Exhibit 99.2
THE FIRST OF LONG ISLAND CORPORATION
NEWS RELEASE
October 8, 1999 For More Information Contact:
Mark D. Curtis, Senior Vice President and Treasurer
(516) 671-4900, Ext. 556
PRESS RELEASE IMMEDIATE
THE FIRST OF LONG ISLAND CORPORATION ANNOUNCES
NINE MONTH EARNINGS
Glen Head, New York, October 8, 1999 - The First of Long Island Corporation
earned $2.14 per share for the first nine months of 1999. This is compared to
$1.94 for the like period in 1998 which is an increase in earnings per share of
10%. The 1999 earnings are before a second quarter transition adjustment to the
Allowance for Loan Losses which resulted in a special nonrecurring credit of 30
cents per share. The Corporation's income before the adjustment to the Allowance
was $6,675,000 for the nine months ended September 30, 1999 and total assets at
September 30, 1999 were $566,113,000.
TABULAR SUMMARY OF EARNINGS
Nine Months Ended
September 30 1999 1998
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Net Interest Income $ 18,216,000 $ 16,892,000
Net Income Before Transition Adjustment To The
Allowance For Loan Losses 6,675,000 6,156,000
Net Income 7,620,000 6,156,000
Earnings Per Share Before Transition Adjustment
To The Allowance For Loan Losses:
Basic 2.18 1.98
Diluted 2.14 1.94
Earnings Per Share:
Basic 2.49 1.98
Diluted 2.45 1.94
Total Assets at September 30 566,113,000 518,229,000
(Continued)
Quarter Ended September 30 1999 1998
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Net Interest Income $ 6,206,000 $ 5,819,000
Net Income 2,321,000 2,094,000
Earnings Per Share:
Basic 0.77 0.68
Diluted 0.76 0.66
For more detailed financial information please request a copy of the
Corporation's third quarter 1999 Form 10-Q from our Finance Department located
at 10 Glen Head Road, Glen Head, New York 11545.