A
Commitment
to
Growth
2014 Annual Report
® Our Commitment
Business of the Corporation
The First National Bank of Long Island is committed to delivering
The First of Long Island Corporation (“Corporation”) is a one-bank holding
high quality, personalized service throughout the communities we serve.
company organized under the laws of the State of New York. Its primary
business is the operation of its sole subsidiary, The First National Bank of
Long Island (“Bank”).
Business of the Corporation
The Bank was organized in 1927 under national banking laws and became
the sole subsidiary of the Corporation under a plan of reorganization effected
The First of Long Island Corporation (“Corporation”) is a one-bank holding
company organized under the laws of the State of New York. Its primary
business is the operation of its sole subsidiary, The First National Bank of
Long Island (“Bank”).
April 30, 1984.
The Bank is a full service commercial bank which provides a broad range
of financial services to individual, professional, corporate, institutional
and government customers through its branch system on Long Island and
The Bank was organized in 1927 under national banking laws and became
the sole subsidiary of the Corporation under a plan of reorganization effected
April 30, 1984.
in Manhattan.
The Corporation is subject to regulation and supervision of the Federal
Reserve Board and the Securities and Exchange Commission. The Bank
The Bank is a full service commercial bank which provides a broad range
of financial services to individual, professional, corporate, institutional and
government customers through its thirty-seven branches on Long Island and
in Manhattan.
is subject to the regulation and supervision of the Federal Reserve Board,
the Comptroller of the Currency and the Federal Deposit Insurance
Corporation, which also insures its deposits. The Comptroller of the
supervising the Bank.
Currency is the primary banking agency responsible for regulating and
The Corporation is subject to the regulation and supervision of the Federal
Reserve Board and the Securities and Exchange Commission. The Bank is
subject to the regulation and supervision of the Federal Reserve Board, the
Comptroller of the Currency and the Federal Deposit Insurance Corporation
which also insures its deposits. The Comptroller of the Currency is the
primary banking agency responsible for regulating and supervising the Bank.
®
D ear Shareholders,
I n 2014, our Bank had an outstanding year in a challenging environment. Profitability was
driven by controlled growth in both Total Loans and Total Deposits. Net Income increased by
8% to $23 million. Earnings Per Share (EPS) increased 6.5% to $1.65 and Cash Dividends Per Share increased
5.9% to $.72. Our dividend increase is indicative of the confidence we have in our ability to continue to grow
the Corporation’s earnings in a measured and disciplined way.
I am pleased to report Total Assets grew $322 million or 13.4%. Within this figure, earning assets grew
$313 million or 13.5%, driving net interest income up by $4.4 million or 7.1%. This growth, along with an
increase in noninterest income of $356,000 or 5.1%, enhanced profits since increases in operating expenses,
the provision for loan losses, and income tax expense were significantly less. Our bottom
line result was a $1.7 million increase in earnings year-over-year.
Major factors driving profitability were loan growth and the maintenance of pristine
asset quality. We continue to adhere to prudent underwriting standards. During the
year, Average Loans Outstanding grew 23.2% from $1.3 billion to $1.6 billion. By
the end of the fiscal year, the spot balance of our Total Loans exceeded $1.8 billion.
The majority of our growth was relatively balanced between Commercial Real
Estate products and Residential Mortgages. Our ability to grow loans was
attributable to targeted solicitation efforts, pricing, key product advertising,
broker relationships, the growth of our branch system, and an increasing
awareness of the Bank’s brand and reputation.
Over the last decade, our credit quality has been among the very best in
the industry, even during the years of the Great Recession. The same
executive management team that managed then is still managing today.
I am happy to report asset quality remains excellent. Nonaccrual loans
amounted to $1.7 million or .09% of Total Loans Outstanding. That’s
great performance. We take pride in the credit quality of our loans, but we
do not have the luxury to be complacent about what we have accomplished
to date. When it comes to credit quality there is no resting on one’s laurels.
I can assure you the management team remains vigilant with regard to our
responsibility to maintain strong asset quality.
During the year, our deposits continued to grow at a steady pace.
Year-over-year, balances grew $203 million or 11.4%. This growth
was driven by lending, expanding our distribution system, enhancing
our business network, tactical marketing initiatives, focused calls on
specific prospects, deepening existing relationships, the introduction
of new products, and our Municipal Deposit initiative.
2014 Annual Report 1
Particularly noteworthy was the growth in our Demand Deposits of $57 million or 9.5%. We believe
growth in this strategic product category is related to our success in building additional share with our
key target markets—small businesses; middle market companies; professionals, i.e., doctors, lawyers,
dentists, CPAs; and targeted municipal deposit relationships. Growth in these market segments enhances
franchise value and thereby long-term shareholder value. This is why we continue to build our distribution
system in arguably one of the very best retail banking markets in the country. We are proud to note
that our ratio of Demand Deposits to Total Deposits remains attractive at 33%. This ratio has not
deteriorated with our growth.
Loan growth, credit quality and stable core deposit growth have been major factors in the creation of
wealth for our investors. We believe the value of your investment has considerable potential to continue
to grow as we remain focused on executing our strategic plan. Wealth creation is evident as you look
at the growth of the Corporation’s Book Value Per Share over a period of time and more specifically in
2014. Last year our Book Value grew 11.6% to $16.80. We are proud of this performance, but realize we
must continue to perform over the long term in a similar manner to sustain your confidence in our Board
and management team. Being the financial stewards of your investment, we take this responsibility
very seriously. We realize we can never let our guard down in any one year or, more importantly, over
an extended period of time.
In 2014, we added three more branches in desirable markets that will help us continue to grow and
pick up additional share with our targeted market segments. We are well aware of the risks associated
with putting capital into bricks and mortar. I would point out that our Expense to Revenue Ratio of
51.8% demonstrates the thought we put into our branch expansion strategy and the planning associated
with the growth of our operating expenses. This very strong ratio has been maintained during my
twelve-year tenure with the Bank while building 21 branches, a state-of-the-art Disaster Recovery Center
and a new Loan Processing Center. I anticipate the Bank will build at least three more branches in 2015.
This past year, we continued to expand our technology offerings to improve both the customer
experience and operational efficiency. We upgraded our online banking platform and in the very near
future will be rolling out mobile banking and instant issue debit cards. We are keenly aware of the
fact that the use of technology brings with it a variety of risks including compromising our customers’
sensitive personal information. To enhance our controls in this area, during 2014 we created a dedicated
information security department that reports directly to our Chief Risk Officer.
In my opinion, the best opportunities lie ahead. We have a talented and dedicated team that lives within
the communities we serve. We truly know our customers and take pride in meeting their needs. We
realize, over the long term, the only sustainable competitive advantage we have is the quality of the
service and personalized attention we deliver to our customer base. This culture is fostered by our
executive management team and embraced by all of our employees. It is essential that we maintain this
cultural identity as we continue to flourish in the Long Island and New York Metropolitan markets.
I believe our slogan tells you what we are all about. The First National Bank of Long Island is the Bank
“Where Everyone Knows Your Name®.”
Michael N. Vittorio
President and Chief Executive Officer
2 The First of Long Island Corporation
2014 Annual Report 3
$903$986$1,147$1,478$828$380$449$526$658$1,711$2,022$2,108$2,400$1,675$944$954$1,069$1,262$18.4$19.5$20.4$21.3$13.5$12.3$11.2$11.5$13.0$1,293$1,503$1,633$1,782$1,278$788$825$869$900Net Income (in millions)Total Assets (in millions)Total Loans(in millions)Total Deposits(in millions)CAGR 6.6%CAGR 18.1%CAGR 9.9%CAGR 11.5%$23.0$1,805$1,985$2,721Financial Overview P artners in Growth
Mr. Lloyd Straus
President and
Chief Operating Officer
North American Partners
in Anesthesia (NAPA)
“ The First National Bank of
Long Island is unique in its
ability to support our rapidly
growing business, combined
with its ability to provide
personalized service to our
physician partners.
Since 2003, they have been
true partners that take the
time to understand our
business and support NAPA’s
growth strategy.”
4 The First of Long Island Corporation
P artners in Growth
“
Personalized service is what
differentiates The First National Bank
of Long Island from other banks. It is
simply outstanding. You can always
reach the Branch Manager on the phone
or receive an immediate e-mail response
to any question. There are almost never
any real lines when you walk into
a branch and you can call ahead for
anything special you may need so that
it is ready when you arrive. We have
access to big banking services with
an incredible mom and pop approach
to customer service. Thanks to their
assistance with securing a competitive
large mortgage, they have helped me to
grow my moving and storage business.”
Mr. John B. Beyer
Founder
Men On The Move
Moving and Self-Storage
Companies
2014 Annual Report 5
Branch Expansion
Oceanside | 2933 Long Beach Road
In July 2014, The First National
Bank of Long Island opened
a full service branch on the
corner of Long Beach Road
in Oceanside, New York. It
is beautifully decorated with
crown moldings and a fireplace
and is equipped with a 24-hour
ATM. Total deposit balances
were $24.1 million at year
end 2014.
“ The Oceanside community,
especially the small
businesses, are very
happy to have us in their
neighborhood. Our products
and services, such as Cash
Management and Lending,
have helped owners to
increase sales and grow
their business. Our branch
staff provides them with the
personalized service they
deserve from their financial
institution. This will remain
an ongoing commitment
for us.”
Debbie Hirschberg,
Vice President
and Branch
Manager
6 The First of Long Island Corporation
Manhasset | 572 Plandome Road
In October 2014, The First National Bank of Long Island
opened a full service branch on Plandome Road in Manhasset,
New York. The branch has been very successful at providing
depository and lending services to residents and small
businesses within the community. It is equipped with a
fireplace and a 24-hour ATM. Total deposit balances were
$13.6 million at year end 2014.
Greenlawn | 76 Broadway
“At The First National Bank
of Long Island, we fulfill
a need for consumers and
business owners who prefer
a Banker that can provide
them with the personalized
service they deserve.
Helping many of the
businesses grow in our
community is one of our
priorities. They are a vital
part of the success within
the community. It is our
mission to assist and
partner with them to
become an extension of
their business.”
Doreen Severin,
Vice President
and Branch
Manager
“ The Greenlawn
community has welcomed
us graciously as their new
bank in town. Existing
customers are pleased with
our new branch location
which provides them with
more convenience and
personalized service. We
will continue to offer them
the core values of banking
with a small town vibe.”
Laura David,
Assistant Vice President
and Branch
Manager
In November 2014, The First National Bank of Long
Island opened a full service branch on Broadway in
Greenlawn, New York. It is also beautifully decorated with
crown moldings and a fireplace and is equipped with a
24-hour ATM. Total deposit balances were $14.7 million
as of February 13, 2015.
2014 Annual Report 7
42
43
38
3112
15
36
13
22
44
19
27
11
40
35
30
33
2
21
5
18
29
28
28
14
34
17
8
41
25
10
9
39
16
6
4
37
32
26
3
23
24
1
20
7
Long Island
1 Babylon
42 Deer Park Avenue
Babylon, NY 11702
(631) 422-1700
2 Bayville
282 Bayville Avenue
Bayville, NY 11709
(516) 628-1288
3 Bellmore
408 Bedford Avenue
Bellmore, NY 11710
(516) 679-6200
4 Bohemia
30 Orville Drive
Bohemia, NY 11716
(631) 218-2500
5 ColdSpringHarbor
147 Main Street
Cold Spring Harbor, NY 11724
(631) 367-3600
6 DeerPark
60 East Industry Court
Deer Park, NY 11729
(631) 243-2600
7 COMING SOON!
EastIslip
151 West Main Street
East Islip, NY 11730
8 EastMeadow
1975 Hempstead Turnpike
East Meadow, NY 11554
(516) 357-7200
9 Farmingdale
22 Allen Boulevard
Farmingdale, NY 11735
(631) 753-8888
10 Farmingdale
2091 New Highway
Suite 100
Farmingdale, NY 11735
(631) 454-2022
11 GardenCity
1050 Franklin Avenue
Suite 100
Garden City, NY 11530
(516) 742-6262
12 GlenHead
10 Glen Head Road
Glen Head, NY 11545
(516) 674-6650
8 The First of Long Island Corporation
13 GreatNeck
536 Northern Boulevard
Great Neck, NY 11021
(516) 482-6666
14 Greenlawn
76 Broadway
Greenlawn, NY 11740
(631) 754-0660
15 Greenvale
7 Glen Cove Road
Greenvale, NY 11548
(516) 621-8811
16 Hauppauge
330 Motor Parkway
Suite 100
Hauppauge, NY 11788
(631) 952-2900
17 Hicksville
106 Old Country Road
Hicksville, NY 11801
(516) 932-7150
18 Huntington
253 New York Avenue
Huntington, NY 11743
(631) 427-4143
19 LakeSuccess
3000 Marcus Avenue
Lake Success, NY 11042
(516) 775-3133
20 Lindenhurst
1 East Montauk Highway
Lindenhurst, NY 11757
(631) 956-3800
21 LocustValley
108 Forest Avenue
Suite 2
Locust Valley, NY 11560
(516) 671-2299
22 Manhasset
572 Plandome Road
Manhasset, NY 11030
(516) 365-5010
23 Massapequa
574 Broadway
Massapequa, NY 11758
(516) 795-0100
24 MassapequaPark
1049 Park Boulevard
Massapequa Park, NY 11762
(516) 795-2265
42
43
44
2
21
38
3112
5
18
29
28
28
14
17
8
41
25
10
9
39
16
6
26
3
23
24
1
20
7
4
37
32
13
22
15
36
19
27
11
40
35
30
33
34
Branch
Locations
25 COMING SOON!
Melville
555 Broad Hollow Road
Suite 001
Melville, NY 11747
26 Merrick
1810 Merrick Avenue
Merrick, NY 11566
(516) 771-6000
27 NewHydePark
243 Jericho Turnpike
New Hyde Park, NY 11040
(516) 328-3100
28 Northport
711 Fort Salonga Road
Northport, NY 11768
(631) 261-4000
29 NorthportVillage
105 Main Street
Northport, NY 11768
(631) 261-0331
30 Oceanside
2933 Long Beach Road
Oceanside, NY 11572
(516) 536-3989
31 OldBrookville
209 Glen Head Road
Old Brookville, NY 11545
(516) 759-9002
32 COMING SOON!
Patchogue
392 East Main Street
Patchogue, NY 11772
33 PointLookout
26A Lido Boulevard
P.O. Box 173
Point Lookout, NY 11569
(516) 431-3144
34 PortJeffersonStation
Davis Professional Park
5225 Nesconset Highway
Building 4, Suite 21
Port Jefferson Station, NY 11776
(631) 928-4411
35 RockvilleCentre
310 Merrick Road
Rockville Centre, NY 11570
(516) 763-5533
36 RoslynHeights
130 Mineola Avenue
Roslyn Heights, NY 11577
(516) 621-1900
37 Sayville
215 West Main Street
Sayville, NY 11782
(631) 472-7000
38 SeaCliff
299 Sea Cliff Avenue
Sea Cliff, NY 11579
(516) 671-7868
39 Smithtown
285 Middle Country Road
Suite 104
Smithtown, NY 11787
(631) 265-0200
40 ValleyStream
127 East Merrick Road
Valley Stream, NY 11580
(516) 825-0202
41 Woodbury
800 Woodbury Road
Suite M
Woodbury, NY 11797
(516) 364-3434
M anhattan
42 232 Madison Avenue
New York, NY 10016
(212) 213-8111
43 225 Broadway
Suite 703
New York, NY 10007
(212) 693-1515
Queens
44 COMING SOON!
2014 Annual Report 9
CommunityService
Volunteering is a key component of The First National Bank of Long Island’s corporate culture. In 2011, the
Bank established a formal Community Service Committee to organize their community service efforts.
The Bank’s financial success and its growing branch network give employees the opportunity to participate
in local community service efforts. In 2014, the Bank supported many worthy organizations such as the
Interfaith Nutrition Network (The INN), Habitat for Humanity, the Muscular Dystrophy Association,
the American Cancer Society and Toys for Tots.
“ As Chairperson of The
Community Service
Committee, I see
firsthand how inspiring
our employees find their
volunteer experiences.
We are all lucky to work
for a company that
encourages these kinds
of activities as part of its
corporate culture. It forms
camaraderie amongst the
employees and gives them
a sense of accomplishment
and gratitude.”
Toni Valente,
Branch Market Manager and
Chairperson of The
Community Service Committee
10 The First of Long Island Corporation
Customer Service
As the Bank “Where Everyone Knows Your Name®,” our customer service philosophy is to provide customers
with quality, personalized service. As the Bank continues to grow and expand, it will remain a top priority
for us to maintain our particular service culture. We will remain vigilant regarding our brand reputation and
our responsibility to clients. By doing this, we can differentiate ourselves from our competitors and satisfy the
banking needs of our customers.
Huntington Branch
Greenlawn Branch
Manhasset Branch
“ Our employees really care about customers, their
families and their business. We strive to show this
every day, to every customer and this genuine
concern translates into superior customer service.
Our commitment to excellent customer service
starts at the top with our President & CEO,
Michael Vittorio, and includes every bank
employee whether they are on the front line,
having face-to-face client interactions or are
‘behind the scenes’ supporting operations.
Maintaining our particular service culture as the
Bank ‘Where Everyone Knows Your Name®’ is
not just a slogan for us, it is our mission that every
bank employee works hard to fulfill.”
Colleen De Stefano,
Vice President and
Branch Market Manager
2014 Annual Report 11
Board of D irectors The First of Long Island Corporation
Left to right
(standing):
Alexander L. Cover,
Allen E. Busching,
John T. Lane, Paul
T. Canarick, Howard
Thomas Hogan Jr., Esq.,
Michael N. Vittorio
and Eric J. Tveter
Left to right (seated):
Milbrey Rennie Taylor,
J. Douglas Maxwell Jr.,
Stephen V. Murphy and
Walter C. Teagle III
Allen E. Busching
Retired Public
Company Executive
Paul T. Canarick
President & Principal
Paul Todd, Inc.
(construction company)
Alexander L. Cover
Management Consultant
Howard Thomas Hogan Jr., Esq.
Director
Hogan & Hogan
(attorney at law)
John T. Lane
Retired Managing Director
J.P. Morgan & Co.
J. Douglas Maxwell Jr.
Director
Photon Migration
Technologies Corp.
(medical technology)
Stephen V. Murphy
President
S.V. Murphy & Co., Inc.
(investment banking)
Milbrey Rennie Taylor
Retired Executive Producer of
CBS News
Walter C. Teagle III
Chairman
President
Teagle Management, Inc. (private investment firm)
Chairman
The Teagle Foundation, Inc.
Managing General Partner
Gulo Capital Partners L.P.
(private investment partnership)
Eric J. Tveter
Chief Executive Officer
Austria/Switzerland Region
Liberty Global plc
Michael N. Vittorio
President and Chief Executive Officer
ExecutiveStaff The First National Bank of Long Island
Michael N. Vittorio
President and Chief Executive Officer
Sallyanne K. Ballweg
Senior Executive Vice President
Christopher Becker
Executive Vice President and Chief Risk Officer
Mark D. Curtis
Executive Vice President, Chief Financial Officer
and Cashier
Paul J. Daley
Executive Vice President and Senior Commercial
Banking Officer
Richard Kick
Executive Vice President, Senior Operations Officer
and Chief Security Officer
Donald L. Manfredonia
Executive Vice President, Senior Lending Officer
and Deputy CRA Officer – Lending
Richard P. Perro
Executive Vice President, Branch Administration
and Deputy Security Officer
Left to right: Paul J. Daley, Christopher Becker, Richard P. Perro, Donald L.
Manfredonia, Michael N. Vittorio, Sallyanne K. Ballweg, Mark D. Curtis and
Richard Kick
12 The First of Long Island Corporation
Selected Financial data
S E L E C T E D F I N A N C I A L D A T A
INCOME STATEMENT DATA:
Interest Income ….....................................................
Interest Expense …...................................................
Net Interest Income ..................................................
Provision for Loan Losses.........................................
Net Income ................................................................
PER SHARE DATA:
Basic Earnings...........................................................
Diluted Earnings .......................................................
Cash Dividends Declared .........................................
Dividend Payout Ratio ..............................................
Book Value ................................................................
Tangible Book Value ................................................
BALANCE SHEET DATA AT YEAR END:
Total Assets ..............................................................
Loans.........................................................................
Allowance for Loan Losses.......................................
Deposits …................................................................
Borrowed Funds........................................................
Stockholders' Equity .................................................
AVERAGE BALANCE SHEET DATA:
Total Assets ..............................................................
Loans ….....................................................................
Allowance for Loan Losses …...................................
Deposits …................................................................
Borrowed Funds........................................................
Stockholders' Equity .................................................
FINANCIAL RATIOS:
2014
2013
2011
2012
(dollars in thousands, except per share data)
2010
$81,976
15,048
66,928
3,189
23,014
$1.67
1.65
.72
43.64%
$16.80
16.78
$2,721,494
1,804,819
23,221
1,985,025
481,486
233,303
$2,515,103
1,584,198
21,554
1,922,172
347,946
224,585
$74,851
12,364
62,487
2,997
21,300
$1.56
1.55
.68
43.87%
$15.06
15.05
$2,399,892
1,477,937
20,848
1,782,128
395,463
206,556
$2,240,139
1,286,227
19,847
1,747,888
272,737
203,125
$76,229
16,127
60,102
3,628
20,393
$1.52
1.51
.64
42.38%
$15.21
15.19
$2,108,290
1,147,384
18,624
1,633,076
248,634
205,370
$2,057,608
1,073,046
18,098
1,578,233
257,392
200,137
$76,312
17,567
58,745
4,061
19,457
$1.48
1.46
.60
41.10%
$14.35
14.34
$2,022,407
985,859
16,572
1,502,868
309,727
189,347
$1,852,611
947,309
15,013
1,439,647
226,382
174,458
$72,403
16,774
55,629
3,973
18,392
$1.55
1.53
.56
36.60%
$12.00
11.98
$1,711,023
902,959
14,014
1,292,938
253,590
156,694
$1,657,396
864,163
11,954
1,310,507
193,823
142,140
Return on Average Assets (ROA) …........................
Return on Average Stockholders' Equity (ROE) ......
Average Equity to Average Assets ...........................
.92%
10.25%
8.93%
.95%
10.49%
9.07%
.99%
10.19%
9.73%
1.05%
11.15%
9.42%
1.11%
12.94%
8.58%
STOCK PRICES AND CASH DIVIDENDS
The Corporation’s common stock trades on the NASDAQ Capital Market tier of the NASDAQ Stock Market under the symbol
“FLIC.” The following table sets forth high and low sales prices and dividends declared, by quarter, for the years ended December 31,
STOCK PRICES
2014 and 2013.
Quarter
First
Second
Third
Fourth
High
$
28.58
28.15
26.77
29.28
2014
$
Low
24.47
22.48
22.22
22.32
Dividends
Declared
$ .17
.17
.19
.19
High
$
20.45
22.33
26.64
28.70
2013
$
Low
18.70
18.71
21.91
24.75
Dividends
Declared
$ .17
.17
.17
.17
2014 Annual Report 13
conSolidated Balance SheetS
C O N S O L I D A T E D B A L A N C E S H E E T S
December 31 (in thousands)
2014
2013
Assets:
Cash and due from banks ........................................................................................................
Temporary investments.............................................................................................................
Cash and cash equivalents ....................................................................................................
$
32,209
735
32,944
$
35,034
463
35,497
Investment securities:
Held-to-maturity, at amortized cost (fair value of $22,870 and $33,548) ...........................
Available-for-sale, at fair value...........................................................................................
Loan held-for-sale.....................................................................................................................
Loans:
Commercial and industrial..................................................................................................
Secured by real estate:
Commercial mortgages................................................................................................
Residential mortgages..................................................................................................
Home equity lines.........................................................................................................
Consumer ..........................................................................................................................
Allowance for loan losses ..................................................................................................
Restricted stock, at cost............................................................................................................
Bank premises and equipment, net...........................................................................................
Bank-owned life insurance........................................................................................................
Pension plan assets, net...........................................................................................................
Other assets..............................................................................................................................
Liabilities:
Deposits:
Checking............................................................................................................................
Savings, NOW and money market.....................................................................................
Time, $100,000 and over ..................................................................................................
Time, other ........................................................................................................................
Short-term borrowings...............................................................................................................
Long-term debt..........................................................................................................................
Accrued expenses and other liabilities......................................................................................
Deferred income taxes payable.................................................................................................
Commitments and Contingent Liabilities
Stockholders' Equity:
Common stock, par value $.10 per share:
Authorized, 40,000,000 shares
Issued and outstanding, 13,887,134 and 9,141,767 shares.................................................
Surplus .....................................................................................................................................
Retained earnings ....................................................................................................................
Accumulated other comprehensive income, net of tax .............................................................
14 The First of Long Island Corporation
21,833
774,145
795,978
-
77,140
858,975
779,994
83,109
5,601
1,804,819
(23,221)
1,781,598
32,104
784,793
816,897
900
71,818
716,011
605,343
77,581
7,184
1,477,937
(20,848)
1,457,089
23,304
27,854
31,568
16,421
11,827
2,721,494
$
19,869
24,463
14,185
18,532
12,460
2,399,892
$
$
655,753
1,000,325
208,745
120,202
1,985,025
$
599,114
917,974
173,379
91,661
1,782,128
136,486
345,000
13,247
8,433
2,488,191
110,463
285,000
13,141
2,604
2,193,336
1,389
51,009
170,120
222,518
10,785
233,303
2,721,494
$
914
46,873
157,107
204,894
1,662
206,556
2,399,892
$
conSolidated StatementS oF income
C O N S O L I D A T E D S T A T E M E N T S O F I N C O M E
Year Ended December 31 (dollars in thousands, except per share data)
2014
2013
2012
Interest and dividend income:
Loans................................................................................................................
Investment securities:
Taxable.........................................................................................................
Nontaxable ..................................................................................................
Interest expense:
Savings, NOW and money market deposits ....................................................
Time deposits...................................................................................................
Short-term borrowings......................................................................................
Long-term debt.................................................................................................
Net interest income ......................................................................................
Provision for loan losses ..................................................................................
Net interest income after provision for loan losses...........................................
Noninterest income:
Investment Management Division income........................................................
Service charges on deposit accounts...............................................................
Net gains on sales of securities........................................................................
Other................................................................................................................
Noninterest expense:
Salaries ............................................................................................................
Employee benefits ...........................................................................................
Occupancy and equipment ..............................................................................
Debt extinguishment.........................................................................................
Other ..............................................................................................................
$
59,209
$
51,921
$
49,651
9,359
13,408
81,976
1,955
6,171
148
6,774
15,048
66,928
3,189
63,739
2,058
2,974
141
2,228
7,401
18,885
4,833
8,880
-
9,433
42,031
10,164
12,766
74,851
2,302
5,040
288
4,734
12,364
62,487
2,997
59,490
1,872
3,019
16
2,138
7,045
17,160
5,517
7,669
-
9,154
39,500
13,836
12,742
76,229
3,393
5,803
195
6,736
16,127
60,102
3,628
56,474
1,624
3,053
3,613
1,898
10,188
16,360
5,035
7,265
3,812
8,780
41,252
Income before income taxes........................................................................
Income tax expense...........................................................................................
Net Income..................................................................................................
29,109
6,095
23,014
$
27,035
5,735
21,300
$
25,410
5,017
20,393
$
Weighted average:
Common shares...............................................................................................
Dilutive stock options and restricted stock units...............................................
13,807,482
147,105
13,954,587
13,633,479
124,746
13,758,225
13,372,839
128,312
13,501,151
Earnings per share:
Basic.................................................................................................................
Diluted .............................................................................................................
Cash dividends declared per share..................................................................
$1.67
$1.65
$.72
$1.56
$1.55
$.68
$1.52
$1.51
$.64
2014 Annual Report 15
Officers and Official Staff
OFFICERS The First of Long Island Corporation
Michael N. Vittorio
President and
Chief Executive Officer
Christopher Becker
Executive Vice President and
Chief Risk Officer
Sallyanne K. Ballweg
Senior Executive Vice President
and Secretary
Mark D. Curtis
Executive Vice President, Chief
Financial Officer and Treasurer
Richard Kick
Executive Vice President
Donald L. Manfredonia
Executive Vice President
Richard P. Perro
Executive Vice President
Paul J. Daley
Executive Vice President
William Aprigliano
Senior Vice President,
Chief Accounting Officer and
Controller
Robert J. Colosa
Vice President and
Chief Auditor
OFFICIAL STAFF The First National Bank of Long Island
Administration
Michael N. Vittorio
President and
Chief Executive Officer
Sallyanne K. Ballweg
Senior Executive Vice President
Personal Banking
Patricia A. DeMasi
Vice President
Suffolk County Regional Office
Margaret M. Curran-Rusch
Vice President and Team Leader
Branch Administration
Richard P. Perro
Executive Vice President
Cathy C. O’Malley
Senior Vice President
Western District Manager
Allison Stansfield
Senior Vice President
Eastern District and
Manhattan District Manager
Giuseppe Sparacino
Vice President and Branch
Operations Manager
John Cochrane
Vice President
Lew Yevoli
Vice President
Commercial Banking
Paul J. Daley
Executive Vice President
Nassau County Regional Office
Jane F. Reed
Vice President and Team Leader
Robert F. Eisen
Vice President and Senior
Commercial Banker
Dante D. Mancini
Vice President
Nicholas E. Ulrich
Vice President and Senior
Commercial Banker
Stephen Durso
Vice President
Alessandro Scichilone
Vice President
Richard B. Smith
Vice President
Municipal Banking
Yve L. Sullivan
Vice President
Commercial Lending
John G. Fitzpatrick
Vice President
Richard O’Rourke
Vice President
Kevin J. Talty
Vice President
Credit
Donald L. Manfredonia
Executive Vice President and
Senior Lending Officer
Credit Department
Anne Marie Stefanucci
Senior Vice President
Lisa M. Woltmann
Vice President
Data Processing
Jose Diaz
Senior Vice President
Deposit Operations
Carmela Lalonde
Assistant Vice President
Finance
Mark D. Curtis
Executive Vice President, Chief
Financial Officer and Cashier
William Aprigliano
Senior Vice President,
Chief Accounting Officer and
Controller
Loan Center
Rose Florio-Campanaro
Senior Vice President
Marketing
Laura C. Ierulli
Vice President
Operations Administration
Frank A. Milley
Senior Vice President, Chief
Investment Officer & Deputy CRA
Officer – Investments
Richard Kick
Executive Vice President,
Senior Operations Officer
and Chief Security Officer
Betsy Gustafson
Senior Vice President
Kristen Valkuchak
Vice President
Residential Mortgage
Frederick T. Hughes
Vice President
Risk Management
Christopher Becker
Executive Vice President and
Chief Risk Officer
Tanweer S. Ansari, Esq.
Senior Vice President and Chief
Compliance Officer
Robert J. Colosa
Vice President and Chief Auditor
Conrad Lissade
Vice President and Director of
Information Security
Matthew J. Mankowski
Vice President and
Assistant Controller
Dina M. Cascione
Vice President and Financial
Reporting Manager
General Services
Daniel Sapanara
Vice President
Human Resources
Susan J. Hempton
Vice President
Information Technology
Services
Daniel J. Viola
Vice President
Investment Management
Division
Jane Carmody
Vice President, Managing Director
JoAnne C. Buckley
Vice President and Trust Officer
Jean-Pierre Prusack
Vice President and Portfolio
Manager
Sharon E. Pazienza
Vice President and Trust Officer
General Counsel
Schupbach, Williams &
Pavone LLP
SEC Counsel
Luse Gorman Pomerenk &
Schick, PC
Independent Auditors
Crowe Horwath LLP
Annual Report on Form 10-K
A copy of the Corporation’s annual report on Form 10-K for
2014 may be obtained without charge upon written request
to Mark D. Curtis, Executive Vice President, Chief Financial
Officer and Treasurer, The First of Long Island Corporation,
10 Glen Head Road, PO Box 67, Glen Head, New York
11545-0067.
Executive Office
The First of Long Island Corporation
10 Glen Head Road, Glen Head, New York 11545
(516) 671-4900 | www.fnbli.com
Transfer Agent and Registrar
Continental Stock Transfer & Trust Company
17 Battery Place – 8th Floor
New York, NY 10004
(800) 509-5586
cstmail@continentalstock.com
Annual Meeting Notice
The Annual Meeting of Stockholders will be held
at The Carltun, Eisenhower Park, East Meadow,
New York on Tuesday, April 21, 2015 at 3:30 P.M.
16 The First of Long Island Corporation
Business Advisory Board
Joseph R. Albanese, Esq.
Managing Partner
Albanese & Albanese
LLP
Nicola Arena
Chairman
Mediterranean Shipping
Co. (USA)
Richard Arote
Chief Executive Officer
A.D.E. Systems Inc.
Thomas Burke
Chief Executive Officer
Ophthalmic Consultants
of Long Island
Frank DellaFera
President
Fera Pharmaceuticals,
LLC
Bernard Esquenet
Chief Executive Officer
The Ruhof Corporation
Robert Giambalvo, CPA
President
Giambalvo, Stalzer &
Company, CPAs, P.C.
Kevin J. Harding, Esq.
Partner
Harding, Burke &
Hogan, PLLC
Carmine R. Inserra
Principal, Executive
Director
NAI Long Island
David L. Katz, M.D.
Asst. Prof. NYU Langone
Medical Center
Department of Radiology
Section Chief, Off Site
Ambulatory Care Section
Next Generation Radiology
Herbert Kotler, Esq.
James J. Lynch
Partner
BaintonLynch LLP
John I. Martinelli
Principal
Owen Petersen & Co.,
LLP
Susan Hirschfeld Mohr
President
J. W. Hirschfeld
Agency, Inc.
James Panos, Esq.
Attorney
James Panos,
Attorney at Law
John G. Passarelli, M.D.
Medical Director
Long Island Eye
Surgical Care P.C.
Long Island Ambulatory
Surgery Center, LLC
Jay Pitti
Chief Executive Officer
Merrick House &
Gardens
Melvin Schreiber, CPA
Managing Member
Moses & Schreiber, LLP
Arthur C. Schupbach, Esq.
Partner
Schupbach, Williams &
Pavone LLP
Frank Shahery
Vice President
Convermat Corporation
Lloyd Straus
President & Chief
Operating Officer
North American
Partners in Anesthesia,
LLP
H. Craig Treiber
The Treiber Group/
Arthur J. Gallagher
Sal J. Turano
President
Abstracts Incorporated
Candy Udell
President
London Jewelers
Mark Udell
Chief Executive Officer
London Jewelers
Arthur Ventura
President
Badge Agency, Inc.
George J. Walsh
Partner
Thompson Hine LLP
John W. Walter
CEO & President
National Security
Systems, Inc.
Executive Vice President
Trump Management, Inc.
David Weinstein
Partner
DNA Partners LLC
Robert A. Wilkie, Esq.
Partner
Wilkie & Wilkie
Mark Wurzel
President
Calico Cottage Inc.
Long Island (516) 671-4900 | Manhattan (212) 566-1500
www.fnbli.com
®