Exhibit 99.1
[THE FIRST OF LONG ISLAND CORPORATION LETTERHEAD]
April 24, 2003 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
FIRST QUARTER EARNINGS AND ADDITIONAL SHARE
REPURCHASE PLAN
First Quarter Earnings. Glen Head, New York, April 24, 2003 - The First of
Long Island Corporation earned 74 cents per share for the first quarter of 2003
as compared to 62 cents for the same quarter last year, an increase of 19%. Net
income for the most recent quarter was $3,093,000 as compared to $2,648,000 a
year ago. Total assets were $803,691,000 at March 31, 2003.
The most important reason for the growth in earnings was an unusually
large commercial mortgage prepayment fee. Other important causes of the earnings
increase include growth in checking balances, market type savings balances and
residential mortgages as well as a gain on the sale of securities. The large
prepayment fee, the recurrence of which is unlikely, was especially important to
the growth in earnings per share being equivalent to approximately 8 cents per
share.
The Company continues to be challenged by the very low interest rate
market. The negative effects on net interest margin are expected to become even
more pronounced as loans and securities are repriced or reinvested at lower
yields without an offsetting reduction in the cost of funds. Also beginning to
adversely affect earnings are the expenses of certain growth strategies
including the costs of our three new commercial banking branches in Manhattan.
BALANCE SHEET INFORMATION
3/31/03 3/31/02
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(in thousands)
Total Assets ............................. $803,691 $731,274
Net Loans ................................ 266,999 233,001
Investment Securities .................... 427,287 400,979
Checking Deposits ........................ 264,474 241,058
Savings and Time Deposits ................ 448,785 410,461
Total Stockholders' Equity ............... 84,987 76,739
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INCOME STATEMENT INFORMATION
Three Months Ended
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3/31/03 3/31/02
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(in thousands)
Net Interest Income ........................................... $ 8,472 $ 7,586
Provision For Loan Losses ..................................... 75 100
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Net Interest Income After Provision For Loan Losses ..... 8,397 7,486
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Noninterest Income ............................................ 1,485 1,329
Noninterest Expense ........................................... 5,685 5,301
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Income Before Income Taxes .................................. 4,197 3,514
Income Tax Expense ............................................ 1,104 866
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Net Income .................................................. $ 3,093 $ 2,648
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Earnings Per Share:
Basic ....................................................... $ .75 $ .63
Diluted ..................................................... $ .74 $ .62
This earnings release contains various "forward-looking statements" within
the meaning of that term as set forth in Rule 175 of the Securities Act of 1933
and Rule 3b-6 of the Securities Act of 1934. Such statements are generally
contained in sentences including the words "may" or "expect" or "could" or
"should" or "would" or "believe". The Corporation cautions that these
forward-looking statements are subject to numerous assumptions, risks and
uncertainties, and therefore actual results could differ materially from those
contemplated by the forward looking statements. In addition, the Corporation
assumes no duty to update forward-looking statements.
For more detailed financial information please see the Corporation's Form
10-Q for the quarterly period ended March 31, 2003. The Form 10-Q will be
available on or before May 15, 2003 and can be obtained from our Finance
Department located at 10 Glen Head Road, Glen Head, New York 11545, or you can
access Form 10-Q by going to our website at www.fnbli.com and clicking on "The
First of Long Island Corporation."
Stock Repurchase Program. The Board of Directors of The First of Long
Island Corporation approved an additional stock repurchase plan which authorizes
the Corporation to purchase from time to time in market or private transactions
50,000 shares of the Corporation's common stock. The stock purchases will be
financed through available corporate cash. This is a continuation of the
Corporation's stock repurchase program which began in 1988.
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