50 BRANCHES AND GROWING
2017 ANNUAL REPORT
®
2017 Annual Report 1
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 Cold Spring Harbor
147 Main Street
Cold Spring Harbor, NY 11724
(631) 367-3600
6 Deer Park
60 East Industry Court
Deer Park, NY 11729
(631) 243-2600
7 East Islip
151 West Main Street
East Islip, NY 11730
(631) 277-2936
The First of Long Island Corporation
8 East Meadow
1975 Hempstead Turnpike
East Meadow, NY 11554
(516) 357-7200
9 East Setauket
234 Main Street (Route 25A)
East Setauket, NY 11733
(631) 564-1000
10 Farmingdale
22 Allen Boulevard
Farmingdale, NY 11735
(631) 753-8888
11 Garden City
1050 Franklin Avenue
Suite 100
Garden City, NY 11530
(516) 742-6262
12 Glen Head
10 Glen Head Road
Glen Head, NY 11545
(516) 674-6650
13 Great Neck
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 Hewlett
1301 Broadway
Hewlett, NY 11557
(516) 295-1974
18 Hicksville
106 Old Country Road
Hicksville, NY 11801
(516) 932-7150
19 Huntington
253 New York Avenue
Huntington, NY 11743
(631) 427-4143
20 Lake Success
3000 Marcus Avenue
Lake Success, NY 11042
(516) 775-3133
21 Lindenhurst
1 East Montauk Highway
Lindenhurst, NY 11757
(631) 956-3800
22 Locust Valley
108 Forest Avenue
Suite 2
Locust Valley, NY 11560
(516) 671-2299
23 Manhasset
572 Plandome Road
Manhasset, NY 11030
(516) 365-5010
24 Massapequa
574 Broadway
Massapequa, NY 11758
(516) 795-0100
25 Massapequa Park
1049 Park Boulevard
Massapequa Park, NY 11762
(516) 795-2265
26 Melville
555 Broad Hollow Road
Suite 001
Melville, NY 11747
(631) 752-1000
27 Merrick
1810 Merrick Avenue
Merrick, NY 11566
(516) 771-6000
28 New Hyde Park
243 Jericho Turnpike
New Hyde Park, NY 11040
(516) 328-3100
®
GROWING IN A
MEASURED AND
DISCIPLINED WAY
29 Northport
711 Fort Salonga Road
Northport, NY 11768
(631) 261-4000
30 Northport Village
105 Main Street
Northport, NY 11768
(631) 261-0331
31 Oceanside
2933 Long Beach Road
Oceanside, NY 11572
(516) 536-3989
32 Old Brookville
209 Glen Head Road
Old Brookville, NY 11545
(516) 759-9002
33 Patchogue
392 East Main Street
Patchogue, NY 11772
(631) 289-1189
34 Point Lookout
26A Lido Boulevard
P.O. Box 173
Point Lookout, NY 11569
(516) 431-3144
35 Port Jefferson Station
Davis Professional Park
5225 Nesconset Highway
Building 4, Suite 21
Port Jefferson Station, NY 11776
(631) 928-4411
36 Rockville Centre
310 Merrick Road
Rockville Centre, NY 11570
(516) 763-5533
37 Roslyn Heights
130 Mineola Avenue
Roslyn Heights, NY 11577
(516) 621-1900
38 Sayville
215 West Main Street
Sayville, NY 11782
(631) 472-7000
39 Sea Cliff
299 Sea Cliff Avenue
Sea Cliff, NY 11579
(516) 671-7868
40 Smithtown
285 Middle Country Road
Suite 104
Smithtown, NY 11787
(631) 265-0200
41 Valley Stream
127 East Merrick Road
Valley Stream, NY 11580
(516) 825-0202
42 Woodbury
800 Woodbury Road
Suite M
Woodbury, NY 11797
(516) 364-3434
MANHATTAN
43 232 Madison Avenue
New York, NY 10016
(212) 213-8111
44 225 Broadway
Suite 703
New York, NY 10007
(212) 693-1515
QUEENS
45 Astoria
23-25 31st Street
Astoria, NY 11105
(929) 429-3500
46 Bay Terrace
23-88A Bell Boulevard
Bayside, NY 11360
(929) 409-6100
47 College Point
132-11A 14th Avenue
College Point, NY 11356
(718) 215-7500
48 Howard Beach
159-14 Cross Bay Boulevard
Howard Beach, NY 11414
(718) 835-1962
49 Little Neck
50 Whitestone
19-01 Utopia Parkway
Whitestone, NY 11357
(718) 279-1206
BROOKLYN
51 Bay Ridge
9202 4th Avenue
Brooklyn, NY 11209
(646) 795-5000
52 Coming Soon!
Fort Hamilton
Fort Hamilton Pkwy
559 86th Street
Brooklyn, NY 11209
53 Coming Soon!
Cobble Hill
227 Smith Street
Brooklyn, NY 11231
54 Coming Soon!
Marine Park
4102 Avenue U
Brooklyn, NY 11234
254-57 Horace Harding Expressway
Little Neck, NY 11362
(929) 448-2200
2017 Annual Report 1
DEAR SHAREHOLDERS,
2017 was noteworthy
because we celebrated our
90th anniversary. The Bank
opened its doors in October
1927 at 10 Glen Head Road,
Glen Head, New York as
The First National Bank of
Glen Head. We changed our
name to The First National
Bank of Long Island in 1978.
The name change symbolized
our strategy to expand our
distribution system throughout
the Long Island market.
2 The First of Long Island Corporation
Our original headquarters was less than 2,000 square feet.
What drove the opening of the Bank was a dissatisfaction
with the personal service being provided by the large
banks of that time. It was time to create an “alternative” to
the big banks.
Today we see ourselves no differently as we position our
brand of banking as the “big bank alternative.” When it
comes down to it, many banks are the same in terms of
product and service offerings. We believe today as we
did in 1927 that over the long-term the only thing that
will differentiate one bank from another is the quality of
“personal” service rendered by its employees. That service
ethic is embodied in the culture of the organization. It is
reinforced each and every day by the senior management
team of the Bank.
I am grateful to the dedicated employees of The First
National Bank of Long Island. They are a talented and
motivated group of individuals who live in and are an
integral part of the fabric of the communities they serve.
On a daily basis, they routinely exceed my expectations
ensuring clients receive superior service. They have made
our institution a warm, friendly place to bank and it is my
pleasure to work beside them on a daily basis. I am proud
to say we have delivered this kind of service approach for
the last 90 years. I truly believe our culture and friendly
approach helps drive shareholder value.
On that note, I am pleased to report another year of strong
financial performance for our bank. Net Income for 2017
was $35.1 million, an increase of $4.2 million, or 13.7%, over
2016. The increase was primarily attributable to growth in net
interest income of $10.4 million, or 12.1%, and noninterest
income, before security gains and losses, of $1.2 million,
or 15.8%. The increase in net interest income is mainly
attributable to growth in average interest-earning assets of
$335.6 million, or 10.4%, which was driven by an increase in
the average balance of loans of $393.9 million or 16.7%. Our
loan growth occurred in commercial and residential mortgage
loans and, to a lesser degree, commercial and industrial loans.
Our loan growth was mainly funded by growing our deposits
through the continued expansion of our branch distribution
system, targeted solicitation efforts, delivery of high quality
personalized service and offering a competitive product suite.
I am also pleased to report that the average balance of our
noninterest-bearing checking deposits grew 10.2%. We
consider the checking account to be the primary relationship
account, and growth in this product category demonstrates
the genuine franchise value that we continue to build for
our investors. Robust growth in deposits and earning assets
is essential in a challenging interest rate environment.
Some other significant highlights include the continued
increase in our cash dividends per share which increased
5.5% to $.58 this year from $.55. Over the years, the
continued and consistent increases in our cash dividends
demonstrates the confidence that management and the
Board have in the Bank’s future earnings power. We remain
confident in our organic growth strategy. Over the last ten
years, our net income increased at a compound annual
growth rate (“CAGR”) of 11.8%. We are proud of our results.
In the process of growing earnings, our book value per
share increased 11.4% to $14.37 at December 31, 2017 from
$12.90 at December 31, 2016. In our opinion, the growth in
our book value is a strong indicator of the shareholder value
we are creating. Over the last ten years, our book value per
share has grown at a CAGR of 8.9%. Book value growth
over the long-term is consistent with how we manage the
Bank. We do not focus on short-term performance. We do
not manage the Bank on a day-to-day or quarter-to-quarter
basis. It is always about our performance over the long-
term. It is interesting to note that our stock’s total return,
including dividend reinvestment, for the 15-year period
ended December 31, 2017 is 410%.
Our growth and profitability has been enhanced by the
expansion of our branch distribution system. We believe in
branches. As we enter new micro-markets within the New
York Metropolitan area, our branches have been the catalyst
for gaining market share. Their locations and design are
well thought out in terms of the target markets we serve, the
amount of capital we invest and efficiency of our expense
base. During the year, we opened four more branches.
These include our East Islip and East Setauket locations in
Suffolk County opened in February and July and our Little
Neck and Astoria locations in Queens opened in December.
The Astoria branch was our sixth location in the boroughs
of Queens and Brooklyn. As these boroughs are lucrative
2017 Annual Report 3
retail banking markets, we plan to open three or four more
branches there before the end of 2018 and are committed
to continued expansion in the coming years. We anticipate
gaining market-share in the process which will drop to
the bottom line. Our model remains utilizing continued
branch expansion to fund loan growth with core deposits
and maintaining pristine credit quality and best-in-class
operating efficiency. This approach remains valid and has
been driving shareholder value.
The conservative mix of the earning assets on our balance
sheet is measured by our asset quality. In a flat yield curve
environment, asset quality is paramount. At December 31,
2017, our nonaccrual loans amounted to $1 million,
or 3 basis points of total loans outstanding, compared
to $2.6 million, or 10 basis points at December 31, 2016.
Troubled debt restructurings amounted to $1 million, or
4 basis points of total loans outstanding at December 31,
2017, representing a decrease of $498,000 from year-end
2016. Loans past due 30 to 89 days amounted to only
$2.8 million, or 9 basis points of total loans outstanding.
Any way you look at it, our loan quality remains excellent.
The credit quality of the Bank’s securities also remains
excellent. 74% of our mortgage securities are full faith and
credit obligations of the U.S. government. The balance
are obligations of government-sponsored entities. The
remainder of the Bank’s securities portfolio principally
consists of high quality, general obligation municipal
securities rated AA or better by major rating agencies. In
buying municipal securities, the Bank uses credit agency
ratings for screening purposes only and then performs
its own credit analysis. On an ongoing basis, the bank
periodically assesses the credit strength of the municipal
securities in its portfolio and makes decisions to hold or
sell our securities based on such assessments.
We will face a variety of challenges in 2018 and beyond.
In the current interest rate environment, competitive
market forces are driving up our cost of deposits while
yields on our earning assets are not expected to increase
as quickly or as much. As a result, our net interest margin
will remain under pressure and our net interest income
and corresponding earnings will only be able to increase
with appropriate growth. Price competition will remain
a significant factor especially as we compete for core
deposits and high quality loans.
The banking industry continues to face new and complex
regulatory requirements and enhanced supervisory
oversight which is exerting downward pressure on revenues
and upward pressure on required capital levels and the
cost of doing business. Although the markets are expecting
some regulatory relief, the timing and magnitude of that
remains uncertain.
Despite these challenges, the Bank has been able to
produce long-term results that we are proud of. We have
assembled a talented management team and a dedicated
staff. Expenses are well-managed, and our asset quality is
among the best in our peer group. We continue to grow
organically in a measured and disciplined way. The morale
of our employees is high, and they are proud of the Bank.
This has certainly worked in our favor in building brand
and reputation in the market. Our board, myself, our senior
management and our employees remain committed to
building long-term franchise value and the shareholder
value that you are entitled to.
It is my distinct honor to be your President and Chief
Executive Officer. Always feel free to contact me to answer
any questions you may have.
We are serious about maintaining our credit quality. As
bankers, we believe that conservatism is essential to
producing consistently strong financial results and creating
long-term shareholder value.
Sincerely,
Michael N. Vittorio
President and Chief Executive Officer
4 The First of Long Island Corporation
Total Assets
4000
3500
3000
2500
2000
1500
1000
500
FINANCIAL OVERVIEW
0
$35.1
$30.9
NET INCOME
(in millions)
1 . 8 %
R 1
G
A
R C
A
E
N - Y
E
T
$21.3
$20.4
$19.5
$18.4
$25.9
$23.0
1.5
EPS
1.2
0.9
0.6
0.3
0.0
book value
15
12
9
6
3
0
Net income
40
35
30
25
20
15
10
5
0
3000
2500
2000
1500
1000
500
0
TOTAL ASSETS
(in millions)
$3,895
(in millions)
EARNING PER SHARE
$1.43
$1.34
BOOK VALUE PERSHARE
(in millions)
$14.37
$12.90
R C
A
E
N - Y
E
T
3 . 8 %
R 1
G
A
$3,510
$3,130
$2,721
$2,400
$2,108
$2,022
R 7 . 9 %
G
A
R C
A
E
Y
N -
E
T
$1.22
$1.10
$1.02
$0.98
$1.03
$1.01
$0.82
$0.79
R 8 . 9 %
G
A
R C
A
E
$10.14
$10.04
N - Y
E
T
$9.57
$11.85
$11.20
$8.00
$7.18
$6.33
$13.0
$13.5
$1,675
$1,711
$1,262
’08
’09
’10
’11
’12
’13
’14
’15
’16
’17
’08
’09
’10
’11
’12
’13
’14
’15
’16
’17
’08
’09
’10
’11
’12
’13
’14
’15
’16
’17
’08
’09
’10
’11
’12
’13
’14
’15
’16
’17
Total loans
TOTAL LOANS
(in millions)
$2,950
TOTAL DEPOSITS
(in millions)
8 . 8 %
R 1
G
A
R C
A
E
N - Y
E
T
$2,545
$2,248
$1,805
$1,478
$1,147
$986
$903
$828
$658
2 . 5 %
R 1
G
A
R C
A
E
N - Y
E
T
$2,285
$1,985
$1,782
$1,633
$1,503
$1,278
$1,293
$900
$2,822
$2,609
MARKET CAPITALIZATION
(in millions)
CASH DIVIDENDS PER SHARE
$0.58
$703
$677
(in millions)
$0.55
$0.52
R 8 . 4 %
$0.45
$0.48
G
A
R C
A
E
$0.43
N - Y
E
T
$0.40
$0.37
$0.34
$0.29
%
T E N-Y E A R C A G R 1 7.7
$424
$392
$394
$250
$231
$255
$171
$182
’08
’09
’10
’11
’12
’13
’14
’15
’16
’17
’08
’09
’10
’11
’12
’13
’14
’15
’16
’17
’08
’09
’10
’11
’12
’13
’14
’15
’16
’17
’08
’09
’10
’11
’12
’13
’14
’15
’16
’17
2017 Annual Report 5
deposits
Market cop
cash dividends
800
700
600
500
400
300
200
100
0
0.6
0.5
0.4
0.3
0.2
0.1
0.0
3000
2500
2000
1500
1000
500
0
GROWING OUR PRESENCE
LONG ISLAND
EAST ISLIP | 151 WEST MAIN STREET | OPENED 2/6/17
There are many success stories in
the local communities we serve.
Our clients’ loyalty and longevity
with our Bank is a result of the
significant contributions our
employees make every day to
help our customers with their
banking needs.
DEPOSITS AS
OF 2/16/18:
$39,166,000
6 The First of Long Island Corporation
GROWING OUR PRESENCE
LONG ISLAND
EAST SETAUKET | 234 MAIN STREET (ROUTE 25A) | OPENED 7/31/17
®
The Bank’s history of 90 years
demonstrates growth and creation
of shareholder value. We have
differentiated ourselves from our
competitors through the service
we provide to our customers.
DEPOSITS AS
OF 2/16/18:
$22,686,000
2017 Annual Report 7
CONTINUING OUR EXPANSION IN
QUEENS
LITTLE NECK | 254-57 HORACE HARDING EXPRESSWAY | OPENED 12/4/17
The Bank’s vision is clear and
concise, to cater to our clients with
the personalized service they
deserve through our Relationship
Managers. This includes tailored,
financial solutions to professionals,
business owners, consumers and
families. We are a customer-driven
organization and see ourselves as
a big bank alternative.
DEPOSITS AS
OF 3/2/18:
$37,820,000
8 The First of Long Island Corporation
CONTINUING OUR EXPANSION IN
ASTORIA | 23-25 31ST STREET | OPENED 12/15/17
We continue to expand in a measured and
disciplined way. As we grow our market
share, the results will drop to the bottom line—
creating more value for our shareholders.
DEPOSITS AS
OF 3/3/18:
$1,939,000
2017 Annual Report 9
FULL YEAR 2017 HIGHLIGHTS*
• Net Income increased 13.7% to $35.1 million from $30.9 million
• EPS increased 6.7% to $1.43 from $1.34
• Cash Dividends Per Share increased 5.5% to $.58 from $.55
• Book Value Per Share increased 11.4% to $14.37 at 12/31/17 from $12.90 at 12/31/16
• 16.7% growth in the average balance of Loans
• 10.2% growth in the average balance of Noninterest-Bearing Checking Deposits
• 8.6% growth in the average balance of Total Deposits
• The Credit Quality of the Bank’s loan and securities portfolios remains excellent
*All comparisons are of 2017 to 2016.
BUSINESS OF THE CORPORATION
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”).
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.
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
in Nassau and Suffolk Counties, Long Island and the New York City boroughs of Queens, Brooklyn and
Manhattan.
The Corporation is subject to regulation and supervision of the Federal Reserve Board and the
Securities and Exchange Commission. The Bank is subject to regulation and supervision of the Federal
Reserve Board, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance
Corporation, which also insures its deposits. The OCC is the primary banking agency responsible for
regulating and supervising the Bank.
10 The First of Long Island Corporation
SELECTED FINANCIAL DATA
SELECTED FINANCIAL DATA
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:
2017
$118,265
21,709
96,556
4,854
35,122
$1.44
1.43
.58
40.56%
$14.37
14.36
2014
2016
2015
(dollars in thousands, except per share data)
$81,976
15,048
66,928
3,189
23,014
$104,123
18,002
86,121
3,480
30,880
$92,135
16,529
75,606
4,317
25,890
$1.35
1.34
.55
41.04%
$12.90
12.90
$1.23
1.22
.52
42.62%
$11.85
11.84
$1.11
1.10
.48
43.64%
$11.20
11.19
2013
$74,851
12,364
62,487
2,997
21,300
$1.04
1.03
.45
43.69%
$10.04
10.03
$3,894,708
2,950,352
33,784
2,821,997
704,938
354,450
$3,695,850
2,758,116
32,022
2,812,733
540,307
334,088
$3,510,320
2,545,421
30,057
2,608,717
586,224
305,830
$3,329,308
2,364,187
28,238
2,590,988
432,554
290,806
$3,130,343
2,248,183
27,256
2,284,675
577,214
250,936
$2,897,548
1,990,823
24,531
2,215,883
419,372
243,330
$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
$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
Return on Average Assets (ROA) ….........................
Return on Average Stockholders' Equity (ROE) .......
Average Equity to Average Assets ...........................
.95%
10.51%
9.04%
.93%
10.62%
8.73%
.89%
10.64%
8.40%
.92%
10.25%
8.93%
.95%
10.49%
9.07%
STOCK PRICES AND CASH DIVIDENDS
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, 2017 and 2016.
Quarter
First
Second
Third
Fourth
High
$29.30
30.15
31.10
33.50
2017
Low
$26.00
25.60
26.05
27.50
Dividends
Declared
$ .14
.14
.15
.15
High
$20.33
21.29
22.35
29.67
2016
Low
$17.43
18.06
18.68
20.99
Dividends
Declared
$ .13
.13
.14
.14
2017 Annual Report 7
2017 Annual Report 11
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS
December 31 (in thousands)
2017
2016
Assets:
Cash and cash equivalents ..................................................................................
$
69,672
$
36,929
Investment securities:
Held-to-maturity, at amortized cost (fair value of $7,749 and $11,637) ......
Available-for-sale, at fair value....................................................................
Loans:
Commercial and industrial...........................................................................
Secured by real estate:
Commercial mortgages...........................................................................
Residential mortgages............................................................................
Home equity lines..................................................................................
Consumer and other ....................................................................................
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............................................................................
Stockholders' Equity:
Common stock, par value $.10 per share:
Authorized, 40,000,000 shares
Issued and outstanding, 24,668,390 and 23,699,107 shares.............................
Surplus ...............................................................................................................
Retained earnings ...............................................................................................
Accumulated other comprehensive income (loss), net of tax ..............................
12 The First of Long Island Corporation
7,636
720,128
727,764
11,387
815,299
826,686
109,623
126,038
1,193,007
1,558,564
83,625
5,533
2,950,352
(33,784)
2,916,568
1,085,198
1,238,431
86,461
9,293
2,545,421
(30,057)
2,515,364
37,314
39,648
59,665
19,152
24,925
3,894,708
$
31,763
34,361
33,097
17,316
14,804
3,510,320
$
$
896,129
1,602,460
203,890
119,518
2,821,997
$
808,311
1,519,749
178,918
101,739
2,608,717
281,141
423,797
10,942
2,381
3,540,258
207,012
379,212
9,481
68
3,204,490
2,467
127,122
224,315
353,904
546
354,450
3,894,708
$
2,370
101,738
203,326
307,434
(1,604)
305,830
3,510,320
$
CONSOLIDATED STATEMENTS OF INCOME
CONSOLIDATED STATEMENTS OF INCOME
Year Ended December 31 (dollars in thousands, except per share data)
2017
2016
2015
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 (losses) on sales of securities............................................
Other...................................................................................................
Noninterest expense:
Salaries ..............................................................................................
Employee benefits .............................................................................
Occupancy and equipment ................................................................
Debt extinguishment..........................................................................
Other .................................................................................................
$
97,027
$
82,456
$
70,558
7,754
13,484
118,265
7,113
5,479
1,345
7,772
21,709
96,556
4,854
91,702
2,090
2,792
(1,866)
3,813
6,829
24,159
7,150
10,245
—
11,966
53,520
7,981
13,686
104,123
5,344
5,107
296
7,255
18,002
86,121
3,480
82,641
2,000
2,666
1,868
2,845
9,379
22,116
6,889
9,264
1,756
12,066
52,091
7,991
13,586
92,135
2,564
5,987
183
7,795
16,529
75,606
4,317
71,289
2,044
2,577
1,324
2,813
8,758
20,680
6,021
8,798
1,084
10,108
46,691
Income before income taxes..........................................................
Income tax expense..............................................................................
Net income....................................................................................
45,011
9,889
35,122
$
39,929
9,049
30,880
$
33,356
7,466
25,890
$
Earnings per share:
Basic...................................................................................................
Diluted ...............................................................................................
Cash dividends declared per share....................................................
$1.44
$1.43
$.58
$1.35
$1.34
$.55
$1.23
$1.22
$.52
2017 Annual Report 13
BOARD OF DIRECTORS
The First of Long Island Corporation
Left to right (standing): Eric J. Tveter, Howard Thomas Hogan Jr., Esq., Walter C. Teagle III, Michael N. Vittorio,
Denise Strain, Paul T. Canarick and Alexander L. Cover
Left to right (seated): Peter Quick, Milbrey Rennie Taylor, John J. Desmond and Stephen V. Murphy
Paul T. Canarick
President & Principal
Paul Todd, Inc.
(construction company)
Howard Thomas Hogan Jr., Esq.
Director
Hogan & Hogan
(attorney at law)
Alexander L. Cover
Business & Management
Consultant
Retired Partner of
Ernst & Young LLP
John J. Desmond
Retired Partner-in-Charge
of the Long Island Office
Grant Thorton LLP
Stephen V. Murphy
President
S.V. Murphy & Co.
(investment banking)
Peter Quick
Partner
Burke and Quick Partners
Holdings LLP
Eric J. Tveter
Chief Executive Officer
Central Europe Group
Liberty Global plc
Michael N. Vittorio
President and Chief
Executive Officer
The First National Bank
of Long Island
Denise Strain
Retired Managing Director
of Citigroup Inc.
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)
14 The First of Long Island Corporation
EXECUTIVE STAFF
The First National Bank of Long Island
Tanweer S. Ansari, Esq.
Senior Vice President and Chief
Compliance Officer
Compliance
William Aprigliano
Senior Vice President and Chief
Accounting Officer
Finance
Christopher Becker
Executive Vice President and Chief
Risk Officer
Risk Management
Margaret M. Curran-Rusch
Senior Vice President and Team Leader,
Suffolk County Regional Office
Commercial Banking
Mark D. Curtis
Senior Executive Vice President,
Chief Financial Officer and Cashier
Finance
Paul J. Daley
Executive Vice President
Commercial Banking
Jose Diaz
Senior Vice President
Technology & Operations Officer
Rose Florio-Campanaro
Senior Vice President and Loan Center
Department Manager
Loan Center
Cathy C. O’Malley
Senior Vice President,
Branch District Manager,
Western District
Richard P. Perro
Executive Vice President
Branch Administration
Christopher J. Hilton
Senior Vice President and
Commercial Banking Manager
Richard Kick
Executive Vice President
Retail Lending & Facilities
Administration
Donald L. Manfredonia
Executive Vice President
Senior Lending and
Deputy CRA Officer
Jay P. McConie
Senior Vice President and
Chief Investment Officer
Finance
Jane F. Reed
Senior Vice President and
Team Leader, Nassau County
Regional Office
Commercial Banking
Allison Stansfield
Senior Vice President,
Branch District Manager,
Eastern and Manhattan Districts
Anne Marie Stefanucci
Senior Vice President,
Credit Risk and
Administration Officer
Credit Department
Michael N. Vittorio
President & Chief Executive Officer
Back Row:
Middle Row: Anne Marie Stefanucci, William Aprigliano, Jane F. Reed, Donald L. Manfredonia, Christopher Becker,
Michael N. Vittorio, Mark D. Curtis, Christopher J. Hilton, Richard P. Perro and Rose Florio-Campanaro
Paul J. Daley and Richard Kick
Front Row: Margaret M. Curran-Rusch, Jay P. McConie, Allison Stansfield, Tanweer S. Ansari, Cathy C. O’Malley and Jose Diaz
2017 Annual Report 17
2017 Annual Report 15
OFFICERS AND OFFICIAL STAFF
OFFICERS The First of Long Island Corporation
Michael N. Vittorio
President and
Chief Executive Officer
Mark D. Curtis
Senior Executive Vice President,
Chief Financial Officer and
Treasurer
Christopher Becker
Executive Vice President,
Chief Risk Officer and
Corporate Secretary
Paul J. Daley
Executive Vice President
Richard Kick
Executive Vice President
Donald L. Manfredonia
Executive Vice President
Richard P. Perro
Executive Vice President
William Aprigliano
Senior Vice President and
Chief Accounting Officer
Robert J. Colosa
Vice President and Chief Auditor
OFFICIAL STAFF The First National Bank of Long Island
Executive Office
Michael N. Vittorio
President and
Chief Executive Officer
Branch Administration
Richard P. Perro
Executive Vice President
Cathy C. O’Malley
Senior Vice President,
Branch District Manager,
Western District
Allison Stansfield
Senior Vice President,
Branch District Manager,
Eastern and Manhattan Districts
Giuseppe Sparacino
Vice President and Branch
Operations Manager
Commercial Banking
Paul J. Daley
Executive Vice President
Christopher J. Hilton
Senior Vice President and
Commercial Banking Manager
Nassau County Regional Office
Jane F. Reed
Senior Vice President and
Team Leader
Doreen D. Severin
Vice President
Nicholas E. Ulrich
Vice President
Joseph J. Wasilus
Vice President
Suffolk County Regional Office
Margaret M. Curran-Rusch
Senior Vice President and
Team Leader
Stephen Durso
Vice President
General Counsel
Schupbach, Williams &
Pavone LLP
SEC Counsel
Luse Gorman, PC
Independent Auditors
Crowe Horwath LLP
16 The First of Long Island Corporation
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 Administration
Donald L. Manfredonia
Executive Vice President,
Senior Lending and Deputy
CRA Officer
Credit Department
Anne Marie Stefanucci
Senior Vice President, Credit Risk
and Administration Officer
Lisa M. Woltmann
Vice President, Assistant Manager
Suzan Haas
Vice President
Kelly McCormack
Vice President
Andrea Volpe
Vice President
Finance
Jay P. McConie
Senior Vice President and
Chief Investment Officer
Maria E. Doyle
Vice President and Controller
Dina M. Cascione
Vice President and Financial
Reporting Manager
Matthew J. Mankowski
Vice President and
Assistant Controller
Human Resources
Susan J. Hempton
Vice President and Director
Rita E. Quinn
Vice President and Human
Resources Generalist
Investment Management
Division
Jane Carmody
Vice President and
Managing Director
JoAnne C. Buckley
Vice President
Retail Lending & Facilities
Administration
Richard Kick
Executive Vice President, Senior
Retail Lending Officer,
Senior Facilities Administrator
and Chief Security Officer
Frederick T. Hughes
Vice President and Residential
Mortgage Sales Department
Manager
Marina Salazar
Vice President and Assistant
Residential Mortgage Sales
Manager
Daniel Sapanara
Vice President and
General Services Manager
Risk Management
Christopher Becker
Executive Vice President and
Chief Risk Officer
Tanweer S. Ansari, Esq.
Senior Vice President and
Chief Compliance Officer
Sharon E. Pazienza
Vice President and Trust Officer
Robert J. Colosa
Vice President and Chief Auditor
Keith Rugen
Vice President and
Portfolio Manager
Loan Center
Rose Florio-Campanaro
Senior Vice President and
Loan Center Department Manager
Leonardo G. Tavera
Vice President and Risk Manager
Technology & Operations
Jose Diaz
Senior Vice President
Conrad Lissade
Vice President and Director of
Information Security
Kristen Valkuchak
Vice President and Operations
Manager
Daniel J. Viola
Vice President and Director of
Information Technology
Mark D. Curtis
Senior Executive Vice President,
Chief Financial Officer and
Cashier
Marketing
Laura C. Ierulli
Vice President and Director
William Aprigliano
Senior Vice President and
Chief Accounting Officer
Annual Report on Form 10-K
A copy of the Corporation’s annual report on Form 10-K for 2017
may be obtained without charge upon written request to Mark D.
Curtis, Senior 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.
Transfer Agent and Registrar
Continental Stock Transfer & Trust Company
1 State Street, 30th Floor
New York, NY 10004
(800) 509-5586
cstmail@continentalstock.com
Executive Office
The First of Long Island Corporation
10 Glen Head Road, Glen Head, New York 11545
(516) 671-4900 | www.fnbli.com
Annual Meeting Notice
The Annual Meeting of Stockholders will be held
at The Carltun, Eisenhower Park, East Meadow,
New York on Tuesday, April 17, 2018 at 3:30 P.M.
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.
Barry Berg, CPA
Managing Partner
Nussbaum, Yates, Berg,
Klein & Wolpow, LLP
Thomas Burke
Chief Executive Officer
Spectrum Vision Partners
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 and Burke, PLLC
Carmine R. Inserra
Principal, Executive
Director
NAI Long Island
David L. Katz, M.D.
President
DLK Consulting Services,
LLC
Healthcare Consulting,
Investments, Management
James D. Kiley
Partner
Kiley, Kiley, & Kiley,
PLLC
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.
President, Sight 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
Arthur C. Schupbach, Esq.
Partner
Schupbach, Williams &
Pavone LLP
Transfer Agent and Registrar
Continental Stock Transfer & Trust Company
1 State Street, 30th 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 17, 2018 at 3:30 P.M.
Frank Shahery
Vice President
Convermat Corporation
Lloyd Straus
Senior Advisor
North American Partners
in Anesthesia, LLP
H. Craig Treiber
C.E.O.
Treiber Family
Enterprises
Sal J. Turano
President
Abstracts Incorporated
Candy Udell
President
London Jewelers
Mark Udell
Chief Executive Officer
London Jewelers
* In memoriam: We
express our sincere
condolences for the
recent passing of
John W. Walter and are
very appreciative for his
dedicated service to
the Bank.
Arthur Ventura
President
Badge Agency, Inc.
George J.Walsh
Partner
Thompson Hine LLP
David Weinstein
Partner
DNA Partners LLC
Mark Wurzel
President
Calico Cottage Inc.
John W. Walter*
CEO & President
National Security
Systems, Inc.
Exclusive Vice President
Trump Management,Inc.
20 The First of Long Island Corporation
®