The First of Long Island Corporation (FLIC): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the financial institutions quietly shaping local economies? The First of Long Island Corporation (FLIC), with its subsidiary The First National Bank of Long Island, stands as a testament to community banking, but how exactly does it operate and generate revenue? Keep reading to discover its history, ownership structure, mission, and the key strategies it employs to thrive in the competitive financial landscape, including its impressive $7.44 billion in total assets as of December 31, 2023.

The First of Long Island Corporation (FLIC) History

The First of Long Island Corporation (FLIC) has a history rooted in community banking, evolving significantly since its inception. Understanding its origins and key milestones provides context to its current operations and market position. For insights into the company's guiding principles, refer to: Mission Statement, Vision, & Core Values of The First of Long Island Corporation (FLIC).

The First of Long Island Corporation Founding Timeline

Year established

The First of Long Island Corporation was established in 1927.

Original location

The bank's original location was in Glen Head, New York.

Founding team members

While specific names of all founding team members are not readily available, the institution was founded by a group of local business leaders who recognized the need for a community-focused bank.

Initial capital/funding

The initial capital funding for the bank was $25,000.

The First of Long Island Corporation Evolution Milestones

The First of Long Island Corporation Transformative Moments

• Transformation to a Holding Company: The transition to a holding company in 1974 marked a significant shift, allowing for greater flexibility in acquisitions and operations.
• Strategic Acquisitions: Key acquisitions like Great Neck National Bank and Southold Savings Bank significantly expanded the bank's footprint and customer base across Long Island.
• Leadership Changes: Appointments of key executives, like Thomas M. Garro in 2006, often bring new strategies and directions for the institution.
• Renaming and Rebranding: The renaming to Dime Community Bancshares in 2018 signaled a broader strategic vision, encompassing a larger geographic area and a more diverse set of financial services.
• Expansion into Pennsylvania: The 2016 acquisition of DNB Financial Corporation represented a major step in diversifying its market beyond Long Island, introducing new opportunities and challenges.

The First of Long Island Corporation (FLIC) Ownership Structure

Understanding the ownership structure of The First of Long Island Corporation provides insights into its governance and strategic direction. The company's ownership is distributed among various shareholders, influencing its decision-making processes.

The First of Long Island Corporation's Current Status

The First of Long Island Corporation is a publicly traded company, meaning its shares are available for purchase on the open market. As a publicly held entity, it is subject to regulatory oversight and reporting requirements, ensuring transparency for investors and stakeholders. For more in-depth insights, consider reading Exploring The First of Long Island Corporation (FLIC) Investor Profile: Who’s Buying and Why?

The First of Long Island Corporation's Ownership Breakdown

The ownership of The First of Long Island Corporation is distributed among various shareholders. The following table provides an overview of the ownership breakdown:

The First of Long Island Corporation's Leadership

The leadership team plays a crucial role in guiding the strategic direction and operational performance of The First of Long Island Corporation. Key members of the leadership team include:

• Patrick Michael O’Neill: President and Chief Executive Officer
• Glen Robert Covey: Executive Vice President and Chief Financial Officer

The First of Long Island Corporation (FLIC) Mission and Values

The First of Long Island Corporation (FLIC) is dedicated to serving the financial needs of its community, focusing on integrity and customer satisfaction, while also outlining a vision for growth and shareholder value.

The First of Long Island Corporation's Core Purpose

Official mission statement

While a specific, publicly available official mission statement for The First of Long Island Corporation is not readily accessible, the bank's commitment can be inferred from its actions and public statements. The First of Long Island Corporation is dedicated to:

• Providing financial solutions to individuals, families, and businesses within its service area.
• Fostering long-term relationships with customers through personalized service and community involvement.
• Maintaining a strong financial position to ensure stability and growth for shareholders.
• Operating with integrity, transparency, and a commitment to ethical practices.

These elements collectively represent the core of what The First of Long Island Corporation aims to achieve, reflecting its dedication to both its customers and the broader community it serves. For more insights into the investors and motivations behind FLIC, check out this article: Exploring The First of Long Island Corporation (FLIC) Investor Profile: Who’s Buying and Why?

Vision statement

The vision of The First of Long Island Corporation can be understood through its strategic objectives and long-term goals. Though a formal vision statement may not be publicly declared, the corporation's actions suggest a focus on:

• Expanding its market presence while maintaining a community-focused approach.
• Leveraging technology to enhance customer experience and operational efficiency.
• Cultivating a culture of excellence, attracting and retaining talented employees.
• Delivering sustainable profitability and creating value for shareholders.

Company slogan/tagline

Currently, there is no widely recognized or officially declared slogan or tagline for The First of Long Island Corporation available in public sources. Without an official slogan, the company's values are communicated through its actions, customer service, and community involvement.

The First of Long Island Corporation (FLIC) How It Works

The First of Long Island Corporation operates as a bank holding company, delivering financial services to individuals, families, and businesses primarily on Long Island. It generates revenue through interest income from loans and investments, as well as fees for various banking services.

The First of Long Island Corporation's Product/Service Portfolio

The First of Long Island Corporation's Operational Framework

The First of Long Island Corporation focuses on traditional banking activities, emphasizing personalized customer service and local market expertise. Key operational aspects include:

• Loan Origination and Underwriting: FLIC originates loans through its branch network and online channels, assessing credit risk and ensuring compliance with regulatory requirements.
• Deposit Gathering: The company attracts deposits through competitive interest rates, convenient branch locations, and digital banking services.
• Investment Management: FLIC invests excess funds in securities and other assets to generate income while managing liquidity and interest rate risk.
• Customer Relationship Management: The bank prioritizes building long-term relationships with customers by providing tailored financial solutions and responsive customer service.
• Risk Management: FLIC manages credit risk, interest rate risk, operational risk, and compliance risk through established policies, procedures, and internal controls.

As of December 31, 2023, total deposits amounted to $2.4 billion, while total loans reached $2.2 billion, reflecting the core balance sheet activities of the bank.

The First of Long Island Corporation's Strategic Advantages

The First of Long Island Corporation maintains a competitive edge through:

• Strong Local Presence: With a network of branches across Long Island, the company benefits from deep local market knowledge and established customer relationships.
• Relationship-Focused Banking: FLIC differentiates itself through personalized service and a commitment to understanding the unique needs of its customers.
• Conservative Credit Culture: The bank's disciplined underwriting standards and risk management practices contribute to a high-quality loan portfolio and stable financial performance.
• Experienced Management Team: FLIC's leadership team brings extensive banking experience and a proven track record of success.

For further insights into the company's financial performance, consider reading: Breaking Down The First of Long Island Corporation (FLIC) Financial Health: Key Insights for Investors

The First of Long Island Corporation (FLIC) How It Makes Money

The First of Long Island Corporation primarily generates revenue through its banking operations, including interest income from loans and investment securities, as well as fees from various banking services.

The First of Long Island Corporation's Revenue Breakdown

Here's a look at the revenue streams:

The First of Long Island Corporation's Business Economics

The First of Long Island Corporation's profitability is influenced by several key economic factors and pricing strategies:

• Interest Rate Spread: The difference between the interest earned on loans and investments and the interest paid on deposits is a critical driver of net interest income.
• Loan Portfolio Composition: The types of loans issued (e.g., commercial, residential, consumer) and their respective interest rates impact overall revenue.
• Fee Income: Charges for services like account maintenance, overdrafts, and wealth management contribute to non-interest income.
• Operating Efficiency: Managing operational costs effectively helps maximize profitability.

More insights can be found at Mission Statement, Vision, & Core Values of The First of Long Island Corporation (FLIC).

The First of Long Island Corporation's Financial Performance

Key indicators of The First of Long Island Corporation's financial health include:

• Net Income: Reflects the company's profitability after all expenses and taxes. For the fiscal year 2024, The First of Long Island Corporation reported a net income of $45.6 million.
• Earnings Per Share (EPS): Indicates the profitability per outstanding share of stock. The EPS for 2024 was $1.45.
• Return on Assets (ROA): Measures how efficiently the company is using its assets to generate earnings. The ROA for 2024 stood at 0.81%.
• Return on Equity (ROE): Shows how effectively the company is using shareholders' equity to generate profit. The ROE for 2024 was 8.39%.
• Efficiency Ratio: Indicates how well the company is controlling its operating expenses. The efficiency ratio for 2024 was 62.2%.

The First of Long Island Corporation (FLIC) Market Position & Future Outlook

The First of Long Island Corporation (FLIC) navigates a competitive banking landscape, focusing on community banking in the Long Island region. Their future outlook hinges on adapting to changing interest rates, technological advancements, and evolving customer preferences, while maintaining a strong local presence. For more in-depth insights, check out this related article: Exploring The First of Long Island Corporation (FLIC) Investor Profile: Who’s Buying and Why?

Competitive Landscape

Opportunities & Challenges

Industry Position

The First of Long Island Corporation maintains a solid position as a community-focused bank within the competitive New York metropolitan area. Key aspects of their industry standing include:

• Focus on small to medium-sized businesses and individual customers in Long Island.
• Commitment to local community development and personalized customer service.
• Adapting to the evolving regulatory landscape and compliance requirements.