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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

March 31, 2022

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 April 29, 2022, the registrant had 23,125,403 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

5

Notes to Unaudited Consolidated Financial Statements

6

ITEM 2.

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

17

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

24

ITEM 4.

Controls and Procedures

26

PART II.

OTHER INFORMATION

ITEM 1.

Legal Proceedings

26

ITEM 1A.

Risk Factors

26

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

26

ITEM 3.

Defaults Upon Senior Securities

26

ITEM 4.

Mine Safety Disclosures

27

ITEM 5.

Other Information

27

ITEM 6.

Exhibits

27

Signatures

29

 


PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31,

December 31,

(dollars in thousands)

2022

2021

Assets:

Cash and cash equivalents

$

85,811

$

43,675

Investment securities available-for-sale, at fair value

682,984

734,318

Loans:

Commercial and industrial

103,870

90,386

SBA Paycheck Protection Program

12,377

30,534

Secured by real estate:

Commercial mortgages

1,870,546

1,736,612

Residential mortgages

1,191,691

1,202,374

Home equity lines

45,820

44,139

Consumer and other

2,021

991

3,226,325

3,105,036

Allowance for credit losses

(30,287)

(29,831)

3,196,038

3,075,205

Restricted stock, at cost

18,123

21,524

Bank premises and equipment, net

37,971

37,523

Right-of-use asset - operating leases

8,006

8,438

Bank-owned life insurance

108,573

107,831

Pension plan assets, net

19,129

19,097

Deferred income tax benefit

15,338

3,987

Other assets

18,705

17,191

$

4,190,678

$

4,068,789

Liabilities:

Deposits:

Checking

$

1,479,806

$

1,400,998

Savings, NOW and money market

1,736,821

1,685,410

Time

328,763

228,837

3,545,390

3,315,245

Short-term borrowings

50,000

125,000

Long-term debt

186,322

186,322

Operating lease liability

10,609

11,259

Accrued expenses and other liabilities

8,896

17,151

3,801,217

3,654,977

Stockholders' Equity:

Common stock, par value $0.10 per share:

Authorized, 80,000,000 shares;

Issued and outstanding, 23,106,070 and 23,240,596 shares

2,311

2,324

Surplus

89,362

93,480

Retained earnings

327,785

320,321

419,458

416,125

Accumulated other comprehensive loss, net of tax

(29,997)

(2,313)

389,461

413,812

$

4,190,678

$

4,068,789

See notes to unaudited consolidated financial statements

 

1


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended

March 31,

(in thousands, except per share data)

2022

2021

Interest and dividend income:

Loans

$

27,386

$

26,706

Investment securities:

Taxable

1,668

1,833

Nontaxable

1,968

2,248

31,022

30,787

Interest expense:

Savings, NOW and money market deposits

763

1,066

Time deposits

945

2,304

Short-term borrowings

441

350

Long-term debt

868

1,165

3,017

4,885

Net interest income

28,005

25,902

Provision (credit) for credit losses

433

(986)

Net interest income after provision (credit) for credit losses

27,572

26,888

Noninterest income:

Bank-owned life insurance

742

579

Service charges on deposit accounts

726

683

Net gains on sales of securities

606

Other

1,956

1,664

3,424

3,532

Noninterest expense:

Salaries and employee benefits

9,755

10,070

Occupancy and equipment

2,951

3,277

Other

3,063

3,102

15,769

16,449

Income before income taxes

15,227

13,971

Income tax expense

3,144

2,704

Net income

$

12,083

$

11,267

Weighted average:

Common shares

23,178,475

23,781,326

Dilutive stock options and restricted stock units

99,214

83,423

23,277,689

23,864,749

Earnings per share:

Basic

$0.52

$0.47

Diluted

0.52

0.47

Cash dividends declared per share

0.20

0.19

See notes to unaudited consolidated financial statements 

 

 

2


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) 

 

Three Months Ended March 31,

(in thousands)

2022

2021

Net income

$

12,083

$

11,267

Other comprehensive loss:

Change in net unrealized holding gains or losses on
  available-for-sale securities

(41,556)

(7,867)

Change in net unrealized loss on derivative instruments

1,547

1,614

Other comprehensive loss before income taxes

(40,009)

(6,253)

Income tax benefit

(12,325)

(1,858)

Other comprehensive loss

(27,684)

(4,395)

Comprehensive income (loss)

$

(15,601)

$

6,872

See notes to unaudited consolidated financial statements 

 

 

3


CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

 

Three Months Ended March 31, 2022

Accumulated

Other

Common Stock

Retained

Comprehensive

(dollars in thousands)

Shares

Amount

Surplus

Earnings

Loss

Total

Balance, January 1, 2022

23,240,596

$

2,324

$

93,480

$

320,321

$

(2,313)

$

413,812

Net income

12,083

12,083

Other comprehensive loss

(27,684)

(27,684)

Repurchase of common stock

(202,886)

(20)

(4,480)

(4,500)

Shares withheld upon the vesting

and conversion of RSUs

(25,628)

(3)

(542)

(545)

Common stock issued under

stock compensation plans

75,483

8

8

16

Common stock issued under

dividend reinvestment and

stock purchase plan

18,505

2

380

382

Stock-based compensation

516

516

Cash dividends declared

(4,619)

(4,619)

Balance, March 31, 2022

23,106,070

$

2,311

$

89,362

$

327,785

$

(29,997)

$

389,461

Three Months Ended March 31, 2021

Accumulated

Other

Common Stock

Retained

Comprehensive

(dollars in thousands)

Shares

Amount

Surplus

Earnings

Income (Loss)

Total

Balance, January 1, 2021

23,790,589

$

2,379

$

105,547

$

295,622

$

3,570

$

407,118

Net income

11,267

11,267

Other comprehensive loss

(4,395)

(