The First of Long Island Annual Report 2019

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FY2019 Annual Report · The First of Long Island

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2019

Annual Report

Company Profile

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.

Mission Statement

Our mission is to deliver exceptional personalized service to small businesses, professionals,

lower middle market customers, service-conscious consumers, and municipalities in targeted

markets, resulting in superior financial returns to our shareholders.

Selected Financial Data

INCOME STATEMENT DATA:

(dollars in thousands, except per share data)

2019

2018

2017

2016

2015

Interest Income

Interest Expense

Net Interest Income

Provision (Credit) 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

$ 143,850

$ 138,237

$ 118,265

$ 104,123

$ 92,135

43,681

100,169

41,555

35,730

102,507

(1,755)

41,573

21,709

96,556

4,854

35,122

18,002

86,121

3,480

16,529

75,606

4,317

30,880

25,890

$ 1.68

$ 1.64

$ 1.44

$ 1.35

$ 1.23

1.67

.70

41.92%

1.63

.64

1.43

.58

1.34

.55

1.22

.52

39.26%

40.56%

41.04%

42.62%

$ 16.26

$ 15.27

$ 14.37

$ 12.90

$ 11.85

16.25

15.26

14.36

12.90

11.84

$4,097,843

$4,241,060

$3,894,708

$3,510,320

$3,130,343

3,188,249

3,263,399

2,950,352

2,545,421

2,248,183

Allowance for Loan Losses

29,289

30,838

33,784

30,057

27,256

Deposits

Borrowed Funds

Stockholders’ Equity

AVERAGE BALANCE SHEET DATA:

Total Assets

Loans

3,144,016

3,084,972

2,821,997

2,608,717

2,284,675

528,182

389,108

750,950

388,187

704,938

354,450

586,224

577,214

305,830

250,936

$4,194,355

$4,177,341

$3,695,850

$3,329,308

$2,897,548

3,217,530

3,177,519

2,758,116

2,364,187

1,990,823

Allowance for Loan Losses

30,080

34,960

32,022

28,238

24,531

Deposits

Borrowed Funds

Stockholders’ Equity

FINANCIAL RATIOS:

Return on Average Assets (ROA)

Return on Average Equity (ROE)

Average Equity to Average Assets

3,276,699

3,168,348

2,812,733

2,590,988

2,215,883

494,785

391,613

623,587

374,876

540,307

334,088

432,554

419,372

290,806

243,330

.99%

10.61%

9.34%

1.00%

11.09%

8.97%

.95%

10.51%

9.04%

.93%

10.62%

8.73%

.89%

10.64%

8.40%

2019 Annual Report

Dear Shareholder,
Dear Shareholder,

OUR BANK ENTERS A NEW DECADE WITH AN IMPRESSIVE HISTORY OF
OUR BANK ENTERS A NEW DECADE WITH AN IMPRESSIVE HISTORY OF

CONSISTENT FINANCIAL PERFORMANCE THAT SPANS NINETY-TWO YEARS.
CONSISTENT FINANCIAL PERFORMANCE THAT SPANS NINETY-TWO YEARS.

I AM PRIVILEGED TO BECOME THE SEVENTH PRESIDENT AND CHIEF
I AM PRIVILEGED TO BECOME THE SEVENTH PRESIDENT AND CHIEF

EXECUTIVE OFFICER OF THE FIRST NATIONAL BANK OF LONG ISLAND.
EXECUTIVE OFFICER OF THE FIRST NATIONAL BANK OF LONG ISLAND.

During 2019, we successfully executed our plans to slow balance sheet growth,
During 2019, we successfully executed our plans to slow balance sheet growth,

shift our mix of loans from residential to commercial, stabilize our net
shift our mix of loans from residential to commercial, stabilize our net

interest margin, improve service charge income and execute on our stock
interest margin, improve service charge income and execute on our stock

repurchase plan. As a result, earnings per share increased to $1.67 in
repurchase plan. As a result, earnings per share increased to $1.67 in

2019 from $1.63 in 2018. Net income was relatively unchanged from the
2019 from $1.63 in 2018. Net income was relatively unchanged from the

prior year at $41.6 million and reflected after-tax executive retirement
prior year at $41.6 million and reflected after-tax executive retirement

related charges of $2 million. Return on equity was 10.61% and return
related charges of $2 million. Return on equity was 10.61% and return

on assets was .99%. Book value per share increased to $16.26 at year-
on assets was .99%. Book value per share increased to $16.26 at year-

end 2019 from $15.27 at year-end 2018. The Bank is well-positioned
end 2019 from $15.27 at year-end 2018. The Bank is well-positioned

to move forward.

As of year-end, our branch network remained at fifty-two offices
As of year-end, our branch network remained at fifty-two offices

extending from Manhattan to Patchogue, Long Island. We expanded
extending from Manhattan to Patchogue, Long Island. We expanded

into Fort Hamilton, Brooklyn earlier in the year. We also leased
into Fort Hamilton, Brooklyn earlier in the year. We also leased

space along Avenue U in the enclave of Marine Park, Brooklyn in
space along Avenue U in the enclave of Marine Park, Brooklyn in

anticipation of our fourth location in the borough. At the gateway to
anticipation of our fourth location in the borough. At the gateway to

the twin forks, we will open our first branch on Eastern Long Island
the twin forks, we will open our first branch on Eastern Long Island

on Main Street in Riverhead. While we seek to identify efficiencies in
on Main Street in Riverhead. While we seek to identify efficiencies in

our existing footprint, expanding geographically through de novo branching
our existing footprint, expanding geographically through de novo branching

remains a key strategic initiative.

Today customer expectations include rapid delivery of digital products via
Today customer expectations include rapid delivery of digital products via

smart phones, tablets, watches and even fitness trackers. Mobile banking
smart phones, tablets, watches and even fitness trackers. Mobile banking

expands beyond checking account balances and transferring funds. Consumers
expands beyond checking account balances and transferring funds. Consumers

are paying at the local coffee shop, scheduling public transportation, splitting
are paying at the local coffee shop, scheduling public transportation, splitting

the dinner bill with friends via P2P payments, and depositing checks by snapping
the dinner bill with friends via P2P payments, and depositing checks by snapping

a picture. Consumers expect payment equipment to read their phone or
a picture. Consumers expect payment equipment to read their phone or

watch instead of inserting cards from their wallet. Technology is not waiting for
watch instead of inserting cards from their wallet. Technology is not waiting for

conventional bankers to catch up so the need to remain relevant is critical. As such
conventional bankers to catch up so the need to remain relevant is critical. As such

we continuously evaluate enhancements to our digital offerings. In 2020 we plan
we continuously evaluate enhancements to our digital offerings. In 2020 we plan

to rollout upgrades to our commercial online banking, offer Zelle®
to rollout upgrades to our commercial online banking, offer Zelle®

for P2P payments, implement TransferNow to provide additional
for P2P payments, implement TransferNow to provide additional

The First of Long Island Corporation

Christopher Becker, President and CEO

customer flexibility in transferring funds and adding real-time alerts for added security. Technological advances

come with cybersecurity risks. We continue to make battling cyber threats a priority, investing in tools to protect

and educate our employees and clients.

We are also reallocating resources into expanding our lending teams to foster organic growth in our markets.

The persistent flat to inverted yield curve makes core relationships more important than ever as an attractive

path to increasing profitability. We seek to be the “bank of choice” for small to middle market businesses in

our market area. By meeting customer cash management and lending needs, while maintaining rigorous

underwriting criteria, we hope to benefit on both sides of the balance sheet. Known for our well underwritten,

properly structured loan portfolio, our attention is on developing and retaining customer relationships while

upholding historical asset quality.

Net Income
(in millions)

In recent months we bolstered lending and support personnel. Our new middle market team has hit the

$41.6

ground running, and we look to produce meaningful results in 2020. We are actively recruiting to add resources

$35.1

$30.9

$25.9

Net Income
(in millions)

$35.1

$30.9

$41.6

FIVE-YEAR CAGR 12.5%
FIVE-YEAR CAGR 12.5%
%
FIVE

CAGR

to existing lending teams that, combined with new end-to-end

lending technology implemented in 2019, should be the right

combination for success. As part of this strategy, and when it

makes sense economically, we anticipate offering back-to-back

credit swaps to customers seeking to protect themselves in

$25.9
2015

2016

2017

2018

2019

an upward rate environment. These instruments create

fee income for the Bank as well as benefit the management

of interest rate risk.

Total Loans
(in millions)

$2,545

$2,248

Total Loans
(in millions)

$3,263

$3,188

$2,950

$3,263

$3,188

$2,950

$2,545

FIVE-YEAR CAGR 12.1%

$2,248
2015

2016

2017

2018

2019

FIVE-YEAR CAGR 12.5%
FIVE-YEAR CAGR 12.5%
%
FIVE

CAGR

Our focus on fee income in 2019 began paying dividends

FIVE-YEAR CAGR 12.1%

2015

2016

2017

2018

2019

as the year progressed. We are optimistic that systematic

2015

2016

2017

2018

2019

Total Assets
(in millions)

$3,895

$3,510

$3,130

$4,241

$4,098

enhancements will continue driving revenue improvements

throughout 2020. Our Investment Management Division offers

personalized trust and investment management service as

well as competitive investment products. In combination with

our retail investment program through our branch network,

we recognize a steady source of fee income. We are actively

exploring alternatives to enhance these revenues.

Total Deposits
(in millions)

$2,822

$2,609

$2,285

$3,085

$3,144

Total Assets
(in millions)

$3,895

$3,510

$3,130

$4,241

$4,098

FIVE-YEAR CAGR 8.5%

Building recognition by broadening our message and expanding

our brand sets the stage for our future. Our marketing team is

reassessing strategy to better fulfill our customer needs and

Total Deposits
(in millions)

$2,285

$3,085

$3,144

$2,822

$2,609

FIVE-YEAR CAGR 9.6%

2015

2016

2017

2018

2019

refresh demand for our products and services. We expect to

2015

2016

2017

2018

2019

transform the look and feel of our website, branch locations and

FIVE-YEAR CAGR 8.5%

2015

2016

2017

2018

2019

2019 Annual Report

FIVE-YEAR CAGR 9.6%

2015

2016

2017

2018

2019

Net Income

(in millions)

$35.1

$30.9

$25.9

$41.6

FIVE-YEAR CAGR 12.5%

CAGR

FIVE

2015

2016

2017

2018

2019

Total Assets

(in millions)

$3,895

$3,510

$3,130

$4,241

$4,098

FIVE-YEAR CAGR 8.5%

2015

2016

2017

2018

2019

Net Income

(in millions)

$35.1

$30.9

$25.9

$41.6

Total Assets

(in millions)

$3,895

$3,510

$3,130

$4,241

$4,098

Total Loans
(in millions)

promotional materials to reflect innovation and consistency. Our commitment is unwavering to providing

$3,188

$3,263

our customers with intuitive banking solutions combined with excellent customer service.

$2,545

$2,950

$2,248

In closing it is most important to recognize the two individuals who were instrumental in transforming

The First National Bank of Long Island from a small community bank to a regional bank on Long Island and

in New York City.

Our long-time President and Chief Executive Officer, Michael N. Vittorio, retired as of year-end 2019. Mike was

FIVE-YEAR CAGR 12.1%

named President in 2003 when the Bank was less than $800 million in assets with twenty-one branches. His

2016

2015

2019

2018

2017

leadership produced a culture with a focus of integrity and family. He was extremely proud of the relationships

he forged with our customers and employees, a key reason the Bank grew to exceed $4 billion in assets

with a fifty-two branch network during his tenure. The entire Bank family is grateful to Mike and wish him a

long and healthy retirement.

Also retiring effective January 1, 2020 after twenty-three years of service was our Senior Executive Vice

Total Deposits
(in millions)

$2,822

$2,609

$2,285

President and Chief Financial Officer, Mark D. Curtis. A trusted

member of Mike Vittorio’s team, Mark provided bank-wide

$3,085

$3,144

guidance to the Senior Management Team. Mark’s knowledge

and work ethic were remarkable, yet his expertise in managing

the investment portfolio, tax planning and capital strategies

stand out to me. I am gratified that Mark will be available to

the Company through 2020 in an advisory capacity.

FIVE-YEAR CAGR 9.6%

tough act to follow. While wholeheartedly agreeing with that

Many constituents remind me that these two individuals are a

2015

2016

2017

2018

2019

conclusion, our organization is spirited and resilient. Our Board

Total Loans
(in millions)

$2,545

$2,248

$2,950

of Directors is dedicated, hardworking and involved. Our

management group are experienced and capable leaders.

And our employees form that sturdy backbone of our Bank.

$3,263

$3,188

We are excited and enthusiastic about the prospects ahead.

Thank you to our shareholders for your trust in our Company.

We remain steadfast on increasing shareholder value in the

years ahead.

FIVE-YEAR CAGR 12.5%

CAGR

FIVE

FIVE-YEAR CAGR 12.1%

2015

2016

2017

2018

2019

2015

2016

2017

2018

2019

Sincerely,

Christopher Becker

President and Chief Executive Officer

The First of Long Island Corporation

Total Deposits

(in millions)

$2,822

$2,609

$2,285

$3,085

$3,144

FIVE-YEAR CAGR 8.5%

FIVE-YEAR CAGR 9.6%

2015

2016

2017

2018

2019

2015

2016

2017

2018

2019

Dear Shareholder,

AS YOU KNOW, AFTER SPENDING OVER 17 YEARS AT THE BANK, 2019 was my final year managing The

First National Bank of Long Island. As I look back to the beginning of 2002 when total assets were under

$800 million and compare it to what we have become today, I am very proud of what the employees

accomplished. I care very much for these people, and no CEO could have asked for a

better group. In that timeframe, inclusive of the years associated with the Great
better group. In that timeframe, inclusive of the years associated with the Great

Recession, total assets grew over 400%, we never had credit quality issues, and
Recession, total assets grew over 400%, we never had credit quality issues, and

the Compound Annual Growth Rate (“CAGR”) on book value per share was 8.2%.
the Compound Annual Growth Rate (“CAGR”) on book value per share was 8.2%.

These accomplishments speak for themselves. In my opinion, although we have
These accomplishments speak for themselves. In my opinion, although we have

an unfriendly yield curve, the Bank is in a good place and is well-positioned to
an unfriendly yield curve, the Bank is in a good place and is well-positioned to

meet the challenges of the future.

I am excited Chris Becker has been selected to succeed me. Chris is well

qualified to lead our Bank forward. Our future is in capable hands. He

understands our proud legacy, our values, and our commitment to

customers, employees, and the communities that we serve. With Chris

and our leadership team, I am confident the Bank will continue to

create shareholder value.

On a personal note, I enjoyed getting to know so many individual and

institutional stockholders. Thank you for trusting us to be the stewards

of your investment. It is a responsibility we took seriously and was

always the primary consideration in how we managed our Bank.

In closing, I am proud to have managed the Bank “in a measured

and disciplined way.” I have no idea where 17½ years have gone. It

certainly went by quickly. For me, it was never work; it was a passion.

As I conclude my service to the Bank, I am grateful to you, our

customers, certainly our employees and the communities we serve for

the relationships we created over my tenure. I have so many wonderful

memories. It has been an honor and privilege to be your President and

Chief Executive Officer.

Respectfully,

Michael N. Vittorio

2019 Annual Report

Steven Dubner Landscaping, Inc.

Steven Dubner, President,
Steven Dubner Landscaping Inc.
(left) with Don Manfredonia,
Executive Vice President and Senior
Business Development Officer

The First of Long Island Corporation

Five Decades of
Relationship Banking with Us

When Steven Dubner first started his design and build landscaping company, he knew that in

order for the business to grow and thrive, it would need a strong working relationship with

a bank. Over 54 years ago, he choose The First National Bank of Long Island because of its

reputation for maintaining quality customer relations as well as it having the breadth of products

and services he needed to assist him in growing his business.

Today, with hard work and the help of the Bank, Steven Dubner Landscaping, Inc. has developed

and installed some of the most notable residential and commercial landscaping projects from

the High Line and Hudson Yards in New York City to projects across Long Island and the tri-state

area. Steven’s business has grown tremendously over the years, now employing over 250 skilled

professionals, utilizing state-of-the-art equipment and encompassing a 120-acre nursery, along

with ownership in Heritage Farm and Gardens.

Just like The First National Bank of Long Island, Steven knows that building and maintaining

strong relationships is the key to success. Don Manfredonia, Executive Vice President and Senior

Business Development Officer of the Bank’s Management Team, has been developing and

maintaining strong customer relationships, such as Steven Dubner Landscaping, for close to

four decades.

“ We have been fortunate enough to maintain a strong
banking relationship with The First National Bank
of Long Island. As a customer since the inception
of my business 54 years ago, the Bank has always
been supportive of my business needs and has never
lost its hometown personalized touch. Plus, they
are always around to answer any of my financial
questions. We are loyal customers of the Bank and
their loyalty has been enforced by the support the
Bank has provided me over the years.”

– Steven Dubner, President

2019 Annual Report

It’s More of a Personal
Relationship

For over 50 years, Calico Cottage has been the gold standard for the most delicious fudge

anywhere. They understand how important technology is in creating a thriving business. Their

manufacturing process and marketing has always been on the cutting edge. It goes without

saying that they would be looking to establish a relationship with a bank that has sophisticated

and up-to-date technology in banking products. That is why they chose The First National Bank

of Long Island as their banking partner.

However, that is not all that they were interested in. If you visit their website you will read:

“Calico Cottage has a long history of hard work, perseverance, unwavering commitment to quality and

an intense dedication to customers. More than anything else, the core foundation of this family-owned

business has always been the deep-seated importance of conducting itself with honesty and integrity.”

The First National Bank of Long Island has been conducting its business with these exact same

principles for almost 100 years. That is why we can say that our relationship with Calico Cottage

truly hits the sweet spot.

“ Since 1978, The First National Bank of Long
Island has had a well-placed faith in the Wurzel
family. In our experience, the Bank is beyond honest
and has the integrity such that they will always do
the right thing. Working with a local bank, it’s more
of a personal relationship, so problems are less of
an issue and you know you won’t get lost like you
might at a large, national bank.”

– Mark Wurzel, President and CEO

The First of Long Island Corporation

Calico Cottage, Inc.

Left to right, Andrew Iannarelli,
Vice President, Digital Channels;
Mark Wurzel, President and
Chief Executive Officer of
Calico Cottage, Inc.; and
Margaret Curran-Rusch, Senior
Vice President, Commercial
Lending Team Leader

2019 Annual Report

Just Kids Early Childhood
Learning Center

“ Just Kids was very pleased to find a bank partner that understands the funding
world that we toil to work with on a daily basis. While our funding comes almost
entirely from state and municipal governments, and while the accounts receivable
is guaranteed, it is nevertheless an extremely slow payment process. As a result,
programs like Just Kids need a bank that understands our funding reality and are
willing to work with us during difficult times. FNBLI visited Just Kids with a very
impressive group of executives. They took the time to tour our building, to listen
to our needs and to assure me of their understanding and commitment to
a program that educates children with and without disabilities.”

– Steve Held, Executive Director, Just Kids

The First of Long Island Corporation

Listening to Our Needs

At the heart of Just Kids Early Childhood Learning Center is its dedication to community and

caring. For almost 40 years, Just Kids has been delivering the highest quality education in an

inclusionary environment. They understand the need to develop programs that uniquely support

the individual. As a former kindergarten teacher, Steve Held, Executive Director, knows that

learning happens best on an individual and personal level.
learning happens best on an individual and personal level.

When Steve experienced the Middle Market Banking
When Steve experienced the Middle Market Banking

team’s dedication to personal service and learned
team’s dedication to personal service and learned

that the heart of The First National Bank of Long
that the heart of The First National Bank of Long

Island lies in these relationships, he knew they
Island lies in these relationships, he knew they

would be a good fit and Just Kids became one
would be a good fit and Just Kids became one

of our newest customers.

Chris Hilton and the Bank’s new, highly

experienced Middle Market Banking

professionals are dedicated to promoting the
professionals are dedicated to promoting the

Bank’s culture and products.

The Team has a reputation for providing

responsive service to customers across a broad
responsive service to customers across a broad

spectrum of industries from Eastern Long Island
spectrum of industries from Eastern Long Island

to New York City. That level of service, combined
to New York City. That level of service, combined

with a full complement of digital products and
with a full complement of digital products and

services, sets this Team apart from the competition.
services, sets this Team apart from the competition.

They understand the complexities of today’s
They understand the complexities of today’s

business environment and, most importantly,
business environment and, most importantly,

the local community of their customers.

As a community bank, we use this knowledge
As a community bank, we use this knowledge

to our advantage by delivering quick and

sensible decisions.

Left to right: Christopher J. Hilton, Executive Vice
President and Chief Lending Officer; Robert Grady,
Senior Vice President and Director of Middle Market
Lending; and Kenneth B. Ruland II, Senior Vice President
and Middle Market Relationship Manager

2019 Annual Report

Corporate Data Center

Standing, from left to right:
Brandon Li, IT Assistant;
John Marshall, Assistant Vice
President; Abhishek Rao, IT
Assistant; Daniel Viola, Vice
President, Director of Information
Technology; and Anthony Mira,
IT Specialist
Sitting, from left to right:
Terry Kan, IT Analyst; and Paul
Vasquez, Assistant Vice President

The First of Long Island Corporation

Digital Innovations

Staying on top of the latest technology is important for every organization. The future of banking

requires the Bank to provide innovative products and services that will assist our customers in

managing their personal and business finances. We have continually been committed to investing

in all forms of technology that would enhance both the efficiency of the Bank’s operation as well

as enhance our customers’ experience.

To this end, in 2019, we completed a new state-of-the-art

Corporate Data Center. This new facility positions

the Bank for continued growth well into the future

by providing enterprise class data with a

significant increase in Internet speed and

interconnectivity bandwidth.

Today’s services such as Online Banking, Mobile

Banking and Deposits, Remote Deposit Capture,

ATM Deposit Automation and more are available

to both our personal and business customers.

Our entire banking community will benefit as we

continue to upgrade and expand our technology.

2019 Annual Report

Consolidated Balance Sheets

December 31 (in thousands)

ASSETS:
Cash and cash equivalents

Investment securities:

Held-to-maturity, at amortized cost (fair value of $5,552)

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

Right-of-use asset—operating leases

Bank-owned life insurance

Pension plan assets, net

Deferred income tax benefit

Other assets

LIABILITIES:
Deposits:

Checking

Savings, NOW and money market

Time, $100,000 and over

Time, other

Short-term borrowings

Long-term debt

Operating lease liability

Accrued expenses and other liabilities

STOCKHOLDERS’ EQUITY
Common stock, par value $.10 per share:

Authorized, 80,000,000 shares;

Issued and outstanding, 23,934,632 and 25,422,740 shares

Surplus

Retained earnings

Accumulated other comprehensive income (loss), net of tax

The First of Long Island Corporation

2019

2018

$ 38,968

$ 47,358

—

697,544

5,504

758,015

763,519

103,879

98,785

1,401,289

1,621,419

59,231
2,431

3,188,249

(29,289)

3,158,960

30,899

40,017

14,343

83,119

18,275

317

15,401

1,281,295

1,809,651

67,710

5,958

3,263,399

(30,838)

3,232,561

40,686

41,267

—

80,925

15,154

3,447

16,143

$4,097,843

$4,241,060

$ 911,978

1,720,599

242,359

269,080

$ 935,574

1,590,341

309,165

249,892

3,144,016

3,084,972

190,710

337,472

15,220

21,317

3,708,735

388,923

362,027

—

16,951

3,852,873

2,393

111,744

274,376

388,513

595

389,108

2,542

145,163

249,922

397,627

(9,440)

388,187

$4,097,843

$4,241,060

Consolidated Statements of Income

Year Ended December 31 (dollars in thousands, except per share data)

2019

2018

2017

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 (credit) for loan losses

Net interest income after provisions (credit) 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 and employee benefits

Occupancy and equipment

Other

Income before income taxes

Income tax expense

Net income

Earnings per share:

Basic

Diluted

$117,171

$112,784

$ 97,027

15,212

11,467

143,850

18,563

14,494

3,261

7,363

43,681
100,169

100,136

2,010

3,214

5,373

10,611

37,111

11,904

11,949

60,964

49,783

8,228

12,040

13,413

138,237

7,754

13,484

118,265

12,105

10,452

4,858

8,315

35,730

102,507

(1,755)

104,262

2,175

2,634

(10,406)

7,876

2,279

36,465

11,686

11,755

59,906

46,635

5,062

7,113

5,479

1,345

7,772

21,709

96,556

4,854

91,702

2,090

2,792

(1,866)

5,145

8,161

32,641

10,245

11,966

54,852

45,011

9,889

$ 41,555

$ 41,573

$ 35,122

$ 1.68

$ 1.67

$ 1.64

$ 1.63

$ 1.44

$ 1.43

Cash dividends declared per share

$ .70

$ .64

$ .58

2019 Annual Report

Board of Directors

The First of Long Island Corporation

Christopher Becker
President and
Chief Executive Officer
The First National
Bank of Long Island
and The First of Long
Island Corporation

Louisa M. Ives
Managing Director
Chilton Trust

John J. Desmond
Retired
Partner-in-Charge
of the Long Island
Office
Grant Thornton LLP

Eric J. Tveter
Chairman of ETC
Ventures LLC and
Veloce Esports
Limited

Peter Quick
Retired

Stephen V. Murphy
President
S.V. Murphy & Co.
(investment banking)

Paul T. Canarick
President & Principal
Paul Todd, Inc.
(construction company)

Milbrey Rennie Taylor
Retired Executive
Producer of CBS News

Howard Thomas Hogan Jr., Esq.
Director
Hogan & Hogan
(attorney at law)

Michael N. Vittorio
Former President and
Chief Executive Officer
The First National Bank
of Long Island and
The First of Long Island
Corporation
(Retired 12/31/19)

The First of Long Island Corporation

Denise Strain
Retired Managing
Director of
Citigroup Inc.

Alexander L. Cover
Business & Management
Consultant
Retired Partner of
Ernst & Young LLP

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)

2019 Annual Report

Executive Officers

The First National Bank of Long Island

Richard P. Perro
Executive Vice
President and
Chief Retail Officer

Christopher Becker
President and
Chief Executive Officer

Donald L. Manfredonia
Executive Vice President
and Senior Business
Development Officer

Janet T. Verneuille
Executive Vice President
and Chief Risk Officer

Anne Marie Stefanucci
Executive Vice President
and Chief Credit Officer

Jay P. McConie
Executive Vice President,
Chief Financial Officer
and Cashier

Christopher J. Hilton
Executive Vice President
and Chief Lending Officer

2019 Annual Report

Branch Network in Key Markets

MANHATTAN

QUEENS

232 Madison Avenue
New York, NY 10016
(212) 213-8111
Branch Manager:
Lisa Reardon

225 Broadway
Suite 703
New York, NY 10007
(212) 693-1515

Astoria
23-25 31st Street
Astoria, NY 11105
(929) 429-3500
Branch Manager:
Elizabeth Traitouros

Bay Terrace
23-88A Bell Boulevard
Bayside, NY 11360
(929) 409-6100
Branch Manager:
Jennifer Crowe

College Point
132-11A 14th Avenue
College Point, NY 11356
(718) 215-7500
Branch Manager:
Indira Miller

Howard Beach
159-14 Cross Bay
Boulevard
Howard Beach, NY 11414
(718) 835-1962
Branch Manager:
Salvatore Giunta

Little Neck
254-57 Horace Harding
Expressway
Little Neck, NY 11362
(929) 448-2200
Branch Manager:
Susan Placella

Whitestone
19-01 Utopia Parkway
Whitestone, NY 11357
(718) 279-1206
Branch Manager:
Joanne Bosco

BROOKLYN

Bay Ridge
9202 4th Avenue
Brooklyn, NY 11209
(646) 795-5000
Branch Manager:
Yajaira Estevez

Cobble Hill
227 Smith Street
Brooklyn, NY 11231
(718) 942-3777
Branch Manager:
Wilona Chambers

Fort Hamilton Pkwy
559 86th Street
Brooklyn, NY 11209
(718) 942-6000
Branch Manager:
JoAnn Loddo

LONG ISLAND

Babylon
42 Deer Park Avenue
Babylon, NY 11702
(631) 422-1700
Branch Manager:
Colleen Vogelsberg

Bayville
282 Bayville Avenue
Bayville, NY 11709
(516) 628-1288
Branch Manager:
Melanie Chopay

Bellmore
408 Bedford Avenue
Bellmore, NY 11710
(516) 679-6200
Branch Manager:
Nicole Marques

Bohemia
30 Orville Drive
Bohemia, NY 11716
(631) 218-2500
Branch Manager:
Brian Gottesman

Cold Spring Harbor
147 Main Street
Cold Spring Harbor, NY
11724
(631) 367-3600
Branch Manager:
Diana Mooers

Deer Park
60 East Industry Court
Deer Park, NY 11729
(631) 243-2600
Branch Manager:
Joanne Maiorana-Davis

East Islip
151 West Main Street
East Islip, NY 11730
(631) 277-2936
Branch Manager:
Julie Freund

East Meadow
1975 Hempstead Turnpike
East Meadow, NY 11554
(516) 357-7200
Branch Manager:
Vincenza Vitale-Puccio

East Setauket
234 Main Street
(Route 25A)
East Setauket, NY 11733
(631) 564-1000
Branch Manager:
Kathleen Crowe

Farmingdale
22 Allen Boulevard
Farmingdale, NY 11735
(631) 753-8888
Branch Manager:
Paula Lavrado

The First of Long Island Corporation

Hewlett
1301 Broadway
Hewlett, NY 11557
(516) 295-1974
Branch Manager:
Audrey Rieman

Hicksville
106 Old Country Road
Hicksville, NY 11801
(516) 932-7150
Branch Manager:
Lisa Wilton

Locust Valley
108 Forest Avenue
Suite 2
Locust Valley, NY 11560
(516) 671-1549
Branch Market Manager:
Elizabeth Materia

Manhasset
572 Plandome Road
Manhasset, NY 11030
(516) 365-5010
Branch Manager:
Joseph Gueli

Garden City
1050 Franklin Avenue
Suite 100
Garden City, NY 11530
(516) 742-6262
Branch Manager:
Carol Kolesar

Glen Head
10 Glen Head Road
Glen Head, NY 11545
(516) 674-6650
Branch Manager:
Michelle Moreira-Jodice

Great Neck
536 Northern Boulevard
Great Neck, NY 11021
(516) 482-6666
Branch Manager:
Christine Pryce

Huntington
253 New York Avenue
Huntington, NY 11743
(631) 427-4143
Branch Market Manager:
Colleen Hatt-De Stefano

Lake Success
3000 Marcus Avenue
Lake Success, NY 11042
(516) 775-3133
Branch Market Manager:
Patricia DeMasi

Lindenhurst
1 East Montauk Highway
Lindenhurst, NY 11757
(631) 956-3800
Branch Manager:
Mark Quinones

Greenlawn
76 Broadway
Greenlawn, NY 11740
(631) 754-0660
Branch Manager:
Laura David

Greenvale
7 Glen Cove Road
Greenvale, NY 11548
(516) 621-8811
Branch Manager:
Christina Marotta

Hauppauge
330 Motor Parkway
Suite 100
Hauppauge, NY 11788
(631) 952-2900
Branch Manager:
JoAnn Diamond

Massapequa
574 Broadway
Massapequa, NY 11758
(516) 795-0100
Branch Manager:
Linda Rowse

Massapequa Park
1049 Park Boulevard
Massapequa Park, NY 11762
(516) 795-2265
Branch Manager:
Paul Jervis

Melville
555 Broad Hollow Road
Suite 001
Melville, NY 11747
(631) 752-1000
Branch Manager:
Anthony Cassero

Merrick
1810 Merrick Avenue
Merrick, NY 11566
(516) 771-6000
Branch Market Manager:
Joseph Nappi

New Hyde Park
243 Jericho Turnpike
New Hyde Park, NY 11040
(516) 328-3100
Branch Manager:
Susan Costabile

Northport
711 Fort Salonga Road
Northport, NY 11768
(631) 261-4000
Branch Market Manager:
Mary Sullivan

Northport Village
105 Main Street
Northport, NY 11768
(631) 261-0331
Branch Manager:
Vincent Bartilucci

Oceanside
2933 Long Beach Road
Oceanside, NY 11572
(516) 536-3989
Branch Manager:
Carmela Cacciuottolo

Old Brookville
24-Hour Drive-Thru ATM
209 Glen Head Road
Old Brookville, NY 11545

Patchogue
392 East Main Street
Patchogue, NY 11772
(631) 289-1189
Branch Manager:
Frances Koslow-Leitch

Point Lookout
26A Lido Boulevard
P.O. Box 173
Point Lookout, NY 11569
(516) 431-3144
Branch Manager:
Carmen Buzzetta

Port Jefferson Station
Davis Professional Park
5225 Nesconset Highway
Building 4, Suite 21
Port Jefferson Station, NY
11776
(631) 928-4411
Branch Manager:
John J. Rate, Jr.

Rockville Centre
310 Merrick Road
Rockville Centre, NY 11570
(516) 763-5533
Branch Market Manager:
Linda Roldan

Roslyn Heights
130 Mineola Avenue
Roslyn Heights, NY 11577
(516) 621-1900
Branch Manager:
Susan Fletcher

Sayville
215 West Main Street
Sayville, NY 11782
(631) 472-7000
Branch Manager:
John Robilotto

Sea Cliff
299 Sea Cliff Avenue
Sea Cliff, NY 11579
(516) 671-7868
Branch Manager:
Janice Valentine

Smithtown
285 Middle Country Road
Suite 104
Smithtown, NY 11787
(631) 265-0200
Branch Manager:
Stephen Pedersen

Valley Stream
127 East Merrick Road
Valley Stream, NY 11580
(516) 825-0202
Branch Manager:
Karen Johnson

Woodbury
800 Woodbury Road
Suite M
Woodbury, NY 11797
(516) 364-3434
Branch Manager:
Marianne Plummer

Coming Soon:
Riverhead
140 East Main Street
Riverhead, NY 11901

2019 Annual Report

GENERAL COUNSEL
Schupbach, Williams & Pavone LLP

SEC COUNSEL
Luse Gorman, PC

INDEPENDENT AUDITORS
Crowe LLP

ANNUAL REPORT ON FORM 10-K
A copy of the Corporation’s annual
report on Form 10-K for 2019 may
be obtained without charge upon
written request to Jay P. McConie,
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
1 State Street, 30th Floor
New York, New York 10004
(212) 509-4000
cstmail@continentalstock.com

ANNUAL MEETING NOTICE
The Annual Meeting of Stockholders
will be held at The Mansion at Oyster
Bay, 1 Southwoods Road, Woodbury,
New York on Tuesday, April 21, 2020
at 10:00 A.M.

Corporate Information

OFFICERS
THE FIRST OF LONG ISLAND
CORPORATION

Christopher Becker
President and Chief Executive Officer

William Aprigliano, CPA
Senior Vice President and
Chief Accounting Officer

Robert Colosa
Senior Vice President and
Chief Auditor

Maria Doyle, CPA
Senior Vice President and
Controller

Christopher Hilton
Executive Vice President

Jay P. McConie, CPA
Executive Vice President,
Chief Financial Officer and Treasurer

Richard P. Perro
Executive Vice President

Anne Marie Stefanucci
Executive Vice President

Janet T. Verneuille, CPA
Executive Vice President and
Chief Risk Officer

Pauline Wimmer
Corporate Secretary

OFFICERS
THE FIRST NATIONAL BANK
OF LONG ISLAND

Christopher Becker
President and Chief Executive Officer

Christopher Hilton
Executive Vice President and
Chief Lending Officer

Donald L. Manfredonia
Executive Vice President and
Senior Business Development Officer

Jay P. McConie, CPA
Executive Vice President,
Chief Financial Officer and Cashier

Richard P. Perro
Executive Vice President and
Chief Retail Officer

Anne Marie Stefanucci
Executive Vice President and
Chief Credit Officer

Janet T. Verneuille, CPA
Executive Vice President and
Chief Risk Officer

SENIOR VICE PRESIDENTS

Tanweer Ansari, Esq.
Chief Compliance Officer

William Aprigliano, CPA
Chief Accounting Officer

Jane Carmody
Investment Management Division
Managing Director

Dina Cascione, CPA
Financial Reporting Manager

Robert Colosa
Chief Auditor

Margaret M. Curran-Rusch
Commercial Lending Team Leader

Jose Diaz
Technology and Operations Officer

Maria Doyle, CPA
Controller

Brian Emigholz
Commercial Lending Team Leader

Rose Florio-Campanaro
Retail Loan Portfolio Manager

Robert Grady
Director of Middle Market Lending

Susan J. Hempton
Director of Human Resources

Laura C. Ierulli
Director of Marketing

Kelly McCormack
Credit Department Manager

Cathy C. O’Malley
Branch District Manager

Richard O’Rourke
Commercial Lending Team Leader

Jane F. Reed
Senior Commercial Lending Officer

Kenneth B. Ruland II
Middle Market Relationship Manager

Allison Stansfield
Branch District Manager

Leonardo Tavera
Corporate Planning Officer

Antoinette Valente
Branch District Manager

The First of Long Island Corporation

Business Advisory Board

Joseph R. Albanese,
Esq.
Managing Partner
Albanese & Albanese
LLP

Vincent A. Albanese,
Esq.
Partner
Albanese & Albanese
LLP

Richard Arote, Sr.
Chief Executive Officer
ADE Systems, Inc.

Barry E. Berg, CPA
Managing Partner
Nussbaum, Berg, Klein &
Wolpow CPAs LLP

Frank J. DellaFera
President
Fera Pharmaceuticals,
LLC

Bernard Esquenet
Chief Executive Officer
The Ruhof Corporation

Kevin J. Harding, Esq.
Partner
Harding and Burke, PLLC

Carmine R. Inserra
Executive Director
Cushman & Wakefield

James D. Kiley, Esq.
Partner
Kiley, Kiley, & Kiley,
PLLC

John Martinelli
Principal
Owen Petersen & Co.,
LLP

Susan Hirschfeld Mohr
President
J.W. Hirschfeld
Agency, Inc.

John G. Passarelli, M.D.
President
Sight M.D.

Arthur C. Schupbach,
Esq.
Partner
Schupbach, Williams &
Pavone LLP

Frank Shahery
Director, Marketing
Convermat Corporation

Lloyd Straus
President and
Chief Executive Officer
Anesthesia Business
Group

H. Craig Treiber
Chief Executive Officer
Treiber Enterprises, LLC

Sal J. Turano
President
Abstracts Incorporated

Candy Udell
President
London Jewelers

Mark Udell
Chief Executive Officer
London Jewelers

Mark Wurzel
President and Chief
Executive Officer
Calico Cottage, Inc.

10 Glen Head Road

Glen Head, NY 11545

516.671.4900