<PAGE>
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter ended March 31, 1995
--------------
Commission file number 0-12220
-------
THE FIRST OF LONG ISLAND CORPORATION
- - - - - - - -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
NEW YORK 11-2672906
- - - - - - - -------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
10 Glen Head Road, Glen Head, New York 11545
- - - - - - - -----------------------------------------------------------------------------
(Address of principal executive offices) (zip Code)
(516) 671-4900
- - - - - - - -----------------------------------------------------------------------------
(Registrant's telephone number, including area code)
Not Applicable
- - - - - - - -----------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since
last report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes_X_ No___.
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date: 1,399,034 SHARES OF
COMMON STOCK, PAR VALUE $.10 PER SHARE, OUTSTANDING AS OF APRIL 19, 1995.
-1-
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION AND SUBSIDIARY
INDEX
PART I. FINANCIAL INFORMATION
- - - - - - - ------ ---------------------
Item 1. Financial Statements
Consolidated Balance Sheets - March 31, 1995 and
December 31, 1994
Consolidated Statements of Income - Three months
ended March 31, 1995 and 1994
Consolidated Statements of Cash Flows - Three months ended
March 31, 1995 and 1994
Consolidated Statements of Changes in Stockholders' Equity -
Three months ended March 31, 1995 and 1994
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations
PART II. OTHER INFORMATION
- - - - - - - -------- -----------------
Item 1. Legal Proceedings - None
Item 2. Changes in Securities - None
Item 3. Defaults upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - None
Item 5. Other Information - None
Item 6. Exhibits and Reports on Form 8-K - None
SIGNATURES
- - - - - - - ----------
-2-
<PAGE>
PART I. FINANCIAL INFORMATION
- - - - - - - ------- ---------------------
THE FIRST OF LONG ISLAND CORPORATION
Item 1 Financial Statements
CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
March 31, 1995 December 31, 1994
(Unaudited) (Note)
-------------- -----------------
<S> <C> <C>
ASSETS
Cash and Due From Banks $ 19,899,031 $ 20,512,716
Federal Funds Sold 46,300,000 11,500,000
Investment Securities:
Available for sale, at market value 43,894,738 44,872,959
Held to maturity (Market Value $159,162,000) 161,941,132 167,758,845
------------- -------------
Total Investment Securities (Market Value
$203,057,000 in 1995 and $205,814,000 in 1994) 205,835,870 212,631,804
Loans:
Commercial 19,049,867 19,656,219
Real Estate 113,946,807 115,855,485
Installment 9,290,016 8,960,640
------------- -------------
Total Loans 142,286,690 144,472,344
Less: Unearned Income (847,687) (859,057)
Allowance for Loan Losses (3,605,759) (3,600,162)
------------- -------------
Net Loans 137,833,244 140,013,125
Premises and Equipment 5,063,973 4,961,547
Other Assets 6,338,703 6,435,697
------------- -------------
Total Assets $421,270,821 $396,054,889
------------- -------------
------------- -------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand 109,091,288 $109,473,146
Savings, NOW, and Money Market 229,674,254 211,068,894
Time 36,393,627 30,984,435
------------- -------------
Total Deposits 375,159,169 351,526,475
Accrued Taxes, Expenses and Other Liabilities 1,425,581 1,920,809
------------- -------------
Total Liabilities 376,584,750 353,447,284
STOCKHOLDERS' EQUITY
Common Stock, $.10 Par Value; 5,000,000 Shares
Authorized; Shares Issued and Outstanding:
1995-1,399,034, 1994-1,400,384 139,903 140,038
Surplus 7,555,883 7,619,723
Retained Earnings 37,574,109 36,214,413
Unrealized Depreciation
on Securities Available for Sale, Net (583,824) (1,366,569)
------------- -------------
Total Stockholders' Equity 44,686,071 42,607,605
Total Liabilities and Stockholders' Equity $421,270,821 $396,054,889
------------- -------------
------------- -------------
</TABLE>
NOTE: THE BALANCE SHEET AT DECEMBER 31, 1994 HAS BEEN DERIVED FROM THE AUDITED
FINANCIAL STATEMENTS AT THAT DATE.
See notes to consolidated financial statements.
-3-
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1995 1994
----------- -----------
(Unaudited) (Unaudited)
<S> <C> <C>
INTEREST INCOME
Loans, Including Fees on Loans $3,228,059 $2,679,035
Federal Funds Sold 293,959 58,583
Investment Securities:
Available for sale 711,760 713,662
Held to maturity 2,569,636 2,266,929
----------- -----------
Total Interest Income 6,803,414 5,718,209
INTEREST EXPENSE
Savings, NOW, and Money Market Deposits 1,720,190 1,137,028
Time Deposits 380,137 191,546
----------- -----------
Total Interest Expense 2,100,327 1,328,574
----------- -----------
NET INTEREST INCOME 4,703,087 4,389,635
Provision for Loan Losses 0 0
----------- -----------
Net Interest Income After Provision for Loan Losses 4,703,087 4,389,635
NONINTEREST INCOME
Trust Department Income 262,033 242,301
Service Charges on Deposit Accounts 481,045 491,584
Net Securities Gains 3,765 0
Other Income 80,231 217,233
----------- -----------
Total Other Income 827,074 951,118
OTHER OPERATING EXPENSES
Salaries 1,482,260 1,360,656
Employee Benefits 613,776 514,742
Net Occupancy Expense 277,420 261,450
Equipment Expense 186,745 183,421
Other Expense 958,064 882,387
----------- -----------
Total Other Expense 3,518,265 3,202,656
Income Before Income Taxes 2,011,896 2,138,097
Provision for Income Taxes 652,200 704,200
----------- -----------
Net Income 1,359,696 1,433,897
----------- -----------
----------- -----------
Net Income Per Share $0.96 $1.01
----------- -----------
----------- -----------
</TABLE>
See notes to consolidated financial statements.
-4-
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Three Months Ended
March 31,
1995 1994
------------ -----------
(Unaudited) (Unaudited)
<S> <C> <C>
OPERATING ACTIVITIES
Net Income $1,359,696 $ 1,433,897
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for depreciation and amortization 160,002 152,500
Accretion of investment securities
premiums, net (449,118) (120,984)
Realized gain on investment securities (265)
Decrease (increase) in other assets 1,751,117 (459,891)
Increase in accrued taxes, expenses
and other liabilities 64,925 191,487
------------ -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 2,886,357 1,197,009
INVESTING ACTIVITIES
Proceeds from sales of investment securities Available for Sale 265,265
Proceeds from maturities of investment securities Held to Maturity 27,914,448 40,321,676
Proceeds from maturities of investment securities Available for Sale 2,000,000
Purchase of investment securities Held to Maturity (23,640,919) (31,071,928)
Purchase of investment securities Available for Sale (164,855) (1,051,563)
Net decrease (increase) in loans 2,179,881 (3,609,882)
Purchases of premises and equipment (262,428) (112,760)
------------ -----------
NET CASH USED IN INVESTING ACTIVITIES 8,291,392 4,475,543
FINANCING ACTIVITIES
Net increase (decrease) in total deposits 23,632,694 (132,313)
Cash dividends paid (560,153) (506,398)
Repurchase of Common Stock (76,500) (367,867)
Exercise of stock options 12,525 49,990
------------ -----------
NET CASH PROVIDED BY FINANCING ACTIVITIES 23,008,566 (956,588)
INCREASE IN CASH AND CASH EQUIVALENTS 34,186,315 4,715,964
Cash and cash equivalents at beginning of period 32,012,716 20,596,961
------------ -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $66,199,031 $25,312,925
------------ -----------
------------ -----------
</TABLE>
The Corporation made interest payments of $2,051,664 and $1,334,181 and tax
payments of $192,300 and $195,509 for the three months ended March 31, 1995
and 1994, respectively.
See notes to consolidated financial statements.
-5-
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)
<TABLE>
<CAPTION>
Unrealized
Appreciation/
Depreciation
Common Stock Retained on Securities
Shares Amount Surplus Earnings Available for Sale Total
---------- --------- ----------- ----------- ------------------ ------------
<S> <C> <C> <C> <C> <C> <S>
Balance January 1, 1994 1,406,701 $140,670 $8,012,403 $31,249,852 $39,402,925
Net Income 1,433,897 1,433,897
Exercise of Incentive
Stock Option 2,072 207 49,783 49,990
Repurchase and Retirement of
Common Stock (10,403) (1,040) (366,827) (367,867)
Unrealized depreciation on
Securities Available for Sale, Net (62,250) (62,250)
---------- --------- ----------- ----------- ------------------ ------------
Balance March 31, 1994 1,398,370 $139,837 $7,695,359 $32,683,749 ($62,250) $40,456,695
---------- --------- ----------- ----------- ------------------ ------------
---------- --------- ----------- ----------- ------------------ ------------
Balance January 1, 1995 1,400,384 $140,038 $7,619,723 $36,214,413 ($1,366,569) $42,607,605
Net Income 1,359,696 1,359,696
Exercise of Incentive
Stock Option 650 65 12,460 12,525
Repurchase and Retirement of
Common Stock (2,000) (200) (76,300) (76,500)
Unrealized appreciation on
Securities Available for Sale, Net 782,745 782,745
---------- --------- ----------- ----------- ------------------ ------------
Balance March 31, 1995 1,399,034 $139,903 $7,555,883 $37,574,109 ($583,824) $44,686,071
---------- --------- ----------- ----------- ------------------ ------------
---------- --------- ----------- ----------- ------------------ ------------
</TABLE>
See notes to consolidated financial statements.
-6-
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
March 31, 1995
FINANCIAL STATEMENT PRESENTATION
In the opinion of The First of Long Island Corporation, the accompanying
unaudited interim consolidated financial statements contain all adjustments
(consisting of normal recurring adjustments) necessary to present fairly its
financial position and results of its operations and cash flows for the periods
presented. For further information refer to the consolidated financial
statements and notes thereto included in the Corporation's annual report on
Form 10-K for the year ended December 31, 1994.
EARNINGS PER SHARE
Earnings per share are calculated by dividing Net Income by the weighted
average number of shares outstanding including common stock equivalents. The
weighted average shares outstanding for the three month periods ended March 31,
1995 and 1994 are 1,423,524 and 1,420,208 respectively.
INVESTMENT SECURITIES
The following table sets forth the Investment Securities for the three
months ended March 31, 1995:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
---------------------------------------------
(In Thousands)
<S> <C> <C> <C> <C>
SECURITIES HELD TO MATURITY
AT AMORTIZED COST:
U.S. Treasuries $ 74,609 $276 $1,099 $ 73,786
U.S. Government Agencies 41,557 277 1,670 40,164
State and Municipals 35,426 184 619 34,991
Collateralized Mortgage Obligations 9,361 78 192 9,247
Other 988 14 974
---------------------------------------------
Total $161,941 $815 $3,594 $159,162
SECURITIES AVAILABLE FOR SALE
AT MARKET VALUE:
U.S. Treasuries $ 34,404 $112 $ 535 $ 33,981
State and Municipals 4,298 44 44 4,298
Collateralized Mortgage Obligations 5,937 448 5,489
Other 127 127
---------------------------------------------
Total $ 44,766 $156 $1,027 $ 43,895
</TABLE>
Effective January 1, 1994 Statement of Financial Accounting Standards No.
115 was adopted by the Corporation, increasing securities available for sale by
$45,626,000 and Stockholders' Equity (on an after tax basis) by $835,000 which
represented the net unrealized gain on available for sale securities.
7
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION
Item 2
Management's Discussion and Analysis of Financial Condition
and Results of Operations
FINANCIAL CONDITION
Total assets of The First of Long Island Corporation at March 31, 1995
were $421.3 million, reflecting an increase of $25.2 million or 6.4% from the
previous year end. Included in the increase was a temporary time deposit of
approximately $16 million in escrowed funds received on the last day of the
period. These temporary funds are excluded from the following discussion and
analysis.
Demand deposits were relatively level with year end figures at a
current balance of $109.1 million, while savings, NOW, money market and other
time deposits increased $8.1 million or 3.4% Checking accounts, which comprise
the largest part of demand deposits, were up significantly in 1995 over the
same quarter of the prior year; average balances increased by $13 million or
14%. Total deposits, on both an actual and average basis, represented 89% of
total assets. The continued strong deposit base of the Corporation remains as
its primary funding source and allows for the absence of need for borrowings or
purchasing of funds.
Earning assets at March 31, 1995 increased approximately $10 million
or 2.7% from the previous year end. Earning assets include federal funds sold,
investment securities, and loans.
Investment securities showed a decrease of $6.8 million or 3.2% from
the previous year end, while federal funds sold showed an increase of $18.9
million. These combined figures reflect an increase in overall invested funds
of $12.1 million or 5.4%. Since the previous year end, the decrease in
investment securities was the result of prepayments on mortgage-backed U.S.
Agency securities and collateralized mortgage obligations, along with the
maturities of municipal securities. Total invested funds represent the
Corporation's largest component of earning assets and constituted 58.3% of
total assets at period end and 56.6% at the previous year end. Included in
these funds were approximately $53.9 million in short term maturities of less
than one year. Short term investments contribute substantially to the
Corporation's liquidity. The Corporation does not purchase any noninvestment
grade securities other than occasionally from local issuers, nor does it
maintain an investment trading account.
Total loans were $142.3 million at March 31, 1995 compared to $144.5
million at the previous year end, reflecting a decrease of $2.2 million or
8
<PAGE>
1.5%. Although there appeared to have been some signs of improvement towards
the end of last year, loan demand was soft in this recent period. Real estate
mortgage loans account for the major portion of outstandings as well as
activity. Total loans at period end were 35.1% of total assets compared with
36.5% at the previous year end. The Corporation's loan portfolio is comprised
of domestic loans only and does not include participation in transactions
commonly known as leveraged buy-outs of publicly held companies.
The allowance for loan losses at March 31, 1995 was $3.6 million or
2.5% of total loans, remaining relatively level with the previous year end. No
provision for loan losses was deemed necessary for the current period as well as
for the entire previous year. For the current three months of 1995, recoveries
exceeded charge-offs by $6 thousand. Accruing loans which were past due ninety
days or more amounted to $78.1 thousand compared with $3.2 thousand at the
previous year end. Nonaccrual loans were $484.6 thousand compared to $515.8
thousand at the previous year end. The current allowance as a percent of past
due and nonaccrual loans was 474.7%. Although the present reserve for loan
losses is considered appropriate, management maintains concern over the
lackluster Long Island economy. The possibilities of future increases in
losses and delinquencies in the loan portfolio remain.
Total stockholders' equity of $44.7 million showed an increase of $2.1
million or 4.9% from the previous year end. Investment securities determined
available for sale under Financial Accounting Standards Board Release No. 115
(FASB 115), reflected in both the previous year end and in the current three
month period, are carried at market rather than amortized value. As a result,
under stockholders' equity, unrealized depreciation net of taxes at quarter end
was recorded at $583.8 thousand and at $1,366.6 thousand for the previous year
end.
Liquidity and capital resources continue to exceed substantially the
regulatory requirements. The comparison of risk-based capital ratios
maintained at period end to regulatory minimum requirements were as follows:
<TABLE>
<CAPTION>
Minimum
Required March 31 Dec.31 Sept 30 June 30
Rate 1995 1994 1994 1994
-------- -------- ------ ------- -------
<S> <C> <C> <C> <C> <C>
Total Capital Ratio 8.00% 29.57% 27.81% 26.67% 26.30%
Tier I Capital Ratio 4.00% 28.31% 26.55% 25.41% 25.04%
Leverage Ratio 4.00% 11.02% 10.76% 10.65% 10.41%
</TABLE>
The asset/liability sensitivity position is regularly monitored by
management to assure maintenance of adequate liquidity and proper balance
between interest sensitive assets and interest sensitive liabilities. The most
current position is considered to be adequate.
9
<PAGE>
RESULTS OF OPERATIONS
Net income for the first quarter of 1995 was $1,360 thousand or $.96
per share compared with $1,434 thousand or $1.01 per share for the first
quarter of 1994, showing a slight decline of $74 thousand or 5%.
Net interest income is the Corporation's primary source of income and
was higher during the current quarter compared to the same period last year.
Quarter end performance for March 1995 was up $313 thousand or 7.1% from
quarter end March 1994. The respective net interest margin comparison was
5.26% versus last year's 5.17%.
Noninterest income, net of securities transactions, however, reflected
a decrease of $128 thousand or 13% in comparison to the same period last year.
The decline was reflective mostly of greater nonrecurring income that was
included in the first quarter of 1994 as compared to the current period's
performance.
Gains on the sale of securities amounted to $3.8 thousand compared to
no such transactions for the previous period. Current performance was mainly
the result of certain municipal issues being called.
Operating expenses increased $316 thousand or 9.9% for the first
quarter of 1995 compared with the first quarter of 1994. The larger components
of increases were salaries and employee benefits. FDIC Insurance continues as a
large factor in noninterest expense, amounting to $192 thousand for the current
three month period and $185 thousand for the similar period of 1994
(approximating 20% of other operating expenses). The Federal Deposit Insurance
Corporation recently proposed to reduce the assessment paid by "well
capitalized" banks (a group of which the subsidiary bank is part) during the
second half of 1995.
No provisions for loan losses were considered necessary for either the
current period or the compared previous period.
Return on average assets (ROA) and return on average stockholders'
equity (ROE) for the current three month period were 1.36% and 12.55%,
respectively, compared with 1.51% and 14.29%, respectively, for the similar
period of 1994. The differentials are largely the results of increased assets
and increased stockholder's equity relative to the current level of net income.
OTHER INFORMATION
Capital expenditures for the year are presently estimated at
approximately $1,540 thousand. These expenditures are intended to cover costs
of furniture and equipment, facility improvements, and branch office expansion.
10
<PAGE>
Expenditures for the three months ended March 31, 1995 amounted to $262
thousand and are expected to remain within budgeted amounts.
Recently, the Corporation opened its fourteenth office, a commercial
banking facility in the nearby community of Valley Stream, in conformity with
its plans of expansion.
Stock repurchase plans have been approved by the Board of Directors
since 1988, authorizing the Corporation to repurchase shares of its own common
stock in market or private transactions. Nine such plans have been initiated
since that date involving the repurchase of 20,000 to 25,000 shares per plan.
The ninth, or current, plan for 25,000 shares was approved in January 1994.
Under this plan the authorization approximates one and three quarters percent
of the Corporation's then outstanding shares of 1,398,370 shares. At quarter
end, 18,745 shares remain to be repurchased under this current plan. It is
the Corporation's belief that these repurchases of shares will help maximize
shareholder value. The stock purchases are financed through available
Corporate cash.
The subsidiary bank underwent a routine safety and soundness and Bank
Information Systems (BIS) examination during the third quarter of 1994 by the
Office of the Comptroller of the Currency. The Corporation was examined by
Federal Reserve Bank of New York Examiners during the first quarter of 1993.
Management is not aware, nor has it been apprised by any regulatory authority,
of any current recommendations that would have a material effect on the
Corporation's liquidity, capital resources and operations.
The First of Long Island Corporation was organized as a New York
corporation on February 7, 1984 for the purpose of becoming a one bank holding
company. On April 30, 1984 the Corporation commenced operations as a bank
holding company when it acquired all the outstanding stock of The First
National Bank of Long Island. The Bank, which was chartered under national
banking laws in 1927, currently maintains fourteen offices in Nassau and
Suffolk Counties. The Corporation is not, nor has it been, involved in any
acquisitions or mergers.
11
<PAGE>
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
MAY 2, 1995 By: /s/ J. WILLIAM JOHNSON
- - - - - - - ----------- ----------------------------------------------------
Date J. William Johnson, President, Chairman of the Board
and Chief Executive Officer
MAY 1, 1995 By: /s/ WILLIAM J. WHITE
- - - - - - - ----------- ----------------------------------------------------
Date William J. White, Vice President and Treasurer
(Chief Financial Officer)
12
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 9
<CIK> 0000740663
<NAME> FIRST OF LONG ISLAND CORPORATION
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1995
<PERIOD-END> MAR-31-1995
<CASH> 19,897,031
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 46,300,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 43,894,738
<INVESTMENTS-CARRYING> 161,941,132
<INVESTMENTS-MARKET> 159,162,000
<LOANS> 141,439,003
<ALLOWANCE> (3,605,759)
<TOTAL-ASSETS> 421,270,821
<DEPOSITS> 375,159,169
<SHORT-TERM> 0
<LIABILITIES-OTHER> 1,425,581
<LONG-TERM> 0
<COMMON> 139,903
0
0
<OTHER-SE> 44,546,168
<TOTAL-LIABILITIES-AND-EQUITY> 421,270,821
<INTEREST-LOAN> 3,228,059
<INTEREST-INVEST> 3,281,396
<INTEREST-OTHER> 293,959
<INTEREST-TOTAL> 6,803,414
<INTEREST-DEPOSIT> 2,100,327
<INTEREST-EXPENSE> 2,100,327
<INTEREST-INCOME-NET> 4,703,087
<LOAN-LOSSES> 0
<SECURITIES-GAINS> 3,765
<EXPENSE-OTHER> 823,309
<INCOME-PRETAX> 2,011,896
<INCOME-PRE-EXTRAORDINARY> 2,011,896
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,359,696
<EPS-PRIMARY> .96
<EPS-DILUTED> .96
<YIELD-ACTUAL> 0
<LOANS-NON> 483,600
<LOANS-PAST> 78,100
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> (3,600,162)
<CHARGE-OFFS> 0
<RECOVERIES> 5,597
<ALLOWANCE-CLOSE> (3,605,759)
<ALLOWANCE-DOMESTIC> (3,605,759)
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>