Keffe, Bruyette, & Woods Reiterates Market Perform on FLIC

Keffe, Bruyette, & Woods is out with a research report this morning, where it reiterates its Market Perform rating on The First of Long Island Corp. FLIC; it has a $28.00 price target on the stock. The KBW analysts said, “We are updating our estimates after FLIC recently posted operating EPS of $0.55 that beat our forecast on stronger revenues & better cost control. Credit metrics remain top tier despite the addition of a TDR that bumped NPAs up to 0.51%. A flatter curve is expected to keep the margin under pressure unless meaningful loan growth emerges.” Founded in 1927, The First of Long Island Corporation is a core funded, $1.6 billion-in-asset commercial bank holding company operating out of 33 branches on Long Island, including three locations in Manhattan.