NasdaqCM:FLIC

Stock Analysis Report

Executive Summary

The First of Long Island Corporation operates as the holding company for The First National Bank of Long Island that provides financial services to small and medium-sized businesses, professionals, consumers, public bodies, and other organizations.

Rewards

Trading at 8.3% below its fair value

Earnings have grown 13.1% per year over the past 5 years

Pays a high and reliable dividend of 3.09%

Risk Analysis

No risks detected for FLIC from our risk checks.


Snowflake Analysis

Flawless balance sheet established dividend payer.


Similar Companies

Share Price & News

How has First of Long Island's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: FLIC has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.3%

FLIC

0.5%

US Banks

1.8%

US Market


1 Year Return

3.1%

FLIC

12.1%

US Banks

20.1%

US Market

Return vs Industry: FLIC underperformed the US Banks industry which returned 12.1% over the past year.

Return vs Market: FLIC underperformed the US Market which returned 20.1% over the past year.


Shareholder returns

FLICIndustryMarket
7 Day1.3%0.5%1.8%
30 Day-2.6%-1.2%1.4%
90 Day-2.7%1.5%8.8%
1 Year6.4%3.1%15.4%12.1%22.7%20.1%
3 Year-10.7%-17.5%25.2%16.2%50.1%40.4%
5 Year60.0%40.2%76.0%56.0%72.9%53.9%

Price Volatility Vs. Market

How volatile is First of Long Island's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is First of Long Island undervalued compared to its fair value and its price relative to the market?

8.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FLIC ($23.27) is trading below our estimate of fair value ($25.38)

Significantly Below Fair Value: FLIC is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: FLIC is poor value based on its PE Ratio (13.8x) compared to the Banks industry average (12.6x).

PE vs Market: FLIC is good value based on its PE Ratio (13.8x) compared to the US market (18.3x).


Price to Earnings Growth Ratio

PEG Ratio: FLIC is poor value based on its PEG Ratio (59.1x)


Price to Book Ratio

PB vs Industry: FLIC is overvalued based on its PB Ratio (1.4x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is First of Long Island forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

0.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FLIC's forecast earnings growth (0.2% per year) is below the savings rate (1.7%).

Earnings vs Market: FLIC's earnings (0.2% per year) are forecast to grow slower than the US market (14.3% per year).

High Growth Earnings: FLIC's earnings are forecast to grow, but not significantly.

Revenue vs Market: FLIC's revenue (2% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: FLIC's revenue (2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: FLIC's Return on Equity is forecast to be low in 3 years time (10.2%).


Next Steps

Past Performance

How has First of Long Island performed over the past 5 years?

13.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FLIC has high quality earnings.

Growing Profit Margin: FLIC's current net profit margins (37.5%) are lower than last year (38.6%).


Past Earnings Growth Analysis

Earnings Trend: FLIC's earnings have grown by 13.1% per year over the past 5 years.

Accelerating Growth: FLIC's earnings growth over the past year (0.2%) is below its 5-year average (13.1% per year).

Earnings vs Industry: FLIC earnings growth over the past year (0.2%) underperformed the Banks industry 12.1%.


Return on Equity

High ROE: FLIC's Return on Equity (10.7%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is First of Long Island's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: FLIC has a low level of unsold assets or inventory.

Debt Coverage by Assets: FLIC's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: FLIC's level of assets compared to its equity is moderate.

Allowance for Bad Loans: FLIC has a sufficient allowance for bad loans.

Low Risk Liabilities: FLIC's liabilities are made up of primarily low risk sources of funding.

Loan Level: FLIC has an acceptable proportion of non-loan assets held.

Low Risk Deposits: FLIC's loans are broadly funded by customer deposits.

Level of Bad Loans: FLIC has an appropriate level of bad loans (0.03%)


Next Steps

Dividend

What is First of Long Island's current dividend yield, its reliability and sustainability?

3.09%

Current Dividend Yield


Dividend Yield vs Market

company3.1%marketbottom25%1.4%markettop25%3.7%industryaverage2.8%forecastin3Years3.2%

Current dividend yield vs market & industry

Notable Dividend: FLIC's dividend (3.09%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: FLIC's dividend (3.09%) is low compared to the top 25% of dividend payers in the US market (3.68%).


Stability and Growth of Payments

Stable Dividend: FLIC's dividends per share have been stable in the past 10 years.

Growing Dividend: FLIC's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (41.5%), FLIC's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FLIC's dividends in 3 years are forecast to be well covered by earnings (42.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.4yrs

Average management tenure


CEO

Chris Becker (53yo)

0.08yrs

Tenure

US$675,353

Compensation

Mr. Christopher D. Becker, also known as Chris, serves as President, Chief Executive Officer and Director at First of Long Island Corporation and First National Bank of Long Island since January 1, 2020. M ...


CEO Compensation Analysis

Compensation vs Market: Chris's total compensation ($USD675.35K) is below average for companies of similar size in the US market ($USD1.69M).

Compensation vs Earnings: Chris's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Christopher Becker
President0.08yrsUS$675.35k0.093% $518.6k
Christopher Hilton
Executive VP & Commercial Banking Division - Executive2.1yrsUS$514.99k0.035% $195.0k
Jay McConie
Executive VP0.08yrsno data0.0053% $29.5k
William Aprigliano
Senior VP & Chief Accounting Officer0yrsno data0.019% $107.3k
Donald Manfredonia
Executive Vice President0yrsUS$526.47k0.50% $2.8m
Richard Perro
Executive Vice President11.1yrsno data0.091% $507.7k
Robert Colosa
VP & Chief Auditor8.3yrsno datano data
Anne Stefanucci
Executive Vice President0yrsno data0.018% $102.3k
Janet Verneuille
Executive VP & Chief Risk Officer0.7yrsno datano data
Maria Doyle
Controller0yrsno datano data

1.4yrs

Average Tenure

53yo

Average Age

Experienced Management: FLIC's management team is not considered experienced ( 1.4 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Christopher Becker
President0.08yrsUS$675.35k0.093% $518.6k
Walter Teagle
Chairman of the Board14.8yrsUS$184.76k0.59% $3.3m
Howard Hogan
Independent Director42.1yrsUS$84.45k0.83% $4.6m
Paul Canarick
Independent Director27.8yrsUS$89.34k1.67% $9.3m
Eric Tveter
Independent Director6.4yrsUS$84.00k0.047% $260.1k
Michael Vittorio
Director16.8yrsUS$1.89m0.45% $2.5m
Alexander Cover
Independent Director16.8yrsUS$100.25k0.16% $910.3k
Mark Wurzel
Member of Business Advisory Board0yrsno datano data
Sal Turano
Member of Business Advisory Board0yrsno datano data
Milbrey Taylor
Independent Director12.1yrsUS$87.75k0.13% $714.1k

15.8yrs

Average Tenure

67.5yo

Average Age

Experienced Board: FLIC's board of directors are seasoned and experienced ( 15.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: FLIC insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

The First of Long Island Corporation's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: The First of Long Island Corporation
  • Ticker: FLIC
  • Exchange: NasdaqCM
  • Founded: 1927
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$556.959m
  • Shares outstanding: 23.93m
  • Website: https://www.fnbli.com

Number of Employees


Location

  • The First of Long Island Corporation
  • 10 Glen Head Road
  • Glen Head
  • New York
  • 11545
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FLICNasdaqCM (Nasdaq Capital Market)YesCommon StockUSUSDJan 1987

Biography

The First of Long Island Corporation operates as the holding company for The First National Bank of Long Island that provides financial services to small and medium-sized businesses, professionals, consumers, public bodies, and other organizations. Its deposit products include business and small business checking, personal checking products, savings accounts, negotiable order of withdrawal accounts and IOLA, escrow service accounts, rent security accounts, time deposits, holiday club accounts, and individual retirement accounts, as well as money market products. The company’s loan portfolio comprises commercial and industrial loans, small business credit scored loans, residential and commercial mortgage loans, home equity lines of credit, construction loans, and commercial and standby letters of credit, as well as auto, home improvement, and other consumer loans. It also offers account reconciliation services, ACH origination, ATM banking and deposit automation, bank by mail, bill payment, cash management services, collection services, controlled disbursement accounts, foreign currency sales and purchases, healthcare remittance automation, debit cards, lock box services, merchant credit card services, and mobile capture services, as well as mutual funds, annuities, and life insurance. In addition, the company provides night depository services, payroll services, personal money orders, remote deposit, safe deposit boxes, securities transactions, signature guarantee services, travelers checks, investment management and trust services, domestic and international wire transfers, and withholding tax depository services, as well as drive-through, mobile, online, and telephone banking services. It operates through a network of 51 branches, including 6 full-service branches in Queens, 3 in Brooklyn, and 2 commercial banking offices in Manhattan. The First of Long Island Corporation was founded in 1927 and is headquartered in Glen Head, New York. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/16 00:00
End of Day Share Price2020/02/14 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.