The First of Long Island
Annual Report 2021

Plain-text annual report

Going Further 2021 ANNUAL REPORT  AT A GLANCE As First National Bank LI begins its 95th year, we celebrate our history of outstanding service to businesses and consumers. While expanding across Long Island and the NY metro area, we embrace our position as Long Island’s longest standing, truly local, independent bank. It is our commitment to our customers and communities that results in About The First of Long Island Corporation The First of Long Island Corporation (Nasdaq: FLIC) is the parent company of The First National Bank of Long Island, a local bank founded in 1927 in Glen Head, New York. Through its branch network branded as First National Bank LI, the Bank focuses on business and consumer needs on Long Island and in New York City. We offer a broad set of lending, deposit, investment and digital products. First National Bank LI is known for its culture of delivering extraordinary service and a “Customer-First” banking experience to small and middle market businesses, professional service firms, not-for-profits, municipalities and consumers. The Bank’s tagline “Go First. Go Far.SM“ strong financial performance which enables us communicates the benefits of its employees’ commitment to return value to you, our shareholders. to helping customers reach their financial goals. For more information about the Bank and Corporation visit fnbli.com. Selected Financial Data (dollars in thousands, except per share data) Income Statement Data 2021 2020 2019 2018 2017 Interest Income Interest Expense Net Interest Income Provision (Credit) for Credit Losses Net Income Per Share Data Basic Earnings Diluted Earnings Cash Dividends Declared Dividend Payout Ratio $ 122,959 $ 131,216 $ 143,850 $ 138,237 $ 118,265 16,152 106,807 (2,573) 43,089 29,188 102,028 3,006 41,203 43,681 100,169 33 41,555 35,730 102,507 (1,755) 41,573 $ 1.82 $ 1.73 $ 1.68 $ 1.64 $ 1.81 .78 1.72 .74 1.67 .70 1.63 .64 21,709 96,556 4,854 35,122 1.44 1.43 .58 43.09% 43.02% 41.92% 39.26% 40.56% Book Value $ 17.81 $ 17.11 $ 16.26 $ 15.27 $ 14.37 Balance Sheet Data at Year End Total Assets Loans $ 4,068,789 $ 4,069,141 $ 4,097,843 $ 4,241,060 $ 3,894,708 3,105,036 3,033,454 3,188,249 3,263,399 2,950,352 Allowance for Credit Losses 29,831 33,037 29,289 30,838 33,784 Deposits Borrowed Funds Stockholders’ Equity Average Balance Sheet Data Total Assets Loans 3,315,245 3,321,588 3,144,016 3,084,972 2,821,997 311,322 413,812 306,097 407,118 528,182 389,108 750,950 388,187 704,938 354,450 $ 4,151,577 $ 4,140,867 $ 4,194,355 $ 4,177,341 $ 3,695,850 2,976,061 3,110,512 3,217,530 3,177,519 2,758,116 Allowance for Credit Losses 31,300 33,180 30,080 34,960 32,022 Deposits Borrowed Funds Stockholders’ Equity Financial Ratios 3,425,976 3,257,317 3,276,699 3,168,348 2,812,733 281,191 416,885 457,939 393,662 494,785 391,613 623,587 374,876 540,307 334,088 Return on Average Assets (ROA) Return on Average Equity (ROE) Average Equity to Average Assets 1.04% 10.34% 10.04% 1.00% 10.47% 9.51% .99% 10.61% 9.34% 1.00% 11.09% 8.97% .95% 10.51% 9.04% 2021 Annual Report 1 A letter from the President and CEO Dear Fellow Shareholders, I am pleased to report that your company posted record earnings per share in 2021 of $1.81, from $1.72 in 2020. While many financial institutions had a down year in 2020 and recovered in 2021, The First of Long Island Corporation has continued to grow earnings per share in each of the past two years, continuing a nine-year trend of record earnings per share. We pride ourselves in consistent financial performance led by strong asset quality. Net income in 2021 totaled $43.1 million, up from $41.2 million in 2020. Return on equity was 10.34% and return on assets was 1.04%, comparable to 10.47% and 1.00%, respectively, in 2020. Book value per share increased to $17.81 at year-end 2021 from $17.11 at year-end 2020. Cash dividends per share increased to $.78 from $.74 in 2020. Building Value Two years ago, in my first CEO letter to shareholders, I laid out our key strategic initiatives to improve on our many years of success. A primary focus discussed was expanding our lending teams to better develop and retain customer relationships. Led by Chief Lending Officer, Christopher Becker President and Chief Executive Officer $1.81 Earnings Per Share $43.1 Million Net Income 10.34% Return on Equity 1.04% Return on Assets $17.81 Book Value Per Share $.78 Cash Dividends Per Share 2 Going Further Earnings Per Share 6.2% Five Year CAGR $1.63 2018 $1.67 2019 $1.81 2021 $1.72 2020 $1.43 2017 Cash Dividends (per share) 7.2% Five Year CAGR $.64 2018 $.58 2017 $.74 2020 $.70 2019 $.78 2021 Chris Hilton, we established a middle market team of four, hired an East End of Long Island lending team leader, added commercial relationship managers in both Brooklyn and Queens, added a portfolio manager to our commercial real estate team, and strengthened the loan administration team by adding an operations director. We also hired a residential mortgage sales manager and added two residential mortgage originators all with a focus on generating more business through branch and other internal referrals. Working in tandem with our experienced lending teams is a top-quality credit department. Led by Chief Credit Officer, Mike Spolarich, we complemented a long-tenured team of analysts by adding a senior credit officer and four senior analysts. Our years of exceptional credit quality has always been supported by a strong Credit Department and we appreciate its value. Strengthening this team allows us to maintain our long-established underwriting standards while reducing our processing time to better meet customer needs. Consistent financial performance led by strong asset quality.” After taking the helm two years ago one of my first priorities was to stabilize our eroding net interest margin. Over the decade from 2010 to 2019 our margin contracted from 3.84% to 2.57%, respectively, largely in conjunction with our broker driven growth in residential 2 Going Further 2021 Annual Report 3 BUILDING VALUE Tangible Book Value (per share) 6.7% Five Year CAGR $14.36 2017 $15.26 2018 $17.10 2020 $17.80 2021 $16.25 2019 Leverage Capital Ratio 9.34% 9.40% 9.42% 2017 2018 2019 9.97% 10.23% 2020 2021 4 Going Further mortgages. During that period residential mortgages increased their mix in the loan portfolio from 37% to 51%. Over the past two years the percentage of the loan portfolio in residential mortgages decreased to 39%. Although our residential mortgage business remains a critical component of our loan portfolio, this planned adjustment now represents a more desired mix. Our focus on generating more residential business through our retail and lending outlets resulted in 45% of the number of residential mortgages originated in 2021 coming from internal sources. Prior to 2020 almost all the residential mortgage originations came through external brokers driving down loan yields and our net interest margin. To reverse this trend we deployed a combined strategy of increasing our lending teams to foster relationship business while in unison changing the mix of loans to a greater percentage of commercial lending. Under Mr. Hilton we successfully increased the percentage of the loan portfolio in commercial loans to 60% at year-end 2021 from 47% at year-end 2019. Supporting this initiative, our expanding commercial teams originated nearly half a billion dollars in loans and line commitments in 2021. Our expanding commercial teams originated nearly half a billion dollars in loans and line commitments in 2021.” Our net interest margin initiatives are led by Chief Financial Officer, Jay McConie, who works closely with our branches and lenders to oversee our balance sheet management and maximize rate opportunities. He also administers the Company’s stock repurchase plan to optimize capital levels, return on equity and earnings per share. Mr. McConie has actively managed our cost of funds lower through numerous deleveraging programs to pay off high-cost swaps, promotional CDs and other long-term debt. These tactics along with a better loan mix helped improve the net interest margin in each of the last two years going from 2.57% in 2019, to 2.64% in 2020, to 2.74% in 2021. Branch Optimization In my 2020 CEO letter I also talked about the need to identify efficiencies in our existing branch footprint The Southampton Branch location was purchased in December 2021 mainly to address locations near one another particularly in these times of shifting customer behavior. and will offer a fully integrated banking experience with a drive-up window and 24-hour self-service ATM. The space will serve as a hub for East End business with offices in addition to retail banking space. The Led by Chief Retail Officer, Rick Perro, we executed opening is planned for early 2022. on a branch optimization strategy that closed and consolidated fourteen branches over the past two years. Beginning in 2020 we had 52 branches with average deposits per branch of $60 million. At the end of 2021 we had 40 branches with average deposits per branch of $83 million, a much more efficient model. We still believe that extending our market, acquiring new customers, and serving existing customers includes the need for physical branches especially in additional geographies. The Bank opened two branches over the past two years on the East End of Long Island in Riverhead and East Hampton with a third East End location in Southampton scheduled to open shortly. Beginning in 2020 we had 52 branches with average deposits per branch of $60 million. At the end of 2021 we had 40 branches with average deposits per branch of $83 million, a much more efficient model.” 4 Going Further 2021 Annual Report 5 MARKET EXPANSION East End Real Estate and Business Markets The East End accounted for the most significant population gains in Suffolk County in the last 10 years. 32% East Hampton Town increase 1 21.6% Southampton Town increase 1 7.2% Riverhead Town increase 1 10.3% Home Sales Price increase 2 $101,031 Suffolk County Median Household Income 3 (National Average: $51,758) 9.3% Business Growth Rate 3 (National Average: 7.5%) Expansion to the East End provides access to a growing client base while capitalizing on the void in community banking created by industry consolidations in the marketplace. As consolidation eliminates long-standing local banks in the East End market, we identified a need for a truly local, relationship-based community bank like First National Bank LI. We are unique as the “last-standing” independent bank that opened on Long Island roughly a century ago. Combined with our history of consistently strong financial performance and outstanding customer service for consumers and businesses of all sizes, we plan to promote these competitive advantages. New Channels Through Technology Supporting our lending teams and branches is our line of competitive digital products. In 2020 we began refocusing 1 Source: US Census Data 2 Source: OneKey MLS 3 Source: U.S. News and World Report 6 Going Further resources to continually improve our digital offerings. Last year I talked about upgrades for P2P payments, new technology to enhance customer flexibility in transferring funds and enhancements to our mobile app. Led by Chief Information Officer, Susanne Pheffer, we made further progress in 2021 including accepting residential mortgage applications online via an automated backend system to process these applications. Also implemented were an eSign solution, payee positive pay for our commercial cash management suite and our mobile banking now includes access to monthly statements. Adding this necessary functionality opens the Bank to “next generation” customers and expands our markets beyond our physical footprint. The management team actively pursues strategic partnerships with FinTechs to implement initiatives as well as consider technological advances. Our Board of Directors currently uses an ad hoc FinTech Committee to provide appropriate oversight of customer facing and back-office technology. My 2020 letter also spoke to improving service charge income. After steadily increasing quarterly service charges on deposit accounts from approximately $600,000 per quarter to approximately Digital Channel Utilization1 FirstMobile™ 17% increase BillPay 28% increase TransferNow 16% increase 6 Going Further 1 Increases in utilization by customers in 2021 over 2020. 2021 Annual Report 7 Website enhancement has improved customer experience while adding to the efficiency of internal processes and controls. In addition, the online application process has opened up a new avenue for connecting with digital-first customers. CUSTOMER-FIRST SERVICE Net Income (in millions) 6.9% Five Year CAGR $41.6 $41.6 $41.2 $35.1 2018 2019 2020 $43.1 2021 2017 8 Going Further $1 million per quarter, the pandemic pushed the number back to approximately $700,000 per quarter and that number has remained consistent through year-end 2021. The excess liquidity in the economy resulting from numerous government stimulus programs has kept deposit balances high; thus, customers are meeting minimum balance requirements to cover service charges and keeping uncollected/overdraft activity down. Bringing uncollected/overdraft fees back to historical levels will likely be unattainable as the industry is moving to lower fees or even eliminating these types of service charges. Regardless of some setbacks on this initiative, we are making progress with our transition from our legacy trust and investment management business to a third-party retail investment program through LPL Financial branded as First Investments. The timing of starting this transition at the beginning of the pandemic has caused delays in hiring investment representatives and held up court approvals needed to transfer trusts. Our revenue has decreased during this transition, but we know this partnership is our best long-term avenue to grow this business. A Brand Built on Extraordinary Service In 2020 we conducted market research and began the work needed to improve our name recognition and increase our brand exposure. Although the Bank is well recognized in many areas of Nassau and western Suffolk Counties, potential customers in several communities within our targeted markets did not recognize our prior long-standing branding. Led by our Chief Risk Officer, Janet Verneuille, and our more recently hired Director of Marketing and Public Relations, we are pleased with the progress made on this initiative over the past two years. The Bank is widely using the new logo and tagline in our advertising both print and digital. Our updated Expanding in Melville Our Melville office expansion provides a more collaborative work environment strengthening culture and enhancing brand exposure on Long Island. The newly refreshed, roughly 40,000 square-foot space includes a state-of-the-art branch with drive-up, all-purpose space for training and collaboration, hoteling space for flexible work arrangements, and access to modern Class A amenities. 8 Going Further 2021 Annual Report 9 BRAND RECOGNITION Digital marketing efforts allow us to connect with customers actively searching for our products and services. The newly expanded social media strategy enhances brand exposure and provides targeted, continuous communication with our followers. custom designed website and investor relations page are continually enhanced. We now communicate with customers through our “Let’s Connect” links on the website, we added a First Investments webpage to promote our strategic partnership with LPL Financial, and we are active on LinkedIn, Facebook and Instagram platforms. Most of our branches proudly display our renewed branding, and all electronic platforms are updated. Our “Customer-First” branding is taking hold and the marketing department is formalizing marketing plans, a social media strategy, developing marketing materials for target markets, and using data analytics to deliver greater efficiencies across all marketing channels including targeted digital advertising programs. As we begin our 95th year in business, we will be promoting this milestone throughout the year and double down on our positioning of First National Bank LI as Long Island’s true community bank with a distinguishing CommunityFirst volunteerism program. 10 Going Further Renovations of our leased space at 275 Broadhollow Road in Melville, N.Y. for a state-of-the-art branch and corporate office space are nearing completion and we expect to take occupancy beginning the first quarter of 2022. This space offers opportunities for collaboration allowing us to be even more nimble and innovative. Supporting our brand image is the signage at the Melville location that lights up the LIE and Route 110. Of course, our Bank’s Main Office will remain in Glen Head, N.Y. where it all started 95 years ago in 1927. As we begin our 95th year in business, we will double down on our positioning as Long Island’s true community bank with a new CommunityFirst volunteerism program.” With Gratitude I am sure everyone is tired of the pandemic. I know I am; however, I cannot thank our staff enough for their continued flexibility and customer dedication throughout the past two years. We have a special group of employees at First National Bank LI, and I am very proud of them. To make the progress the Bank has made on our strategic initiatives over the past two years is due to their tremendous efforts under the most difficult circumstances. They deliver on our service promise to our customers and to each other, and prove every day that when you Go First you Go Far. We have a special group of employees at First National Bank LI, and I am very proud of them.” Our Board of Directors are valuable partners in our success. They provide thoughtful oversight and continuing support for our initiatives. Our management team continues to excel in effort, dedication and outcomes. We thank new customers for joining us and existing customers for continuing to maintain their banking relationships with First National Bank LI. They all make our job rewarding. To our shareholders, everything we do is focused on increasing shareholder value over the long-term. Sincerely, Christopher Becker President and Chief Executive Officer Above: Team members contribute to International Coastal Cleanup Day in partnership with The Coalition to Save Hempstead Harbor. Volunteers cleaned shorelines spanning Tappen Beach in Sea Cliff. This is one of many Bank community service initiatives that have a direct impact on the communities we serve. Below: Join us for one of many 95th Anniversary client appreciation events throughout the year. The Garden City team is one of several branches to celebrate the anniversary of its opening date. Follow us on social media to explore upcoming events. 10 Going Further 2021 Annual Report 11 How far we have come... 1927 October 1, 1927 - The First National Bank of Glen Head opens for business in Glen Head G. Thomas Powell named President 1940s State-of-the-Art Teller Machines Installed Tellers no longer make handwritten passbook entries 1960s Northport and Greenvale Branches Open Bank’s first Data Processing Center Opens 1930s Personal Loan Department Established Loan limits are between $50 and $1,000 Auto Loans Introduced Finance charges 25% lower than competition, 24-month Terms 12 Going Further 1950s Robert S. Miller, first bank employee, named as Bank President Roslyn Heights Branch Opens 1980s First Commercial Banking Office Opens First 24/hr ATM Introduced in Glen Head, among first on Long Island The First of Long Island Corporation was formed. FLIC listed on NASDAQ; trading begins in 1987 Hicksville, Huntington and Rockville Centre Branches Open 2000 FirstNet Online Banking Launched – Business & Personal FirstDeposit Remote Deposit Capture Introduced Suffolk County Regional Office Opened in Hauppauge Babylon, Bayville, Manhattan, Melville, Merrick, Port Jefferson and Smithtown Branches Open Scan to Visit Website 2020s Bank expands to the East End: Riverhead, East Hampton and Southampton New Brand, Website and Tagline are launched: , Go First. Go Far.SM LPL Financial Partnership Launches as First Investments TransferNow External Transfers and First DebitLock integrated into FirstMobile App Corporate Office Space Opens in Melville 1970s Trust Department Introduced Lake Success and Woodbury Branches Open The First National Bank of Glen Head changes its name to The First National Bank of Long Island 1990s Bank Introduces Home Equity Line of Credit and short-term, low-rate Residential Mortgages Bank Website www.fnbli.com Launches Bohemia, Garden City, Great Neck, Hauppauge, Locust Valley and Valley Stream Branches Open 2010s Astoria, Bay Terrace, Bay Ridge, Cobble Hill, College Point, East Islip, East Meadow, East Setauket, Hewlett, Howard Beach, Lindenhurst, Manhasset, Massapequa, Patchogue, Sayville and Whitestone Branches Open FirstMobile Smartphone App Launches, Mobile Deposit Introduced Digital Channels Department is Established 12 Going Further 2021 Annual Report 13 Consolidated Balance Sheets December 31 (dollars in thousands) Assets: Cash and cash equivalents Investment securities available-for-sale, at fair value Loans: Commercial and industrial SBA Paycheck Protection Program Secured by real estate: Commercial mortgages Residential mortgages Home equity lines Consumer and other Allowance for credit 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 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, 23,240,596 and 23,790,589 shares Surplus Retained earnings Accumulated other comprehensive income (loss), net of tax 14 Going Further 2021 2020 $ 43,675 $ 211,182 734,318 662,722 90,386 30,534 100,015 139,487 1,736,612 1,202,374 44,139 991 1,421,071 1,316,727 54,005 2,149 3,105,036 3,033,454 (29,831) (33,037) 3,075,205 3,000,417 21,524 37,523 8,438 107,831 19,097 3,987 17,191 20,814 38,830 12,212 85,432 20,109 1,375 16,048 $ 4,068,789 $ 4,069,141 $ 1,400,998 $ 1,208,073 1,685,410 1,679,161 228,837 434,354 3,315,245 3,321,588 125,000 186,322 11,259 17,151 60,095 246,002 13,046 21,292 3,654,977 3,662,023 2,324 93,480 320,321 416,125 (2,313) 413,812 2,379 105,547 295,622 403,548 3,570 407,118 $ 4,068,789 $ 4,069,141 Consolidated Statements of Income Year Ended December 31 (dollars in thousands, except per share data) 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 credit losses Net interest income after provision (credit) for credit losses Noninterest income: Investment services income Service charges on deposit accounts Net gains on sales of securities Other Noninterest expense: Salaries and employee benefits Occupancy and equipment Debt extinguishment Other Income before income taxes Income tax expense Net income Earnings per share: Basic Diluted Cash dividends declared per share 2021 2020 2019 $ 106,266 $ 109,492 $ 117,171 8,162 8,531 11,873 9,851 15,212 11,467 122,959 131,216 143,850 4,414 5,712 1,427 4,599 16,152 106,807 (2,573) 109,380 1,222 2,925 1,104 7,323 9,097 10,977 1,574 7,540 29,188 102,028 3,006 99,022 2,180 2,962 2,556 6,388 12,574 14,086 39,753 15,338 1,021 12,535 68,647 53,307 10,218 37,288 12,370 2,559 11,364 63,581 49,527 8,324 18,563 14,494 3,261 7,363 43,681 100,169 33 100,136 2,010 3,214 14 5,373 10,611 37,111 11,904 — 11,949 60,964 49,783 8,228 $ 43,089 $ 41,203 $ 41,555 $1.82 $1.81 $.78 $1.73 $1.72 $.74 $1.68 $1.67 $.70 14 Going Further 2021 Annual Report 15 The First of Long Island Corporation and The First National Bank of Long Island Board of Directors Christopher Becker President & Chief Executive Officer of The First National Bank of Long Island and The First of Long Island Corporation Paul T. Canarick President & Principal of Paul Todd, Inc., (Construction Company) Alexander L. Cover Business & Management Consultant Retired Partner of Ernst & Young LLP Officers Christopher Becker President & Chief Executive Officer of the Corporation and the Bank Executive Vice Presidents Tanweer S. Ansari, Esq Internal Counsel & Chief Compliance Officer Christopher Hilton Chief Lending Officer Donald L. Manfredonia Senior Business Development Officer Jay P. McConie, CPA Chief Financial Officer, Treasurer of the Corporation and Cashier of the Bank John J. Desmond Retired Partner-in-Charge of the Long Island Office Grant Thornton LLP Louisa M. Ives Managing Director of Chilton Trust Stephen V. Murphy President of S.V. Murphy & Co. (Investment Banking) Peter Quick Retired Denise Strain Retired Managing Director of Citigroup, Inc. Milbrey Rennie Taylor Retired Executive Producer of CBS News Walter C. Teagle III Chairman of The First of Long Island Corporation and The First National Bank of Long Island President of Teagle Management, Inc. (Private Investment Firm) Chairman Emeritus and Director of The Teagle Foundation, Inc. Eric J. Tveter Managing Member of ETC Ventures LLC and Director of Veloce Esports Limited Richard P. Perro Chief Retail Officer Susanne Pheffer Chief Information Officer Michael J. Spolarich Chief Credit Officer Janet T. Verneuille, CPA Chief Risk Officer Senior Vice Presidents William Aprigliano, CPA First Senior Vice President Chief Accounting Officer Bruce Bradley Middle Market Banking Dina M. Cascione, CPA Loan Operations Manager Robert Colosa Chief Auditor Margaret M. Curran-Rusch Suffolk Team Leader – Commercial Lending Jose Diaz Director of Digital & Retail Products Maria Doyle, CPA Controller Seamus Doyle South Fork Team Leader – Commercial Lending Brian Emigholz Nassau Team Leader – Commercial Lending John Fitzpatrick Senior CRE Lending Officer Rose Florio-Campanaro Retail Loan Portfolio Manager Thomas Ford Senior Relationship Manager Robert Grady Director of Middle Market Lending Kelly McCormack Credit Department Manager Cathy C. O’Malley Branch District Manager Richard O’Rourke CRE Team Leader Jane F. Reed Senior Commercial Lending Officer Kenneth B. Ruland III Middle Market Banking Matthew Ruppert Senior Credit Officer Shannon Shakespeare Director of Human Resources Allison Stansfield Branch Administration Thomas Sullivan Middle Market Banking Leonardo Tavera Corporate Planning Officer Antoinette Valente Branch District Manager 16 Going Further Business Advisory Board Vincent A. Albanese Partner Albanese & Albanese LLP Richard Arote CEO ADE Systems Barry Berg, CPA Managing Partner Nussbaum, Yates, Berg, Klein & Wolpow LLP Frank J. DellaFera President & CEO Fera Pharmaceuticals, LLC Bernard Esquenet CEO The Ruhof Corporation Kevin J. Harding Partner Harding and Burke, PLLC Carmine Inserra Executive Director Cushman & Wakefield James D. Kiley 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. Managing Partner Sight Medical Doctors, PLLC Arthur C. Schupbach Partner Schupbach, Williams & Pavone LLP Frank Shahery Director of Marketing Convermat Corporation Lloyd Straus CEO Anesthesia Business Group Retired President NAPA H. Craig Treiber CEO Treiber Family Enterprises Sal J. Turano President Abstracts Incorporated Candy Udell President London Jewelers Mark Udell CEO London Jewelers Mark Wurzel President Calico Cottage Inc. NASSAU COUNTY BROOKLYN SUFFOLK COUNTY Bayville East Meadow Garden City Glen Head Great Neck Greenvale Hewlett Hicksville Lake Success Locust Valley Manhasset Massapequa Merrick Rockville Centre Roslyn Heights Valley Stream Woodbury Bay Ridge Cobble Hill MANHATTAN 232 Madison Avenue QUEENS Astoria Bay Terrace College Point Howard Beach Whitestone Babylon Bohemia East Hampton East Islip East Setauket Hauppauge Huntington Lindenhurst Melville Northport Patchogue Port Jefferson Station Riverhead Sayville Smithtown Southampton Corporate 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 https://continentalstock.com 

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