non-Core Business

• No share repurchases are expected in the first quarter of 2025 due to the Merger Agreement prohibiting additional share repurchases without ConnectOne’s consent.