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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                            ------------------------
                                   FORM 10-K
                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF
                      THE SECURITIES EXCHANGE ACT OF 1934
                            ------------------------
 
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1995       COMMISSION FILE NUMBER 0-12220
                      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                (I.R.S. Employer
              or organization)                              Identification No.)
              10 GLEN HEAD ROAD                                    11545
             GLEN HEAD, NEW YORK                                (Zip Code)
  (Address of principal executive offices)

 
       Registrant's telephone number, including area code: (516) 671-4900
        Securities registered pursuant to Section 12(b) of the Act: None
 
          Securities registered pursuant to Section 12(g) of the Act:
                      Common Stock, Par Value $.10 a share
                                (Title of class)
 
    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 periods  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 if disclosure  of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's  knowledge, in definitive  proxy or information  statements
incorporated by reference in Part III of this form 10-K or any amendment to this
form 10-K.  /X/
 
    The  aggregate market value of the voting stock held by nonaffiliates of the
registrant as of March 4, 1996:
 
    COMMON STOCK, $.10 PAR VALUE -- $63,606,222
 
    The number of shares outstanding of the issuer's classes of common stock  as
of March 4, 1996:
 
    COMMON STOCK, $.10 PAR VALUE -- 2,094,032 SHARES
 
                      DOCUMENTS INCORPORATED BY REFERENCE
    Portions  of the annual  report to shareholders for  the year ended December
31, 1995 are incorporated by reference into Parts I and II.
    Portions of the proxy  statement for the annual  shareholders meeting to  be
held April 16, 1996 are incorporated by reference into Part III.
    THIS REPORT CONTAINS 78 PAGES
    AND THE EXHIBIT INDEX IS ON PAGE 16.
 
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                                     PART I
 
ITEM 1.  BUSINESS
 
              THE FIRST OF LONG ISLAND CORPORATION ("REGISTRANT")
 
    Registrant  was incorporated on February 7, 1984 for the purpose of becoming
a bank holding company with respect to  The First National Bank of Long  Island,
Glen  Head, New York. On  April 30, 1984, Registrant  acquired, and owns, all of
the outstanding capital  stock of The  First National Bank  of Long Island.  The
business  of  Registrant consists  primarily of  the ownership,  supervision and
control of its bank subsidiary.
 
    Registrant's competition comes from other bank holding companies and banking
institutions having main or branch  offices located throughout the  Registrant's
banking area.
 
    Registrant  and  its  bank subsidiary  had  121 full-time  employees  and 70
part-time employees as of December 31, 1995.
 
                THE FIRST NATIONAL BANK OF LONG ISLAND ("BANK")
 
    The Bank was organized as a  national banking association under the laws  of
the  United States of America in 1927 under  the name of The First National Bank
of Glen Head. On July 1, 1978 its name was changed to The First National Bank of
Long Island.
 
    The Bank is a  full service retail commercial  bank, conducting business  in
the  counties of Nassau and Suffolk. The Bank provides a broad range of services
to individuals, professionals,  partnerships, corporations,  public bodies,  and
other  organizations. Included in  its services are demand  and time deposits, a
wide variety of loans, investment and trust services and other customer services
such as safe deposit facilities. The Bank has branch offices in Roslyn  Heights,
Greenvale,  Old  Brookville,  Woodbury,  Northport,  Lake  Success,  Huntington,
Hicksville, Mineola,  Rockville Centre,  New Hyde  Park, Locust  Valley,  Valley
Stream,  and  Great  Neck. The  offices  in Lake  Success,  Hicksville, Mineola,
Rockville Centre, New Hyde  Park, Valley Stream, and  Great Neck are  commercial
banking facilities.
 
    The  Bank encounters  substantial competition  in its  banking business from
numerous other banking facilities which have  offices located in one or more  of
the  communities served  by the Bank.  Principal competitors are  large New York
City banks such as  Citibank, Chemical Bank, Chase  Manhattan Bank, Bank of  New
York, and National Westminster Bank USA.
 
    The  primary  banking  agency responsible  for  regulating the  Bank  is the
Comptroller of  the  Currency.  The  Bank is  also  subject  to  regulation  and
supervision  by  the Federal  Reserve Board  and  the Federal  Deposit Insurance
Corporation. Among  the  specified  regulations  are  certain  capital  adequacy
requirements  that banks and  bank holding companies must  adhere to. Failure to
comply could result in  regulatory action ranging from  the implementation of  a
mandatory capital restoration plan to being placed in receivership. The Bank and
the  Corporation  substantially exceed  the  risk-based capital  adequacy levels
required by these regulatory authorities.
 
    The First of Long Island Agency, Inc.  was organized in 1994 under the  laws
of  the State of New York, as a subsidiary  of the Bank to conduct business as a
licensed insurance  agency engaged  in the  sale of  insurance, primarily  fixed
annuity products.
 
STATISTICAL DISCLOSURE
 
    Pages  (i) , and  4 through 11  inclusive, of Registrant's  Annual Report to
Shareholders for the  year ended December  31, 1995 are  incorporated herein  by
reference.
 
                                       2

DISTRIBUTION OF AVERAGE ASSETS, LIABILITIES AND STOCKHOLDERS' EQUITY; INTEREST
RATES AND INTEREST DIFFERENTIAL
 
    The  following table sets forth  for the periods indicated  a summary of the
distribution of average assets, liabilities and stockholders' equity:
 


                                   1995                             1994                             1993
                      -------------------------------  -------------------------------  -------------------------------
                       AVERAGE               YIELD/     AVERAGE               YIELD/     AVERAGE               YIELD/
                       BALANCE   INTEREST     RATE      BALANCE   INTEREST     RATE      BALANCE   INTEREST     RATE
                      ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------
                                                                                   
ASSETS
Interest-earning
 assets:
Federal funds
 sold...............  $  33,140  $   1,927      5.81%  $  13,730  $     601       4.38% $  10,995  $     329       2.99%
Investment
 Securities
  Available for
   Sale.............     47,096      2,948       6.26     43,771      2,988       6.83
  Held to
   Maturity.........    161,305     10,011       6.21    167,576      9,669       5.77    208,801     12,986       6.22
Loans (1)...........    143,677     13,132       9.14    141,399     11,603       8.21    132,480     10,682       8.06
                      ---------  ---------             ---------  ---------             ---------  ---------
Total
 interest-earning
 assets.............    385,218     28,018       7.27    366,476     24,861       6.78    352,276     23,997       6.81
Noninterest-earning
 assets:
Cash and due from
 banks..............     19,297                           17,290                           16,545
Premises and
 equipment, net.....      5,007                            5,128                            5,378
Other assets........      5,802                            5,251                            4,526
Less: allowance for
 loan losses........     (3,607)                          (3,602)                          (3,554)
                      ---------                        ---------                        ---------
    TOTAL...........  $ 411,717                        $ 390,543                        $ 375,171
                      ---------                        ---------                        ---------
                      ---------                        ---------                        ---------
LIABILITIES AND
 STOCKHOLDERS'
 EQUITY
Interest-bearing
 liabilities:
Savings, NOW, and
 money market
 deposits...........  $ 213,250  $   7,171       3.36  $ 216,043  $   5,237       2.42  $ 215,520  $   4,978       2.31
Time deposits.......     35,416      1,728       4.88     27,302        938       3.44     27,698        890       3.21
                      ---------  ---------             ---------  ---------             ---------  ---------
Total
 interest-bearing
 liabilities........    248,666      8,899       3.58    243,345      6,175       2.54    243,218      5,868       2.41
Noninterest-bearing
 liabilities:
Demand deposits.....    115,010                          104,329                           93,071
Other...............      2,133                            1,864                            1,804
                      ---------                        ---------                        ---------
                        365,809                          349,538                          338,093
Stockholders'
 equity.............     45,908                           41,005                           37,078
                      ---------                        ---------                        ---------
    TOTAL...........  $ 411,717                        $ 390,543                        $ 375,171
                      ---------                        ---------                        ---------
                      ---------                        ---------                        ---------
Net interest
 earnings...........             $  19,119                        $  18,686                        $  18,129
                                 ---------                        ---------                        ---------
                                 ---------                        ---------                        ---------
Net yield on
 interest-earning
 assets.............                            4.96%                            5.10%                            5.15%

 
- ------------------------------
(1)  For the purpose of  these computations, nonaccruing  loans are included  in
     the daily average loan amounts outstanding.
 
                                       3

ANALYSIS OF CHANGES IN NET INTEREST INCOME
 
    The  following table sets forth  for the periods indicated  a summary of the
changes in interest earned  and interest paid resulting  from changes in  volume
and changes in rates:
 


                                                1995 COMPARED TO 1994            1994 COMPARED TO 1993
                                             INCREASE (DECREASE) DUE TO:      INCREASE (DECREASE) DUE TO:
                                           -------------------------------  -------------------------------
                                            VOLUME      RATE        NET      VOLUME      RATE        NET
                                           ---------  ---------  ---------  ---------  ---------  ---------
                                                              (IN THOUSANDS OF DOLLARS)
                                                                                
INTEREST EARNED ON:
Federal funds sold.......................  $   1,076  $     250  $   1,326  $      95  $     177  $     272
Investment Securities
  Available for Sale.....................        218       (258)       (40)     2,988                 2,988
  Held to Maturity.......................       (371)       713        342     (2,428)      (889)    (3,317)
Loans....................................        190      1,339      1,529        729        192        921
                                           ---------  ---------  ---------  ---------  ---------  ---------
    Total interest-earning assets........  $   1,113  $   2,044  $   3,157  $   1,384  $    (520) $     864
                                           ---------  ---------  ---------  ---------  ---------  ---------
                                           ---------  ---------  ---------  ---------  ---------  ---------
 
INTEREST PAID ON:
Demand deposits
Savings, NOW, and money market deposits..  $     (69) $   2,003  $   1,934  $      12  $     247  $     259
Time Deposits............................        327        463        790        (13)        61         48
                                           ---------  ---------  ---------  ---------  ---------  ---------
    Total interest-bearing liabilities...  $     258  $   2,466  $   2,724  $      (1) $     308  $     307
                                           ---------  ---------  ---------  ---------  ---------  ---------
                                           ---------  ---------  ---------  ---------  ---------  ---------

 
    The  change in interest  due to both  rate and volume  has been allocated to
volume and rate changes in proportion to the relationship of the absolute dollar
amounts of the change in each.
 
                                       4

INVESTMENT PORTFOLIO
    Effective January 1,  1994, the Corporation  adopted Statement of  Financial
Accounting  Standards No.  115, "Accounting for  Certain Investment  in Debt and
Equity Securities" (SFAS No. 115). The  following table sets forth the  carrying
amount of investment securities at the dates indicated:
 


                                                                                        DECEMBER 31,
                                                                           --------------------------------------
                                                                              1995          1994         1993
                                                                           -----------  ------------  -----------
                                                                                             
                                                                                 (IN THOUSANDS OF DOLLARS)
SECURITIES HELD TO MATURITY:
  U.S. Treasury..........................................................  $    80,861   $   67,781   $    97,522
  U.S. Government Agencies...............................................       36,238       42,924        54,133
  State and Municipals...................................................       33,975       37,117        39,326
  Collateralized Mortgage Obligations....................................        8,604        9,956        22,317
  Commercial Paper.......................................................                     9,981         2,997
  Other..................................................................                                   1,121
                                                                           -----------  ------------  -----------
    Total................................................................  $   159,678   $  167,759   $   217,416
                                                                           -----------  ------------  -----------
                                                                           -----------  ------------  -----------
SECURITIES AVAILABLE FOR SALE:
  U.S. Treasury..........................................................  $    39,293   $   35,227
  State and Municipals...................................................        6,864        4,355
  Collateralized Mortgage Obligations....................................       11,272        5,164
  Other..................................................................          127          127
                                                                           -----------  ------------
    Total................................................................  $    57,556   $   44,873
                                                                           -----------  ------------
                                                                           -----------  ------------

 
    The  following  tables  set forth,  at  carrying amount,  the  maturities of
investment securities at December  31, 1995 and the  weighted average yields  of
such  securities  (calculated on  the  basis of  the  cost and  effective yields
weighted  for  the   scheduled  maturity  of   each  security).   Tax-equivalent
adjustments  (using a 34 percent  rate) have been made  in calculating yields on
State and Municipal obligations.
 


                                                                       MATURING
                                --------------------------------------------------------------------------------------
                                       WITHIN            AFTER ONE BUT         AFTER FIVE BUT            AFTER
                                      ONE YEAR         WITHIN FIVE YEARS      WITHIN TEN YEARS         TEN YEARS
                                --------------------  --------------------  --------------------  --------------------
                                 AMOUNT      YIELD     AMOUNT      YIELD     AMOUNT      YIELD     AMOUNT      YIELD
                                ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------
                                                              (IN THOUSANDS OF DOLLARS)
                                                                                     
SECURITIES HELD TO MATURITY:
 U.S. Treasury................  $  30,416       6.36% $  50,445       6.26%
*U.S. Government
  Agencies....................                            9,410             $   9,083       8.10% $  17,745       6.83%
 State and Municipals.........      5,965       6.08      9,525       6.75     18,420       7.27         65       7.50
*Collateralized
  Mortgage Obligations........                                                                        8,604       7.32
 Commercial Paper.............
                                ---------             ---------             ---------             ---------
    Total.....................  $  36,381       6.31% $  69,380       6.34% $  27,503       7.54% $  26,414       6.99%
                                ---------             ---------             ---------             ---------
                                ---------             ---------             ---------             ---------

 


                                                                       MATURING
                                --------------------------------------------------------------------------------------
                                       WITHIN            AFTER ONE BUT         AFTER FIVE BUT            AFTER
                                      ONE YEAR         WITHIN FIVE YEARS      WITHIN TEN YEARS         TEN YEARS
                                --------------------  --------------------  --------------------  --------------------
                                 AMOUNT      YIELD     AMOUNT      YIELD     AMOUNT      YIELD     AMOUNT      YIELD
                                ---------  ---------  ---------  ---------  ---------  ---------  ---------  ---------
                                                              (IN THOUSANDS OF DOLLARS)
                                                                                     
SECURITIES AVAILABLE FOR SALE:
 U.S. Treasury................  $   6,583       6.22% $  32,710       6.23%
 State and Municipals.........        763      10.97      2,399       6.19  $   3,473       7.31% $     229       8.02%
*Collateralized
  Mortgage Obligations........                                                                       11,272       6.37
 Other........................                                                                          127       6.56
                                ---------             ---------             ---------             ---------
    Total.....................  $   7,346       6.71% $  35,109       6.23% $   3,473       7.31% $  11,628       6.40%
                                ---------             ---------             ---------             ---------
                                ---------             ---------             ---------             ---------

 
- ------------------------
* Maturity dates are specified pursuant to regulatory requirements. The total of
  all securities backed by mortgages  are expected to have substantial  periodic
  repayments  resulting in a weighted average  life for the above two securities
  categories which is considerably shorter than would be surmised from the above
  tables.
 
                                       5

LOAN PORTFOLIO
 
    The following table shows the Registrant's  loan distribution at the end  of
each of the last five years indicated:
 


                                           1995       1994       1993       1992       1991
                                         ---------  ---------  ---------  ---------  ---------
                                                       (IN THOUSANDS OF DOLLARS)
                                                                      
Commercial, financial and
 agricultural..........................  $  21,708  $  19,482  $  19,514  $  20,990  $  18,434
Real estate -- construction............     --         --         --         --         --
Real estate -- mortgage................    115,098    115,855    108,025    100,410     94,008
Installment............................      9,671      8,961      9,337      9,386     11,194
All other loans (including
 overdrafts)...........................        193        174        113        304         82
                                         ---------  ---------  ---------  ---------  ---------
    Total Loans........................  $ 146,670  $ 144,472  $ 136,989  $ 131,090  $ 123,718
                                         ---------  ---------  ---------  ---------  ---------
                                         ---------  ---------  ---------  ---------  ---------

 
    The  following  table shows  the maturity  of  loans (excluding  real estate
mortgages and  installment loans)  outstanding  as of  December 31,  1995.  Also
provided  are  the  amounts  due  after one  year  classified  according  to the
sensitivity to changes in interest rates.
 


                                                                       MATURING
                                                  --------------------------------------------------
                                                              AFTER ONE BUT
                                                   WITHIN      WITHIN FIVE    AFTER FIVE
                                                  ONE YEAR        YEARS          YEARS       TOTAL
                                                  ---------  ---------------  -----------  ---------
                                                              (IN THOUSANDS OF DOLLARS)
                                                                               
Commercial, financial and agricultural (and all
 other loans, including overdrafts).............  $  12,622     $   8,363      $     916   $  21,901
Real estate -- construction.....................     --            --             --          --
                                                  ---------       -------          -----   ---------
    Total.......................................  $  12,622     $   8,363      $     916   $  21,901
                                                  ---------       -------          -----   ---------
                                                  ---------       -------          -----   ---------
Loans maturing after one year with:
  Fixed interest rates..........................                $   2,415      $       1
  Variable interest rates.......................                    5,948            915
                                                                  -------          -----
    Total.......................................                $   8,363      $     916
                                                                  -------          -----
                                                                  -------          -----

 
                                       6

PAST DUE, NONACCRUAL, AND RESTRUCTURED LOANS
 
    The following table  summarizes the Registrant's  past due, nonaccrual,  and
restructured loans:
 


                                                                           DECEMBER 31
                                                     -------------------------------------------------------
                                                       1995       1994        1993        1992       1991
                                                     ---------  ---------  -----------  ---------  ---------
                                                                    (IN THOUSANDS OF DOLLARS)
                                                                                    
Past Due for 90 Days or more.......................  $     251  $       3   $     183   $      15  $      26
Nonaccrual loans...................................        843        516         448       1,017        971
Restructured Loans.................................        816        824       1,022         133        106
Gross interest income which would have been
 recorded during the year under original terms:
Nonaccrual loans...................................         97         36          43         137        131
Restructured loans.................................         96         86         105          18         14
Gross interest income recorded during the year:
Nonaccrual loans...................................         36          1           1          36         33
Restructured loans.................................         82         61          78          15         13
Commitments for additional funds...................       None       None        None        None       None

 
    The  Registrant has no foreign loans  outstanding nor has it any significant
loan concentrations in any one industry.
 
                                       7

SUMMARY OF LOAN LOSS EXPERIENCE
 
    This table summarizes the Registrant's loan loss experience for each of  the
five years ended indicated:
 


                                                                   YEAR ENDED DECEMBER 31
                                                    -----------------------------------------------------
                                                      1995       1994       1993       1992       1991
                                                    ---------  ---------  ---------  ---------  ---------
                                                                  (IN THOUSANDS OF DOLLARS)
                                                                                 
Balance at January 1..............................  $   3,600  $   3,590  $   3,503  $   3,105  $   2,571
Charge-offs:
  Commercial, financial, and agricultural.........          3         13                                3
  Real estate -- mortgage.........................                              121        568        718
  Installment and other...........................         21         35         24         86         71
                                                    ---------  ---------  ---------  ---------  ---------
                                                           24         48        145        654        792
Recoveries:
  Commercial, financial, and agricultural.........                     6          5          5          4
  Real estate -- mortgage.........................         16         36         28        426          9
  Installment and other...........................          8         16         24         21         13
                                                    ---------  ---------  ---------  ---------  ---------
                                                           24         58         57        452         26
                                                    ---------  ---------  ---------  ---------  ---------
Net recoveries (charge-offs)......................          0         10        (88)      (202)      (766)
Additions charged to operations (1)...............                              175        600      1,300
                                                    ---------  ---------  ---------  ---------  ---------
Balance at December 31............................  $   3,600  $   3,600  $   3,590  $   3,503  $   3,105
                                                    ---------  ---------  ---------  ---------  ---------
                                                    ---------  ---------  ---------  ---------  ---------
Ratio of net charge-offs to average loans
 outstanding......................................     --         --           .07%       .16%       .62%

 
- ------------------------
(1) The  amount charged to  operations and the related  balance in the allowance
    for loan losses is based upon periodic evaluations of the loan portfolio  by
    management.  These evaluations  consider several factors  including, but not
    limited to, general economic  conditions, loan portfolio composition,  prior
    loan  loss experience,  management's estimation of  future potential losses,
    and regulatory agencies' recommendations based on their reviews.
 
    The  standard  loan  to  value  policy  for  residential  mortgage  products
originated  for our portfolio is a maximum of 75% of appraised value or purchase
price, whichever is less and for commercial mortgages that policy is  two-thirds
of appraised value.
 
    As  a result of  the continued slow growing  Long Island economy, charge-off
experience could rise in the future. Management feels that the current allowance
for loan  losses at  December 31,  1995 is  adequate. This  matter is  discussed
further  in  Management's Discussion  and  Analysis of  Financial  Condition and
Results of Operations (under "Financial Condition -- Allowance for Loan Losses")
and in  Note  A (under  "Allowance  for Loan  Losses");  and in  Note  I  (under
"Concentrations  of Credit  Risk"). All three  items are  incorporated herein by
reference.
 
                                       8

ALLOCATION OF THE ALLOWANCE FOR LOAN LOSSES
 
    This table shows an allocation  of the allowance for  loan losses as of  the
end of each of the last five years.


                                 DECEMBER 31, 1995      DECEMBER 31, 1994      DECEMBER 31, 1993
                                --------------------   --------------------   --------------------
                                            PERCENT                PERCENT                PERCENT
                                            OF LOANS               OF LOANS               OF LOANS
                                            IN EACH                IN EACH                IN EACH
                                            CATEGORY               CATEGORY               CATEGORY
                                            TO TOTAL               TO TOTAL               TO TOTAL
                                  AMOUNT     LOANS       AMOUNT     LOANS       AMOUNT     LOANS
                                ----------  --------   ----------  --------   ----------  --------
                                                                        
Commercial, financial, and
 agricultural.................  $  562,653     15%     $  574,197     13%     $  651,803     14%
Real estate-construction......
Real estate-mortgage..........   2,240,660     78       2,325,443     80       2,095,416     79
Installment and other.........     196,613      7         148,224      7         217,041      7
Unallocated...................     600,104                552,298                625,379
                                ----------             ----------             ----------
                                $3,600,030    100%     $3,600,162    100%     $3,589,639    100%
                                ----------             ----------             ----------
                                ----------             ----------             ----------
 

                                 DECEMBER 31, 1992      DECEMBER 31, 1991
                                --------------------   --------------------
                                            PERCENT                PERCENT
                                            OF LOANS               OF LOANS
                                            IN EACH                IN EACH
                                            CATEGORY               CATEGORY
                                            TO TOTAL               TO TOTAL
                                  AMOUNT     LOANS       AMOUNT     LOANS
                                ----------  --------   ----------  --------
                                                       
Commercial, financial, and
 agricultural.................  $  849,080     16%     $  456,082     15%
Real estate-construction......
Real estate-mortgage..........   1,510,986     77       1,154,374     76
Installment and other.........     252,504      7         290,157      9
Unallocated...................     889,948              1,204,700
                                ----------             ----------
                                $3,502,518    100%     $3,105,313    100%
                                ----------             ----------
                                ----------             ----------

 
                                       9

DEPOSITS
 
    Maturities  of time certificates of deposit  of $100,000 or more outstanding
at December 31, 1995, are summarized as follows:
 


                                                                           AMOUNT
                                                                  ------------------------
                                                                      (IN THOUSANDS OF
                                                                          DOLLARS)
                                                               
3 months or less................................................             $3,414
Over 3 through 6 months.........................................              3,609
Over 6 through 12 months........................................                538
Over 12 months..................................................                404
                                                                            -------
    Total.......................................................             $7,965
                                                                            -------
                                                                            -------

 
    The Corporation has no interest-bearing demand deposits.
 
RETURN ON EQUITY AND ASSETS
 
    The following table shows consolidated  operating and capital ratios of  the
Registrant for each of the last three years:
 


                                                                                             YEAR ENDED DECEMBER 31
                                                                                         -------------------------------
                                                                                           1995       1994       1993
                                                                                         ---------  ---------  ---------
                                                                                                      
Return on average total assets before cumulative effect of accounting change...........       1.51%      1.54%      1.48%
Return on average total assets.........................................................       1.51       1.54       1.65
Return on average stockholders' equity before cumulative effect of accounting change...      13.52      14.70      15.16
Return on average stockholders' equity.................................................      13.52      14.70      16.72
Dividend payout ratio before cumulative effect of accounting change....................      18.91      17.88      17.78
Dividend payout ratio..................................................................      18.91      17.88      15.90
Average equity to average assets ratio.................................................      11.15      10.50       9.88

 
ITEM 2.  PROPERTIES
 
                                   REGISTRANT
 
    Registrant  as such owns no materially important physical properties. Office
facilities of the Registrant are  located at 10 Glen  Head Road, Glen Head,  New
York, in a building owned by the Bank.
 
                                      BANK
 
    The  Bank's main offices are also at 10 Glen Head Road, Glen Head, New York,
which Bank  owns in  fee. The  Bank owns  a total  of 10  buildings in  fee  and
occupies  seven other facilities under lease  arrangements, all in Nassau County
and Suffolk County, New York.
 
    In the opinion of management of  Registrant, all facilities of the Bank  are
suitable and adequate, and are being fully utilized.
 
                                       10

ITEM 3.  LEGAL PROCEEDINGS
 
    There  are no material legal proceedings,  individually or in the aggregate,
to which the Registrant or the Bank is a party or of which any of their property
is subject.
 
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
 
    None.
 
                                       11

                                    PART II
 
ITEM 5.  MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER
MATTERS
 
    Common  stock market prices,  dividends, and number  of shareholders on page
(i) of Registrant's Annual  Report to Stockholders for  the year ended  December
31, 1995 are incorporated herein by reference.
 
    During 1995 and 1994, cash dividends were paid on a semiannual basis.
 
ITEM 6.  SELECTED FINANCIAL DATA
 
    Selected  Financial  Data  on  page (i)  of  Registrant's  Annual  Report to
Stockholders for the  year ended  December 31,  1995 is  incorporated herein  by
reference.
 
ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
 
    Management's  Discussion and Analysis of  Financial Condition and Results of
Operations on pages 4 through 11, and the President's Letter to Stockholders  on
pages  2 and 3  of the Registrant's  Annual Report to  Stockholders for the year
ended December 31, 1995 are incorporated herein by reference.
 
ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 
    The consolidated financial statements and the report of independent auditors
included on pages 14  through 31 of Registrant's  Annual Report to  Stockholders
for the year ended December 31, 1995 are incorporated herein by reference.
 
ITEM 9.  CHANGES IN OR DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
 
    None.
 
                                       12

                                    PART III
 
ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
 
    Pages  2 through 7 of Registrant's Proxy Statement for its Annual Meeting of
Stockholders to be held April 16, 1996 are hereby incorporated by reference.
 
ITEM 11.  EXECUTIVE COMPENSATION
 
    Page  5  "Compensation  of  Directors",  and  pages  7  through  12  of  the
Registrant's  Proxy Statement for its Annual  Meeting of Stockholders to be held
April 16, 1996 are hereby incorporated by reference.
 
ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
 
    Pages  1  through  3  "Voting  Securities  and  Principal  Stockholders"  of
Registrant's  Proxy Statement for its Annual  Meeting of Stockholders to be held
April 16, 1996 are hereby incorporated by reference.
 
ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
 
    Pages 13 and 14 "Transactions  With Management And Others", of  Registrant's
Proxy Statement for its Annual Meeting of Stockholders to be held April 16, 1996
is hereby incorporated by reference.
 
                                       13

                                    PART IV
 
ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
 
    The  following consolidated financial statements of The First of Long Island
Corporation and Subsidiary and  the report of  independent auditors included  on
pages  14 through 31 of Registrant's Annual  Report to Shareholders for the year
ended December 31, 1995 required by Item 8 are incorporated herein by reference:
 
Financial Statements (Consolidated)
 
    Consolidated Balance Sheets -- December 31, 1995 and 1994
    Consolidated Statements of Income -- Years ended December 31, 1995, 1994 and
    1993
    Consolidated Statements of Changes in Stockholders' Equity --
      Years ended December 31, 1995, 1994 and 1993
    Consolidated Statements of Cash Flows -- Years ended December 31, 1995, 1994
    and 1993
    Notes to Consolidated Financial Statements
    Report of Independent Auditors
 
    Schedules to the consolidated financial statements required by Article 9  of
Regulation   S-X  are  not  required  under  the  related  instructions  or  are
inapplicable and therefore have been omitted.
 
    The following exhibits are incorporated herein by reference:
 
       Exhibit  3(i)  -- Certificate of Incorporation, as amended
       Exhibit  3(ii) -- By-laws, as amended
       Exhibit 10(a) -- Incentive Plan
       Exhibit 99   -- Notice of Annual Meeting and Proxy Statement
 
    The following exhibits are submitted herewith:
 
       Exhibit 10(b) -- Stock Option and Appreciation Rights Plan.
       Exhibit 10(c) -- Employment Agreement Between Registrant and J. William
       Johnson,
                      dated January 31, 1996.
       Exhibit 13   -- Registrant's Annual Report to Shareholders for the year
       ended
                       December 31, 1995.
       Exhibit 21   -- Subsidiaries of Registrant
       Exhibit 23(a) -- Consent of Independent Auditors
       Exhibit 27   -- Financial Data Schedule
 
    No reports on Form 8-K  were filed for the  three months ended December  31,
1995.
 
                                       14

                                   SIGNATURES
 
    Pursuant  to  the requirements  of  Section 13  or  15(d) of  the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
 

                                            
                                                   THE FIRST OF LONG ISLAND CORPORATION
                                               --------------------------------------------
                                                               (REGISTRANT)
 
Dated: March 19, 1996                               By:          /s/ J. WILLIAM JOHNSON
                                                 ----------------------------------------
                                                            J. William Johnson
                                                                 PRESIDENT
                                                       (PRINCIPAL EXECUTIVE OFFICER)
 
                                                    By:           /s/ WILLIAM J. WHITE
                                                 ----------------------------------------
                                                             William J. White
                                                       VICE PRESIDENT AND TREASURER,
                                                     (PRINCIPAL FINANCIAL OFFICER AND
                                                       PRINCIPAL ACCOUNTING OFFICER)

 
    Pursuant to the requirements  of the Securities Exchange  Act of 1934,  this
report  has  been  signed  below  by the  following  persons  on  behalf  of the
Registrant and in the capacities and on the date indicated.
 

                                                                                         
                      SIGNATURES                                       TITLES                        DATES
- ------------------------------------------------------  -------------------------------------  ------------------
 
                /s/ J. WILLIAM JOHNSON
     -------------------------------------------        President, Chairman of the Board,        March 19, 1996
                  J. William Johnson                     Chief Executive Officer
 
                 /s/ PAUL T. CANARICK
     -------------------------------------------        Director                                 March 19, 1996
                   Paul T. Canarick
 
              /S/ WILLIAM J. CATACOSINOS
     -------------------------------------------        Director                                 March 19, 1996
                William J. Catacosinos
 
              /s/ BEVERLY ANN GEHLMEYER
     -------------------------------------------        Director                                 March 19, 1996
                Beverly Ann Gehlmeyer
 
             /s/ HOWARD THOMAS HOGAN, JR.
     -------------------------------------------        Director                                 March 19, 1996
               Howard Thomas Hogan, Jr.
 
             /s/ J. DOUGLAS MAXWELL, JR.
     -------------------------------------------        Director                                 March 19, 1996
               J. Douglas Maxwell, Jr.
 
                /s/ JOHN R. MILLER III
     -------------------------------------------        Director                                 March 19, 1996
                  John R. Miller III

 
                                       15

                                 EXHIBIT INDEX
 


 EXHIBIT NO.                                              DESCRIPTION                                                 PAGE
- -------------  --------------------------------------------------------------------------------------------------     -----
                                                                                                             
         3(i)  Certificate of Incorporation, as amended (Filed as Exhibit 3 (a) to the Registrant's 1991 Annual
                Report on Form 10-K and incorporated herein by reference.)
         3(ii) By-laws, as amended (Filed as Exhibit 3(ii)(b) to the Registrant's September 30, 1995 Quarterly
                Report on Form 10-Q and incorporated herein by reference.)
        10(a)  Incentive plan....................................................................................           *
        10(b)  Stock Option and Appreciation Rights Plan.........................................................          17
        10(c)  Employment Agreement Between Registrant and J. William Johnson, dated January 31, 1996............          30
        13     Annual Report to Shareholders for the Year Ended December 31, 1995................................          37
        21     Subsidiaries of Registrant........................................................................          76
        23(a)  Consent of Independent Auditors...................................................................          77
        27     Financial Data Schedule...........................................................................          78
        99     Notice of Annual Meeting and Proxy Statement......................................................          **

 
- ------------------------
 *  Page   12  of  Registrant's  Proxy  Statement  for  its  Annual  Meeting  of
    shareholders to be held April  16, 1996 filed under  Form TH dated March  4,
    1996,  and submitted in electronic format  on March 8, 1996, is incorporated
    herein by reference.
 
**  Registrant's Proxy Statement for  its Annual Meeting  of shareholders to  be
    held April 16, 1996 filed under Form TH dated March 4, 1996 and submitted in
    electronic format on March 8, 1996, is incorporated herein by reference.
 
                                       16