SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

BUONAIUTO THOMAS

(Last)

(First)

(Middle)

ONE SUFFOLK SQUARE

1601 VETERANS MEMORIAL HIGHWAY

(Street)

ISLANDIA

11749

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
LONG ISLAND FINANCIAL CORP [ LICB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Vice President and Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
12/27/2005

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	12/27/2005		M		2,300	A	$12.5	4,772.42⁽¹⁾	D
Common Stock								8,782.325⁽²⁾	I	By 401(k)
Common Stock								914	I	By Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Option (Right to Buy)	$12.5	12/27/2005		M			2,300	01/28/1999	01/28/2009	Common Stock	2,300	$0	7,500	D
Stock Option (Right to Buy)	$10.875							01/26/2000	01/26/2010	Common Stock⁽³⁾	1,400		1,400	D
Stock Option (Right to Buy)	$13.5							01/23/2001	01/23/2011	Common Stock⁽⁴⁾	1,400		1,400	D
Stock Option (Right to Buy)	$16.95							01/23/2002	01/23/2012	Common Stock⁽⁵⁾	1,400		1,400	D
Stock Option (Right to Buy)	$25							01/29/2003	01/29/2013	Common Stock⁽⁶⁾	5,000		5,000	D
Stock Option (Right to Buy)	$38							02/04/2004	02/04/2014	Common Stock⁽⁷⁾	1,667		1,667	D
Stock Option (Right to Buy)	$37.5							01/26/2005	01/26/2015	Common Stock	1,667		1,667	D

Explanation of Responses:

1. This form reflects increases in beneficial ownership resulting from exempt acquisitions under a Dividend Reinvestment Plan.

2. This form reflects increases in beneficial ownership resulting from exempt aquisitions under a 401(k) Plan pursuant to Rule 16b-3c.

3. Stock Options granted pursuant to the Long Island Financial Corp. 1998 Stock Option Plan are fully vested and exercisable as of January 26, 2004.

4. Stock Options granted pursuant to the Long Island Financial Corp. 1998 Stock Option Plan are fully vested and exercisable as of January 23, 2005.

5. Stock Options granted pursuant to the Long Island Financial Corp. 1998 Stock Option Plan vest as follows: 1,120 shares are currently vested and 280 vest on January 23, 2006.

6. Stock Options granted pursuant to the Long Island Financial Corp. 1998 Stock Option Plan vest as follows: 2,000 shares are currently vested and 1,000 vest on January 29, 2005, 2006 and 2007.

7. Stock Options granted pursuant to the Long Island Financial Corp. 1998 Stock Option Plan vest as follows: 333 shares are currently vested, 333 vest on February 4, 2006 and 2008, and 334 vest on February 4, 2005 and 2007.

Remarks:

	By: Thomas Buonaiuto	12/29/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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