-----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, MHdL3GALGOS6T6M3PtmvsTBwWEZKl+BIyUxzOo8zu/kj4nO4BK1+0ZnjUPIIsMGj GiUSjVQF3GaOtI9yNccwJw== 0001169232-04-003784.txt : 20040728 0001169232-04-003784.hdr.sgml : 20040728 20040728155911 ACCESSION NUMBER: 0001169232-04-003784 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040728 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040728 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: 04936086 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 d60180_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 28, 2004 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 July 28, 2004 regarding the quarterly period ended June 30, 2004. Exhibit 99.2 Quarterly Report To Shareholders For The Quarter Ended June 30, 2004. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION On July 28, 2004, 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, 2004 and its 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 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: July 28, 2004 By: /s/ Mark D. Curtis ---------------------- Mark D. Curtis Executive Vice President & Treasurer (principal accounting & financial officer) 1 EX-99.1 2 d60180_ex99-1.txt PRESS RELEASE EXHIBIT 99.1 [THE FIRST OF LONG ISLAND CORPORATION LETTERHEAD] July 28, 2004 For More Information Contact: Mark D. Curtis, Executive Vice President and Treasurer (516) 671-4900, Ext. 556 PRESS RELEASE IMMEDIATE THE FIRST OF LONG ISLAND CORPORATION ANNOUNCES SIX MONTH EARNINGS Glen Head, New York, July 28, 2004 - During the first six months of 2004 the Corporation experienced continued growth in the average balances of several key deposit and loan products. When compared to the corresponding period last year, average checking balances were up 14%, or $37.6 million, balances on residential mortgage loans and lines were up 37%, or $48.8 million, and commercial loan balances were up 38%, or $15.5 million. In addition, money-market-type savings balances grew by 6%, or $18.8 million, and attorney escrow balances grew by 56%, or $6.6 million. Growth in these key product categories along with the continued impact of strategy changes made during the latter half of 2003 with respect to the Corporation's securities portfolio were significant items that positively impacted earnings for the first half of 2004 and helped to offset the negative influence of low interest rates. Earnings per share for the first six months of 2004 were $1.44, up 10 cents, or 7.5%, from the $1.34 earned for the corresponding period in 2003. Excluding an unusually large commercial mortgage prepayment fee that accounted for 8 cents of first quarter 2003 earnings, earnings per share for the six-month period were up 18 cents, or 14%. Second quarter earnings growth was even stronger than that experienced for the six-month period as earnings per share were up 13 cents, or 22%, from 60 cents in the second quarter of 2003 to 73 cents for the current quarter. Earnings growth, particularly for the second quarter, was helped by the fact that reinvestment rates improved and prepayments on mortgage securities declined. Despite the six-month and second quarter earnings increases, the low interest rate environment remains challenging. Net interest margin was 36 basis points (.36%) lower in the first half of 2004 than the corresponding period in 2003. Even though net interest margin stabilized during the first six months of 2004, it could, as cautioned in the past, decline further regardless of whether interest rates continue at their present level, move downward, or increase. The impact of a change in interest rates on net interest margin depends on, among other things, the amount of the change, whether or not the change impacts both short and long-term rates at the same time and in the same amount, and the degree to which rates on the Bank's loans and deposits are subject to competitive and other pressures. BALANCE SHEET INFORMATION 6/30/04 12/31/03 ---------- ---------- (in thousands) Total Assets ............................. $953,262 $914,264 Net Loans ................................ 334,961 319,519 Investment Securities .................... 550,253 519,427 Checking Deposits ........................ 308,068 297,454 Savings and Time Deposits ................ 509,595 479,701 Total Stockholders' Equity ............... 89,669 89,291 2 INCOME STATEMENT INFORMATION
Six Months Ended Three Months Ended ------------------------- ------------------------- 6/30/04 6/30/03 6/30/04 6/30/03 ----------- ----------- ----------- ----------- (in thousands) (in thousands) Net Interest Income ............................. $ 17,332 $ 16,173 $ 8,767 $ 7,701 Provision For Loan Losses ....................... 200 150 100 75 -------- -------- -------- -------- Net Interest Income After Loan Loss Provision . 17,132 16,023 8,667 7,626 -------- -------- -------- -------- Noninterest Income .............................. 3,130 3,002 1,571 1,517 Noninterest Expense ............................. 12,140 11,557 6,109 5,872 -------- -------- -------- -------- Income Before Income Taxes .................... 8,122 7,468 4,129 3,271 Income Tax Expense .............................. 2,086 1,865 1,067 761 -------- -------- -------- -------- Net Income .................................... $ 6,036 $ 5,603 $ 3,062 $ 2,510 ======== ======== ======== ======== Earnings Per Share: Basic ......................................... $ 1.47 $ 1.37 $ .74 $ .62 Diluted ....................................... $ 1.44 $ 1.34 $ .73 $ .60
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 June 30, 2004. The Form 10-Q will be available on or before August 9, 2004 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 "About Us", then clicking on "SEC Filings", and then clicking on "Corporate SEC Filings." 3 EX-99.2 3 d60180_ex99-2.txt SECOND QUARTERLY REPORT Exhibit 99.2 SECOND QUARTERLY REPORT JUNE 2004 [LOGO] The First of Long Island The First of Long Island Corporation Dear Stockholder I am happy to report that during the first six months of 2004 the Corporation experienced continued growth in the average balances of several key deposit and loan products. When compared to the corresponding period last year, average checking balances were up 14%, or $37.6 million, balances on residential mortgage loans and lines were up 37%, or $48.8 million, and commercial loan balances were up 38%, or $15.5 million. In addition, money-market-type savings balances grew by 6%, or $18.8 million, and attorney escrow balances grew by 56%, or $6.6 million. Growth in these key product categories along with the continued impact of strategy changes made during the latter half of 2003 with respect to the Corporation's securities portfolio were significant items that positively impacted earnings for the first half of 2004 and helped to offset the negative influence of low interest rates. Earnings per share for the first six months of 2004 were $1.44, up 10 cents, or 7.5%, from the $1.34 earned for the corresponding period in 2003. Excluding an unusually large commercial mortgage prepayment fee that accounted for 8 cents of first quarter 2003 earnings, earnings per share for the six-month period were up 18 cents, or 14%. Second quarter earnings growth was even stronger than that experienced for the six-month period as earnings per share were up 13 cents, or 22%, from 60 cents in the second quarter of 2003 to 73 cents for the current quarter. Earnings growth, particularly for the second quarter, was helped by the fact that reinvestment rates improved and prepayments on mortgage securities declined. Despite the six-month and second quarter earnings increases, the low interest rate environment remains challenging. Net interest margin was 36 basis points (.36%) lower in the first half of 2004 than the corresponding period in 2003. Even though net interest margin stabilized during the first six months of 2004, it could, as cautioned in the past, decline further regardless of whether interest rates continue at their present level, move downward, or increase. Our three Manhattan branches celebrated their one-year anniversary on June 2, 2004. The results of our expansion into Manhattan are encouraging as we continue to focus on small businesses, professionals and service conscious consumers. We are presently exploring the opening of additional branches in our various market areas. We strive for excellence in providing personal service to our customers and hope to consistently achieve the highest level of customer satisfaction. This remains the mindset of our corporation. We continue to strive to be a bank "where everyone knows your name." Knowing our customers is what The First National Bank of Long Island is all about. Michael N. Vittorio President and Chief Executive Officer The First of Long Island Corporation 4 Financial Highlights BALANCE SHEET INFORMATION 6/30/04 12/31/03 ------------ ------------ (in thousands) Total Assets ................................. $953,262 $914,264 Net Loans .................................... 334,961 319,519 Investment Securities ........................ 550,253 519,427 Checking Deposits ............................ 308,068 297,454 Savings and Time Deposits .................... 509,595 479,701 Total Stockholders' Equity ................... 89,669 89,291 INCOME STATEMENT INFORMATION Six Months Ended ---------------------- 6/30/04 6/30/03 ---------- ---------- (in thousands) Net Interest Income .................................. $17,332 $16,173 Provision For Loan Losses ............................ 200 150 ------- ------- Net Interest Income After Loan Loss Provision ...... 17,132 16,023 ------- ------- Noninterest Income ................................... 3,130 3,002 Noninterest Expense .................................. 12,140 11,557 ------- ------- Income Before Income Taxes ......................... 8,122 7,468 Income Tax Expense ................................... 2,086 1,865 ------- ------- Net Income ......................................... $ 6,036 $ 5,603 ======= ======= Earnings Per Share: Basic .............................................. $ 1.47 $ 1.37 Diluted ............................................ $ 1.44 $ 1.34 5 INCOME STATEMENT INFORMATION Three Months Ended --------------------- 6/30/04 6/30/03 --------- --------- (in thousands) Net Interest Income ................................. $8,767 $7,701 Provision For Loan Losses ........................... 100 75 ------ ------ Net Interest Income After Loan Loss Provision ..... 8,667 7,626 ------ ------ Noninterest Income .................................. 1,571 1,517 Noninterest Expense ................................. 6,109 5,872 ------ ------ Income Before Income Taxes ........................ 4,129 3,271 Income Tax Expense .................................. 1,067 761 ------ ------ Net Income ........................................ $3,062 $2,510 ====== ====== Earnings Per Share: Basic ............................................. $ .74 $ .62 Diluted ........................................... $ .73 $ .60 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. For more detailed financial information please see the Corporation's Form 10-Q for the quarterly period ended June 30, 2004. The Form 10-Q will be available on or before August 9, 2004 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 "About Us", then clicking on "SEC Filings", and then clicking on "Corporate SEC filings." Visit our website at www.fnbli.com 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, Suite M 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, Suite M Woodbury, NY 11797 (516) 364-3436 8 -----END PRIVACY-ENHANCED MESSAGE-----