First of Long Island hikes dividend by 5%

On September 30, 2022, The First of Long Island Corporation (FLIC) announced that it will raise its quarterly dividend by 5.0 percent to 21 cents per share. This follows a dividend hike of 5.3 percent to 20 cents per share in 2021 and also marks the financial services provider's 27th consecutive year of annual dividend increases.

The dividend will be paid on October 21, 2022 to shareholders of record on October 12, 2022. A new annual rate of 84 cents per share yields 4.9% to First of Long Island shareholders at at stock price of $17.42.

The First National Bank of Long Island is the sole subsidiary of The First of Long Island Corporation. The company provides financial services through its branches in Nassau and Suffolk Counties, Long Island and the boroughs of Queens, Brooklyn and Manhattan. The Bank’s revenues are derived principally from interest on loans and investment securities, service charges and fees on deposit accounts, income from investment management and trust services and bank-owned life insurance. The First of Long Island Corporation was incorporated on February 7, 1984 for the purpose of providing financial services through its wholly-owned subsidiary, The First National Bank of Long Island.