-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VuzpNNlHniF7BMlB8hjyCGRX8UXXxEn1v2rDKOWzcDog8/wXnleI7RKK3Jre6p1t +A5ktbcwHleNC/a1npNnSw== 0001169232-03-003162.txt : 20030424 0001169232-03-003162.hdr.sgml : 20030424 20030424160058 ACCESSION NUMBER: 0001169232-03-003162 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030424 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST OF LONG ISLAND CORP CENTRAL INDEX KEY: 0000740663 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 112672906 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-12220 FILM NUMBER: 03662429 BUSINESS ADDRESS: STREET 1: 10 GLEN HEAD RD CITY: GLEN HEAD STATE: NY ZIP: 11545 BUSINESS PHONE: 5166714900 MAIL ADDRESS: STREET 1: 10 GLEN HEAD ROAD CITY: GLEN HEAD STATE: NY ZIP: 11545 8-K 1 d55298_8-k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 --------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported) - April 24, 2003 The First of Long Island Corporation - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) New York 0-12220 11-2672906 - -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 10 Glen Head Road, Glen Head, New York 11545 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code - (516) 671-4900 Not Applicable - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) ITEM 5. OTHER EVENTS On April 24, 2003, The First of Long Island Corporation (the "Corporation") issued a press release containing, among other things, an announcement of an additional share repurchase plan. The press release is furnished as Exhibit 99.1 to this Form 8-K filing. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS Exhibit 99.1 Press Release dated April 24, 2003 regarding the quarterly period ended March 31, 2003 and additional share repurchase plan. Exhibit 99.2 Quarterly Report To Shareholders For The Quarter Ended March 31, 2003. ITEM 9. REGULATION FD DISCLOSURE (ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION) On April 24, 2003, The First of Long Island Corporation issued a press release disclosing material non-public information regarding the Corporation's financial condition and results of operations as of and for the quarterly period ended March 31, 2003. The press release is furnished as Exhibit 99.1 to this Form 8-K filing. On the same day, the Corporation also mailed a quarterly report to shareholders disclosing substantially similar nonpublic information regarding the Corporation's financial condition and results of operations. The quarterly report to shareholders is furnished as Exhibit 99.2 to this Form 8-K filing. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. The First of Long Island Corporation (Registrant) Date: April 24, 2003 By: /s/ Mark D. Curtis ---------------------- Mark D. Curtis Senior Vice President & Treasurer (principal accounting & financial officer) 1 EX-99.1 3 d55298_ex99-1.txt PRESS RELEASE DATED APRIL 24, 2003 Exhibit 99.1 [THE FIRST OF LONG ISLAND CORPORATION LETTERHEAD] April 24, 2003 For More Information Contact: Mark D. Curtis, Senior Vice President and Treasurer (516) 671-4900, Ext. 556 PRESS RELEASE IMMEDIATE THE FIRST OF LONG ISLAND CORPORATION ANNOUNCES FIRST QUARTER EARNINGS AND ADDITIONAL SHARE REPURCHASE PLAN First Quarter Earnings. Glen Head, New York, April 24, 2003 - The First of Long Island Corporation earned 74 cents per share for the first quarter of 2003 as compared to 62 cents for the same quarter last year, an increase of 19%. Net income for the most recent quarter was $3,093,000 as compared to $2,648,000 a year ago. Total assets were $803,691,000 at March 31, 2003. The most important reason for the growth in earnings was an unusually large commercial mortgage prepayment fee. Other important causes of the earnings increase include growth in checking balances, market type savings balances and residential mortgages as well as a gain on the sale of securities. The large prepayment fee, the recurrence of which is unlikely, was especially important to the growth in earnings per share being equivalent to approximately 8 cents per share. The Company continues to be challenged by the very low interest rate market. The negative effects on net interest margin are expected to become even more pronounced as loans and securities are repriced or reinvested at lower yields without an offsetting reduction in the cost of funds. Also beginning to adversely affect earnings are the expenses of certain growth strategies including the costs of our three new commercial banking branches in Manhattan. BALANCE SHEET INFORMATION 3/31/03 3/31/02 -------- -------- (in thousands) Total Assets ............................. $803,691 $731,274 Net Loans ................................ 266,999 233,001 Investment Securities .................... 427,287 400,979 Checking Deposits ........................ 264,474 241,058 Savings and Time Deposits ................ 448,785 410,461 Total Stockholders' Equity ............... 84,987 76,739 2 INCOME STATEMENT INFORMATION
Three Months Ended -------------------------- 3/31/03 3/31/02 --------- --------- (in thousands) Net Interest Income ........................................... $ 8,472 $ 7,586 Provision For Loan Losses ..................................... 75 100 ------- ------- Net Interest Income After Provision For Loan Losses ..... 8,397 7,486 ------- ------- Noninterest Income ............................................ 1,485 1,329 Noninterest Expense ........................................... 5,685 5,301 ------- ------- Income Before Income Taxes .................................. 4,197 3,514 Income Tax Expense ............................................ 1,104 866 ------- ------- Net Income .................................................. $ 3,093 $ 2,648 ======= ======= Earnings Per Share: Basic ....................................................... $ .75 $ .63 Diluted ..................................................... $ .74 $ .62
This earnings release contains various "forward-looking statements" within the meaning of that term as set forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of the Securities Act of 1934. Such statements are generally contained in sentences including the words "may" or "expect" or "could" or "should" or "would" or "believe". The Corporation cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, and therefore actual results could differ materially from those contemplated by the forward looking statements. In addition, the Corporation assumes no duty to update forward-looking statements. For more detailed financial information please see the Corporation's Form 10-Q for the quarterly period ended March 31, 2003. The Form 10-Q will be available on or before May 15, 2003 and can be obtained from our Finance Department located at 10 Glen Head Road, Glen Head, New York 11545, or you can access Form 10-Q by going to our website at www.fnbli.com and clicking on "The First of Long Island Corporation." Stock Repurchase Program. The Board of Directors of The First of Long Island Corporation approved an additional stock repurchase plan which authorizes the Corporation to purchase from time to time in market or private transactions 50,000 shares of the Corporation's common stock. The stock purchases will be financed through available corporate cash. This is a continuation of the Corporation's stock repurchase program which began in 1988. 3
EX-99.2 4 d55298_ex99-2.txt QUARTERLY REPORT TO SHAREHOLDERS Exhibit 99.2 FIRST QUARTERLY REPORT MARCH 2003 [LOGO] The First of Long Island The First of Long Island Corporation Dear Stockholder We are pleased to report earnings for the first quarter of 2003. Earnings per share were 74 cents as compared to 62 cents in the first quarter of 2002, an increase of 19%. Net income for the most recent quarter was $3,093,000 as compared to $2,648,000 a year ago. Total assets were $803,691,000 at March 31, 2003. The most important reason for the growth in earnings was an unusually large commercial mortgage prepayment fee. Other important causes of the earnings increase include growth in checking balances, market type savings balances and residential mortgages as well as a gain on the sale of securities. The large prepayment fee, the recurrence of which is unlikely, was especially important to the growth in earnings per share being equivalent to approximately 8 cents per share. The Company continues to be challenged by the very low interest rate market. The negative effects on net interest margin are expected to become even more pronounced as loans and securities are repriced or reinvested at lower yields without an offsetting reduction in the cost of funds. Also beginning to adversely affect earnings are the expenses of certain growth strategies including the costs of our new branches in Manhattan. We are excited by two new growth strategies. At the end of March we introduced a free consumer checking product. Although we have had good growth in consumer checking balances, the numbers of these accounts have been stagnant and actually trended down last year. There are also ancillary fee and interest income opportunities from free checking, as we look forward to greater growth in our consumer business. Secondly, we expect to open three commercial banking offices in Manhattan in May. We have put together an excellent team of bankers for this market and believe that Manhattan could become an integral part of our growth strategy. By: /s/ J. William Johnson Chairman and Chief Executive Officer This quarterly report contains various "forward-looking statements" within the meaning of that term as set forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of the Securities Act of 1934. Such statements are generally contained in sentences including the words "may" or "expect" or "could" or "should" or "would" or "believe". The Corporation cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, and therefore actual results could differ materially from those contemplated by the forward looking statements. In addition, the Corporation assumes no duty to update forward-looking statements. 4 The First of Long Island Corporation Financial Highlights BALANCE SHEET INFORMATION
3/31/03 3/31/02 --------- --------- (in thousands) Total Assets ............................................................ $803,691 $731,274 Net Loans ............................................................... 266,999 233,001 Investment Securities ................................................... 427,287 400,979 Checking Deposits ....................................................... 264,474 241,058 Savings and Time Deposits ............................................... 448,785 410,461 Total Stockholders' Equity .............................................. 84,987 76,739
INCOME STATEMENT INFORMATION
Three Months Ended --------------------------- 3/31/03 3/31/02 --------- --------- (in thousands) Net Interest Income ..................................................... $ 8,472 $ 7,586 Provision For Loan Losses ............................................... 75 100 -------- -------- Net Interest Income After Provision For Loan Losses ............. 8,397 7,486 -------- -------- Noninterest Income ...................................................... 1,485 1,329 Noninterest Expense ..................................................... 5,685 5,301 -------- -------- Income Before Income Taxes ............................................ 4,197 3,514 Income Tax Expense ...................................................... 1,104 866 -------- -------- Net Income ............................................................ $ 3,093 $ 2,648 ======== ======== Earnings Per Share: Basic ................................................................. $ .75 $ .63 Diluted ............................................................... $ .74 $ .62
For more detailed financial information please see the Corporation's Form 10-Q for the quarterly period ended March 31, 2003. The Form 10-Q will be available on or before May 15, 2003 and can be obtained from our Finance Department located at 10 Glen Head Road, Glen Head, New York 11545, or you can access Form 10-Q by going to our website and clicking on "The First of Long Island Corporation." Visit our website at www.fnbli.com [LOGO] The First of Long Island The First of Long Island Corporation 5 Full Service Offices 10 Glen Head Road Glen Head, NY 11545 (516) 671-4900 7 Glen Cove Road Greenvale, NY 11548 (516) 621-8811 253 New York Avenue Huntington, NY 11743 (631) 427-4143 108 Forest Avenue Locust Valley, NY 11560 (516) 671-2299 711 Fort Salonga Road Northport, NY 11768 (631) 261-4000 209 Glen Head Road Old Brookville, NY 11545 (516) 759-9002 310 Merrick Road Rockville Centre, NY 11570 (516) 763-5533 130 Mineola Avenue Roslyn Heights, NY 11577 (516) 621-1900 800 Woodbury Road Woodbury, NY 11797 (516) 364-3434 Commercial Banking Offices 30 Orville Drive Bohemia, NY 11716 (631) 218-2500 60 E. Industry Court Deer Park, NY 11729 (631) 243-2600 22 Allen Boulevard Farmingdale, NY 11735 (631) 753-8888 6 2091 New Highway Farmingdale, NY 11735 (631) 454-2022 1050 Franklin Avenue Garden City, NY 11530 (516) 742-6262 536 Northern Boulevard Great Neck, NY 11021 (516) 482-6666 330 Motor Parkway Hauppauge, NY 11788 (631) 952-2900 106 Old Country Road Hicksville, NY 11801 (516) 932-7150 3000 Marcus Avenue Lake Success, NY 11042 (516) 775-3133 194 First Street Mineola, NY 11501 (516) 742-1144 200 Jericho Turnpike New Hyde Park, NY 11040 (516) 328-3100 133 E. Merrick Road Valley Stream, NY 11580 (516) 825-0202 Manhattan Commercial Banking Offices (Opening Spring 2003) 232 Madison Avenue New York, NY 11006 (212) 213-8111 1501 Broadway, Suite 301 New York, NY 10036 225 Broadway, Suite 703 New York, NY 10007 Investment Management Division 800 Woodbury Road Woodbury, NY 11797 (516) 364-3436 7
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