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Click on individual bank names in the table below to access American Banker's coverage of each company's earnings report. Links to relevant coverage, filings, and releases can be found in the Related Links area of each article.
January 28
First of Long Island Corp. in Glen Head, N.Y., said Monday that 2010 earnings increased 36.6%, to $18.4 million.
The $1.7 billion-asset company also said earnings per share increased 25% for the year, to $2.30 from $1.84 in 2009. Fourth-quarter net income grew 81.8%, to $4.6 million, and earnings per share increased 53.3%, to 46 cents, from a year earlier.
First of Long Island attributed the annual earnings per share growth to an increase in the average balance of loans and tax-exempt municipal securities, and decreases in the rates paid on deposits.
The company's fourth-quarter loan-loss provision fell 57.5% from a year earlier, to $1.55 million, but increased 87.8% from the third quarter, resulting in a decrease in net income from the previous quarter. The rise in the provision was driven by an $870,000 impairment reserve on one nonaccrual loan.
Nonperforming assets nearly tripled from a year ago, to $8 million at Dec. 31, but represented less than 1% of the bank's total assets.
