-----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, UdCsCuMD75g4uEwUAPb3rIuT6eu/K1ZKDW/dy33Iqe4+ymwcpFIFC5STSufAABwR HdQ8k7ACTaQMnjtL5GogwQ== 0001169232-03-004681.txt : 20030723 0001169232-03-004681.hdr.sgml : 20030723 20030723145626 ACCESSION NUMBER: 0001169232-03-004681 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030723 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030723 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: 03798132 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 d56300_8k.txt CURRENT REPORT 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) - July 23, 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 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS Exhibit 99.1 Press Release Dated July 23, 2003 Regarding The Quarterly Period Ended June 30, 2003. Exhibit 99.2 Quarterly Report To Shareholders For The Quarter Ended June 30, 2003. ITEM 9. REGULATION FD DISCLOSURE (ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION - INFORMATION IS BEING PROVIDED UNDER ITEM 12 AS WELL AS UNDER ITEM 9, IN ACCORDANCE WITH SEC RELEASE NO. 33-8216) On July 23, 2003, The First of Long Island Corporation issued a press release disclosing material non-public information regarding the Corporation's financial condition as of June 30, 2003 and results of operations for the six and three month periods then ended. 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 non-public 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: July 23, 2003 By: /s/ Mark D. Curtis ---------------------- Mark D. Curtis Senior Vice President & Treasurer (principal accounting & financial officer) EX-99.1 3 d56300_ex99-1.txt PRESS RELEASE Exhibit 99.1 [THE FIRST OF LONG ISLAND CORPORATION LETTERHEAD] July 23, 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 SECOND QUARTER EARNINGS Glen Head, New York, July 23, 2003 - Earnings per share were $1.34 for the first six months of this year compared to $1.32 earned in the similar 2002 period. For the second quarter of 2003, earnings per share were 60 cents, a decline from the 70 cents earned in the same quarter last year. Net income for the most recent six months was $5,603,000. Total assets were $841,156,000 at June 30, 2003 and the growth of our core products continues to be good. The most significant items positively affecting earnings for the six months were a 14% increase in average checking balances and an unusually large commercial mortgage prepayment fee received in the first quarter; the prepayment fee, the recurrence of which is unlikely, is equivalent to approximately 8 cents per share. Other important factors also favorably impacting earnings were gains on sales of equity securities and continued growth of money market type savings balances and residential mortgages. Overwhelmingly, the most negative influence on earnings are the effects of the severe decline in interest rates. On a sequential quarter-to-quarter basis, after a modest uptick in the first quarter, net interest margin continued to decrease. As we have cautioned in the past, sustained lower interest rates should exacerbate the decline in our net interest margin and further negatively impact our income. Also adversely affecting earnings, especially in the second quarter, were expenses of our growth strategies particularly the opening of our three New York City branches. The New York City commercial offices were opened on June 2nd and, while it is premature to predict their ultimate success, so far the results are encouraging. Our free checking campaign is attracting consumer checking business to the Bank resulting in a growth of about 6% in the number of net new consumer checking accounts so far. As previously announced, the Corporation is paying a cash dividend of 34 cents per share today to shareholders of record on July 7, 2003. This semiannual cash dividend is 19% greater than the dividend paid last year at this time. BALANCE SHEET INFORMATION 6/30/03 6/30/02 ------- ------- (in thousands) Total Assets ................................. $841,156 $759,751 Net Loans .................................... 272,889 244,094 Investment Securities ........................ 463,403 409,547 Checking Deposits ............................ 278,013 241,371 Savings and Time Deposits .................... 469,854 431,997 Total Stockholders' Equity ................... 86,706 80,670 2 INCOME STATEMENT INFORMATION
Six Months Ended Three Months Ended --------------------- --------------------- 6/30/03 6/30/02 6/30/03 6/30/02 ------- ------- ------- ------- (in thousands) (in thousands) Net Interest Income ............................... $ 16,173 $ 15,670 $ 7,701 $ 8,084 Provision For Loan Losses ......................... 150 150 75 50 -------- -------- -------- -------- Net Interest Income After Loan Loss Provision ..... 16,023 15,520 7,626 8,034 -------- -------- -------- -------- Noninterest Income ................................ 3,002 2,808 1,517 1,479 Noninterest Expense ............................... 11,557 10,748 5,872 5,447 -------- -------- -------- -------- Income Before Income Taxes ...................... 7,468 7,580 3,271 4,066 Income Tax Expense ................................ 1,865 1,965 761 1,099 -------- -------- -------- -------- Net Income ........................................ $ 5,603 $ 5,615 $ 2,510 $ 2,967 ======== ======== ======== ======== Earnings Per Share: Basic ............................................. $ 1.37 $ 1.34 $ .62 $ .71 Diluted ........................................... $ 1.34 $ 1.32 $ .60 $ .70
This earnings release contains "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 June 30, 2003. The Form 10-Q will be available on or before August 14, 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." 3
EX-99.2 4 d56300_ex99-2.txt SECOND QUARTERLY REPORT Exhibit 99.2 SECOND QUARTERLY REPORT JUNE 2003 [LOGO] The First of Long Island The First of Long Island Corporation Dear Stockholder Earnings per share were $1.34 for the first six months of this year compared to $1.32 earned in the similar 2002 period. For the second quarter of 2003, earnings per share were 60 cents, a decline from the 70 cents earned in the same quarter last year. Net income for the most recent six months was $5,603,000. Total assets were $841,156,000 at June 30, 2003 and the growth of our core products continues to be good. The most significant items positively affecting earnings for the six months were a 14% increase in average checking balances and an unusually large commercial mortgage prepayment fee received in the first quarter; the prepayment fee, the recurrence of which is unlikely, is equivalent to approximately 8 cents per share. Other important factors also favorably impacting earnings were gains on sales of equity securities and continued growth of money market type savings balances and residential mortgages. Overwhelmingly, the most negative influence on earnings are the effects of the severe decline in interest rates. On a sequential quarter-to-quarter basis, after a modest uptick in the first quarter, net interest margin continued to decrease. As we have cautioned in the past, sustained lower interest rates should exacerbate the decline in our net interest margin and further negatively impact our income. Also adversely affecting earnings, especially in the second quarter, were expenses of our growth strategies particularly the opening of our three New York City branches. The New York City commercial offices were opened on June 2nd and, while it is premature to predict their ultimate success, so far the results are encouraging. Our free checking campaign is attracting consumer checking business to the Bank resulting in a growth of about 6% in the number of net new consumer checking accounts so far. For our shareholders whose stock is registered in their name, we are pleased to enclose with this report your semiannual cash dividend which is 19% greater than the dividend paid last year at this time. By: /s/ J. William Johnson Chairman and Chief Executive Officer This quarterly report contains "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 6/30/03 6/30/02 ------- ------- (in thousands) Total Assets ....................................... $ 841,156 $ 759,751 Net Loans .......................................... 272,889 244,094 Investment Securities .............................. 463,403 409,547 Checking Deposits .................................. 278,013 241,371 Savings and Time Deposits .......................... 469,854 431,997 Total Stockholders' Equity ......................... 86,706 80,670 INCOME STATEMENT INFORMATION Six Months Ended ---------------------- 6/30/03 6/30/02 ------- ------- (in thousands) Net Interest Income ................................ $ 16,173 $ 15,670 Provision For Loan Losses .......................... 150 150 --------- --------- Net Interest Income After Loan Loss Provision ...... 16,023 15,520 --------- --------- Noninterest Income ................................. 3,002 2,808 Noninterest Expense ................................ 11,557 10,748 --------- --------- Income Before Income Taxes ....................... 7,468 7,580 Income Tax Expense ................................. 1,865 1,965 --------- --------- Net Income ......................................... $ 5,603 $ 5,615 ========= ========= Earnings Per Share: Basic .............................................. $ 1.37 $ 1.34 Diluted ............................................ $ 1.34 $ 1.32 5 INCOME STATEMENT INFORMATION Three Months Ended ----------------------- 6/30/03 6/30/02 ------- ------- (in thousands) Net Interest Income ................................ $ 7,701 $ 8,084 Provision For Loan Losses .......................... 75 50 --------- --------- Net Interest Income After Loan Loss Provision ...... 7,626 8,034 --------- --------- Noninterest Income ................................. 1,517 1,479 Noninterest Expense ................................ 5,872 5,447 --------- --------- Income Before Income Taxes ....................... 3,271 4,066 Income Tax Expense ................................. 761 1,099 --------- --------- Net Income ......................................... $ 2,510 $ 2,967 ========= ========= Earnings Per Share: Basic .............................................. $ .62 $ .71 Diluted ............................................ $ .60 $ .70 For more detailed financial information please see the Corporation's Form 10-Q for the quarterly period ended June 30, 2003. The Form 10-Q will be available on or before August 14, 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 6 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 7 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 232 Madison Avenue New York, NY 10016 (212) 213-8111 1501 Broadway, Suite 301 New York, NY 10036 (212) 278-0707 225 Broadway, Suite 703 New York, NY 10007 (212) 693-1515 Investment Management Division 800 Woodbury Road Woodbury, NY 11797 (516) 364-3436 8
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