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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, 2020

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 April 30, 2020, the registrant had 23,845,582 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

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

20

ITEM 3.

Quantitative and Qualitative Disclosures About Market Risk

29

ITEM 4.

Controls and Procedures

31

PART II.

OTHER INFORMATION

ITEM 1.

Legal Proceedings

31

ITEM 1A.

Risk Factors

31

ITEM 2.

Unregistered Sales of Equity Securities and Use of Proceeds

32

ITEM 3.

Defaults Upon Senior Securities

33

ITEM 4.

Mine Safety Disclosures

33

ITEM 5.

Other Information

33

ITEM 6.

Exhibits

33

Signatures

35

 


PART 1. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31,

December 31,

(dollars in thousands)

2020

2019

Assets:

Cash and cash equivalents

$

120,208

$

38,968

Investment securities available-for-sale, at fair value

679,463

697,544

Loans:

Commercial and industrial

126,073

103,879

Secured by real estate:

Commercial mortgages

1,376,257

1,401,289

Residential mortgages

1,558,401

1,621,419

Home equity lines

60,296

59,231

Consumer and other

2,274

2,431

3,123,301

3,188,249

Allowance for credit losses

(34,105)

(29,289)

3,089,196

3,158,960

Restricted stock, at cost

30,224

30,899

Bank premises and equipment, net

39,646

40,017

Right-of-use asset - operating leases

13,992

14,343

Bank-owned life insurance

83,680

83,119

Pension plan assets, net

18,341

18,275

Deferred income tax benefit

3,767

317

Other assets

15,850

15,401

$

4,094,367

$

4,097,843

Liabilities:

Deposits:

Checking

$

973,355

$

911,978

Savings, NOW and money market

1,682,389

1,720,599

Time, $100,000 and over

250,991

242,359

Time, other

267,102

269,080

3,173,837

3,144,016

Short-term borrowings

60,599

190,710

Long-term debt

452,472

337,472

Operating lease liability

14,874

15,220

Accrued expenses and other liabilities

16,376

21,317

3,718,158

3,708,735

Stockholders' Equity:

Common stock, par value $0.10 per share:

Authorized, 80,000,000 shares;

Issued and outstanding, 23,806,901 and 23,934,632 shares

2,381

2,393

Surplus

105,156

111,744

Retained earnings

276,913

274,376

384,450

388,513

Accumulated other comprehensive income (loss), net of tax

(8,241)

595

376,209

389,108

$

4,094,367

$

4,097,843

See notes to unaudited consolidated financial statements

 

1


CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

Three Months Ended March 31,

(in thousands, except per share data)

2020

2019

Interest and dividend income:

Loans

$

28,931

$

29,416

Investment securities:

Taxable

3,426

4,045

Nontaxable

2,565

3,092

34,922

36,553

Interest expense:

Savings, NOW and money market deposits

4,280

4,000

Time deposits

3,042

3,398

Short-term borrowings

619

1,965

Long-term debt

1,995

1,780

9,936

11,143

Net interest income

24,986

25,410

Provision (credit) for credit losses

2,358

(457)

Net interest income after provision (credit) for credit losses

22,628

25,867

Noninterest income:

Investment Management Division income

548

481

Service charges on deposit accounts

987

705

Other

1,483

1,258

3,018

2,444

Noninterest expense:

Salaries and employee benefits

9,274

9,258

Occupancy and equipment

3,072

2,937

Other

2,512

2,940

14,858

15,135

Income before income taxes

10,788

13,176

Income tax expense

1,640

2,335

Net income

$

9,148

$

10,841

Weighted average:

Common shares

23,904,266

25,284,357

Dilutive stock options and restricted stock units

54,633

156,204

23,958,899

25,440,561

Earnings per share:

Basic

$0.38

$0.43

Diluted

$0.38

$0.43

Cash dividends declared per share

$0.18

$0.17

See notes to unaudited consolidated financial statements 

 

 

2


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) 

 

Three Months Ended March 31,

(in thousands)

2020

2019

Net income

$

9,148

$

10,841

Other comprehensive income (loss):

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

(8,850)

8,417

Change in funded status of pension plan

88

Change in net unrealized loss on derivative instruments

(3,764)

(1,545)

Other comprehensive income (loss) before income taxes

(12,614)

6,960

Income tax expense (benefit)

(3,778)

2,098

Other comprehensive income (loss)

(8,836)

4,862

Comprehensive income

$

312

$

15,703

See notes to unaudited consolidated financial statements 

 

 

3


CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)

 

Three Months Ended March 31, 2020

Accumulated

Other

Common Stock

Retained

Comprehensive

(dollars in thousands)

Shares

Amount

Surplus

Earnings

Income (Loss)

Total

Balance, January 1, 2020

23,934,632

$

2,393

$

111,744

$

274,376

$

595

$

389,108

Effect of adopting ASU 2016-13

(2,325)

(2,325)

Balance at January 1, 2020 as adjusted

for change in accounting principle

23,934,632

2,393

111,744

272,051

595

386,783

Net income

9,148

9,148

Other comprehensive loss

(8,836)

(8,836)

Repurchase of common stock

(261,700)

(26)

(5,911)

(5,937)

Shares withheld upon the vesting

and conversion of RSUs

(66,142)

(6)

(1,521)

(1,527)

Common stock issued under

stock compensation plans

178,373

18

205

223

Common stock issued under

dividend reinvestment and

stock purchase plan

21,738

2

388

390

Stock-based compensation

251

251

Cash dividends declared

(4,286)

(4,286)

Balance, March 31, 2020

23,806,901

$

2,381

$

105,156

$

276,913

$

(8,241)

$

376,209