United States

Profile: First of Long Island Corp (FLIC.A)

FLIC.A on American Stock Exchange

22 Mar 2018
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The First of Long Island Corporation, incorporated on February 8, 1984, is a one-bank holding company. The Company provides financial services through its subsidiary, The First National Bank of Long Island (the Bank). Its services include account reconciliation services, bank by mail, personal money orders, bill payment, remote deposit, cash management services, safe deposit boxes, collection services securities transactions, controlled disbursement accounts, signature guarantee services, drive-through banking, merchant credit card services, and investment management and trust services. The Bank serves the financial needs of privately owned businesses, professionals, consumers, public bodies and other organizations in Nassau and Suffolk Counties, Long Island, New York.

The Bank's loan portfolio consists of loans to borrowers on Long Island and in the boroughs of New York City, and its real estate loans are secured by properties located in those areas. The Bank's investment securities portfolio consists of direct obligations of the United States Government and its agencies and other obligations of states and political subdivisions. The Bank has an Investment Management Division that provides investment management, pension trust, personal trust, estate and custody services. Additionally, the Bank has two commercial banking branches in Manhattan.

The Bank's loan portfolio comprises loans to small and medium-sized privately owned businesses, professionals and consumers on Long Island and in the boroughs of New York City. The Bank offers a range of lending services, including commercial and residential mortgage loans, home equity lines, commercial and industrial loans, small business credit scored loans, construction and land development loans, consumer loans, and commercial and standby letters of credit. The Bank makes both fixed and variable rate loans. Variable rate loans are primarily tied to and re-price with changes in the prime interest rate of the Bank. Commercial and industrial loans include short-term business loans and lines of credit; term and installment loans, and loans secured by marketable securities, the cash surrender value of life insurance policies, deposit accounts or general business assets. The Bank makes residential and commercial mortgage loans and establishes home equity lines of credit. The Bank makes loans to finance the construction of both residential and commercial properties. The Bank makes auto loans, home improvement loans and other consumer loans, establishes revolving overdraft lines of credit and issues VISA credit cards.

As of December 31, 2016, there were no holdings of securities of any one issuer, other than the United States Government and its agencies, in an amount greater than 10% of stockholders' equity. The investment securities are classified as held-to-maturity and available-for-sale or trading. The Bank has not engaged in the purchase and sale of securities for the purpose of producing trading profits and its investment policy does not allow such activity. Its securities under held-to-maturity and available-for-sale include state and municipals, pass-through mortgage securities and collateralized mortgage obligations.

The Company's primary sources of cash are deposits, maturities and amortization of loans and investment securities, operations and borrowings. The Bank offers checking and interest-bearing deposit products. In addition to business and small business checking, the Bank has various personal checking products that differ in minimum balance requirements, monthly maintenance fees, and per check charges, if any. The interest-bearing deposit products, which have a range of interest rates and terms, consist of checking accounts, which include negotiable order of withdrawal (NOW) accounts, escrow service accounts, rent security accounts, a range of personal and non-personal money market accounts, a range of personal and non-personal savings products, time deposits, holiday club accounts, and a range of individual retirement accounts. The Bank relies primarily on customer service, calling programs, lending relationships, referral sources, competitive pricing and advertising.

The Bank has two owned subsidiaries: The First of Long Island Agency, Inc. (Agency) and FNY Service Corp. The First of Long Island Agency, Inc. (Agency) is a licensed insurance agency. FNY Service Corp. is an investment company. The Bank and FNY Service Corp. jointly own another subsidiary, The First of Long Island REIT, Inc. (REIT), which is a real estate investment trust.

Company Address

First of Long Island Corp

10 Glen Head Rd
GLEN HEAD   NY   11545-1411
P: +1516.6714900
F: +1516.6767900

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