-----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, V5QNNGH1XF4Nyr+qFxIRjTyOPLkVss1zt2a40BqGDvsAD5WaU54RZdfZDpTKfomo jEKL9KhjECcuoYgHHI8ofA== 0001169232-03-006342.txt : 20031104 0001169232-03-006342.hdr.sgml : 20031104 20031104153027 ACCESSION NUMBER: 0001169232-03-006342 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20031104 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031104 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: 03976195 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 d57260_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) - November 4, 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 ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS Exhibit 99.1 Press Release dated November 4, 2003 regarding the quarterly period ended September 30, 2003. Exhibit 99.2 Quarterly Report To Shareholders For The Quarter Ended September 30, 2003. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On November 4, 2003, The First of Long Island Corporation issued a press release disclosing material non-public information regarding the Corporation's financial condition as of September 30, 2003 and results of operations for the nine 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 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: November 4, 2003 By: /s/ Mark D. Curtis -------------------------- Mark D. Curtis Senior Vice President & Treasurer (principal accounting & financial officer) 1 EX-99.1 3 d57260_ex99-1.txt PRESS RELEASE Exhibit 99.1 [THE FIRST OF LONG ISLAND CORPORATION LETTERHEAD] November 4, 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 THIRD QUARTER EARNINGS Glen Head, New York, November 4, 2003 - For the first nine months of this year, earnings per share were $2.04 compared to $2.03 earned in the corresponding 2002 period. For the third quarter of 2003, earnings per share were 70 cents versus 71 cents earned in the same quarter last year. Net income for the most recent nine months was $8,487,000. As of September 30, 2003, total assets were $913,503,000 and the growth of our core products continues to be good. The most significant items positively affecting earnings for the nine months were a 14% increase in average checking balances and an unusually large commercial mortgage prepayment fee received in the first quarter. Other important factors also favorably impacting earnings were gains on sales of equity securities and the continued growth of money market type savings balances and residential mortgages. Overwhelmingly, the most negative influence on earnings is the overall 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 result in continued margin pressure and further negatively impact our income. Also affecting our earnings were expenses of our growth strategies particularly the opening of our three New York City commercial branches. The New York City branches were opened on June 2, 2003 and so far the results are encouraging. While it is premature to predict their ultimate success, we remain optimistic regarding the long-term results of our New York City strategy and investment. Our free checking campaign was started at the end of the first quarter and is attracting consumer checking business to the Bank resulting in a growth of over 10% in the number of net new consumer checking accounts so far this year. BALANCE SHEET INFORMATION 9/30/03 9/30/02 --------- --------- (in thousands) Total Assets ................................... $913,503 $787,126 Net Loans ...................................... 293,931 244,932 Investment Securities .......................... 531,949 438,006 Checking Deposits .............................. 292,079 242,648 Savings and Time Deposits ...................... 486,366 453,173 Total Stockholders' Equity ..................... 88,371 85,106 2 INCOME STATEMENT INFORMATION
Nine Months Ended Three Months Ended ---------------------- ---------------------- 9/30/03 9/30/02 9/30/03 9/30/02 --------- --------- --------- --------- (in thousands, except per share data) Net Interest Income .................. $24,459 $23,783 $8,286 $ 8,113 Provision For Loan Losses (Credit) ... 335 50 185 (100) ------- ------- ------ ------- Net Interest Income After Loan Loss Provision (Credit) ........ 24,124 23,733 8,101 8,213 ------- ------- ------ ------- Noninterest Income ................... 4,653 4,127 1,651 1,319 Noninterest Expense .................. 17,456 16,174 5,899 5,426 ------- ------- ------ ------- Income Before Income Taxes ......... 11,321 11,686 3,853 4,106 Income Tax Expense ................... 2,834 3,077 969 1,112 ------- ------- ------ ------- Net Income ......................... $ 8,487 $ 8,609 $2,884 $ 2,994 ======= ======= ====== ======= Earnings Per Share: Basic .............................. $ 2.08 $ 2.06 $ .71 $ .72 Diluted ............................ $ 2.04 $ 2.03 $ .70 $ .71
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 September 30, 2003. The Form 10-Q will be available on or before November 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 d57260_ex99-2.txt QUARTERLY REPORT TO SHAREHOLDERS Exhibit 99.2 THIRD QUARTERLY REPORT SEPTEMBER 2003 [LOGO] The First of Long Island The First of Long Island Corporation Dear Stockholder In early September, The First of Long Island announced that Michael N. Vittorio had been appointed Chief Executive Officer of both The First of Long Island Corporation and The First National Bank of Long Island. Many of you might not have seen the announcement, and I wanted to personally let you know about this change. As you probably know, Mike joined The First of Long Island in July 2002 as Executive Vice President in charge of strategic initiatives with responsibility for new product development, sales and product training as well as extended branch and loan development. One of the most important goals has already been met with the Bank's move into Manhattan, where three Commercial Banking Offices have been established. Mike also led our campaign to offer free checking to our customers, which was put in place in March. In addition, under his leadership, we recently began offering mutual funds and annuities to our customers as an additional service. In February of this year, Mike was elected President of both the Bank and the Corporation in addition to being elected to both the Boards of Directors. His background in banking is strong and extensive. From 1989 to 2002 he was employed at J.P. Morgan Chase and was most recently Senior Vice President in charge of managing Chase's Insurance Brokerage & Advisory Service Division. He had previously served in various capacities including Senior Lending Officer for Small Business Financial Services, Middle Market Regional Manager, and Division Executive in the Small Business/Commercial Division. In addition to being a seasoned banker, Mike has a good understanding of the culture of The First of Long Island. He is also a lifelong resident of Long Island. I will maintain an active involvement with the Bank on a more limited basis, and will continue as Chairman, focusing particularly on strategic planning and initiatives, including financial matters and legislative issues as well as customer relations. The First of Long Island has enjoyed significant success over the years, and the Board and I look forward to that continuing under Mike's leadership. He is the fifth Chief Executive Officer of The First of Long Island since we were founded in 1927. By: /s/ J. William Johnson Chairman 4 Dear Stockholder As I assume the role of Chief Executive Officer, it is my honor and pleasure to address you for the first time in this our third quarterly report. As the Bank continues to grow, we take pride in our more than seventy-five years of history, our financial strength and our personal approach to banking. Our executive management team remains confident about our future and looks forward to meeting the competitive challenges in the years that lie ahead. For the first nine months of this year, earnings per share were $2.04 compared to $2.03 earned in the corresponding 2002 period. For the third quarter of 2003, earnings per share were 70 cents versus 71 cents earned in the same quarter last year. Net income for the most recent nine months was $8,487,000. As of September 30, 2003, total assets were $913,503,000 and the growth of our core products continues to be good. The most significant items positively affecting earnings for the nine months were a 14% increase in average checking balances and an unusually large commercial mortgage prepayment fee received in the first quarter. Other important factors also favorably impacting earnings were gains on sales of equity securities and the continued growth of money market type savings balances and residential mortgages. Overwhelmingly, the most negative influence on earnings is the overall 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 result in continued margin pressure and further negatively impact our income. Also affecting our earnings were expenses of our growth strategies particularly the opening of our three New York City commercial branches. The New York City branches were opened on June 2, 2003 and so far the results are encouraging. While it is premature to predict their ultimate success, we remain optimistic regarding the long-term results of our New York City strategy and investment. Our free checking campaign was started at the end of the first quarter and is attracting consumer checking business to the Bank resulting in a growth of over 10% in the number of net new consumer checking accounts so far this year. By: /s/ Michael N. Vittorio President 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. The First of Long Island Corporation 5 Financial Highlights BALANCE SHEET INFORMATION 9/30/03 9/30/02 --------- --------- (in thousands) Total Assets ....................................... $913,503 $787,126 Net Loans .......................................... 293,931 244,932 Investment Securities .............................. 531,949 438,006 Checking Deposits .................................. 292,079 242,648 Savings and Time Deposits .......................... 486,366 453,173 Total Stockholders' Equity ......................... 88,371 85,106 INCOME STATEMENT INFORMATION Nine Months Ended ---------------------- 9/30/03 9/30/02 --------- --------- (in thousands, except per share data) Net Interest Income .................................. $24,459 $23,783 Provision For Loan Losses ............................ 335 50 ------- ------- Net Interest Income After Loan Loss Provision .... 24,124 23,733 ------- ------- Noninterest Income ................................... 4,653 4,127 Noninterest Expense .................................. 17,456 16,174 ------- ------- Income Before Income Taxes ......................... 11,321 11,686 Income Tax Expense ................................... 2,834 3,077 ------- ------- Net Income ......................................... $ 8,487 $ 8,609 ======= ======= Earnings Per Share: Basic .............................................. $ 2.08 $ 2.06 Diluted ............................................ $ 2.04 $ 2.03 6 INCOME STATEMENT INFORMATION
Three Months Ended ---------------------- 9/30/03 9/30/02 --------- --------- (in thousands, except per share data) Net Interest Income ............................................ $8,286 $ 8,113 Provision For Loan Losses (Credit) ............................. 185 (100) ------ ------- Net Interest Income After Loan Loss Provision (Credit) ..... 8,101 8,213 ------ ------- Noninterest Income ............................................. 1,651 1,319 Noninterest Expense ............................................ 5,899 5,426 ------ ------- Income Before Income Taxes ................................... 3,853 4,106 Income Tax Expense ............................................. 969 1,112 ------ ------- Net Income ................................................... $2,884 $ 2,994 ====== ======= Earnings Per Share: Basic ........................................................ $ .71 $ .72 Diluted ...................................................... $ .70 $ .71
For more detailed financial information please see the Corporation's Form 10-Q for the quarterly period ended September 30, 2003. The Form 10-Q will be available on or before November 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." Visit our website at www.fnbli.com [LOGO] The First of Long Island The First of Long Island Corporation 7 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 2091 New Highway Farmingdale, NY 11735 (631) 454-2022 8 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, Suite M Woodbury, NY 11797 (516) 364-3436 9 -----END PRIVACY-ENHANCED MESSAGE-----