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 2020-06-30 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 2020-09-09 Regulation FD
8-K 2020-07-30 Earnings, Exhibits
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-20200630xex31_1.htm
EX-31.2 flic-20200630xex31_2.htm
EX-32 flic-20200630xex32.htm

First of Long Island Earnings 2020-06-30

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-20200630x10q
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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

June 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 July 31, 2020, the registrant had 23,863,402 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

21

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

30

ITEM 4.

Controls and Procedures

32

PART II.

OTHER INFORMATION

ITEM 1.

Legal Proceedings

32

ITEM 1A.

Risk Factors

32

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

32

ITEM 3.

Defaults Upon Senior Securities

32

ITEM 4.

Mine Safety Disclosures

32

ITEM 5.

Other Information

32

ITEM 6.

Exhibits

32

Signatures

34

 


PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 30,

December 31,

(dollars in thousands)

2020

2019

Assets:

Cash and cash equivalents

$

173,740

$

38,968

Investment securities available-for-sale, at fair value

748,032

697,544

Loans:

Commercial and industrial

104,673

103,879

SBA Paycheck Protection Program

165,704

Secured by real estate:

Commercial mortgages

1,351,542

1,401,289

Residential mortgages

1,470,181

1,621,419

Home equity lines

58,945

59,231

Consumer and other

1,416

2,431

3,152,461

3,188,249

Allowance for credit losses

(34,051)

(29,289)

3,118,410

3,158,960

Restricted stock, at cost

29,543

30,899

Bank premises and equipment, net

39,463

40,017

Right-of-use asset - operating leases

13,675

14,343

Bank-owned life insurance

84,251

83,119

Pension plan assets, net

18,407

18,275

Deferred income tax benefit

3,856

317

Other assets

18,951

15,401

$

4,248,328

$

4,097,843

Liabilities:

Deposits:

Checking

$

1,152,945

$

911,978

Savings, NOW and money market

1,701,266

1,720,599

Time, $100,000 and over

213,262

242,359

Time, other

255,449

269,080

3,322,922

3,144,016

Short-term borrowings

60,019

190,710

Long-term debt

439,972

337,472

Operating lease liability

14,561

15,220

Accrued expenses and other liabilities

21,116

21,317

3,858,590

3,708,735

Stockholders' Equity:

Common stock, par value $0.10 per share:

Authorized, 80,000,000 shares;

Issued and outstanding, 23,848,626 and 23,934,632 shares

2,385

2,393

Surplus

106,047

111,744

Retained earnings

283,379

274,376

391,811

388,513

Accumulated other comprehensive income (loss), net of tax

(2,073)

595

389,738

389,108

$

4,248,328

$

4,097,843

See notes to unaudited consolidated financial statements

 

1


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Six Months Ended

Six Months Ended June 30,

Three Months Ended June 30,

(in thousands, except per share data)

2020

2019

2020

2019

Interest and dividend income:

Loans

$

56,888

$

59,029

$

27,957

$

29,613

Investment securities:

Taxable

6,749

7,968

3,323

3,923

Nontaxable

5,066

6,046

2,501

2,954

68,703

73,043

33,781

36,490

Interest expense:

Savings, NOW and money market deposits

6,639

8,841

2,359

4,841

Time deposits

5,928

7,331

2,886

3,933

Short-term borrowings

885

2,507

266

542

Long-term debt

4,157

3,675

2,162

1,895

17,609

22,354

7,673

11,211

Net interest income

51,094

50,689

26,108

25,279

Provision (credit) for credit losses

2,450

(35)

92

422

Net interest income after provision (credit) for credit losses

48,644

50,724

26,016

24,857

Noninterest income:

Investment Management Division income

1,067

998

519

517

Service charges on deposit accounts

1,606

1,485

619

780

Other

2,916

2,678

1,433

1,420

5,589

5,161

2,571

2,717

Noninterest expense:

Salaries and employee benefits

18,913

17,981

9,639

8,723

Occupancy and equipment

6,133

5,840

3,061

2,903

Other

5,472

6,090

2,960

3,150

30,518

29,911

15,660

14,776

Income before income taxes

23,715

25,974

12,927

12,798

Income tax expense

3,808

4,389

2,168

2,054

Net income

$

19,907

$

21,585

$

10,759

$

10,744

Weighted average:

Common shares

23,871,245

25,051,412

23,838,224

24,821,026

Dilutive stock options and restricted stock units

39,135

169,048

23,638

181,751

23,910,380

25,220,460

23,861,862

25,002,777

Earnings per share:

Basic

$0.83

$0.86

$0.45

$0.43

Diluted

0.83

0.86

0.45