First of Long Island Full Year 2023 Earnings: EPS Beats Expectations, Revenues Lag
First of Long Island (NASDAQ:FLIC) Full Year 2023 Results
Key Financial Results
Revenue: US$93.5m (down 25% from FY 2022).
Net income: US$26.2m (down 44% from FY 2022).
Profit margin: 28% (down from 38% in FY 2022). The decrease in margin was driven by lower revenue.
EPS: US$1.16 (down from US$2.05 in FY 2022).
FLIC Banking Performance Indicators
Net interest margin (NIM): 2.16% (down from 2.89% in FY 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
First of Long Island EPS Beats Expectations, Revenues Fall Short
Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) exceeded analyst estimates by 2.1%.
In the last 12 months, the only revenue segment was Banking contributing US$93.5m. The largest operating expense was General & Administrative costs, amounting to US$50.5m (75% of total expenses). Explore how FLIC's revenue and expenses shape its earnings.
Looking ahead, revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US.
Performance of the American Banks industry.
The company's shares are up 1.0% from a week ago.
Balance Sheet Analysis
Just as investors must consider earnings, it is also important to take into account the strength of a company's balance sheet. See our latest analysis on First of Long Island's balance sheet health.
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