First of Long Island Corp. in Glen Head, N.Y., said Friday that its fourth-quarter net income rose 10.6% from a year earlier, to $3 million. Earnings per share rose 11%, to 40 cents.
The $1 billion-asset company said it raised its loan-loss provision 1.5% from a year earlier, to $199,000.
It described credit quality as "excellent." At yearend its ratio of nonaccruing loans to total loans was 0.05%.
The company did not break down loan volume for the quarter but said it added 16.9%, or $76.1 million, in loans for the year, for a total of $521 million. The growth came mostly in commercial mortgages, up 22.7%, or $31.4 million; residential mortgages, up 12.2%, or $21.2 million; and home equity loans, up 22.3%, or $14.9 million.
It said salaries increased $8.5%, or $1.1 million, last year, partly because of a December branch opening that brought its branch count to 26. It plans to add another branch this year.
