<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended June 30, 1995
---------------------------------------
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ____________________ to _______________
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: 1,396,896 SHARES OF
COMMON STOCK, PAR VALUE $.10 PER SHARE, OUTSTANDING AS OF JULY 24, 1995.
1
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION AND SUBSIDIARY
INDEX
PART I. FINANCIAL INFORMATION Page No.
--------
Item 1. Financial Statements
Consolidated Balance Sheets 3
Consolidated Statements of Income 4
Consolidated Statements of Cash Flows 5
Consolidated Statements of Changes in Stockholders' Equity 6
Notes to Consolidated Financial Statements 7
Item 2. Management's Discussion and Analysis of Financial
Condition and Results of Operations 9
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 14
Item 5. Other Information - None
Item 6. Exhibits and Reports on Form 8-K 16
SIGNATURES
2
<PAGE>
PART I. FINANCIAL INFORMATION
THE FIRST OF LONG ISLAND CORPORATION
Item 1 Financial Statements
<TABLE>
<CAPTION>
CONSOLIDATED BALANCE SHEETS June 30, 1995 December 31, 1994
(Unaudited) (Note)
----------------- -----------------
<S> <C> <C>
ASSETS
Cash and Due From Banks $22,489,438 $20,512,716
Federal Funds Sold 33,000,000 11,500,000
Investment Securities:
Available for sale, at market value 44,032,642 44,872,959
Held to maturity (Market Value $158,507,000 in 1995
and $160,941,000 in 1994) 158,470,660 167,758,845
----------------- -----------------
Total Investment Securities (Market Value
$202,540,000 in 1995 and $205,814,000 in 1994) 202,503,302 212,631,804
Loans:
Commercial 22,427,862 19,656,219
Real Estate 114,587,520 115,855,485
Installment 9,550,493 8,960,640
----------------- -----------------
Total Loans 146,565,875 144,472,344
Less: Unearned Income (825,932) (859,057)
Allowance for Loan Losses (3,604,878) (3,600,162)
----------------- -----------------
Net Loans 142,135,065 140,013,125
Premises and Equipment 5,001,677 4,961,547
Other Assets 6,170,131 6,435,697
----------------- -----------------
Total Assets $411,299,613 $396,054,889
----------------- -----------------
----------------- -----------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Demand $115,475,328 $109,473,146
Savings, NOW, and Money Market 212,211,561 211,068,894
Time 35,727,307 30,984,435
----------------- -----------------
Total Deposits 363,414,196 351,526,475
Accrued Taxes, Expenses and Other Liabilities 1,869,200 1,920,809
----------------- -----------------
Total Liabilities 365,283,396 353,447,284
STOCKHOLDERS' EQUITY
Common Stock, $.10 Par Value; 5,000,000 Shares
Authorized; Shares Issued and Outstanding:
1995-1,396,896, 1994-1,400,384 139,690 140,038
Surplus 7,385,168 7,619,723
Retained Earnings 38,432,150 36,214,413
Unrealized Appreciation (Depreciation)
on Securities Available for Sale, Net 59,209 (1,366,569)
----------------- -----------------
Total Stockholders' Equity 46,016,217 42,607,605
Total Liabilities and Stockholders' Equity $411,299,613 $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 Six Months Ended
June 30, June 30,
1995 1994 1995 1994
----------- ----------- ----------- -----------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
INTEREST INCOME
Loans, Including Fees on Loans $3,276,104 $2,835,360 $6,504,163 $5,514,395
Federal Funds Sold 493,246 131,478 787,205 190,061
Investment Securities:
Available for sale 687,832 760,644 1,399,592 1,474,306
Held to maturity 2,528,393 2,386,328 5,098,029 4,653,257
------------ ----------- ----------- -----------
Total Interest Income 6,985,575 6,113,810 13,788,989 11,832,019
INTEREST EXPENSE
Savings, NOW, and Money Market Deposits 1,835,150 1,216,342 3,555,340 2,353,370
Time Deposits 447,216 205,415 827,353 396,961
------------ ----------- ----------- -----------
Total Interest Expense 2,282,366 1,421,757 4,382,693 2,750,331
------------ ----------- ----------- -----------
NET INTEREST INCOME 4,703,209 4,692,053 9,406,296 9,081,688
Provision for Loan Losses 0 0 0 0
------------ ----------- ----------- -----------
Net Interest Income After Provision for Loan Losses 4,703,209 4,692,053 9,406,296 9,081,688
NONINTEREST INCOME
Trust Department Income 269,035 251,132 531,068 493,433
Service Charges on Deposit Accounts 486,678 467,984 967,723 959,568
Net Securities Gains 0 (23,443) 3,765 (23,443)
Other Income 104,571 73,502 184,802 290,735
------------ ----------- ----------- -----------
Total Other Income 860,284 769,175 1,687,358 1,720,293
OTHER OPERATING EXPENSES
Salaries 1,526,175 1,408,383 3,008,435 2,769,039
Employee Benefits 510,530 502,770 1,124,306 1,017,512
Net Occupancy Expense 277,848 257,341 555,268 518,791
Equipment Expense 186,159 192,685 372,904 376,106
Other Expense 945,881 877,022 1,903,945 1,759,409
------------ ----------- ----------- -----------
Total Other Expense 3,446,593 3,238,201 6,964,858 6,440,857
Income Before Income Taxes 2,116,900 2,223,027 4,128,796 4,361,124
Provision for Income Taxes 700,100 721,800 1,352,300 1,426,000
------------ ----------- ----------- -----------
Net Income $ 1,416,800 $ 1,501,227 $ 2,776,496 $ 2,935,124
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------
Net Income Per Share $0.99 $1.06 $1.95 $2.07
------------ ----------- ----------- -----------
------------ ----------- ----------- -----------
</TABLE>
See notes to consolidated financial statements.
4
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
Six Months Ended
June 30,
1995 1994
------------- ------------
(Unaudited) (Unaudited)
<S> <C> <C>
OPERATING ACTIVITIES
Net Income $2,776,496 $2,935,124
Adjustments to reconcile net income to net
cash provided by operating activities:
Provision for depreciation and amortization 320,004 305,000
Accretion of investment securities
premiums, net (913,212) (321,845)
Realized (gain) loss on investment securities (3,765) 23,443
Decrease (increase) in other assets 1,602,972 (213,500)
(Decrease) increase in accrued taxes, expenses
and other liabilities (50,215) 153,163
------------ -----------
NET CASH PROVIDED BY OPERATING ACTIVITIES 3,732,280 2,881,385
INVESTING ACTIVITIES
Proceeds from sales of investment securities Available for Sale 265,265 477,188
Proceeds from maturities of investment securities Held to Maturity 38,896,624 87,995,536
Proceeds from maturities of investment securities Available for Sale 4,250,000 2,000,000
Purchase of investment securities Held to Maturity (30,622,937) (67,311,086)
Purchase of investment securities Available for Sale (1,655,101) (6,231,101)
Net increase in loans (2,121,940) (6,615,999)
Purchases of premises and equipment (360,134) (154,602)
------------ -----------
NET CASH USED IN INVESTING ACTIVITIES 8,651,777 10,159,936
FINANCING ACTIVITIES
Net increase in total deposits 11,887,721 7,967,692
Cash dividends paid (560,153) (506,398)
Repurchase of Common Stock (332,503) (687,297)
Exercise of stock options 97,600 119,920
------------ -----------
NET CASH PROVIDED BY FINANCING ACTIVITIES 11,092,665 6,893,917
INCREASE IN CASH AND CASH EQUIVALENTS 23,476,722 19,935,238
Cash and cash equivalents at beginning of period 32,012,716 20,596,961
------------ ----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $55,489,438 $40,532,199
------------ ----------
------------ ----------
</TABLE>
The Corporation made interest payments of $4,324,418 and $2,784,988 and tax
payments of $1,254,033 and $1,376,509 for the six months ended June 30, 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> <C>
Balance January 1, 1994 1,406,701 $140,670 $8,012,403 $31,249,852 $39,402,925
Net Income 2,935,124 2,935,124
Exercise of Incentive
Stock Options 5,593 559 119,361 119,920
Repurchase and Retirement of
Common Stock (19,401) (1,940) (685,357) (687,297)
Unrealized depreciation on
Securities Available for Sale, Net (650,135) (650,135)
Cash Dividend Declared
$.36 per share (501,441) (501,441)
----------- ----------- ----------- ----------- ----------- -----------
Balance June 30, 1994 1,392,893 $139,289 $7,446,407 $33,683,535 ($650,135) $40,619,096
----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- -----------
Balance January 1, 1995 1,400,384 $140,038 $7,619,723 $36,214,413 ($1,366,569) $42,607,605
Net Income 2,776,496 2,776,496
Exercise of Incentive
Stock Options 4,512 452 97,148 97,600
Repurchase and Retirement of
Common Stock (8,000) (800) (331,703) (332,503)
Unrealized appreciation on
Securities Available for Sale, Net 1,425,778 1,425,778
Cash Dividend Declared
$.40 per share (558,759) (558,759)
----------- ----------- ----------- ----------- ----------- -----------
Balance June 30, 1995 1,396,896 $139,690 $7,385,168 $38,432,150 $59,209 $46,016,217
----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- -----------
</TABLE>
See notes to consolidated financial statements.
6
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
June 30, 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 six month periods ended June 30,
1995 and 1994 are 1,420,946 and 1,415,335 respectively.
INVESTMENT SECURITIES
The following table sets forth the Investment Securities for the six
months ended June 30, 1995:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
-------------------------------------------
(In Thousands)
<S> <C> <C> <C> <C>
Securities Held to Maturity:
U.S. Treasuries $75,263 $804 $302 $75,765
U.S. Government Agencies 39,963 334 737 39,560
State and Municipals 34,313 287 367 34,233
Collateralized Mortgage Obligations 8,931 99 81 8,949
------------------------------------------
Total $158,470 $1,524 $1,487 $158,507
Securities Available for Sale:
U.S. Treasuries $34,387 $441 $196 $34,632
State and Municipals 3,491 52 29 3,514
Collateralized Mortgage Obligations 5,939 179 5,760
Other 127 127
-----------------------------------------
Total $43,944 $493 $404 $44,033
</TABLE>
7
<PAGE>
The following table sets forth the Investment Securities for the twelve months
ended December 31, 1994:
<TABLE>
<CAPTION>
Gross Gross
Amortized Unrealized Unrealized Market
Cost Gains Losses Value
-----------------------------------------------------------------
(In Thousands)
<S> <C> <C> <C> <C>
Securities Held to Maturity:
U.S. Treasuries $ 67,781 $ 43 $2,386 $65,438
U.S. Government Agencies 42,924 128 2,871 40,181
State and Municipals 37,117 109 1,416 35,810
Collateralized Mortgage Obligations 9,956 21 396 9,581
Commercial Paper 9,981 50 9,931
-----------------------------------------------------------------
Total $167,759 $301 $7,119 $160,941
Securities Available for Sale:
U.S. Treasuries $36,445 $ 23 $1,241 $35,227
State and Municipals 4,406 37 88 4,355
Collateralized Mortgage Obligations 5,935 771 5,164
Other 127 127
-----------------------------------------------------------------
Total $46,913 $ 60 $2,100 $44,873
</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.
8
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION
Item 2
Management's Discussion and Analysis of Financial Condition
and Results of Operations
FINANCIAL CONDITION
The First of Long Island Corporation total assets at June 30, 1995 were
$411.3 million, reflecting a decrease of $10.0 million or 2.4% from the previous
quarter end, and an increase of $15.2 million or 3.8% from the previous year
end. As mentioned in our March 31, 1995 reporting, a temporary time deposit of
approximately $16 million in escrowed funds was included in the period end
figures. Those funds, which account for the first quarter comparative
differential, are excluded from the following discussion and analysis.
At period end, demand deposits increased $6.4 million or 5.9% from the
first quarter end, and $6.0 million or 5.5% from the previous year end. The
ending balance of $115.5 million was the highest reported balance to date.
Checking accounts continue to comprise the largest part of demand deposits.
Average checking deposit balances continued strong during this year, increasing
approximately $12 million or 12% since June of 1994. The growth of these
balances is the most important marketing strategy of the Corporation, and
management is very pleased with these results. The combined total of savings
and all other time deposits were relatively level at the $250 million range for
the three compared period ends. Management exerts concerted effort to maintain
core time deposits by remaining as competitive as practicable in the rates that
are offered. Total deposits represented 88% of total assets on both an actual
and average basis. The Corporation's continued strong deposit base remains as
its primary funding source, allowing for no borrowing needs nor purchasing of
funds.
Overall earning assets at June 30, 1995 increased approximately $3.5
million or .9% from the previous quarter end, and approximately $13.5 million or
3.7% from the previous year end. Earning assets include federal funds sold,
investment securities, and loans.
Investment securities decreased $3.3 million or 1.6% from the previous
quarter end and $10.1 million or 4.8% from the previous year end. These
decreases were offset by increases in both federal funds sold and loans. Since
the previous year end, the decrease in investment securities was, in part, 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, which includes federal funds sold, continues
as the Corporation's largest component of earning assets. At period end, these
invested funds represented 57% of total assets, paralleling similar ratios for
the prior quarter and year end. Included in invested funds were approximately
9
<PAGE>
$53.3 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 $146.6 million at June 30, 1995, reflecting an increase of
$4.3 million or 3.0% over the previous quarter end, and an increase of $2.1
million or 1.4% over the previous year end. Although there have been increases
in outstandings over the previous year end, the growth was minimal, with the
weakness centered in commercial mortgages. Real estate mortgage loans, however,
account for the major portion of outstandings. Total loans at period end were
35.6% of total assets compared with 35.1% at the previous quarter end and 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 June 30, 1995 was $3.6 million or 2.5% of
total loans, remaining relatively level with both the previous quarter and year
ends. No provision for loan losses was deemed necessary thus far this year.
Further, no provisions were deemed necessary for the previous year. For the
current six months of 1995, recoveries exceeded charge-offs by $5 thousand.
Accruing loans which were past due ninety days or more amounted to $73.5
thousand compared with $78.1 thousand at the previous quarter end and $3.2
thousand at the previous year end. Nonaccrual loans were $514.2 thousand
compared with $484.6 thousand at the previous quarter end and $515.8 thousand at
the previous year end. The current allowance as a percent of past due and
nonaccrual loans was 574.0%. While the credit quality of the loan portfolio
remains strong and the present reserve for loan losses is considered
appropriate, management maintains concern over the lackluster Long Island
economy. Possibilities of future increases in losses and delinquencies in the
loan portfolio remain.
Total stockholders' equity of $46.0 million showed an increase of $1.3
million or 3.0% from the previous quarter end and an increase of $3.4 million or
8.0% 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 six month period, are
carried at market rather than amortized value. As a result, under stockholders'
equity, unrealized appreciation net of taxes at quarter end was recorded at
$59.2 thousand, substantially higher than the recorded amount of depreciation of
$1,366.6 thousand at the previous year end. A cash dividend was declared in the
amount of 40 cents per share which is payable to shareholders of record July 12,
1995.
10
<PAGE>
Liquidity and capital resources continue to exceed substantially regulatory
requirements. At no time since the Federal Deposit Insurance Corporation
instituted assessment risk classifications for banks was The First of Long
Island Corporation ever classified as anything other than "well capitalized".
The comparison of risk-based capital ratios maintained at period end to the
regulatory minimum requirements were as follows:
<TABLE>
<CAPTION>
Minimum
Required June 30 March 31 Dec.31 Sept 30
Rate 1995 1995 1994 1994
-------- ------- -------- -------- -------
<S> <C> <C> <C> <C> <C>
Total Capital Ratio 8.00% 30.02% 29.57% 27.81% 26.67%
Tier I Capital Ratio 4.00% 28.76% 28.31% 26.55% 25.41%
Leverage Ratio 4.00% 11.19% 11.02% 10.76% 10.65%
</TABLE>
Management regularly monitors the asset/liability sensitivity position 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.
RESULTS OF OPERATIONS
Net income for the second quarter of 1995 was $1,417 thousand or $.99 per
share compared with $1,501 thousand or $1.06 per share for the second quarter of
1994. Net income for the first six months of 1995 was $2,776 thousand or $1.95
per share compared with $2,935 thousand or $2.07 per share for the same period
of 1994.
Net interest income continues as the Corporation's primary source of income
and, although higher during the current periods as compared to the similar prior
periods, the year to date net interest margin was slightly lower by eight basis
points.
Noninterest income, net of securities transactions, showed an increase of
$68 thousand or 8.5% for the second quarter of 1995 compared with the second
quarter of 1994, and a decrease of $60 thousand or 3.4% for the first six months
of 1995 compared to the same period last year. The year to date decrease was
reflective mostly of greater nonrecurring income received in the first quarter
of 1994.
There were no gains or losses on the sale of securities during the current
quarter. Year to date results reflect mainly calls on certain municipal issues.
11
<PAGE>
Operating expenses increased $208 thousand or 6.4% for the second quarter
of 1995 compared with the second quarter of 1994, and increased $524 thousand or
8.1% for the first six months of 1995 compared with the same period a year ago.
The larger components of increases were salaries and employee benefits. FDIC
Insurance continues as a large factor in noninterest expense, amounting to $383
thousand for the current year to date.
No provisions for loan losses were considered necessary for the current or
previously reported periods.
Return on average assets (ROA) and return on average stockholders' equity
(ROE) for the current six month period were 1.37% and 12.53%, respectively,
compared with 1.52% and 14.53%, 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
$1,575 thousand. These expenditures are intended to cover costs of furniture
and equipment, facility improvements, and branch office expansion. Expenditures
for the six months ended June 30, 1995 amounted to $360 thousand and are
expected to remain within budgeted amounts.
The Corporation is continuing to work on the opening of a full service
office in Garden City, as well as pursuing an additional commercial banking unit
location elsewhere on Long Island.
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,
12,745 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 Board recently reaffirmed the current program for the repurchase of
shares from shareholders.
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. A similar routine examination is
scheduled for completion during the third quarter of 1995. The Corporation was
12
<PAGE>
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.
At the July 1995 meeting, the Board of Directors elected Dr. William J.
Catacosinos to the Boards of the Corporation and the Bank. It is expected that
Dr. Catacosinos, Chairman and Chief Executive Officer of the Long Island
Lighting Company, will be nominated for a full two-year term at the 1996 Annual
Meeting of Stockholders.
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 I
1927, currently maintains fourteen offices in Nassau and Suffolk Counties. The
Corporation is not, nor has it been, involved in any acquisitions or mergers.
13
<PAGE>
THE FIRST OF LONG ISLAND CORPORATION
PART II - OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders
(a) The Annual Meeting of Stockholders was held April 18, 1995
(b) Election of Directors - All nominees were re-elected as follows:
Howard Thomas Hogan, Jr. John R. Miller, III
J. Douglas Maxwell, Jr. Stephen V. Murphy
The following Directors continued in office:
Paul T. Canarick J. William Johnson
Beverly Ann Gehlmeyer
(c) Matters Voted Upon:
(i) For the election of directors, each share is entitled to as
many votes as there are directors to be elected, and such
votes may be cumulated and voted for one nominee or divided
among as many different nominees as is desired. Votes cast
in favor of the foregoing nominees were as follows:
Howard Thomas Hogan, Jr. 941,518
J. Douglas Maxwell, Jr. 1,011,346
John R. Miller, III 1,006,586
Stephen V. Murphy 1,006,586
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits - The following exhibit is included herein:
(22) Notice of Annual Meeting of Stockholders held April 18, 1995
(b) Reports on Form 8-K - None
14
<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
8/4/95 By: /s/ J. William Johnson
------------- ------------------------------------------------------
Date J. William Johnson, President, Chairman of the Board
and Chief Executive Officer
8/3/95 By: /s/ William J. White
------------- ------------------------------------------------------
Date William J. White, Vice President and Treasurer
(Chief Financial Officer)
15
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Page
----------- ----------- ----
(22) Notice of Annual Meeting 17
16
<PAGE>
Exhibit (22)
THE FIRST OF LONG ISLAND CORPORATION
10 Glen Head Road
Glen Head, New York 11545
-------------------------------
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
To be Held April 18, 1995
-------------------------------
March 7, 1995
To the Stockholders of
The First of Long Island Corporation:
Notice is hereby given that the Annual Meeting of Stockholders of THE
FIRST OF LONG ISLAND CORPORATION will be held at the OLD BROOKVILLE OFFICE,
209 GLEN HEAD ROAD, GLEN HEAD, NEW YORK, on Tuesday, April 18, 1995, at 3:30
P.M. EST for the following purposes:
(1) To elect Directors.
(2) To transact any other business as may properly come before the
meeting.
Only stockholders of record at the close of business on March 1, 1995 are
entitled to notice of and to vote at such meeting or any adjournment thereof.
By Order of the Board of Directors
Arthur J. Lupinacci, Jr.
SENIOR VICE PRESIDENT AND SECRETARY
IMPORTANT -- PLEASE MAIL YOUR PROXY PROMPTLY.
IN ORDER THAT THERE MAY BE PROPER REPRESENTATION AT THE MEETING, YOU ARE URGED
TO SIGN, DATE AND RETURN THE ENCLOSED PROXY IN THE ENVELOPE PROVIDED. NO
POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES.
17
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<NAME> THE FIRST OF LONG ISLAND CORPORATION
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