8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________

FORM 8-K

__________________

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): October 26, 2023

__________________

The First of Long Island Corporation

(Exact name of the registrant as specified in its charter)

__________________

New York	001-32964	11-2672906
(State or other jurisdiction of	(Commission File Number)	(IRS Employer
incorporation or organization)		Identification No.)

275 Broadhollow Road
Melville, New York	11747
(Address of principal executive offices)	(Zip Code)

(516) 671-4900

(Registrant’s telephone number)

Not applicable

(Former name or former address, if changed since last report)

__________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth 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.  ☐

Item 2.02 Results of Operations and Financial Condition

On October 26, 2023, The First of Long Island Corporation issued a press release disclosing material non-public information regarding the Corporation's financial condition as of September 30, 2023 and its results of operations for the nine and three month periods then ended. The press release is furnished as Exhibit 99.1 to this Form 8-K filing. 

Item 9.01 Financial Statements and Exhibits

Exhibit 99.1 - Press release dated October 26, 2023 regarding the Corporation's financial condition as of September 30, 2023 and its results of operations for the nine and three month periods then ended.  

Exhibit 104 - Cover page interactive data file (embedded within the Inline XBRL document) 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. 

The First of Long Island Corporation

(Registrant)

By: /s/ JAY P. MCCONIE

Jay P. McConie

Executive Vice President,

Chief Financial Officer & Treasurer

(principal financial officer)

Dated: October 30, 2023

EX-99.1

Exhibit 99.1

October 26, 2023	For More Information Contact:
For Immediate Release	Jay McConie, EVP and CFO
	(516) 671-4900, Ext. 7404

THE FIRST OF LONG ISLAND CORPORATION

REPORTS EARNINGS FOR THE THIRD QUARTER OF 2023

NAMES NEW CHIEF FINANCIAL OFFICER, JANET T. VERNEUILLE

Melville, New York, October 26, 2023 (GLOBE NEWSWIRE) – The First of Long Island Corporation (Nasdaq: FLIC or the "Company"), the parent of The First National Bank of Long Island (the "Bank"), reported earnings for the three and nine months ended September 30, 2023.

Analysis of Earnings – Third Quarter Versus Second Quarter 2023

President and Chief Executive Officer Chris Becker commented on the Company’s earnings: “The significant quarterly earnings contraction that took place in the fourth quarter of last year and the first quarter of this year has leveled off in the last two quarters. The considerable slowdown in the pace of margin contraction during the third quarter is encouraging, just 4 basis points. We remain focused on our core business of commercial relationship banking and expense control to be in the best position to take advantage of a more favorable rate environment.”

Net income for the third quarter of 2023 was $6.8 million, a decrease of $99,000 when compared to the second quarter of 2023. Net interest income declined $409,000 or 1.9% in the third quarter due to the current rate environment. The Bank’s net interest margin was 2.13% for the third quarter compared to 2.17% in the second quarter. The pace of decline in the net interest margin has slowed considerably for two consecutive quarters. The net interest margin declined by 40 basis points in the first quarter, 17 basis points in the second quarter and 4 basis points in the third quarter. The Bank recorded a credit provision for credit losses of $171,000 driven by lower historical loss rates and a decline in outstanding loans partially offset by net charge-offs of $133,000. Noninterest income declined $438,000 mostly attributable to a $240,000 gain on the sale of a building recorded in the second quarter. Noninterest expense declined $353,000 due to lower incentive compensation as well as a decline in occupancy expenses.

Analysis of Earnings – Nine Months Ended September 30, 2023

Net income for the first nine months of 2023 was $20.2 million compared to $37.0 million in the same period last year. The primary drivers of the decrease were declines in net interest income of $21.1 million and a loss on sale of securities of $3.5 million. These items were partially offset by a decrease in income tax expense of $6.3 million and a decrease in the provision for credit losses of $3.5 million.

Net interest income declined due to an increase in interest expense of $36.9 million that was partially offset by a $15.8 million increase in interest income. The cost of interest-bearing liabilities increased 184 basis points while the yield on interest-earning assets increased 47 basis points when comparing the first nine months of 2023 and 2022. Also contributing to the decline in net interest income was a shift in the mix of funding as average noninterest-bearing deposits decreased $216.0 million while average interest-bearing liabilities increased $239.8 million.

The provision for credit losses decreased $3.5 million when comparing the nine-month periods from a charge of $2.2 million in 2022 to a credit of $1.2 million in 2023. The credit provision for the current nine-month period was mostly due to an improvement in historical loss rates, declines in outstanding loans and improved current and forecasted economic conditions, partially offset by net charge-offs of $542,000.

Noninterest income, excluding the loss on sale of securities of $3.5 million in 2023, declined $2.1 million when comparing the nine-month periods. The decline was mostly due to the nonservice cost component of the Bank’s defined benefit pension plan and a first quarter of 2022 payment received for the conversion of the Bank’s retail broker and advisory accounts. Partially offsetting these items was a gain of $240,000 in the second quarter of 2023 from the sale of our last building in Glen Head.

1

Noninterest expense was flat when comparing the nine-month periods in 2023 and 2022. A decline of $996,000 in salaries and benefits expense was partially offset by an increase of $764,000 in other expenses. The decline in salaries and benefits expense was mostly due to lower incentive compensation offset by annual base salary increases and lower deferred compensation costs for loan originations. The increase in other expenses was largely attributable to higher FDIC insurance expense due to higher assessment rates.

Income tax expense decreased $6.3 million and the effective tax rate declined from 19.5% to 11.6% when comparing the nine-month periods.  The decline in the effective tax rate is mainly due to an increase in the percentage of pre-tax income derived from the Bank’s real estate investment trust and bank-owned life insurance. The decrease in income tax expense reflects the lower effective tax rate and a decline in pre-tax income.

Analysis of Earnings – Third Quarter 2023 Versus Third Quarter 2022

Net income for the third quarter of 2023 decreased $5.7 million as compared to the third quarter of last year. The decrease is mainly attributable to a $8.8 million decline in net interest income, partially offset by a decrease in the provision for credit losses of $1.3 million and a decline in income tax expense of $1.9 million for substantially the same reasons discussed above with respect to the nine-month periods.

Liquidity

Total deposits declined by $27 million, or less than 1.00%, since December 31, 2022, which is the result of proactive management and the strength of our deposit franchise. Reflecting current trends in the industry, our mix of deposits has shifted to more interest-bearing deposits. Noninterest-bearing deposits made up 35% of total deposits at September 30, 2023.  During the first nine months of 2023, brokered time deposits remained steady, representing approximately 5% of total deposits, and we reduced our long-term Federal Home Loan Bank advances by $28.5 million, or 6.9%. We had no short-term borrowings at September 30, 2023.

The Bank had $1.3 billion in collateralized borrowing lines with the Federal Home Loan Bank of New York and the Federal Reserve Bank, as well as a $20 million unsecured line of credit with a correspondent bank. We also had $271 million in unencumbered cash and securities. In total, we had approximately $1.6 billion of available liquidity, compared to an aggregate of uninsured and uncollateralized deposits of approximately $1.3 billion. Uninsured and uncollateralized deposits represented 38% of our total deposits at September 30, 2023.

Asset Quality

The Bank’s allowance for credit losses to total loans (reserve coverage ratio) was .91% at September 30, 2023, as compared to .95% at December 31, 2022. The decrease in the reserve coverage ratio was mainly due to improvements in historical loss rates and current and forecasted economic conditions. Nonaccrual loans were zero at September 30, 2023. Modified loans and loans past due 30 through 89 days remain at low levels.

Capital

The Corporation’s capital position remains strong with a Leverage Ratio of approximately 10.0% at September 30, 2023.  Book value per share was $15.75 at September 30, 2023 versus $16.24 at December 31, 2022. The accumulated other comprehensive loss component of stockholders’ equity is mainly comprised of a net unrealized loss in the available-for-sale securities portfolio due to higher market interest rates.  We have not repurchased any shares in 2023 and the Bank declared its quarterly cash dividend of $0.21 per share on September 28, 2023. The Board and management continue to evaluate both capital management tools to provide the best opportunity to maximize shareholder value.

2

Executive Succession

The Company announced today that effective December 1, 2023, Jay P. McConie will step down as Chief Financial Officer and Janet T. Verneuille, the Company’s current Executive Vice President and Chief Risk Officer, will succeed Mr. McConie as Chief Financial Officer and be promoted to Senior Executive Vice President. Mr. McConie will remain as Executive Vice President of the Company and the Bank through December 31, 2023, at which time he will provide consulting services to the Company and the Bank.

Mr. McConie has been Executive Vice President and Chief Financial Officer of the Company since January 1, 2020, and prior to that was Chief Investment Officer of the Bank since 2015. 

Ms. Verneuille has been employed as Executive Vice President and Chief Risk Officer of the Company and Bank since 2019. Prior to that time, Ms. Verneuille served as Executive Vice President and Chief Financial Officer of two publicly held bank holding companies on Long Island, Bridge Bancorp, Inc. and Empire Bancorp, Inc. Ms. Verneuille has 35 years of banking experience and obtained her public accounting experience at KPMG, LLP serving various banking clients. She is a graduate of Hofstra University with a B.S. in Accounting and a Certified Public Accountant.

Concurrent with Ms. Verneuille assuming the role of Chief Financial Officer, Tanweer Ansari, Esq., Executive Vice President, Chief Compliance Officer and Internal Counsel will be promoted to Chief Risk Officer and General Counsel. Mr. Ansari joined the Bank in 2014 as Senior Vice President and Chief Compliance Officer. He was promoted to Internal Counsel in 2021 and Executive Vice President in 2022. Prior to joining the Bank, Mr. Ansari served as Associate General Counsel at Bethpage FCU. Mr. Ansari is a licensed attorney admitted in New York and to the United States Supreme Court Bar. 

The Company also announced that Christopher Hilton, the Bank’s Chief Lending Officer, will be promoted to Senior Executive Vice President of the Company and the Bank effective December 1, 2023. Mr. Hilton joined the Bank in 2017 and was promoted to Executive Vice President in 2018. He was named Chief Lending Officer in 2020.  Prior to joining the Bank, Mr. Hilton served as Executive Vice President and Chief Credit Officer of two Long Island banks. 

Mr. Becker commented on the changes to his executive team, “Jay has been a trusted partner over the past four years as we have worked to transform the Bank to a more commercially focused community bank. I respect his decision to spend more time with family and on other personal and professional endeavors. Having worked with Janet for 20-years, including during her role as CFO of Bridge Bancorp, Inc. and at a national bank in organization, I am confident her transition to our Chief Financial Officer will be smooth. Janet’s relationship with Jay extends back to their time together at KPMG. They have worked closely together at The First of Long Island Corporation and will continue to do so in Jay’s consulting role.

Mr. Becker commented further, “During my tenure as Chief Risk Officer I hired Tan to be our Chief Compliance Officer. Having worked closely with Tan since 2014, I look forward to him assuming the role of Chief Risk Officer. Regarding Chris Hilton’s promotion, he has done a tremendous job building our commercial relationship business including growing our middle market and business banking presence through key hires. Chris is always focused on our strategic initiatives and is a key member of the executive leadership team. We are fortunate at FLIC to have a strong and multi-talented executive group.”

Forward Looking Information

This earnings release contains various “forward-looking statements” within the meaning of that term as set forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of the Securities Exchange Act of 1934.  Such statements are generally contained in sentences including the words “may” or “expect” or “could” or “should” or “would” or “believe” or “anticipate”.  The Corporation cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements.  Factors that could cause future results to vary from current management expectations include, but are not limited to, changing economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in interest rates; deposit flows and the cost of funds; demand for loan products; competition; changes in management’s business strategies; changes in accounting principles, policies or guidelines; changes in real estate values; and other factors discussed in the “risk factors” section of the Corporation’s filings with the Securities and Exchange Commission (“SEC”).  The forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

For more detailed financial information please see the Corporation’s quarterly report on Form 10-Q for the quarter ended September 30, 2023.  The Form 10-Q will be available through the Bank’s website at www.fnbli.com on or about November 1, 2023, when it is electronically filed with the SEC. Our SEC filings are also available on the SEC’s website at www.sec.gov.

3

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	9/30/2023			12/31/2022
	(dollars in thousands)
Assets:
Cash and cash equivalents	$	56,199		$	74,178
Investment securities available-for-sale, at fair value		663,503			673,413
Loans:
Commercial and industrial		114,552			108,493
Secured by real estate:
Commercial mortgages		1,913,333			1,916,493
Residential mortgages		1,181,949			1,240,144
Home equity lines		43,703			45,213
Consumer and other		1,336			1,390
		3,254,873			3,311,733
Allowance for credit losses		(29,663	)		(31,432	)
		3,225,210			3,280,301
Restricted stock, at cost		25,442			26,363
Bank premises and equipment, net		31,957			31,660
Right-of-use asset - operating leases		23,244			23,952
Bank-owned life insurance		113,231			110,848
Pension plan assets, net		10,694			11,049
Deferred income tax benefit		38,664			31,124
Other assets		28,922			18,623
	$	4,217,066		$	4,281,511
Liabilities:
Deposits:
Checking	$	1,187,753		$	1,324,141
Savings, NOW and money market		1,644,235			1,661,512
Time		605,522			478,981
		3,437,510			3,464,634
Short-term borrowings		—			—
Long-term debt		382,500			411,000
Operating lease liability		25,615			25,896
Accrued expenses and other liabilities		15,823			15,445
		3,861,448			3,916,975
Stockholders' Equity:
Common stock, par value $0.10 per share:
Authorized, 80,000,000 shares;
Issued and outstanding, 22,573,422 and 22,443,380 shares		2,257			2,244
Surplus		79,837			78,462
Retained earnings		354,572			348,597
		436,666			429,303
Accumulated other comprehensive loss, net of tax		(81,048	)		(64,767	)
		355,618			364,536
	$	4,217,066		$	4,281,511

4

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Nine Months Ended						Three Months Ended
	9/30/2023			9/30/2022			9/30/2023			9/30/2022
	(dollars in thousands)
Interest and dividend income:
Loans	$	94,706		$	86,181		$	32,818		$	30,032
Investment securities:
Taxable		15,877			6,556			6,594			2,751
Nontaxable		3,976			6,013			1,004			2,051
		114,559			98,750			40,416			34,834
Interest expense:
Savings, NOW and money market deposits		22,188			3,263			8,802			1,699
Time deposits		13,086			3,474			5,785			1,374
Short-term borrowings		596			775			50			91
Long-term debt		11,782			3,280			4,347			1,412
		47,652			10,792			18,984			4,576
Net interest income		66,907			87,958			21,432			30,258
Provision (credit) for credit losses		(1,227	)		2,248			(171	)		1,089
Net interest income after provision (credit) for credit losses		68,134			85,710			21,603			29,169
Noninterest income:
Bank-owned life insurance		2,383			2,253			809			763
Service charges on deposit accounts		2,243			2,346			703			840
Net loss on sales of securities		(3,489	)		—			—			—
Other		2,802			4,896			732			1,444
		3,939			9,495			2,244			3,047
Noninterest expense:
Salaries and employee benefits		29,268			30,264			9,649			10,528
Occupancy and equipment		9,974			9,702			3,253			3,395
Other		10,010			9,246			3,262			3,091
		49,252			49,212			16,164			17,014
Income before income taxes		22,821			45,993			7,683			15,202
Income tax expense		2,641			8,965			883			2,738
Net income	$	20,180		$	37,028		$	6,800		$	12,464
Share and Per Share Data:
Weighted Average Common Shares		22,538,520			22,973,209			22,569,716			22,746,302
Dilutive restricted stock units		69,010			89,817			86,914			99,208
		22,607,530			23,063,026			22,656,630			22,845,510
Basic EPS	$	0.90		$	1.61		$	0.30		$	0.55
Diluted EPS		0.89			1.61			0.30			0.55
Cash Dividends Declared per share		0.63			0.61			0.21			0.21
FINANCIAL RATIOS
(Unaudited)
ROA		0.64	%		1.17	%		0.63	%		1.14	%
ROE		7.29			12.57			7.34			12.84
Net Interest Margin		2.21			2.95			2.13			2.97
Dividend Payout Ratio		70.79			37.89			70.00			38.18
Efficiency Ratio		65.33			49.68			67.51			50.26

5

PROBLEM AND POTENTIAL PROBLEM LOANS AND ASSETS

(Unaudited)

	9/30/2023			12/31/2022
	(dollars in thousands)
Loans including modifications to borrowers experiencing financial difficulty:
Modified and performing according to their modified terms	$	433		$	480
Past due 30 through 89 days		823			750
Past due 90 days or more and still accruing		2			—
Nonaccrual		—			—
		1,258			1,230
Other real estate owned		—			—
	$	1,258		$	1,230
Allowance for credit losses	$	29,663		$	31,432
Allowance for credit losses as a percentage of total loans		0.91	%		0.95	%
Allowance for credit losses as a multiple of nonaccrual loans		—			—

6

AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL

(Unaudited)

	Nine Months Ended September 30,
	2023								2022
	Average			Interest/		Average			Average			Interest/		Average
(dollars in thousands)	Balance			Dividends		Rate			Balance			Dividends		Rate
Assets:
Interest-earning bank balances	$	52,163		$	1,969		5.05	%	$	35,373		$	314		1.19	%
Investment securities:
Taxable (1)		564,857			13,908		3.28			438,475			6,242		1.90
Nontaxable (1) (2)		209,566			5,033		3.20			317,802			7,611		3.19
Loans (1) (2)		3,266,184			94,708		3.87			3,261,521			86,185		3.52
Total interest-earning assets		4,092,770			115,618		3.77			4,053,171			100,352		3.30
Allowance for credit losses		(30,531	)							(30,332	)
Net interest-earning assets		4,062,239								4,022,839
Cash and due from banks		31,410								34,041
Premises and equipment, net		32,107								37,967
Other assets		115,167								140,114
	$	4,240,923							$	4,234,961
Liabilities and Stockholders' Equity:
Savings, NOW & money market deposits	$	1,668,506			22,188		1.78		$	1,726,886			3,263		.25
Time deposits		536,529			13,086		3.26			345,623			3,474		1.34
Total interest-bearing deposits		2,205,035			35,274		2.14			2,072,509			6,737		.43
Short-term borrowings		14,993			596		5.31			62,837			775		1.65
Long-term debt		377,053			11,782		4.18			221,889			3,280		1.98
Total interest-bearing liabilities		2,597,081			47,652		2.45			2,357,235			10,792		.61
Checking deposits		1,236,001								1,451,964
Other liabilities		37,736								31,826
		3,870,818								3,841,025
Stockholders' equity		370,105								393,936
	$	4,240,923							$	4,234,961
Net interest income (2)				$	67,966							$	89,560
Net interest spread (2)							1.32	%							2.69	%
Net interest margin (2)							2.21	%							2.95	%

(1) The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on AFS securities.

(2) Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation's investment in tax-exempt loans and investment securities had been made in loans and investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.

7

AVERAGE BALANCE SHEET, INTEREST RATES AND INTEREST DIFFERENTIAL

(Unaudited)

	Three Months Ended September 30,
	2023								2022
	Average			Interest/		Average			Average			Interest/		Average
(dollars in thousands)	Balance			Dividends		Rate			Balance			Dividends		Rate
Assets:
Interest-earning bank balances	$	66,474		$	902		5.38	%	$	38,714		$	217		2.22	%
Investment securities:
Taxable (1)		625,827			5,692		3.64			450,617			2,534		2.25
Nontaxable (1) (2)		161,423			1,271		3.15			322,492			2,596		3.22
Loans (1) (2)		3,257,256			32,818		4.03			3,341,335			30,034		3.60
Total interest-earning assets		4,110,980			40,683		3.96			4,153,158			35,381		3.41
Allowance for credit losses		(29,981	)							(30,869	)
Net interest-earning assets		4,080,999								4,122,289
Cash and due from banks		33,420								35,881
Premises and equipment, net		32,268								38,017
Other assets		113,084								131,823
	$	4,259,771							$	4,328,010
Liabilities and Stockholders' Equity:
Savings, NOW & money market deposits	$	1,655,032			8,802		2.11		$	1,752,468			1,699		.38
Time deposits		587,814			5,785		3.90			397,595			1,374		1.37
Total interest-bearing deposits		2,242,846			14,587		2.58			2,150,063			3,073		.57
Short-term borrowings		3,478			50		5.70			13,152			91		2.75
Long-term debt		382,500			4,347		4.51			272,294			1,412		2.06
Total interest-bearing liabilities		2,628,824			18,984		2.87			2,435,509			4,576		.75
Checking deposits		1,225,052								1,470,783
Other liabilities		38,123								36,718
		3,891,999								3,943,010
Stockholders' equity		367,772								385,000
	$	4,259,771							$	4,328,010
Net interest income (2)				$	21,699							$	30,805
Net interest spread (2)							1.09	%							2.66	%
Net interest margin (2)							2.13	%							2.97	%

(1) The average balances of loans include nonaccrual loans. The average balances of investment securities exclude unrealized gains and losses on AFS securities.

(2) Tax-equivalent basis. Interest income on a tax-equivalent basis includes the additional amount of interest income that would have been earned if the Corporation's investment in tax-exempt loans and investment securities had been made in loans and investment securities subject to federal income taxes yielding the same after-tax income. The tax-equivalent amount of $1.00 of nontaxable income was $1.27 for each period presented using the statutory federal income tax rate of 21%.

8

XML

Document And Entity Information	Oct. 26, 2023
Document Information [Line Items]
Entity, Registrant Name	The First of Long Island Corporation
Document, Type	8-K
Document, Period End Date	Oct. 26, 2023
Entity, Incorporation, State or Country Code	NY
Entity, File Number	001-32964
Entity, Tax Identification Number	11-2672906
Entity, Address, Address Line One	275 Broadhollow Road
Entity, Address, City or Town	Melville
Entity, Address, State or Province	NY
Entity, Address, Postal Zip Code	11747
City Area Code	516
Local Phone Number	671-4900
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock
Trading Symbol	FLIC
Security Exchange Name	NASDAQ
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0000740663