SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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) November 12, 1999
The First of Long Island Corporation
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(Exact Name of Registrant as Specified in Charter)
New York 0-12220 11-2672906
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
10 Glen Head Road, Glen Head, New York 11545
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (516) 671-4900
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS
On November 12, 1999, The First of Long Island Corporation (the
"Corporation") announced that it had learned of improprieties by one of its
employees that resulted in a misstatement of the Corporation's earnings and
misappropriation of funds (see Exhibit 99.1).
The Corporation will restate current and prior years' earnings because of
the above which include the fact that approximately $1.7 million in Trust
Department income had been erroneously recognized. It is anticipated that the
impact on current year earnings should be small, as the amounts to be provided
relate predominantly to prior years. Coverages for misappropriation are provided
under its insurance policies.
The Corporation's management and its auditors are conducting an ongoing
investigation into this and any possible related matters.
On November 16, 1999, the Corporation filed a Form 12b-25 with the
Securities and Exchange Commission disclosing that its Form 10-Q for the quarter
ended September 30, 1999 could not be filed within the prescribed time period
because additional time is needed to determine the amount of the restatement
that applies to each affected period. The Form 10-Q will be filed promptly after
such determination is made.
On October 8, 1999, the Corporation announced its earnings for the three
and nine months ended September 30, 1999 (see Exhibit 99.2). The announced
earnings are before the restatement referred to above.
ITEM 7. EXHIBITS
Exhibit 99.1 - Press release dated November 12, 1999 is submitted herewith
Exhibit 99.2 - Press release dated October 8, 1999 is submitted herewith
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 hereunto duly authorized.
The First of Long Island Corporation
(Registrant)
Date: November 16, 1999 By: /s/Mark D. Curtis
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Mark D. Curtis
Senior Vice President & Treasurer
(principal accounting & financial officer)