The First of Long Island Corporation Announces Increase in Net Income for the First Quarter of 2011

The First of Long Island Corporation FLIC reported net income of $4.8 million for the first quarter of 2011, an increase of 3.6%, from $4.6 million earned in the same period last year. Earnings per share were $.54 for the quarter, a decrease of $.09 from $.63 per share earned in the same period last year. Returns on average assets (ROA) and average equity (ROE) were 1.12% and 11.97%, respectively, for the first quarter of 2011 as compared to 1.13% and 15.56%, respectively, for the same period last year. The decreases in earnings per share and ROE were primarily attributable to the dilutive effect of the 2010 sale of 1.4 million shares of common stock. Furthermore, securities gains were $122,000 in the first quarter of this year versus $566,000 in the same period last year. Excluding these gains, net income is up by $432,000, or 10.1%, and earnings per share is down by $.05.