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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.
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