10-Q 1 flic20240331_10q.htm FORM 10-Q flic20240331_10q.htm
0000740663 FIRST OF LONG ISLAND CORP false --12-31 Q1 2024 0.10 0.10 80,000,000 80,000,000 22,477,928 22,477,928 22,590,942 22,590,942 0 0 6 10 10 1 2 0 3 1 3 300 300 http://fasb.org/us-gaap/2024#SecuredOvernightFinancingRateSofrMember 1.96 false false false false Represents net realized losses arising from the sale of AFS securities, included in the consolidated statements of income in the line item “Net loss on sales of securities.” See “Note 3 – Investment Securities” for the income tax benefit related to these net realized losses, included in the consolidated statements of income in the line item “Income tax expense.” The decrease in fair value of net loans is mainly due to an increase in interest rates. Includes revolving lines converted to term of $3.1 million of commercial and industrial, $1.0 million of owner-occupied commercial mortgage and $6.2 million of residential home equity. This amount represents the amortized cost basis of the closed loan portfolio used to designate the hedging relationship in which the hedged item is the stated amount of assets in the closed portfolio anticipated to be outstanding for the designated hedge period. At March 31, 2024, the amortized cost basis of the closed portfolio used in this hedging relationship was $462.6 million. The cumulative basis adjustment associated with this hedging relationship was $3.6 million and the amount of the designated hedged item was $3.6 million. Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost and is included in the consolidated statements of income in the line item “Other noninterest income.” Certain fixed rate residential mortgage loans are included in a fair value hedging relationship. The amortized cost excludes a contra asset of $3.6 million related to basis adjustments for loans in the closed portfolio under the portfolio layer method at March 31, 2024. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See "Note 7 - Derivatives" for more information on the fair value hedge. 00007406632024-01-012024-03-31 xbrli:shares 00007406632024-05-07 iso4217:USD 00007406632024-03-31 00007406632023-12-31 0000740663flic:CommercialAndIndustrialIncludingSbaPayrollProtectionProgramMember2024-03-31 0000740663flic:CommercialAndIndustrialIncludingSbaPayrollProtectionProgramMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMember2023-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2023-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2023-12-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMember2024-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMember2023-12-31 iso4217:USDxbrli:shares 00007406632023-01-012023-03-31 0000740663us-gaap:CommonStockMember2023-12-31 0000740663us-gaap:AdditionalPaidInCapitalMember2023-12-31 0000740663us-gaap:RetainedEarningsMember2023-12-31 0000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-31 0000740663us-gaap:CommonStockMember2024-01-012024-03-31 0000740663us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-31 0000740663us-gaap:RetainedEarningsMember2024-01-012024-03-31 0000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-31 0000740663us-gaap:CommonStockMember2024-03-31 0000740663us-gaap:AdditionalPaidInCapitalMember2024-03-31 0000740663us-gaap:RetainedEarningsMember2024-03-31 0000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-31 0000740663us-gaap:CommonStockMember2022-12-31 0000740663us-gaap:AdditionalPaidInCapitalMember2022-12-31 0000740663us-gaap:RetainedEarningsMember2022-12-31 0000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-31 00007406632022-12-31 0000740663us-gaap:CommonStockMember2023-01-012023-03-31 0000740663us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-31 0000740663us-gaap:RetainedEarningsMember2023-01-012023-03-31 0000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-31 0000740663us-gaap:CommonStockMember2023-03-31 0000740663us-gaap:AdditionalPaidInCapitalMember2023-03-31 0000740663us-gaap:RetainedEarningsMember2023-03-31 0000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-31 00007406632023-03-31 0000740663us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-31 0000740663us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-31 0000740663us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-31 0000740663us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2023-12-31 0000740663us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-01-012024-03-31 0000740663us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2024-03-31 0000740663us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-31 0000740663flic:PassthroughMortgageSecuritiesMember2024-03-31 0000740663us-gaap:CollateralizedDebtObligationsMember2024-03-31 0000740663flic:CompanyAgencyObligationsMember2024-03-31 0000740663us-gaap:CorporateBondSecuritiesMember2024-03-31 0000740663us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-31 0000740663flic:PassthroughMortgageSecuritiesMember2023-12-31 0000740663us-gaap:CollateralizedDebtObligationsMember2023-12-31 0000740663flic:CompanyAgencyObligationsMember2023-12-31 0000740663us-gaap:CorporateBondSecuritiesMember2023-12-31 0000740663us-gaap:CommercialMortgageBackedSecuritiesMember2024-03-31 0000740663flic:EquipmentFinanceLoansBackedSecuritiesMember2024-03-31 xbrli:pure utr:Y 0000740663us-gaap:CommercialPortfolioSegmentMember2024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMembersrt:MultifamilyMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Member2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Member2023-12-31 0000740663srt:MinimumMember2024-01-012024-03-31 0000740663srt:MaximumMember2024-01-012024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2024-01-012024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2024-01-012024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Member2024-01-012024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2024-01-012024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2024-01-012024-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMember2024-01-012024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMember2022-12-31 0000740663us-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-31 0000740663us-gaap:CommercialPortfolioSegmentMember2023-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2022-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2023-01-012023-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2023-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2022-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2023-01-012023-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2023-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Member2022-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Member2023-01-012023-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Member2023-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2022-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2023-01-012023-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2023-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2022-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2023-01-012023-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2023-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMember2022-12-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMember2023-01-012023-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMember2023-03-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-31 0000740663flic:CommercialAndIndustrialIncludingSbaPayrollProtectionProgramMemberflic:MultifamilyLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-31 0000740663flic:CommercialAndIndustrialIncludingSbaPayrollProtectionProgramMemberflic:MultifamilyLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-31 0000740663flic:CommercialAndIndustrialIncludingSbaPayrollProtectionProgramMemberflic:MultifamilyLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-31 0000740663flic:CommercialAndIndustrialIncludingSbaPayrollProtectionProgramMemberflic:MultifamilyLoanMemberus-gaap:FinancialAssetPastDueMember2024-03-31 0000740663flic:CommercialAndIndustrialIncludingSbaPayrollProtectionProgramMemberflic:MultifamilyLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:FinancialAssetPastDueMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:FinancialAssetPastDueMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:FinancialAssetNotPastDueMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetPastDueMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetNotPastDueMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMemberus-gaap:FinancialAssetPastDueMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMemberus-gaap:FinancialAssetNotPastDueMember2024-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2024-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2024-03-31 0000740663us-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-31 0000740663us-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-31 0000740663us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-31 0000740663us-gaap:FinancialAssetPastDueMember2024-03-31 0000740663us-gaap:FinancialAssetNotPastDueMember2024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-12-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-31 0000740663flic:CommercialAndIndustrialIncludingSbaPayrollProtectionProgramMemberflic:MultifamilyLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-31 0000740663flic:CommercialAndIndustrialIncludingSbaPayrollProtectionProgramMemberflic:MultifamilyLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-31 0000740663flic:CommercialAndIndustrialIncludingSbaPayrollProtectionProgramMemberflic:MultifamilyLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-31 0000740663flic:CommercialAndIndustrialIncludingSbaPayrollProtectionProgramMemberflic:MultifamilyLoanMemberus-gaap:FinancialAssetPastDueMember2023-12-31 0000740663flic:CommercialAndIndustrialIncludingSbaPayrollProtectionProgramMemberflic:MultifamilyLoanMemberus-gaap:FinancialAssetNotPastDueMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:FinancialAssetPastDueMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:FinancialAssetNotPastDueMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:FinancialAssetPastDueMember2023-12-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:FinancialAssetNotPastDueMember2023-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetPastDueMember2023-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancialAssetNotPastDueMember2023-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMemberus-gaap:FinancialAssetPastDueMember2023-12-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMemberus-gaap:FinancialAssetNotPastDueMember2023-12-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMember2023-12-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMember2023-12-31 0000740663us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-31 0000740663us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-31 0000740663us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-31 0000740663us-gaap:FinancialAssetPastDueMember2023-12-31 0000740663us-gaap:FinancialAssetNotPastDueMember2023-12-31 00007406632023-01-012023-12-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMemberflic:WatchMember2024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMemberus-gaap:PassMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMemberflic:WatchMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMemberus-gaap:SpecialMentionMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMemberus-gaap:SubstandardMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMemberus-gaap:DoubtfulMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:PassMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberflic:WatchMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:SpecialMentionMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:SubstandardMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:DoubtfulMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:PassMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberflic:WatchMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:SpecialMentionMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:SubstandardMember2024-03-31 0000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwnerOccupiedLoan1Memberus-gaap:DoubtfulMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:LoansNetOfDerivativeBasisAdjustmentMemberus-gaap:PassMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:LoansNetOfDerivativeBasisAdjustmentMemberflic:WatchMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:LoansNetOfDerivativeBasisAdjustmentMemberus-gaap:SpecialMentionMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:LoansNetOfDerivativeBasisAdjustmentMemberus-gaap:SubstandardMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:LoansNetOfDerivativeBasisAdjustmentMemberus-gaap:DoubtfulMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMemberflic:LoansNetOfDerivativeBasisAdjustmentMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMember2024-01-012024-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:PassMember2024-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberflic:WatchMember2024-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:SubstandardMember2024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMemberflic:MultifamilyLoanMemberus-gaap:SubstandardMember2024-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:DoubtfulMember2024-03-31 0000740663flic:ConsumerAndOtherPortfolioSegmentMemberflic:NotRatedMember2024-03-31 0000740663flic:LoansNetOfDerivativeBasisAdjustmentMember2024-03-31 0000740663us-gaap:CommercialPortfolioSegmentMemberflic:OwnerOccupiedLoan1Member2024-03-31 0000740663us-gaap:RestrictedStockUnitsRSUMember2023-12-31 0000740663us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-03-31 0000740663us-gaap:RestrictedStockUnitsRSUMember2024-03-31 0000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-31 0000740663us-gaap:FairValueMeasurementsRecurringMemberflic:PassthroughMortgageSecuritiesMember2024-03-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberflic:PassthroughMortgageSecuritiesMember2024-03-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberflic:PassthroughMortgageSecuritiesMember2024-03-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberflic:PassthroughMortgageSecuritiesMember2024-03-31 0000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2024-03-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2024-03-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2024-03-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2024-03-31 0000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-03-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-03-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-03-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2024-03-31 0000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-03-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-03-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-03-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-03-31 0000740663us-gaap:FairValueMeasurementsRecurringMember2024-03-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-31 0000740663us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-03-31 0000740663us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-31 0000740663us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-31 0000740663us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-31 0000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-31 0000740663us-gaap:FairValueMeasurementsRecurringMemberflic:PassthroughMortgageSecuritiesMember2023-12-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberflic:PassthroughMortgageSecuritiesMember2023-12-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberflic:PassthroughMortgageSecuritiesMember2023-12-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberflic:PassthroughMortgageSecuritiesMember2023-12-31 0000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2023-12-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2023-12-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2023-12-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2023-12-31 0000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-12-31 0000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2023-12-31 0000740663us-gaap:FairValueMeasurementsRecurringMember2023-12-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-31 0000740663us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-31 0000740663us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-31 0000740663us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-31 0000740663us-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-31 0000740663us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-01-012024-03-31 0000740663us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-03-31 0000740663us-gaap:FairValueMeasurementsRecurringMemberflic:PremisesAndFacilitiesMember2024-03-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0000740663us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0000740663us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0000740663us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-31 0000740663us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-31 0000740663us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-31 0000740663us-gaap:FairValueHedgingMember2023-03-162023-03-16 0000740663us-gaap:FairValueHedgingMember2023-03-16 0000740663us-gaap:InterestRateSwapMemberus-gaap:FairValueHedgingMember2024-03-31 thunderdome:item 0000740663us-gaap:ResidentialPortfolioSegmentMember2024-03-31 0000740663us-gaap:ResidentialPortfolioSegmentMember2023-12-31 0000740663us-gaap:FairValueHedgingMember2024-01-012024-03-31
 

 

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 


 

FORM 10-Q

 

(Mark One)

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

 

For the quarterly period ended

March 31, 2024

 

 

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.)

  

 275 Broadhollow Road, Melville, NY

11747

(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 ☒   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 ☒   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 ☒

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 ☒ 

 

As of May 7, 2024, the registrant had 22,516,143 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

18

     

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

26

     

ITEM 4.

Controls and Procedures

28

     

PART II.

OTHER INFORMATION

 
     

ITEM 1.

Legal Proceedings

28

     

ITEM 1A.

Risk Factors

28

     

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

29

     

ITEM 3.

Defaults Upon Senior Securities

29

     

ITEM 4.

Mine Safety Disclosures

29

     

ITEM 5.

Other Information

29

     

ITEM 6.

Exhibits

29

     
 

Signatures

31

 

 

 

PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

  

March 31,

  

December 31,

 

(dollars in thousands)

 

2024

  

2023

 

Assets:

        

Cash and cash equivalents

 $106,878  $60,887 

Investment securities available-for-sale, at fair value

  677,112   695,877 
         

Loans:

        

Commercial and industrial

  123,333   116,163 

Secured by real estate:

        

Commercial mortgages

  1,922,275   1,919,714 

Residential mortgages

  1,148,719   1,166,887 

Home equity lines

  41,085   44,070 

Consumer and other

  1,162   1,230 
   3,236,574   3,248,064 

Allowance for credit losses

  (28,335)  (28,992)
   3,208,239   3,219,072 

Restricted stock, at cost

  31,344   32,659 

Bank premises and equipment, net

  30,957   31,414 

Right-of-use asset - operating leases

  21,932   22,588 

Bank-owned life insurance

  114,460   114,045 

Pension plan assets, net

  10,634   10,740 

Deferred income tax benefit

  30,137   28,996 

Other assets

  24,006   19,622 
  $4,255,699  $4,235,900 

Liabilities:

        

Deposits:

        

Checking

 $1,102,284  $1,133,184 

Savings, NOW and money market

  1,564,153   1,546,369 

Time

  660,070   591,433 
   3,326,507   3,270,986 

Overnight advances

     70,000 

Other borrowings

  515,000   472,500 

Operating lease liability

  24,269   24,940 

Accrued expenses and other liabilities

  12,800   17,328 
   3,878,576   3,855,754 

Stockholders' Equity:

        

Common stock, par value $0.10 per share:

        

Authorized, 80,000,000 shares;

        

Issued and outstanding, 22,477,928 and 22,590,942 shares

  2,248   2,259 

Surplus

  78,190   79,728 

Retained earnings

  355,605   355,887 
   436,043   437,874 

Accumulated other comprehensive loss, net of tax

  (58,920)  (57,728)
   377,123   380,146 
  $4,255,699  $4,235,900 
 

 

See notes to unaudited consolidated financial statements

 

 

 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 

   

Three Months Ended

 
   

March 31,

 

(in thousands, except per share data)

 

2024

   

2023

 

Interest and dividend income:

               

Loans

  $ 33,543     $ 30,405  

Investment securities:

               

Taxable

    6,993       3,669  

Nontaxable

    960       1,945  
      41,496       36,019  

Interest expense:

               

Savings, NOW and money market deposits

    10,083       5,775  

Time deposits

    6,977       3,069  

Overnight advances

    263       108  

Other borrowings

    6,012       3,433  
      23,335       12,385  

Net interest income

    18,161       23,634  

Credit provision for credit losses

          (1,056 )

Net interest income after credit provision for credit losses

    18,161       24,690  
                 

Noninterest income:

               

Bank-owned life insurance

    840       780  

Service charges on deposit accounts

    880       787  

Net loss on sales of securities

          (3,489 )

Other

    1,054       935  
      2,774       (987 )

Noninterest expense:

               

Salaries and employee benefits

    9,974       9,765  

Occupancy and equipment

    3,214       3,325  

Other

    3,018       3,481  
      16,206       16,571  

Income before income taxes

    4,729       7,132  
                 

Income tax expense

    294       651  

Net income

  $ 4,435     $ 6,481  
                 

Weighted average:

               

Common shares

    22,520,568       22,493,437  

Dilutive restricted stock units

    73,827       86,807  
      22,594,395       22,580,244  

Earnings per share:

               

Basic

  $ 0.20     $ 0.29  

Diluted

    0.20       0.29  
                 

Cash dividends declared per share

    0.21       0.21  

 

See notes to unaudited consolidated financial statements 

 

 

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) 

 

 

   

Three Months Ended

 
   

March 31,

 

(in thousands)

 

2024

   

2023

 

Net income

  $ 4,435     $ 6,481  

Other comprehensive income (loss):

               

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

    (1,789 )     5,420  

Change in funded status of pension plan

    200       254  

Other comprehensive income (loss) before income taxes

    (1,589 )     5,674  

Income tax expense (benefit)

    (397 )     1,825  

Other comprehensive income (loss)

    (1,192 )     3,849  

Comprehensive income

  $ 3,243     $ 10,330  

 

See notes to unaudited consolidated financial statements 

 

 

 

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

 

   

Three Months Ended March 31, 2024

 
                                   

Accumulated

         
                                   

Other

         
   

Common Stock

           

Retained

   

Comprehensive

         

(dollars in thousands)

 

Shares

   

Amount

   

Surplus

   

Earnings

   

Loss

   

Total

 

Balance, January 1, 2024

    22,590,942     $ 2,259     $ 79,728     $ 355,887     $ (57,728 )   $ 380,146  

Net income

                        4,435             4,435  

Other comprehensive loss

                              (1,192 )     (1,192 )

Repurchase of common stock

    (167,526 )     (17 )     (2,003 )                 (2,020 )

Shares withheld upon the vesting and conversion of RSUs

    (19,530 )     (2 )     (250 )                 (252 )

Common stock issued under stock compensation plans

    46,926       5       9                     14  

Common stock issued under dividend reinvestment and stock purchase plan

    27,116       3       305                   308  

Stock-based compensation

                  401                   401  

Cash dividends declared

                        (4,717 )           (4,717 )

Balance, March 31, 2024

    22,477,928     $ 2,248     $ 78,190     $ 355,605     $ (58,920 )   $ 377,123  

 

  

Three Months Ended March 31, 2023

 
                  

Accumulated

     
                  

Other

     
  

Common Stock

      

Retained

  

Comprehensive

     

(dollars in thousands)

 

Shares

  

Amount

  

Surplus

  

Earnings

  

Loss

  

Total

 

Balance, January 1, 2023

  22,443,380  $2,244  $78,462  $348,597  $(64,767) $364,536 

Net income

            6,481      6,481 

Other comprehensive income

               3,849   3,849 

Shares withheld upon the vesting and conversion of RSUs

  (47,275)  (5)  (846)        (851)

Common stock issued under stock compensation plans

  103,015   11   6          17 

Common stock issued under dividend reinvestment and stock purchase plan

  32,665   3   500         503 

Stock-based compensation

         499         499 

Cash dividends declared

            (4,727)     (4,727)

Balance, March 31, 2023

  22,531,785  $2,253  $78,621  $350,351  $(60,918) $370,307 

 

See notes to unaudited consolidated financial statements

 

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 

 

  

Three Months Ended March 31,

 

(in thousands)

 

2024

  

2023

 

Cash Flows From Operating Activities:

        

Net income

 $4,435  $6,481 

Adjustments to reconcile net income to net cash provided by operating activities:

        

Credit provision for credit losses

     (1,056)

Credit provision for deferred income taxes

  (744)  (264)

Depreciation and amortization of premises and equipment

  769   745 

Amortization of right-of-use asset - operating leases

  656   689 

Premium amortization on investment securities, net

  494   336 

Net loss on sales of securities

     3,489 

Stock-based compensation expense

  401   499 

Accretion of cash surrender value on bank-owned life insurance

  (840)  (780)

Pension expense

  306   372 

Decrease in other liabilities

  (455)  (699)

Other increases in assets

  (3,945)  (1,593)

Net cash provided by operating activities

  1,077   8,219 

Cash Flows From Investing Activities:

        

Available-for-sale securities:

        

Proceeds from sales

     145,451 

Proceeds from maturities and redemptions

  16,542   9,809 

Purchases

  (60)  (134,871)

Net decrease in loans

  10,833   52,747 

Net decrease in restricted stock

  1,315   1,328 

Purchases of premises and equipment, net

  (312)  (920)

Net cash provided by investing activities

  28,318   73,544 

Cash Flows From Financing Activities:

        

Net increase (decrease) in deposits

  55,521   (65,884)

Net decrease in overnight advances

  (70,000)   

Proceeds from other borrowings

  100,000   75,000 

Repayment of other borrowings

  (57,500)  (103,500)

Proceeds from issuance of common stock, net of shares withheld

  56   (348)

Repurchase of common stock

  (2,020)   

Cash dividends paid

  (9,461)  (9,441)

Net cash provided by (used in) financing activities

  16,596   (104,173)

Net increase (decrease) in cash and cash equivalents

  45,991   (22,410)

Cash and cash equivalents, beginning of year

  60,887   74,178 

Cash and cash equivalents, end of period

 $106,878  $51,768 

Supplemental Cash Flow Disclosures:

        

Cash paid for:

        

Interest

 $22,263  $11,152 

Income taxes

  414   425 

Operating cash flows from operating leases

  871   528 

Noncash investing and financing activities:

        

Right-of-use assets obtained in exchange for operating lease liabilities

     295 

 

See notes to unaudited consolidated financial statements

 

 

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

1 - BASIS OF PRESENTATION 

 

The accounting and reporting policies of The First of Long Island Corporation (“Corporation”) reflect banking industry practice and conform to generally accepted accounting principles (“GAAP”) in the United States.

 

The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiary, The First National Bank of Long Island (“Bank”). The Bank has one wholly-owned subsidiary: FNY Service Corp., an investment company. The Bank and FNY Service Corp. jointly own another subsidiary, The First of Long Island REIT, Inc., a real estate investment trust. The consolidated entity is referred to as the “Corporation” and the Bank and its subsidiaries are collectively referred to as the “Bank.” All intercompany balances and amounts have been eliminated. 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, 2023.

 

The consolidated financial information included herein as of and for the periods ended March 31, 2024 and 2023 is unaudited. However, such information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of results for the interim periods. The December 31, 2023 consolidated balance sheet was derived from the Corporation's  December 31, 2023 audited consolidated financial statements. When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation.

 

Use of Estimates. In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported asset and liability balances, revenue and expense amounts, and the disclosures provided, including disclosure of contingent assets and liabilities, based on available information. Actual results could differ significantly from those estimates. Information available which could affect these judgements include, but are not limited to, changes in interest rates, changes in the performance of the economy and changes in the financial condition of borrowers.

 

2 - COMPREHENSIVE INCOME

 

Comprehensive income includes net income and other comprehensive income (loss) (“OCI”). OCI includes revenues, expenses, gains and losses that under GAAP are included in comprehensive income but excluded from net income. OCI for the Corporation consists of unrealized holding gains or losses on available-for-sale (“AFS”) securities, derivative instruments and changes in the funded status of the Bank’s defined benefit pension plan, all net of related income taxes. Accumulated OCI is recognized as a separate component of stockholders’ equity.

 

The following table sets forth the components of accumulated OCI, net of tax.

 

      

Current

     
  

Balance

  

Period

  

Balance

 

(in thousands)

 

12/31/2023

  

Change

  

3/31/2024

 

Unrealized holding loss on available-for-sale securities

 $(49,809) $(1,330) $(51,139)

Unrealized actuarial loss on pension plan

  (7,919)  138   (7,781)

Accumulated other comprehensive loss, net of tax

 $(57,728) $(1,192) $(58,920)

 

6

 

The components of OCI and the related tax effects are as follows:

 

  

Three Months Ended

 
  

March 31,

 

(in thousands)

 

2024

  

2023

 

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

        

Change arising during the period

 $(1,789) $1,931 

Reclassification adjustment for losses included in net income (1)

     3,489 
   (1,789)  5,420 

Tax effect

  (459)  1,747 
   (1,330)  3,673 

Change in funded status of pension plan:

        

Amortization of net actuarial loss included in pension expense (2)

  200   254 

Tax effect

  62   78 
   138   176 

Other comprehensive income (loss)

 $(1,192) $3,849 

 

(1)

Represents net realized losses arising from the sale of AFS securities, included in the consolidated statements of income in the line item “Net loss on sales of securities.” See “Note 3 – Investment Securities” for the income tax benefit related to these net realized losses, included in the consolidated statements of income in the line item “Income tax expense.”

(2)

Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost and is included in the consolidated statements of income in the line item “Other noninterest income.”

 

 

3 - INVESTMENT SECURITIES

 

The following tables set forth the amortized cost and estimated fair values of the Bank’s AFS investment securities at the dates indicated.

 

  

March 31, 2024

 
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 

(in thousands)

 

Cost

  

Gains

  

Losses

  

Value

 

State and municipals

 $152,646  $92  $(14,137) $138,601 

Pass-through mortgage securities

  162,557      (28,869)  133,688 

Collateralized mortgage obligations

  194,500   826   (22,000)  173,326 

SBA agency obligations

  122,077   290   (1,183)  121,184 

Corporate bonds

  119,000      (8,687)  110,313 
  $750,780  $1,208  $(74,876) $677,112 

 

  

December 31, 2023

 

State and municipals

 $155,294  $317  $(11,990) $143,621 

Pass-through mortgage securities

  165,734      (27,131)  138,603 

Collateralized mortgage obligations

  201,500   1,836   (21,074)  182,262 

SBA agency obligations

  126,228   331   (1,083)  125,476 

Corporate bonds

  119,000      (13,085)  105,915 
  $767,756  $2,484  $(74,363) $695,877 

 

7

 

Small Business Administration (“SBA”) agency obligations are floating rate, government guaranteed securities backed by $89.5 million of commercial mortgages and $31.7 million of equipment finance loans at March 31, 2024.

 

At March 31, 2024 and December 31, 2023, investment securities with a carrying value of $273.7 million and $203.9 million, respectively, were pledged as collateral to secure public deposits and borrowed funds.

 

There were no holdings of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity at March 31, 2024 and December 31, 2023.

 

There was no allowance for credit losses associated with the investment securities portfolio at March 31, 2024 or December 31, 2023.

 

Securities With Unrealized Losses. The following tables set forth securities with unrealized losses at the dates indicated presented by the length of time the securities have been in a continuous unrealized loss position.

 

  

March 31, 2024

 
  

Less than

  

12 Months

         
  

12 Months

  

or More

  

Total

 
  

Fair

  

Unrealized

  

Fair

  

Unrealized

  

Fair

  

Unrealized

 

(in thousands)

 

Value

  

Loss

  

Value

  

Loss

  

Value

  

Loss

 

State and municipals

 $6,199  $(65) $118,520  $(14,072) $124,719  $(14,137)

Pass-through mortgage securities

  3,967   (63)  129,721   (28,806)  133,688   (28,869)

Collateralized mortgage obligations

  11,383   (88)  99,643   (21,912)  111,026   (22,000)

SBA agency obligations

  34,745   (455)  61,171   (728)  95,916   (1,183)

Corporate bonds

        110,313   (8,687)  110,313   (8,687)

Total temporarily impaired

 $56,294  $(671) $519,368  $(74,205) $575,662  $(74,876)

 

  

December 31, 2023

 

State and municipals

 $29,522  $(719) $95,725  $(11,271) $125,247  $(11,990)

Pass-through mortgage securities

  2,361   (1)  134,558   (27,130)  136,919   (27,131)

Collateralized mortgage obligations

        102,528   (21,074)  102,528   (21,074)

SBA agency obligations

  98,879   (1,083)        98,879   (1,083)

Corporate bonds

        105,915   (13,085)  105,915   (13,085)

Total temporarily impaired

 $130,762  $(1,803) $438,726  $(72,560) $569,488  $(74,363)

 

State and Municipals

 

At March 31, 2024, approximately $124.7 million of state and municipal bonds had an unrealized loss of $14.1 million. Substantially all the state and municipal bonds are considered high investment grade and rated Aa2/AA- or higher. The unrealized loss is attributable to changes in interest rates and illiquidity and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The Bank has the ability to hold these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity.

 

Pass-through Mortgage Securities

 

At March 31, 2024, pass-through mortgage securities of approximately $133.7 million had an unrealized loss of $28.9 million. These securities were issued by U.S. government and government-sponsored agencies and are considered high investment grade. The unrealized loss is attributable to changes in interest rates and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The Bank has the ability to hold these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity.

 

Collateralized Mortgage Obligations

 

At March 31, 2024, collateralized mortgage obligations of approximately $111.0 million had an unrealized loss of $22.0 million. These securities were issued by U.S. government and government-sponsored agencies and are considered high investment grade. The unrealized loss is attributable to changes in interest rates and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The Bank has the ability to hold these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity.

 

8

 

SBA Agency Obligations

 

At March 31, 2024, SBA agency obligations of approximately $95.9 million had an unrealized loss of $1.2 million. These securities were issued by the SBA, a U.S. government agency and are considered high investment grade. The unrealized loss is attributable to changes in interest rates and not credit quality. The issuer continues to make timely principal and interest payments on the bonds. The Bank has the ability to hold these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity.

 

Corporate Bonds

 

At March 31, 2024, approximately $110.3 million of corporate bonds had an unrealized loss of $8.7 million. The corporate bonds represent senior unsecured debt obligations of six of the largest U.S. based financial institutions, including JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo. Each of the corporate bonds has a stated maturity of ten years and matures in 2028. The bonds reprice quarterly based on the ten year constant maturity swap rate.

 

Each of the financial institutions is considered upper medium investment grade and rated A3 or higher. The unrealized loss is attributable to changes in credit spreads and interest rates and the illiquid nature of the securities. The Bank does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. Each of these financial institutions has diversified revenue streams, is well capitalized and continues to make timely interest payments. Management evaluates the quarterly financial statements of each company to determine if full payment of principal and interest is in doubt and does not believe there is any impairment at March 31, 2024.

 

Sales of AFS Securities. Sales of AFS securities were as follows:

 

  

Three Months Ended

 
  

March 31,

 

(in thousands)

 

2024

  

2023

 

Proceeds

 $  $145,451 
         

Gains

 $  $ 

Losses

     (3,489)

Net loss

 $  $(3,489)

 

Income tax benefit related to the net realized losses for the three months ended March 31, 2023 was $1.1 million and is included in the consolidated statements of income in the line item “Income tax expense.” 

 

Maturities. The following table sets forth by maturity the amortized cost and fair value of the Bank’s state and municipal securities and corporate bonds at March 31, 2024 based on the earlier of their stated maturity or, if applicable, their pre-refunded date. The remaining securities in the Bank’s investment securities portfolio are mortgage and asset-backed securities, consisting of pass-through mortgage securities, collateralized mortgage obligations and SBA agency obligations. Although these securities are expected to have substantial periodic repayments, they are reflected in the table below in aggregate amounts.

 

(in thousands)

 

Amortized Cost

  

Fair Value

 

Within one year

 $1,203  $1,201 

After 1 through 5 years

  135,198   125,640 

After 5 through 10 years

  34,505   32,145 

After 10 years

  100,740   89,928 

Mortgage and asset-backed securities

  479,134   428,198 
  $750,780  $677,112 

 

9

 

4 - LOANS

 

The following table sets forth the loans outstanding by class of loans at the dates indicated.

 

(in thousands)

 

March 31, 2024

  

December 31, 2023

 

Commercial and industrial

 $123,333  $116,163 

Commercial mortgages:

        

Multifamily

  859,271   857,163 

Other

  823,784   829,090 

Owner-occupied

  239,220   233,461 

Residential mortgages:

        

Closed end

  1,148,719   1,166,887 

Revolving home equity

  41,085   44,070 

Consumer and other

  1,162   1,230 
  $3,236,574  $3,248,064 

 

Allowance for Credit Losses. Loans that do not share similar risk characteristics are evaluated on an individual basis. Such disparate risk characteristics may include internal or external credit ratings, risk ratings, collateral type, size of loan, effective interest rate, term, geographic location, industry or historical or expected loss pattern. For loans individually evaluated, an allowance for credit losses (“ACL” or “allowance”) is estimated based on either the fair value of collateral or the discounted value of expected future cash flows. In estimating the fair value of real estate collateral, management utilizes appraisals or evaluations adjusted for costs to dispose and a distressed sale adjustment, if needed. Estimating the fair value of collateral other than real estate is also subjective in nature and sometimes requires difficult and complex judgements. Determining expected future cash flows can be more subjective than determining fair values. Expected future cash flows could differ significantly, both in timing and amount, from the cash flows actually received over the loan’s remaining life. Individually evaluated loans are excluded from the estimation of credit losses for the pooled portfolio.

 

For loans collectively evaluated for credit loss, management segregates its loan portfolio into distinct pools, certain of which are combined in reporting loans outstanding by class of loans: (1) commercial and industrial; (2) small business; (3) multifamily; (4) owner-occupied; (5) other commercial real estate; (6) construction and land development; (7) closed end residential mortgage; (8) revolving home equity; (9) consumer; and (10) municipal loans. Historical loss information from the Bank’s own loan portfolio from December 31, 2007 to present provides a basis for management’s assessment of expected credit losses. The choice of a historical look-back period that begins in 2007 covers an entire economic cycle and impacts the average historical loss rates used to calculate the final ACL. Due to the extensive loss data available, management selected the vintage approach to measure the historical loss component of credit losses for most of its loan pools. For the revolving home equity and small business pools, the lifetime PD/LGD (probability of default/loss given default) method is used to measure historical losses.

 

Modifications to borrowers experiencing financial difficulty are initially included in loans collectively evaluated for credit loss. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. A charge to the allowance for credit losses is generally not recorded upon modification.

 

Management believes that the methods selected fairly reflect the historical loss component of expected losses inherent in the Bank’s loan portfolio. However, since future losses could vary significantly from those experienced in the past, on a quarterly basis management adjusts its historical loss experience to reflect current and forecasted conditions. In doing so, management considers a variety of general qualitative and quantitative factors (“Q-factors”) and then subjectively determines the weight to assign to each in estimating losses. Qualitative characteristics include differences in underwriting standards, policies, lending staff and environmental risks. Management also considers whether further adjustments to historical loss information are needed to reflect the extent to which current conditions and reasonable and supportable forecasts over a one year to two year forecasting horizon differ from the conditions that existed during the historical loss period. These quantitative adjustments reflect changes to relevant data such as changes in unemployment rates, gross domestic product (“GDP”), vacancies, average growth in pools of loans, delinquencies or other factors associated with the financial assets. The immediate reversion method is applied for periods beyond the forecasting horizon. The Bank’s ACL allocable to pools of loans that are collectively evaluated for credit loss results primarily from these qualitative and quantitative adjustments to historical loss experience. Because of the nature of the Q-factors and the degree of judgement involved in assessing their impact, management’s resulting estimate of losses may not accurately reflect current and future losses in the portfolio.

 

The Bank did not record a provision for credit losses in the first quarter of 2024. Changes in the ACL were driven largely by net chargeoffs of $657,000. Increases in Q-factors assessed to multifamily loans were offset by reductions in loan balances, specific reserves and other Q-factors pertaining to home prices and concentrations of credit. 

 

10

 

The following tables present the activity in the ACL for the periods indicated.

 

  

Balance at

          

Provision (Credit) for

  

Balance at

 

(in thousands)

 

1/1/2024

  

Chargeoffs

  

Recoveries

  

Credit Losses

  

3/31/2024

 

Commercial and industrial

 $2,030  $664  $7  $2  $1,375 

Commercial mortgages:

                    

Multifamily

  6,817         1,297   8,114 

Other

  7,850         (311)  7,539 

Owner-occupied

  3,104         (102)  3,002 

Residential mortgages:

                    

Closed end

  8,838         (857)  7,981 

Revolving home equity

  339         (30)  309 

Consumer and other

  14         1   15 
  $28,992  $664  $7  $  $28,335

 

 

 

  

Balance at

          

Provision (Credit) for

  

Balance at

 

(in thousands)

 

1/1/2023

  

Chargeoffs

  

Recoveries

  

Credit Losses

  

3/31/2023

 

Commercial and industrial

 $1,543  $182  $15  $14  $1,390 

Commercial mortgages:

                    

Multifamily

  8,430         (958)  7,472 

Other

  7,425         188   7,613 

Owner-occupied

  3,024         93   3,117 

Residential mortgages:

                    

Closed end

  10,633         (407)  10,226 

Revolving home equity

  362         15   377 

Consumer and other

  15         (1)  14 
  $31,432  $182  $15  $(1,056) $30,209 

 

11

 

Aging of Loans. The following tables present the aging of loans past due and loans on nonaccrual status by class of loans.

 

  

March 31, 2024

 
  

Past Due

  

Nonaccrual

             

(in thousands)

 

30-59 Days

  

60-89 Days

  

90 Days or More and Still Accruing

  

With an Allowance for Credit Loss

  

With No Allowance for Credit Loss

  

Total Past Due Loans & Nonaccrual Loans

  

Current

  

Total Loans

 

Commercial and industrial

 $292  $  $  $  $  $292  $123,041  $123,333 

Commercial mortgages:

                                

Multifamily

                    859,271   859,271 

Other

                    823,784   823,784 

Owner-occupied

                    239,220   239,220 

Residential mortgages:

                                

Closed end

              1,172   1,172   1,147,547   1,148,719 

Revolving home equity

                    41,085   41,085 

Consumer and other

                    1,162   1,162 
  $292  $  $  $  $1,172  $1,464  $3,235,110  $3,236,574 

 

  

December 31, 2023

 

Commercial and industrial

 $73  $  $  $722  $  $795  $115,368  $116,163 

Commercial mortgages:

                               

Multifamily