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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

March 31, 2023

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 April 30, 2023, the registrant had 22,555,484 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

5

Notes to Unaudited Consolidated Financial Statements

6

ITEM 2.

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

17

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

24

ITEM 4.

Controls and Procedures

27

PART II.

OTHER INFORMATION

ITEM 1.

Legal Proceedings

27

ITEM 1A.

Risk Factors

27

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

28

ITEM 3.

Defaults Upon Senior Securities

28

ITEM 4.

Mine Safety Disclosures

28

ITEM 5.

Other Information

28

ITEM 6.

Exhibits

28

Signatures

30

 


PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31,

December 31,

(dollars in thousands)

2023

2022

Assets:

Cash and cash equivalents

$

51,768

$

74,178

Investment securities available-for-sale, at fair value

654,619

673,413

Loans:

Commercial and industrial

96,860

108,493

Secured by real estate:

Commercial mortgages

1,897,131

1,916,493

Residential mortgages

1,218,008

1,240,144

Home equity lines

45,660

45,213

Consumer and other

1,160

1,390

3,258,819

3,311,733

Allowance for credit losses

(30,209)

(31,432)

3,228,610

3,280,301

Restricted stock, at cost

25,035

26,363

Bank premises and equipment, net

31,835

31,660

Right-of-use asset - operating leases

23,558

23,952

Bank-owned life insurance

111,628

110,848

Pension plan assets, net

10,931

11,049

Deferred income tax benefit

29,563

31,124

Other assets

20,233

18,623

$

4,187,780

$

4,281,511

Liabilities:

Deposits:

Checking

$

1,192,139

$

1,324,141

Savings, NOW and money market

1,684,874

1,661,512

Time

521,737

478,981

3,398,750

3,464,634

Short-term borrowings

Long-term debt

382,500

411,000

Operating lease liability

25,871

25,896

Accrued expenses and other liabilities

10,352

15,445

3,817,473

3,916,975

Stockholders' Equity:

Common stock, par value $0.10 per share:

Authorized, 80,000,000 shares;

Issued and outstanding, 22,531,785 and 22,443,380 shares

2,253

2,244

Surplus

78,621

78,462

Retained earnings

350,351

348,597

431,225

429,303

Accumulated other comprehensive loss, net of tax

(60,918)

(64,767)

370,307

364,536

$

4,187,780

$

4,281,511

See notes to unaudited consolidated financial statements

 

1


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended

March 31,

(in thousands, except per share data)

2023

2022

Interest and dividend income:

Loans

$

30,405

$

27,386

Investment securities:

Taxable

3,669

1,668

Nontaxable

1,945

1,968

36,019

31,022

Interest expense:

Savings, NOW and money market deposits

5,775

763

Time deposits

3,069

945

Short-term borrowings

108

441

Long-term debt

3,433

868

12,385

3,017

Net interest income

23,634

28,005

Provision (credit) for credit losses

(1,056)

433

Net interest income after provision (credit) for credit losses

24,690

27,572

Noninterest income:

Bank-owned life insurance

780

742

Service charges on deposit accounts

787

726

Net loss on sales of securities

(3,489)

Other

935

1,956

(987)

3,424

Noninterest expense:

Salaries and employee benefits

9,765

9,755

Occupancy and equipment

3,325

2,951

Other

3,481

3,063

16,571

15,769

Income before income taxes

7,132

15,227

Income tax expense

651

3,144

Net income

$

6,481

$

12,083

Weighted average:

Common shares

22,493,437

23,178,475

Dilutive restricted stock units

86,807

99,214

22,580,244

23,277,689

Earnings per share:

Basic

$0.29

$0.52

Diluted

0.29

0.52

Cash dividends declared per share

0.21

0.20

See notes to unaudited consolidated financial statements 

 

 

2


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) 

 

Three Months Ended March 31,

(in thousands)

2023

2022

Net income

$

6,481

$

12,083

Other comprehensive gain (loss):

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

5,420

(41,556)

Change in funded status of pension plan

254

Change in net unrealized loss on derivative instruments

1,547

Other comprehensive gain (loss) before income taxes

5,674

(40,009)

Income tax expense (benefit)

1,825

(12,325)

Other comprehensive gain (loss)

3,849

(27,684)

Comprehensive income (loss)

$

10,330

$

(15,601)

See notes to unaudited consolidated financial statements 

 

 

3


CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

 

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 gain

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

Three Months Ended March 31, 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

12,083

12,083

Other comprehensive loss

(27,684)

(27,684)

Repurchase of common stock

(202,886)

(20)

(4,480)

(4,500)

Shares withheld upon the vesting

and conversion of RSUs

(25,628)

(3)

(542)

(545)

Common stock issued under