0001562762-21-000399.txt : 20211103 0001562762-21-000399.hdr.sgml : 20211103 20211103095840 ACCESSION NUMBER: 0001562762-21-000399 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 60 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211103 DATE AS OF CHANGE: 20211103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST OF LONG ISLAND CORP CENTRAL INDEX KEY: 0000740663 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 112672906 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32964 FILM NUMBER: 211374024 BUSINESS ADDRESS: STREET 1: 10 GLEN HEAD RD CITY: GLEN HEAD STATE: NY ZIP: 11545 BUSINESS PHONE: 5166714900 MAIL ADDRESS: STREET 1: 10 GLEN HEAD ROAD CITY: GLEN HEAD STATE: NY ZIP: 11545 10-Q 1 flic-20210930x10q.htm 10-Q flic-20210930x10q
false--12-31Q3202100007406630000740663us-gaap:CommonStockMember2021-04-012021-06-300000740663us-gaap:CommonStockMember2020-04-012020-06-300000740663us-gaap:RetainedEarningsMember2021-09-300000740663us-gaap:AdditionalPaidInCapitalMember2021-09-300000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300000740663us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-09-300000740663us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-09-300000740663flic:AccumulatedUnrealizedGainLossOnDerivativeInstrumentsMember2021-09-300000740663us-gaap:RetainedEarningsMember2021-06-300000740663us-gaap:AdditionalPaidInCapitalMember2021-06-300000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000740663us-gaap:RetainedEarningsMember2021-03-310000740663us-gaap:AdditionalPaidInCapitalMember2021-03-310000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100007406632021-03-310000740663us-gaap:RetainedEarningsMember2020-12-310000740663us-gaap:AdditionalPaidInCapitalMember2020-12-310000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000740663us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000740663us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2020-12-310000740663flic:AccumulatedUnrealizedGainLossOnDerivativeInstrumentsMember2020-12-310000740663us-gaap:RetainedEarningsMember2020-09-300000740663us-gaap:AdditionalPaidInCapitalMember2020-09-300000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300000740663us-gaap:RetainedEarningsMember2020-06-300000740663us-gaap:AdditionalPaidInCapitalMember2020-06-300000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300000740663us-gaap:RetainedEarningsMember2020-03-310000740663us-gaap:AdditionalPaidInCapitalMember2020-03-310000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-3100007406632020-03-310000740663srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2019-12-310000740663srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:RetainedEarningsMember2019-12-310000740663srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AdditionalPaidInCapitalMember2019-12-310000740663srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000740663us-gaap:RetainedEarningsMember2019-12-310000740663us-gaap:AdditionalPaidInCapitalMember2019-12-310000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000740663srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2019-12-310000740663srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2019-12-310000740663us-gaap:CommonStockMember2021-09-300000740663us-gaap:CommonStockMember2021-06-300000740663us-gaap:CommonStockMember2021-03-310000740663us-gaap:CommonStockMember2020-12-310000740663us-gaap:CommonStockMember2020-09-300000740663us-gaap:CommonStockMember2020-06-300000740663us-gaap:CommonStockMember2020-03-310000740663srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommonStockMember2019-12-310000740663us-gaap:CommonStockMember2019-12-310000740663flic:TwentyTwentyOneEquityIncentivePlanMember2021-09-300000740663flic:EquityIncentivePlan2014Member2021-04-200000740663flic:TwentyTwentyOneEquityIncentivePlanMember2021-04-200000740663flic:TwentyTwentyOneEquityIncentivePlanMember2021-04-202021-04-200000740663us-gaap:RestrictedStockUnitsRSUMember2020-12-310000740663us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMember2021-07-012021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2021-07-012021-09-300000740663flic:SbaPayrollProtectionProgramMember2021-07-012021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2021-01-012021-09-300000740663flic:SbaPayrollProtectionProgramMember2021-01-012021-09-300000740663flic:SbaPayrollProtectionProgramMember2020-07-012020-09-300000740663flic:ConsumerAndOtherPortfolioSegmentMember2020-07-012020-09-300000740663flic:SbaPayrollProtectionProgramMember2020-01-012020-09-300000740663us-gaap:CashFlowHedgingMember2021-05-222021-05-220000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-09-300000740663us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-09-300000740663flic:AccumulatedUnrealizedGainLossOnDerivativeInstrumentsMember2021-01-012021-09-300000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300000740663us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-03-310000740663us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2021-07-012021-09-300000740663us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2021-01-012021-09-300000740663us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2020-07-012020-09-300000740663us-gaap:InterestRateContractMemberus-gaap:CashFlowHedgingMember2020-01-012020-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300000740663flic:SbaPayrollProtectionProgramMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300000740663flic:SbaPayrollProtectionProgramMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300000740663us-gaap:FinancingReceivables60To89DaysPastDueMember2021-09-300000740663us-gaap:FinancingReceivables30To59DaysPastDueMember2021-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310000740663us-gaap:FinancingReceivables30To59DaysPastDueMember2020-12-310000740663us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000740663us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000740663us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000740663us-gaap:FairValueInputsLevel3Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000740663us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000740663us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000740663us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000740663us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMember2020-12-310000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2021-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-06-300000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2021-06-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMember2021-06-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2021-06-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2021-06-300000740663us-gaap:CommercialPortfolioSegmentMember2021-06-300000740663flic:SbaPayrollProtectionProgramMember2021-06-300000740663flic:ConsumerAndOtherPortfolioSegmentMember2021-06-3000007406632021-06-300000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2020-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMember2020-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2020-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2020-09-300000740663us-gaap:CommercialPortfolioSegmentMember2020-09-300000740663flic:SbaPayrollProtectionProgramMember2020-09-300000740663flic:ConsumerAndOtherPortfolioSegmentMember2020-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-06-300000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2020-06-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMember2020-06-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2020-06-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2020-06-300000740663us-gaap:CommercialPortfolioSegmentMember2020-06-300000740663flic:SbaPayrollProtectionProgramMember2020-06-300000740663flic:ConsumerAndOtherPortfolioSegmentMember2020-06-3000007406632020-06-300000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2019-12-310000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2019-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMember2019-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2019-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2019-12-310000740663us-gaap:CommercialPortfolioSegmentMember2019-12-310000740663flic:ConsumerAndOtherPortfolioSegmentMember2019-12-310000740663srt:ScenarioForecastMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberflic:AccumulatedGainLossCashFlowHedgeMember2021-10-012022-09-300000740663us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberflic:AccumulatedGainLossCashFlowHedgeMember2021-01-012021-09-300000740663us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember2021-01-012021-09-300000740663us-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember2020-01-012020-09-300000740663flic:ConsumerAndOtherPortfolioSegmentMemberflic:NotRatedMember2021-09-300000740663flic:ConsumerAndOtherPortfolioSegmentMemberflic:NotRatedMember2020-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMemberflic:WatchMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMemberus-gaap:SubstandardMember2020-12-310000740663us-gaap:CommercialPortfolioSegmentMemberflic:WatchMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMemberflic:WatchMember2020-12-310000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310000740663flic:SbaPayrollProtectionProgramMemberus-gaap:PassMember2021-09-300000740663flic:SbaPayrollProtectionProgramMemberus-gaap:PassMember2020-12-310000740663flic:SbaPayrollProtectionProgramMember2020-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMemberus-gaap:SubstandardMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMemberflic:WatchMember2020-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMemberus-gaap:PassMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:SubstandardMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:PassMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberflic:WatchMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMemberus-gaap:PassMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMemberflic:WatchMember2021-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2021-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2021-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberflic:WatchMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2021-09-300000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2021-09-300000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:PassMember2021-09-300000740663us-gaap:ResidentialPortfolioSegmentMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMemberus-gaap:SubstandardMember2020-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMemberus-gaap:PassMember2020-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:SubstandardMember2020-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberus-gaap:PassMember2020-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMemberflic:WatchMember2020-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMemberus-gaap:PassMember2020-12-310000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:PassMember2020-12-310000740663us-gaap:ResidentialPortfolioSegmentMemberflic:WatchMember2020-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2020-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2020-12-310000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:SubstandardMember2020-12-310000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2020-12-310000740663us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2020-12-310000740663us-gaap:CommercialPortfolioSegmentMemberflic:WatchMember2020-12-310000740663flic:ConsumerAndOtherPortfolioSegmentMemberus-gaap:PassMember2020-12-310000740663us-gaap:ResidentialPortfolioSegmentMember2020-12-310000740663flic:ConsumerAndOtherPortfolioSegmentMember2020-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2021-07-012021-09-300000740663flic:ConsumerAndOtherPortfolioSegmentMember2021-07-012021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2021-01-012021-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-07-012020-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2020-07-012020-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2020-07-012020-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-07-012021-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2021-07-012021-09-300000740663us-gaap:CommercialPortfolioSegmentMember2021-07-012021-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-01-012021-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2021-01-012021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMember2021-01-012021-09-300000740663us-gaap:CommercialPortfolioSegmentMember2021-01-012021-09-300000740663flic:ConsumerAndOtherPortfolioSegmentMember2021-01-012021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2020-07-012020-09-300000740663us-gaap:CommercialPortfolioSegmentMember2020-07-012020-09-300000740663us-gaap:RetainedEarningsMember2021-07-012021-09-300000740663us-gaap:RetainedEarningsMember2021-04-012021-06-300000740663us-gaap:RetainedEarningsMember2021-01-012021-03-310000740663us-gaap:RetainedEarningsMember2020-07-012020-09-300000740663us-gaap:RetainedEarningsMember2020-04-012020-06-300000740663us-gaap:RetainedEarningsMember2020-01-012020-03-310000740663us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember2021-09-300000740663us-gaap:CashFlowHedgingMember2021-05-220000740663us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:FederalHomeLoanBankCertificatesAndObligationsFHLBMember2020-12-310000740663us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMemberus-gaap:CertificatesOfDepositMember2020-12-310000740663us-gaap:CashFlowHedgingMember2019-01-170000740663us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2021-09-300000740663us-gaap:OtherLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2020-12-310000740663us-gaap:CashFlowHedgingMember2021-01-012021-09-300000740663us-gaap:CashFlowHedgingMember2020-01-012020-12-3100007406632020-09-3000007406632019-12-310000740663us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-09-300000740663us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-09-300000740663us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310000740663us-gaap:FairValueInputsLevel1Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2021-09-300000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2021-09-300000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberflic:PassthroughMortgageSecuritiesMember2021-09-300000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2021-09-300000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2021-09-300000740663us-gaap:FairValueMeasurementsRecurringMemberflic:PassthroughMortgageSecuritiesMember2021-09-300000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-09-300000740663us-gaap:FairValueMeasurementsRecurringMember2021-09-300000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2020-12-310000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2020-12-310000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberflic:PassthroughMortgageSecuritiesMember2020-12-310000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2020-12-310000740663us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2020-12-310000740663us-gaap:FairValueMeasurementsRecurringMemberflic:PassthroughMortgageSecuritiesMember2020-12-310000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000740663us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2020-12-310000740663us-gaap:FairValueMeasurementsRecurringMember2020-12-310000740663us-gaap:CorporateBondSecuritiesMember2020-12-310000740663us-gaap:USStatesAndPoliticalSubdivisionsMember2021-09-300000740663us-gaap:CollateralizedDebtObligationsMember2021-09-300000740663flic:PassthroughMortgageSecuritiesMember2021-09-300000740663us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310000740663us-gaap:CollateralizedDebtObligationsMember2020-12-310000740663flic:PassthroughMortgageSecuritiesMember2020-12-310000740663us-gaap:FairValueMeasurementsNonrecurringMember2021-09-300000740663us-gaap:FairValueMeasurementsNonrecurringMember2020-12-310000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-01-012020-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2020-01-012020-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMember2020-01-012020-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OtherLoanMember2020-01-012020-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2020-01-012020-09-300000740663us-gaap:CommercialPortfolioSegmentMember2020-01-012020-09-300000740663flic:ConsumerAndOtherPortfolioSegmentMember2020-01-012020-09-300000740663us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-3000007406632021-04-012021-06-300000740663us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-3000007406632020-04-012020-06-300000740663us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300000740663us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-3100007406632021-01-012021-03-310000740663us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300000740663us-gaap:AdditionalPaidInCapitalMember2020-01-012020-03-3100007406632020-01-012020-03-310000740663us-gaap:CommonStockMember2021-07-012021-09-300000740663us-gaap:CommonStockMember2021-01-012021-03-310000740663us-gaap:CommonStockMember2020-07-012020-09-300000740663us-gaap:CommonStockMember2020-01-012020-03-310000740663srt:MinimumMemberflic:TwentyTwentyOneEquityIncentivePlanMember2021-04-202021-04-200000740663us-gaap:RestrictedStockUnitsRSUMember2021-09-300000740663flic:FirstNationalBankOfLongIslandMember2021-09-3000007406632020-01-012020-12-310000740663us-gaap:CorporateBondSecuritiesMember2021-09-3000007406632021-07-012021-09-3000007406632020-07-012020-09-3000007406632020-01-012020-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2021-09-300000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:MultifamilyLoanMember2021-09-300000740663us-gaap:CommercialPortfolioSegmentMember2021-09-300000740663flic:SbaPayrollProtectionProgramMember2021-09-300000740663flic:ConsumerAndOtherPortfolioSegmentMember2021-09-300000740663us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityLoanMember2020-12-310000740663us-gaap:ResidentialPortfolioSegmentMemberflic:RevolvingHomeEquityLineMember2020-12-310000740663us-gaap:CommercialRealEstatePortfolioSegmentMemberflic:OwneroccupiedLoanMember2020-12-310000740663us-gaap:CommercialPortfolioSegmentMember2020-12-310000740663us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-01-012021-09-300000740663us-gaap:CashFlowHedgingMember2021-09-300000740663us-gaap:CashFlowHedgingMember2020-12-3100007406632021-09-3000007406632020-12-3100007406632021-10-3100007406632021-01-012021-09-30flic:contractiso4217:USDxbrli:sharesflic:loanflic:itemxbrli:pureiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

____________

FORM 10-Q

(Mark One)

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

For the quarterly period ended

September 30, 2021

or

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

For the transition period from

to

Commission file number 001-32964

THE FIRST OF LONG ISLAND CORPORATION

(Exact name of registrant as specified in its charter)

 

New York

11-2672906

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

10 Glen Head Road, Glen Head, NY

 

11545

(Address of principal executive offices)

(Zip Code)

(516) 671-4900

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common stock, $0.10 par value per share

FLIC

Nasdaq

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x   No ¨ 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x   No ¨ 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ¨

Accelerated Filer x

Non-Accelerated Filer ¨

Emerging Growth Company ¨

Smaller Reporting Company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨   No x 

As of October 31, 2021, the registrant had 23,617,494 shares of common stock, $0.10 par value per share, outstanding.


TABLE OF CONTENTS

PART I.

FINANCIAL INFORMATION

ITEM 1.

Financial Statements (Unaudited)

Consolidated Balance Sheets

1

Consolidated Statements of Income

2

Consolidated Statements of Comprehensive Income

3

Consolidated Statements of Changes in Stockholders’ Equity

4

Consolidated Statements of Cash Flows

6

Notes to Unaudited Consolidated Financial Statements

7

ITEM 2.

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

20

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

28

ITEM 4.

Controls and Procedures

30

PART II.

OTHER INFORMATION

ITEM 1.

Legal Proceedings

30

ITEM 1A.

Risk Factors

30

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

30

ITEM 3.

Defaults Upon Senior Securities

30

ITEM 4.

Mine Safety Disclosures

30

ITEM 5.

Other Information

30

ITEM 6.

Exhibits

31

Signatures

33

 


PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30,

December 31,

(dollars in thousands)

2021

2020

Assets:

Cash and cash equivalents

$

259,066

$

211,182

Investment securities available-for-sale, at fair value

775,747

662,722

Loans:

Commercial and industrial

67,379

100,015

SBA Paycheck Protection Program

65,505

139,487

Secured by real estate:

Commercial mortgages

1,506,382

1,421,071

Residential mortgages

1,215,395

1,316,727

Home equity lines

46,072

54,005

Consumer and other

680

2,149

2,901,413

3,033,454

Allowance for credit losses

(29,516)

(33,037)

2,871,897

3,000,417

Restricted stock, at cost

19,935

20,814

Bank premises and equipment, net

37,768

38,830

Right-of-use asset - operating leases

9,903

12,212

Bank-owned life insurance

87,202

85,432

Pension plan assets, net

20,356

20,109

Deferred income tax benefit

1,462

1,375

Other assets

13,520

16,048

$

4,096,856

$

4,069,141

Liabilities:

Deposits:

Checking

$

1,393,555

$

1,208,073

Savings, NOW and money market

1,748,048

1,679,161

Time

229,943

434,354

3,371,546

3,321,588

Short-term borrowings

50,000

60,095

Long-term debt

226,002

246,002

Operating lease liability

11,462

13,046

Accrued expenses and other liabilities

17,963

21,292

3,676,973

3,662,023

Stockholders' Equity:

Common stock, par value $0.10 per share:

Authorized, 80,000,000 shares;

Issued and outstanding, 23,606,212 and 23,790,589 shares

2,361

2,379

Surplus

101,197

105,547

Retained earnings

315,957

295,622

419,515

403,548

Accumulated other comprehensive income, net of tax

368

3,570

419,883

407,118

$

4,096,856

$

4,069,141

See notes to unaudited consolidated financial statements

 

1


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Nine Months Ended

Three Months Ended

September 30,

September 30,

(in thousands, except per share data)

2021

2020

2021

2020

Interest and dividend income:

Loans

$

79,431

$

83,349

$

25,975

$

26,461

Investment securities:

Taxable

6,269

9,972

2,191

3,223

Nontaxable

6,535

7,520

2,073

2,454

92,235

100,841

30,239

32,138

Interest expense:

Savings, NOW and money market deposits

3,451

7,946

1,191

1,307

Time deposits

4,818

8,487

921

2,559

Short-term borrowings

1,062

1,219

362

334

Long-term debt

3,468

6,177

1,157

2,020

12,799

23,829

3,631

6,220

Net interest income

79,436

77,012

26,608

25,918

Provision (credit) for credit losses

(3,058)

2,450

(1,449)

Net interest income after provision (credit) for credit losses

82,494

74,562

28,057

25,918

Noninterest income:

Investment services income

1,034

1,620

243

553

Service charges on deposit accounts

2,170

2,267

752

661

Net gains on sales of securities

606

2,556

2,556

Other

5,404

4,502

1,860

1,586

9,214

10,945

2,855

5,356

Noninterest expense:

Salaries and employee benefits

29,663

28,278

9,748

9,365

Occupancy and equipment

10,446

9,324

4,102

3,191

Debt extinguishment

2,559

2,559

Other

8,910

8,496

2,891

3,024

49,019

48,657

16,741

18,139

Income before income taxes

42,689

36,850

14,171

13,135

Income tax expense

8,612

6,176

2,749

2,368

Net income

$

34,077

$

30,674

$

11,422

$

10,767

Weighted average:

Common shares

23,720,578

23,867,726

23,646,172

23,860,764

Dilutive stock options and restricted stock units

97,291

38,678

112,074

37,773

23,817,869

23,906,404

23,758,246

23,898,537

Earnings per share:

Basic

$1.44

$1.29

$0.48

$0.45

Diluted

1.43

1.28

0.48

0.45

Cash dividends declared per share

0.58

0.55

0.20

0.19

See notes to unaudited consolidated financial statements 

 

 

2


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) 

 

Nine Months Ended

Three Months Ended

September 30,

September 30,

(in thousands)

2021

2020

2021

2020

Net income

$

34,077

$

30,674

$

11,422

$

10,767

Other comprehensive income (loss):

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

(7,345)

77

(3,225)

485

Change in net unrealized loss on derivative instruments

2,815

(2,152)

315

1,250

Other comprehensive income (loss) before income taxes

(4,530)

(2,075)

(2,910)

1,735

Income tax benefit

(1,328)

(621)

(896)

521

Other comprehensive income (loss)

(3,202)

(1,454)

(2,014)

1,214

Comprehensive income

$

30,875

$

29,220

$

9,408

$

11,981

See notes to unaudited consolidated financial statements 

 

 

3


CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)