The First of Long Island, the parent company of The First National Bank of Long Island, reported second quarter net income edged up 4.2 percent to $10.7 million from $10.3 million a year ago.
The Glen Head-based bank’s assets and loans were both flat with a year ago at $4.2 billion and $3.2 billion respectively.
The 52-branch bank attributed the increase in income primarily to factors such as a $381,000 decline in the provision for loan losses, a $774,000 drop in salaries and employee benefits and $162,000 less in occupancy and equipment expenses.
The First of Long Island also pointed to $193,000 more in service charges on deposit accounts, although it also reported a $606,000 decline in net interest income and $315,000 more in income tax expenses.
The bank also said it bought back 240,300 shares during the quarter for $5.3 million, as it continues to invest in its own stock.
