The First of Long Island Corporation Reports Q4 EPS of $.46

The First of Long Island Corporation FLIC earned $18,392,000 in 2010. This is an increase of 36.6% over 2009 earnings of $13,463,000. On a per share basis, earnings for 2010 were $2.30. This is $.46 better than $1.84 per share earned in 2009. Returns on average assets and equity were 1.11% and 12.94%, respectively, for 2010 compared to .95% and 12.15%, respectively, for 2009. Earnings for the fourth quarter of 2010 were $.46 per share, representing an increase of 53.3%, or $.16 per share, over $.30 per share earned in the same quarter last year. When comparing fourth quarter to third quarter 2010 results, earnings are down $.09 per share, or 16.4%, primarily as a result of an increase in the provision for loan losses of $725,000, the establishment of a $300,000 valuation reserve on one loan held for sale and the full quarter dilutive impact of the common stock offering that was completed July 2010. The increase in the provision for loan losses was driven by the establishment of an impairment reserve of $870,000 on one nonaccrual loan.