Mission Statement, Vision, & Core Values of The First of Long Island Corporation (FLIC)

The First of Long Island Corporation's foundational Mission, Vision, and Core Values are facing their ultimate stress test following the June 2025 merger with ConnectOne Bancorp, Inc.. You saw the Q1 2025 net income drop to $3.8 million, so the financial imperative for this deal is defintely clear, but what about the culture built on integrity and customer satisfaction? Will the community-focused ethos that drove a $16.91 book value per share on the eve of the merger translate into the new $14 billion asset entity?

The First of Long Island Corporation (FLIC) Overview

The First of Long Island Corporation, a name synonymous with community banking on Long Island for nearly a century, officially concluded its independent operations in June 2025, merging into ConnectOne Bancorp, Inc. This strategic move created a significantly larger regional bank, but the legacy of FLIC's community-first model remains a core component of the combined entity's success.

Founded in 1927 in Glen Head, New York, The First of Long Island Corporation operated as the bank holding company for The First National Bank of Long Island. Its business model centered on providing a comprehensive suite of financial services to small and medium-sized businesses, professionals, and consumers across Long Island and New York City. They offered everything from business and personal checking accounts to commercial and residential mortgages.

The company's final reported sales figures as a standalone entity, based on the last twelve months (LTM) ending March 31, 2025, showed total revenue of $85.36 million. This LTM figure, while down slightly year-over-year, reflects the challenging interest rate environment for regional banks leading up to the merger. It's a tough market, but the core business held up.

Latest Financial Performance Leading to the Merger

The First of Long Island Corporation's financial trajectory in early 2025 was defined by the impending merger and a shifting rate landscape. For the first quarter of 2025 (Q1 2025), the company reported a net income of $3.8 million, or $0.17 per share, which was a decline from the $4.4 million reported in Q1 2024. This drop highlights the pressure on profitability many regional banks faced.

Still, there were clear operational wins. The bank saw its net interest income-the difference between interest earned on loans and paid on deposits-increase by 3.6%, or $661,000, in Q1 2025, driven by a notable $2.0 million decrease in interest expenses. Here's the quick math: lower funding costs helped offset a drop in interest income. Key performance indicators for the quarter included a strong capital position, with a leverage ratio of 10.29%, and a book value per share that actually increased to $16.91 as of March 31, 2025. You want to see that capital strength, defintely.

• Q1 2025 Net Income: $3.8 million.
• Net Interest Income Growth (Q1 2025): 3.6%.
• Available Liquidity (March 31, 2025): $878.1 million.

FLIC's Legacy as an Industry Leader

The First of Long Island Corporation's success wasn't measured by sheer size, but by its deep roots and focus on the local economy. Its reputation for a 'Customer First' banking experience, catering to the specific needs of Long Island's small businesses and municipalities, is what made it an attractive partner for ConnectOne Bancorp, Inc. The merger, which closed on June 2, 2025, created a powerful new entity with approximately $14 billion in total assets and $11 billion in deposits and loans.

This combination immediately positioned the merged company as one of the top five community banks in Long Island by deposit market share. So, while the FLIC ticker is no longer trading, its core business and customer base now form a leading part of a much larger, more competitive regional bank. This move was a clear strategic action to ensure long-term stability and expanded product offerings for its loyal customer base. To dive deeper into the financial mechanics that drove this decision, you should read Breaking Down The First of Long Island Corporation (FLIC) Financial Health: Key Insights for Investors.

The First of Long Island Corporation (FLIC) Mission Statement

You're looking for the bedrock of The First of Long Island Corporation's strategy, and honestly, it's never been more important than right now. The company's mission statement is the critical anchor, especially as it navigates a major market transition in 2025. It's a clear commitment to its local New York-metro area, guiding every decision from loan underwriting to shareholder communications.

The core purpose is simple: to serve the financial needs of its community while upholding integrity and driving shareholder value. This isn't corporate fluff; it's a three-part mandate that directly maps to its recent strategic actions, most notably the pending merger with ConnectOne Bancorp, Inc., expected to close in the second quarter of 2025. That move is a direct play to strengthen all three mission pillars.

For a deeper dive into how this mission developed, check out The First of Long Island Corporation (FLIC): History, Ownership, Mission, How It Works & Makes Money. The mission provides the strategic framework for everything else.

Core Component 1: Providing Financial Solutions and Customer Focus

The first pillar is a commitment to delivering high-quality financial solutions to individuals, families, and businesses. This is where the rubber meets the road-it's about product and service quality. The First of Long Island Corporation (FLIC) is known for its 'Customer First' banking experience, focusing on small and middle market businesses, professional service firms, and consumers. That's a defintely tough, relationship-driven segment.

The quality commitment is best measured by the strength of its core business before the merger. For the year ended December 31, 2024, the company reported noninterest income increased nearly 23%, largely driven by new and recurring fee income categories, a direct sign of successful cross-selling and service adoption by customers. Plus, asset quality remained strong, which is the ultimate proof of sound lending to its customer base.

• Focus on personalized service, not just transactions.
• Targeting small/middle market businesses in the New York-metro area.
• Noninterest income growth shows service quality traction.

Core Component 2: Fostering Long-Term Relationships and Community Involvement

The second core component is fostering long-term relationships and community involvement. For a community bank, this is the moat (competitive advantage). It's about building trust that lasts through economic cycles. The company's tagline, "Go First, Go Far," communicates its employees' commitment to helping customers reach their financial goals, which is the relational side of the business.

This commitment is now being tested and amplified by the merger. The combined entity, ConnectOne Bancorp, Inc. and The First of Long Island Corporation, will have approximately $11 billion in total deposits and $11 billion in total loans upon closing. Here's the quick math: a larger asset base means greater lending capacity for the community, but it demands maintaining that local, personalized touch. The combination is set to establish the new ConnectOne brand as one of the top 5 banks on Long Island in terms of deposit market share, a clear measure of community trust and reach. What this estimate hides is the integration risk-they must keep the local service model intact.

Core Component 3: Maintaining a Strong Financial Position and Shareholder Value

The third pillar is maintaining a strong financial position to ensure stability and growth for shareholders, operating with integrity and transparency. Stability is paramount in banking, and the financial metrics for the year ended December 31, 2024, show the pre-merger environment: net income was $17.1 million, with a return on average assets (ROA) of 0.40%. This was a challenging year, with a decline in net interest income of $13.6 million, or 15.7%, due to the rate environment.

The strategic action for 2025 is the merger, which is a direct move to boost shareholder value and stability. The combined company will have approximately $14 billion in total assets, creating a more resilient and larger regional bank. This scale is intended to improve operational efficiency and profitability, ultimately driving a higher return for shareholders. The merger is the clearest action taken in 2025 to execute on this mission component, creating a truly premier New York-metro community bank.

The First of Long Island Corporation (FLIC) Vision Statement

You're looking for the bedrock of The First of Long Island Corporation's (FLIC) strategy, and honestly, the most immediate factor is the pending merger with ConnectOne Bancorp, Inc., expected to close around June 1, 2025. This transaction fundamentally re-maps the future, but the bank's core purpose-its de facto vision-still dictates its near-term value and integration strategy. The tagline, Go First, Go Far, encapsulates the proactive, client-first culture that ConnectOne is buying into.

Here's the quick math on the combined entity: it will operate with approximately $14 billion in total assets, $11 billion in total deposits, and $11 billion in total loans. FLIC's individual Q1 2025 performance, with net income at $3.8 million, down from $4.4 million in Q1 2024, shows the pressure on regional banks, but the merger is the clear path forward.

Providing Financial Solutions to Individuals, Families, and Businesses

The first pillar of their core purpose is all about local delivery. FLIC's strength has always been serving the financial needs of small-to-middle market businesses, professional service firms, and consumers primarily across Nassau and Suffolk Counties on Long Island, plus a presence in New York City. As of March 31, 2025, the bank held $3.16 billion in total loans and $3.3 billion in total deposits, demonstrating a strong, localized deposit base. The merger is meant to amplify this, giving their client base the scale of a larger institution while maintaining that local focus. You need to watch how quickly the new platform integrates to keep those business customers happy.

• Total Loans: $3.16 billion (Q1 2025).
• Total Deposits: $3.3 billion (Q1 2025).
• Focus: Small to middle-market businesses.

Fostering Long-Term Relationships and Community Involvement

This is where the rubber meets the road in community banking, and it's a major reason ConnectOne Bancorp, Inc. is paying a premium. The value isn't just in the balance sheet; it's in the deep-seated, relationship-focused banking model that FLIC has cultivated since 1927. The integration challenge is keeping that 'Customer First' culture alive after the merger. If onboarding takes 14+ days, churn risk defintely rises. This is a people-first business, and the merger's success hinges on a seamless cultural and operational transition, especially for the 40 branches across the New York Metropolitan area.

For a deeper dive into who is currently holding shares and what they're anticipating from this transition, you should be Exploring The First of Long Island Corporation (FLIC) Investor Profile: Who's Buying and Why?

Maintaining a Strong Financial Position for Stability and Growth

A strong financial position is the foundation for any bank's vision, and FLIC has maintained a conservative credit culture. However, the financial landscape is tough. The bank reported diluted earnings per share (EPS) of $0.17 for Q1 2025, missing the analyst estimate of $0.22, which signals margin pressure. The merger is the strategic move to ensure future growth by gaining significant scale. The transaction was valued at approximately $284 million in the aggregate, or about $12.40 per share, based on ConnectOne's closing price in September 2024. The market capitalization as of May 30, 2025, was $269.21 million, reflecting the pending transaction and the associated premium.

Here's the quick math on the combined entity: the pro forma company will have a market capitalization of over $1.2 billion, based on ConnectOne's stock price. That's a significant leap in scale.

Operating with Integrity, Transparency, and a Commitment to Ethical Practices

In the banking world, integrity is your most valuable non-interest-bearing asset. FLIC's commitment to ethical practices is the intangible value that supports its strong local presence. The regulatory environment is only getting tighter, and the bank's leverage ratio was reported at a healthy 10.29% as of March 31, 2025, meeting all regulatory requirements. This conservative approach to risk management is what makes the bank an attractive partner for ConnectOne Bancorp, Inc., ensuring a stable asset quality as they merge. The provision for credit losses saw a slight increase to $168,000 in Q1 2025, the first recorded in the past year, which shows a cautious, realist approach to current economic uncertainty.

The First of Long Island Corporation (FLIC) Core Values

You're looking for the real bedrock of The First of Long Island Corporation, the principles that drove their strategy right up to the major shift in 2025. The core values-Customer-First Service, Financial Stability, and Community Commitment-were not just words on a plaque; they were the foundation that made the company a highly attractive partner for a strategic merger, which is the ultimate proof of value.

Honestly, understanding these values is crucial because they explain the high valuation that ConnectOne Bancorp, Inc. saw in the acquisition. The company's commitment to these areas is what led to its strong capital position, with a leverage ratio of approximately 10.29% as of March 31, 2025, which is a key indicator of its financial health. You can see more about this financial picture in Breaking Down The First of Long Island Corporation (FLIC) Financial Health: Key Insights for Investors.

Customer-First Service

A 'Customer First' philosophy is easy to claim but hard to execute consistently, especially in a competitive market like Long Island and New York City. For The First of Long Island Corporation, this value meant a relentless focus on personalized service for small and middle market businesses, professional service firms, and not-for-profits. It's what differentiated them from the massive money-center banks.

The proof is in the strategic decisions made in 2025. The merger with ConnectOne Bancorp, Inc., which closed on or about June 2, 2025, was explicitly framed as combining 'two highly complementary, client focused banks' with a 'shared client-first culture'. The goal wasn't just scale; it was to leverage ConnectOne's modern infrastructure to serve The First of Long Island Corporation's distinguished client base even better, offering expanded expertise and customizable product offerings. That's a defintely material commitment to service.

• Focused on small-to-mid-market business lending.
• Maintained a culture of extraordinary service for clients.
• Merger expanded product offerings for existing customers.

Financial Stability & Growth

You can't serve your community or your customers if your own house is not in order. The value of Financial Stability & Growth was paramount, particularly in the volatile post-2024 interest rate environment. The company's management was focused on maintaining a strong financial position to ensure stability and growth for shareholders.

Here's the quick math on their stability leading up to the merger: The First of Long Island Corporation reported a net income of $3.8 million for the first quarter of 2025. While this was a dip from the prior year, the core capital strength remained strong, with a leverage ratio of approximately 10.29% as of March 31, 2025. Plus, they consistently delivered a quarterly cash dividend of $0.21 per share, declared in March 2025, demonstrating a commitment to shareholder returns even during a period of strategic transition. The merger itself was the ultimate growth play, creating a combined entity with approximately $14 billion in total assets.

• Q1 2025 Net Interest Margin was 1.91%.
• Q1 2025 Return on Equity (ROE) stood at 3.98%.
• Merger created a bank with approximately $11 billion in total loans.

Community Commitment

As a community bank founded in 1927 in Glen Head, New York, The First of Long Island Corporation's commitment to its local markets was a core part of its identity. This value is about more than just deposits; it's about being an engine for local economic development. The company's mission explicitly included fostering long-term relationships with customers through community involvement.

The bank's focus was on serving the financial needs of its community, including small and middle market businesses, which are the backbone of the Long Island economy. Even as the merger was pending, the strategic rationale was to enhance service capabilities and leverage the combined entity's scale to better serve the robust Long Island community. This commitment was a major factor in the merger, as the combined company, operating under the ConnectOne brand, aims to be among the top five community banks on Long Island by deposit market share. That kind of market position ensures continued, deep-seated community investment.

• Focused on lending to not-for-profits and municipalities.
• Merger was positioned to strengthen Long Island market presence.
• Provided a broad set of lending and deposit products locally.

The First of Long Island Corporation's values were the blueprint for its 2025 strategy. They didn't just talk about integrity and client focus; they executed a major corporate action that amplified those values, resulting in a stronger, more capable institution for their former clients and shareholders.