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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

____________

FORM 10-Q

(Mark One)

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

For the quarterly period ended

September 30, 2022

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 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, 2022, the registrant had 22,658,582 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 (Loss)

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

19

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)

September 30,

December 31,

(dollars in thousands)

2022

2021

Assets:

Cash and cash equivalents

$

62,210

$

43,675

Investment securities available-for-sale, at fair value

664,221

734,318

Loans:

Commercial and industrial

113,066

120,920

Secured by real estate:

Commercial mortgages

1,942,214

1,736,612

Residential mortgages

1,233,005

1,202,374

Home equity lines

43,276

44,139

Consumer and other

1,642

991

3,333,203

3,105,036

Allowance for credit losses

(31,347)

(29,831)

3,301,856

3,075,205

Restricted stock, at cost

21,601

21,524

Bank premises and equipment, net

37,614

37,523

Right-of-use asset - operating leases

23,334

8,438

Bank-owned life insurance

110,083

107,831

Pension plan assets, net

19,193

19,097

Deferred income tax benefit

32,675

3,987

Other assets

18,443

17,191

$

4,291,230

$

4,068,789

Liabilities:

Deposits:

Checking

$

1,397,166

$

1,400,998

Savings, NOW and money market

1,784,964

1,685,410

Time

404,627

228,837

3,586,757

3,315,245

Short-term borrowings

40,000

125,000

Long-term debt

264,835

186,322

Operating lease liability

25,206

11,259

Accrued expenses and other liabilities

14,985

17,151

3,931,783

3,654,977

Stockholders' Equity:

Common stock, par value $0.10 per share:

Authorized, 80,000,000 shares;

Issued and outstanding, 22,644,626 and 23,240,596 shares

2,264

2,324

Surplus

81,470

93,480

Retained earnings

343,406

320,321

427,140

416,125

Accumulated other comprehensive loss, net of tax

(67,693)

(2,313)

359,447

413,812

$

4,291,230

$

4,068,789

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)

2022

2021

2022

2021

Interest and dividend income:

Loans

$

86,181

$

79,431

$

30,032

$

25,975

Investment securities:

Taxable

6,556

6,269

2,751

2,191

Nontaxable

6,013

6,535

2,051

2,073

98,750

92,235

34,834

30,239

Interest expense:

Savings, NOW and money market deposits

3,263

3,451

1,699

1,191

Time deposits

3,474

4,818

1,374

921

Short-term borrowings

775

1,062

91

362

Long-term debt

3,280

3,468

1,412

1,157

10,792

12,799

4,576

3,631

Net interest income

87,958

79,436

30,258

26,608

Provision (credit) for credit losses

2,248

(3,058)

1,089

(1,449)

Net interest income after provision (credit) for credit losses

85,710

82,494

29,169

28,057

Noninterest income:

Bank-owned life insurance

2,253

1,769

763

599

Service charges on deposit accounts

2,346

2,170

840

752

Net gains on sales of securities

606

Other

4,896

4,669

1,444

1,504

9,495

9,214

3,047

2,855

Noninterest expense:

Salaries and employee benefits

30,264

29,663

10,528

9,748

Occupancy and equipment

9,702

10,446

3,395

4,102

Other

9,246

8,910

3,091

2,891

49,212

49,019

17,014

16,741

Income before income taxes

45,993

42,689

15,202

14,171

Income tax expense

8,965

8,612

2,738

2,749

Net income

$

37,028

$

34,077

$

12,464

$

11,422

Weighted average:

Common shares

22,973,209

23,720,578

22,746,302

23,646,172

Dilutive restricted stock units

89,817

97,291

99,208

112,074

23,063,026

23,817,869

22,845,510

23,758,246

Earnings per share:

Basic

$1.61

$1.44

$0.55

$0.48

Diluted

1.61

1.43

0.55

0.48

Cash dividends declared per share

0.61

0.58

0.21

0.20

See notes to unaudited consolidated financial statements 

 

 

2


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) 

 

Nine Months Ended

Three Months Ended

September 30,

September 30,

(in thousands)

2022

2021

2022

2021

Net income

$

37,028

$

34,077

$

12,464

$

11,422

Other comprehensive loss:

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

(96,238)

(7,345)

(31,021)

(3,225)

Change in net unrealized loss on derivative instruments

1,750

2,815

315

Other comprehensive loss before income taxes

(94,488)

(4,530)

(31,021)

(2,910)

Income tax benefit

(29,108)

(1,328)

(9,556)

(896)

Other comprehensive loss

(65,380)

(3,202)

(21,465)

(2,014)

Comprehensive income (loss)

$

(28,352)

$

30,875

$

(9,001)

$

9,408

See notes to unaudited consolidated financial statements 

 

 

3


CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

 

Nine Months Ended September 30, 2022

Accumulated

Other

Common Stock

Retained

Comprehensive

(dollars in thousands)

Shares

Amount

Surplus

Earnings

Loss

Total

Balance, January 1, 2022

23,240,596

$

2,324

$

93,480

$

320,321

$

(2,313)

$

413,812

Net income