SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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 12, 1999
The First of Long Island Corporation
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(Exact Name of Registrant as Specified in Charter)
New York 0-12220 11-2672906
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
10 Glen Head Road, Glen Head, New York 11545
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (516) 671-4900
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
On November 12, 1999, The First of Long Island Corporation (the
"Corporation") announced that it had learned of improprieties by one of its
employees that resulted in a misstatement of the Corporation's earnings and
misappropriation of funds (see Exhibit 99.1).
The Corporation will restate current and prior years' earnings because of
the above which include the fact that approximately $1.7 million in Trust
Department income had been erroneously recognized. It is anticipated that the
impact on current year earnings should be small, as the amounts to be provided
relate predominantly to prior years. Coverages for misappropriation are provided
under its insurance policies.
The Corporation's management and its auditors are conducting an ongoing
investigation into this and any possible related matters.
On November 16, 1999, the Corporation filed a Form 12b-25 with the
Securities and Exchange Commission disclosing that its Form 10-Q for the quarter
ended September 30, 1999 could not be filed within the prescribed time period
because additional time is needed to determine the amount of the restatement
that applies to each affected period. The Form 10-Q will be filed promptly after
such determination is made.
On October 8, 1999, the Corporation announced its earnings for the three
and nine months ended September 30, 1999 (see Exhibit 99.2). The announced
earnings are before the restatement referred to above.
ITEM 7. EXHIBITS
Exhibit 99.1 - Press release dated November 12, 1999 is submitted herewith
Exhibit 99.2 - Press release dated October 8, 1999 is submitted herewith
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 hereunto duly authorized.
The First of Long Island Corporation
(Registrant)
Date: November 16, 1999 By: /s/Mark D. Curtis
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Mark D. Curtis
Senior Vice President & Treasurer
(principal accounting & financial officer)
Exhibit 99.1
THE FIRST OF LONG ISLAND CORPORATION
NEWS RELEASE
November 12, 1999 For More Information Contact:
Arthur J. Lupinacci Jr., Executive Vice President
(516) 671-4900 Ext. 576
THE FIRST OF LONG ISLAND CORPORATION
ANNOUNCES EARNINGS RESTATEMENT
Glen Head, New York, November 12, 1999--The First of Long Island
Corporation and its wholly owned subsidiary, The First National Bank of Long
Island, announced today that Bank personnel and auditors have learned of
improprieties by one of its employees that resulted in a misstatement of the
Bank's earnings and misappropriation of funds.
The Corporation will restate current and prior years' earnings because of
the above which include the fact that approximately $1.7 million in Trust
Department income had been erroneously recognized. It is anticipated that the
impact on current year earnings should be small, as the amounts to be provided
relate predominantly to prior years. Coverages for misappropriation are provided
under the Bank's insurance policies.
Chairman of the Corporation, J. William Johnson, reassured all shareholders
that no depositor or customer will suffer any financial loss as a result of the
misstatement or misappropriation, and emphasized that these events will have no
adverse impact on the strength of the Corporation or the Bank.
The Bank's management and its auditors are conducting an ongoing
investigation into this and any possible related matters.
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Exhibit 99.2
THE FIRST OF LONG ISLAND CORPORATION
NEWS RELEASE
October 8, 1999 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
NINE MONTH EARNINGS
Glen Head, New York, October 8, 1999 - The First of Long Island Corporation
earned $2.14 per share for the first nine months of 1999. This is compared to
$1.94 for the like period in 1998 which is an increase in earnings per share of
10%. The 1999 earnings are before a second quarter transition adjustment to the
Allowance for Loan Losses which resulted in a special nonrecurring credit of 30
cents per share. The Corporation's income before the adjustment to the Allowance
was $6,675,000 for the nine months ended September 30, 1999 and total assets at
September 30, 1999 were $566,113,000.
TABULAR SUMMARY OF EARNINGS
Nine Months Ended
September 30 1999 1998
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Net Interest Income $ 18,216,000 $ 16,892,000
Net Income Before Transition Adjustment To The
Allowance For Loan Losses 6,675,000 6,156,000
Net Income 7,620,000 6,156,000
Earnings Per Share Before Transition Adjustment
To The Allowance For Loan Losses:
Basic 2.18 1.98
Diluted 2.14 1.94
Earnings Per Share:
Basic 2.49 1.98
Diluted 2.45 1.94
Total Assets at September 30 566,113,000 518,229,000
(Continued)
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Quarter Ended September 30 1999 1998
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Net Interest Income $ 6,206,000 $ 5,819,000
Net Income 2,321,000 2,094,000
Earnings Per Share:
Basic 0.77 0.68
Diluted 0.76 0.66
For more detailed financial information please request a copy of the
Corporation's third quarter 1999 Form 10-Q from our Finance Department located
at 10 Glen Head Road, Glen Head, New York 11545.
