Long Island Bancorp Reports Record Net Income of $13.2 Million in Q4 1997

Strategic Insights -

Long Island Bancorp, Inc., the holding company for The Long Island Savings Bank, FSB, reported a solid financial performance for the first quarter of 1998, with record net income of $13.2 million or diluted earnings per share of $0.57. This represents the seventh consecutive quarter of increased earnings (excluding one-time charges). Net income for the same period in 1996 was $11.9 million, or $0.51 per share.

Key Takeaways:

  • Long Island Bancorp reported a 10.5% increase in net income compared to the same period in 1996, with diluted earnings per share increasing to $0.57 in Q4 1997.
  • Net interest income decreased by 3.2% to $39.0 million in Q4 1997, primarily due to the continued flattening of the yield curve and higher level of average borrowed funds.
  • Non-interest income increased by 16.4% to $10.3 million in Q4 1997, driven by increases in net gains on asset sales and insurance and securities commissions.
  • Total G&A expense decreased by 5.5% to $25.5 million in Q4 1997, primarily due to reductions in federal insurance premiums and advertising expense.
  • Balance sheet assets grew by 2.3% to $6.1 billion at December 31, 1997, driven by increases in investment in debt and equity securities, cash and cash equivalents, and total net loans held for investment and sale.
  • Stockholders' equity increased by 1.9% to $557.3 million at December 31, 1997, driven by earnings of $13.2 million and an increase in unrealized gains on securities.

Statistics:

  • Net Interest Income: $39.0 million (Q4 1997 vs. $40.3 million in Q4 1996)
  • Net Interest Margin: 2.67% (Q4 1997 vs. 2.77% in Q4 1996)
  • Non-Interest Income: $10.3 million (Q4 1997 vs. $8.8 million in Q4 1996)
  • Total G&A Expense: $25.5 million (Q4 1997 vs. $26.7 million in Q4 1996)
  • Total Assets: $6.1 billion (at December 31, 1997 vs. $5.9 billion at December 31, 1996)
  • Stockholders' Equity: $557.3 million (at December 31, 1997 vs. $533.3 million at December 31, 1996)
  • Diluted Earnings Per Share: $0.57 (Q4 1997 vs. $0.51 in Q4 1996)

Sources:

  • Long Island Bancorp, Inc. /CONTACT: Roger Teurfs, Corporate Secretary of Long Island Bancorp, 516-547-3030/
  • /Web site: http://www.lisb.com/
  • (LISB) CO: Long Island Bancorp, Inc. ST: New York IN: FIN SU: ERN MM-LI -- NYTU112 -- 6585 01/27/98 14:16 EST
  • http://www.prnewswire.com