Mission Statement, Vision, & Core Values (2024) of The First of Long Island Corporation (FLIC)

An Overview of The First of Long Island Corporation (FLIC)

General Summary of The First of Long Island Corporation (FLIC)

The First of Long Island Corporation (FLIC), established in 1927, is a bank holding company headquartered in Glen Head, New York. FLIC operates through its subsidiary, The First National Bank of Long Island, offering a range of financial services including commercial and consumer banking, wealth management, and mortgage banking. As of 2024, FLIC serves clients primarily on Long Island and in the New York City metropolitan area.

As of 2024, FLIC reported total sales amounting to approximately $127 million, driven by its diverse portfolio of financial products and services. The company has been recognized for its commitment to community banking and customer service, maintaining a strong presence in the local market.

Company's Financial Performance in the Latest Financial Reports

In the first nine months of 2024, FLIC achieved a net income of $13.8 million, translating to diluted earnings per share of $0.61. This reflects a decrease compared to the $20.2 million and $0.89 per share reported during the same period in 2023. The decline in earnings was primarily attributed to a drop in net interest income, which decreased by $12 million to $56 million, due to rising interest expenses.

Key financial metrics for the first nine months of 2024 include:

Despite the decline in earnings, FLIC's total deposits grew by $56.1 million or 1.7%, totaling $3.3 billion as of September 30, 2024. The increase was driven by growth in savings and money market deposits. The bank's leverage ratio stood at 10.13%, indicating a solid capital position.

Introduction to The First of Long Island Corporation as an Industry Leader

FLIC is recognized as a leader in the community banking sector, particularly in the Long Island region. Its commitment to providing personalized banking services, coupled with a strong understanding of the local market, positions FLIC favorably against competitors. The bank's focus on enhancing customer experience and adapting to market changes has contributed to its resilience and continued growth.

As of 2024, FLIC maintains a strategic focus on expanding its market share and enhancing its service offerings, ensuring that it remains a significant player in the banking industry. To understand more about FLIC's successful strategies and operational excellence, further exploration of its mission and core values is essential.

Mission Statement of The First of Long Island Corporation (FLIC)

Company's Mission Statement Overview

The First of Long Island Corporation (FLIC) operates with a clear mission statement that emphasizes its commitment to providing high-quality financial services to its customers while supporting the community. The mission statement serves as a guiding framework for the company's strategic initiatives and operational goals.

Core Component 1: Customer Commitment

FLIC prioritizes customer satisfaction and aims to build lasting relationships through exceptional service. For instance, the corporation reported a net interest income of $55.2 million for the first nine months of 2024, reflecting its dedication to generating value for its customers.

Core Component 2: Community Engagement

The corporation is dedicated to enhancing the communities it serves through active involvement and support. FLIC's total deposits grew by $56.1 million, or 1.7%, reaching $3.3 billion as of September 30, 2024, signifying its role in local economic development.

Core Component 3: Operational Excellence

FLIC emphasizes operational efficiency to maximize shareholder value while maintaining high-quality service. The efficiency ratio for the first nine months of 2024 was 76.39%, illustrating the corporation's focus on managing operational costs effectively.

FLIC's mission statement reflects its commitment to delivering high-quality products and services while fostering community growth and operational efficiency. The financial data supports its focus on customer commitment, community engagement, and operational excellence, reinforcing the corporation's strategic objectives for 2024.

Vision Statement of The First of Long Island Corporation (FLIC)

Vision for Community Engagement

The First of Long Island Corporation (FLIC) aims to enhance its role as a trusted community partner. This vision emphasizes building long-term relationships with customers and stakeholders through active participation in local initiatives. As of 2024, FLIC has allocated approximately $1.2 million towards community development and charitable contributions, reflecting a commitment to supporting local economies and improving the quality of life in the regions it serves.

Vision for Financial Performance

FLIC envisions achieving sustainable growth through diversified revenue streams and enhanced profitability. For the first nine months of 2024, the corporation reported a net income of $13.8 million, with diluted earnings per share at $0.61. This is a decline from the previous year's net income of $20.2 million and diluted earnings per share of $0.89 due to increased interest expenses and lower net interest income, which was $56.0 million compared to $68.0 million in 2023. The net interest margin decreased to 1.83% from 2.21% year-over-year.

Vision for Innovation and Technology

FLIC aims to leverage technology to enhance customer experience and streamline operations. Investments in digital banking solutions and cybersecurity measures are prioritized, with a budget of over $2.5 million allocated for technology upgrades in 2024. The corporation has seen a 15% increase in online banking engagement, indicating a successful adaptation to digital trends.

Vision for Employee Development

FLIC recognizes the importance of its workforce in achieving its strategic goals. The company has implemented a comprehensive employee training program, investing $500,000 in professional development initiatives in 2024. This program aims to enhance skillsets and improve employee satisfaction, which is reflected in a 10% increase in employee retention rates compared to the previous year.

Vision for Sustainable Practices

FLIC is committed to sustainability and environmental stewardship. The corporation has set ambitious goals to reduce its carbon footprint by 20% by 2025, with initiatives including energy-efficient upgrades to its facilities and promoting paperless banking options. As of 2024, FLIC has reduced energy consumption by 12% across its branches through these efforts.

Core Values of The First of Long Island Corporation (FLIC)

Integrity

The First of Long Island Corporation (FLIC) places a strong emphasis on integrity as a core value, ensuring transparency and accountability in all its dealings. This commitment is reflected in its robust governance framework and ethical business practices.

FLIC has implemented a comprehensive compliance program that includes regular training for employees on ethical standards and regulatory requirements. In 2024, the company reported zero violations of regulatory standards, showcasing its dedication to maintaining high integrity levels in its operations.

Customer Focus

Customer focus is paramount at FLIC, driving the company to prioritize the needs and satisfaction of its clients. FLIC has introduced tailored financial products aimed at enhancing customer experience, including personalized loan solutions and enhanced digital banking services.

As a testament to its customer-centric approach, FLIC achieved a customer satisfaction score of 92% in 2024, significantly above the industry average of 85%. This high level of satisfaction is attributed to the introduction of a new mobile banking app that saw over 50,000 downloads within the first three months of its launch.

Community Engagement

Community engagement is a core value that FLIC actively promotes through various initiatives aimed at giving back to the community. In 2024, FLIC contributed over $1 million to local charities and community programs, focusing on education, housing, and economic development.

Additionally, FLIC employees volunteered over 2,500 hours in community service projects, reinforcing the company's commitment to social responsibility and community development. The bank also established a scholarship program that awarded $100,000 to local students pursuing higher education.

Innovation

Innovation is at the heart of FLIC's strategy, as the company continuously seeks to enhance its services and operational efficiency. In 2024, FLIC invested $2 million in technology upgrades to improve its digital banking infrastructure and streamline customer interactions.

The introduction of AI-driven customer service tools has resulted in a 30% reduction in response time for customer inquiries, further enhancing the overall customer experience. This innovative approach has positioned FLIC as a leader in digital banking solutions within its market.

Teamwork

Teamwork is a fundamental value at FLIC, fostering a collaborative environment that encourages employees to work together towards common goals. The company has established cross-functional teams to enhance collaboration across departments, leading to improved project outcomes and service delivery.

In 2024, FLIC launched an employee recognition program that highlighted teamwork achievements, resulting in a 15% increase in employee engagement scores. This initiative has not only improved morale but has also contributed to a more cohesive workplace culture.

Article updated on 8 Nov 2024

Resources:

• The First of Long Island Corporation (FLIC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of The First of Long Island Corporation (FLIC)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View The First of Long Island Corporation (FLIC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.