After a quarter that beat analysts' estimates, First of Long Island Corp. in Glen Head, N.Y., is raising an extra $30 million of capital.
The $1.6 billion-asset company announced Monday that its second-quarter earnings rose 47% from a year earlier, to $5 million. The analysts' consensus estimate for First of Long Island was earnings of 54 cents per share; it earned 68 cents a share in the quarter.
The results were driven by a 25% year-over-year increase in net interest income, to $13.8 million, and a $587,000 gain on securities.
The company's provision for loan losses rose nearly threefold, to $820,000.
It said the proceeds of the capital-raising effort would support the bank's capital levels and fuel growth.
