Exhibit 99.1

[THE FIRST OF LONG ISLAND CORPORATION LETTERHEAD]

July 23, 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
SECOND QUARTER EARNINGS

Glen Head, New York, July 23, 2003 - Earnings per share were $1.34 for the
first six months of this year compared to $1.32 earned in the similar 2002
period. For the second quarter of 2003, earnings per share were 60 cents, a
decline from the 70 cents earned in the same quarter last year. Net income for
the most recent six months was $5,603,000. Total assets were $841,156,000 at
June 30, 2003 and the growth of our core products continues to be good.

The most significant items positively affecting earnings for the six
months were a 14% increase in average checking balances and an unusually large
commercial mortgage prepayment fee received in the first quarter; the prepayment
fee, the recurrence of which is unlikely, is equivalent to approximately 8 cents
per share. Other important factors also favorably impacting earnings were gains
on sales of equity securities and continued growth of money market type savings
balances and residential mortgages.

Overwhelmingly, the most negative influence on earnings are the effects of
the severe decline in interest rates. On a sequential quarter-to-quarter basis,
after a modest uptick in the first quarter, net interest margin continued to
decrease. As we have cautioned in the past, sustained lower interest rates
should exacerbate the decline in our net interest margin and further negatively
impact our income. Also adversely affecting earnings, especially in the second
quarter, were expenses of our growth strategies particularly the opening of our
three New York City branches.

The New York City commercial offices were opened on June 2nd and, while it
is premature to predict their ultimate success, so far the results are
encouraging. Our free checking campaign is attracting consumer checking business
to the Bank resulting in a growth of about 6% in the number of net new consumer
checking accounts so far.

As previously announced, the Corporation is paying a cash dividend of 34
cents per share today to shareholders of record on July 7, 2003. This semiannual
cash dividend is 19% greater than the dividend paid last year at this time.

BALANCE SHEET INFORMATION

6/30/03 6/30/02
------- -------
(in thousands)

Total Assets ................................. $841,156 $759,751

Net Loans .................................... 272,889 244,094

Investment Securities ........................ 463,403 409,547

Checking Deposits ............................ 278,013 241,371

Savings and Time Deposits .................... 469,854 431,997

Total Stockholders' Equity ................... 86,706 80,670

INCOME STATEMENT INFORMATION

Six Months Ended Three Months Ended
--------------------- ---------------------
6/30/03 6/30/02 6/30/03 6/30/02
------- ------- ------- -------
(in thousands) (in thousands)

Net Interest Income ............................... $ 16,173 $ 15,670 $ 7,701 $ 8,084
Provision For Loan Losses ......................... 150 150 75 50
-------- -------- -------- --------
Net Interest Income After Loan Loss Provision ..... 16,023 15,520 7,626 8,034
-------- -------- -------- --------

Noninterest Income ................................ 3,002 2,808 1,517 1,479
Noninterest Expense ............................... 11,557 10,748 5,872 5,447
-------- -------- -------- --------
Income Before Income Taxes ...................... 7,468 7,580 3,271 4,066
Income Tax Expense ................................ 1,865 1,965 761 1,099
-------- -------- -------- --------
Net Income ........................................ $ 5,603 $ 5,615 $ 2,510 $ 2,967
======== ======== ======== ========

Earnings Per Share:
Basic ............................................. $ 1.37 $ 1.34 $ .62 $ .71
Diluted ........................................... $ 1.34 $ 1.32 $ .60 $ .70

This earnings release contains "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 June 30, 2003. The Form 10-Q will be
available on or before August 14, 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."