Company Quick10K Filing
First of Long Island
Price22.93 EPS2
Shares25 P/E14
MCap574 P/FCF16
Net Debt297 EBIT94
TEV871 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-10
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-15
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-16
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-15
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-02
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-10
10-Q 2015-03-31 Filed 2015-05-11
10-K 2014-12-31 Filed 2015-03-16
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-17
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-10
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-16
8-K 2021-01-29 Earnings, Exhibits
8-K 2021-01-29 Regulation FD, Exhibits
8-K 2020-12-01 Other Events, Exhibits
8-K 2020-10-30
8-K 2020-10-29
8-K 2020-09-24
8-K 2020-09-09
8-K 2020-07-30
8-K 2020-04-30
8-K 2020-04-21
8-K 2020-01-30
8-K 2020-01-03
8-K 2019-10-30
8-K 2019-07-29
8-K 2019-05-20
8-K 2019-05-03
8-K 2019-04-16
8-K 2019-03-19
8-K 2019-01-30
8-K 2019-01-02
8-K 2018-12-20
8-K 2018-10-30
8-K 2018-10-30
8-K 2018-07-30
8-K 2018-07-02
8-K 2018-04-30
8-K 2018-04-17
8-K 2018-01-30

FLIC 10Q Quarterly Report

Part 1. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 flic-20200930xex31_1.htm
EX-31.2 flic-20200930xex31_2.htm
EX-32 flic-20200930xex32.htm

First of Long Island Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
4.33.42.61.70.90.02012201420172020
Assets, Equity
0.10.10.10.00.00.02016201720182020
Rev, G Profit, Net Income
0.30.20.0-0.1-0.3-0.42012201420172020
Ops, Inv, Fin

flic-20200930x10q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

____________

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended

September 30, 2020

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 001-32964

THE FIRST OF LONG ISLAND CORPORATION

(Exact name of registrant as specified in its charter)

 

New York

11-2672906

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

10 Glen Head Road, Glen Head, NY

 

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)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common stock, $0.10 par value per share

FLIC

Nasdaq

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 by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x   No ¨ 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ¨

Accelerated Filer x

Non-Accelerated Filer ¨

Emerging Growth Company ¨

Smaller Reporting Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨   No x 

As of October 31, 2020, the registrant had 23,887,063 shares of common stock, $0.10 par value per share, outstanding.


TABLE OF CONTENTS

PART I.

FINANCIAL INFORMATION

ITEM 1.

Financial Statements (Unaudited)

Consolidated Balance Sheets

1

Consolidated Statements of Income

2

Consolidated Statements of Comprehensive Income

3

Consolidated Statements of Changes in Stockholders’ Equity

4

Consolidated Statements of Cash Flows

6

Notes to Unaudited Consolidated Financial Statements

7

ITEM 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

20

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

28

ITEM 4.

Controls and Procedures

30

PART II.

OTHER INFORMATION

ITEM 1.

Legal Proceedings

30

ITEM 1A.

Risk Factors

30

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

30

ITEM 3.

Defaults Upon Senior Securities

30

ITEM 4.

Mine Safety Disclosures

30

ITEM 5.

Other Information

30

ITEM 6.

Exhibits

30

Signatures

32

 


PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30,

December 31,

(dollars in thousands)

2020

2019

Assets:

Cash and cash equivalents

$

163,852

$

38,968

Investment securities available-for-sale, at fair value

646,106

697,544

Loans:

Commercial and industrial

102,405

103,879

SBA Paycheck Protection Program

166,405

Secured by real estate:

Commercial mortgages

1,331,890

1,401,289

Residential mortgages

1,379,181

1,621,419

Home equity lines

55,070

59,231

Consumer and other

1,167

2,431

3,036,118

3,188,249

Allowance for credit losses

(32,792)

(29,289)

3,003,326

3,158,960

Restricted stock, at cost

22,029

30,899

Bank premises and equipment, net

38,691

40,017

Right-of-use asset - operating leases

12,387

14,343

Bank-owned life insurance

84,850

83,119

Pension plan assets, net

18,472

18,275

Deferred income tax benefit

3,395

317

Other assets

18,200

15,401

$

4,011,308

$

4,097,843

Liabilities:

Deposits:

Checking

$

1,165,065

$

911,978

Savings, NOW and money market

1,638,980

1,720,599

Time, $100,000 and over

196,989

242,359

Time, other

247,812

269,080

3,248,846

3,144,016

Short-term borrowings

57,708

190,710

Long-term debt

273,002

337,472

Operating lease liability

13,230

15,220

Accrued expenses and other liabilities

20,788

21,317

3,613,574

3,708,735

Stockholders' Equity:

Common stock, par value $0.10 per share:

Authorized, 80,000,000 shares;

Issued and outstanding, 23,864,840 and 23,934,632 shares

2,386

2,393

Surplus

106,595

111,744

Retained earnings

289,612

274,376

398,593

388,513

Accumulated other comprehensive income (loss), net of tax

(859)

595

397,734

389,108

$

4,011,308

$

4,097,843

See notes to unaudited consolidated financial statements

 

1


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Nine Months Ended

Three Months Ended

September 30,

September 30,

(in thousands, except per share data)

2020

2019

2020

2019

Interest and dividend income:

Loans

$

83,349

$

88,382

$

26,461

$

29,353

Investment securities:

Taxable

9,972

11,726

3,223

3,758

Nontaxable

7,520

8,819

2,454

2,773

100,841

108,927

32,138

35,884

Interest expense:

Savings, NOW and money market deposits

7,946

13,856

1,307

5,015

Time deposits

8,487

11,361

2,559

4,030

Short-term borrowings

1,219

2,569

334

62

Long-term debt

6,177

5,558

2,020

1,883

23,829

33,344

6,220

10,990

Net interest income

77,012

75,583

25,918

24,894

Provision for credit losses

2,450

279

314

Net interest income after provision for credit losses

74,562

75,304

25,918

24,580

Noninterest income:

Investment Management Division income

1,620

1,502

553

504

Service charges on deposit accounts

2,267

2,321

661

836

Net gains on sales of securities

2,556

2,556

Other

4,502

4,058

1,586

1,380

10,945

7,881

5,356

2,720

Noninterest expense:

Salaries and employee benefits

28,278

26,536

9,365

8,555

Occupancy and equipment

9,324

8,712

3,191

2,872

Debt extinguishment

2,559

2,559

Other

8,496

8,993

3,024

2,903

48,657

44,241

18,139

14,330

Income before income taxes

36,850

38,944

13,135

12,970

Income tax expense

6,176

6,576

2,368

2,187

Net income

$

30,674

$

32,368

$

10,767

$

10,783

Weighted average:

Common shares

23,867,726

24,855,562

23,860,764

24,470,249

Dilutive stock options and restricted stock units

38,678

177,072

37,773

192,860

23,906,404

25,032,634