On this page of StockholderLetter.com we present the latest annual shareholder letter from FIRST OF LONG ISLAND CORP — ticker symbol FLIC. Reading current and past FLIC letters to shareholders can bring important insights into the investment thesis.

 •  3/8/2024 Letter Continued (Full PDF)
 •  3/9/2023 FLIC Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  FLIC Benford's Law Stock Score = 82

FLIC Shareholder/Stockholder Letter Transcript:

Great Relationships
Strong Fundamentals
2023 Annual Report

Selected Financial Data
(dollars in thousands, except per share data)
Income Statement Data
Interest Income
2023

155,483
2022

134,210
2021

122,959
2020

131,216
2019

143,850
Interest Expense
68,618
18,497
16,152
29,188
43,681
Net Interest Income
86,865
115,713
106,807
102,028
100,169
2,331
(2,573)
3,006
33
46,932
43,089
41,203
41,555
Provision (Credit) for Credit Losses
(326)
Net Income
26,239
Per Share Data
Basic Earnings

1.16

2.05

1.82

1.73

1.68
Diluted Earnings
1.16
2.04
1.81
1.72
1.67
Cash Dividends Declared
0.84
0.82
0.78
0.74
0.70
72.41%
40.20%
43.09%
43.02%
41.92%
Dividend Payout Ratio
Book Value

16.83

16.24

17.81

17.11

16.26
$ 4,235,900

4,281,511
$ 4,068,789
$ 4,069,141
$ 4,097,843
3,248,064
3,311,733
3,105,036
3,033,454
3,188,249
28,992
31,432
29,831
33,037
29,289
3,270,986
3,464,634
3,315,245
3,321,588
3,144,016
Borrowed Funds
542,500
411,000
311,322
306,097
528,182
6WRFNKROGHUV   (TXLW\
380,146
364,536
413,812
407,118
389,108
$ 4,235,989
$ 4,247,052
$ 4,151,577
$ 4,140,867
$ 4,194,355
3,260,903
3,276,589
2,976,061
3,110,512
3,217,530
30,291
30,604
31,300
33,180
30,080
3,431,990
3,536,709
3,425,976
3,257,317
3,276,699
Borrowed Funds
397,928
289,584
281,191
457,939
494,785
6WRFNKROGHUV   (TXLW\
367,496
386,839
416,885
393,662
391,613
Balance Sheet Data at Year End
Total Assets
Loans
Allowance for Credit Losses
Deposits
Average Balance Sheet Data
Total Assets
Loans
Allowance for Credit Losses
Deposits
Financial Ratios
Return on Average Assets (ROA)
0.62%
1.11%
1.04%
1.00%
0.99%
5HWXUQ RQ $YHUDJH (TXLW\  52(
7.14%
12.13%
10.34%
10.47%
10.61%
$YHUDJH (TXLW\ WR $YHUDJH $VVHWV
8.68%
9.11%
10.04%
9.51%
9.34%

vested
dividualized
dispensible
First National Bank LI works on a mission of continually doing the
right thing to help our customers, employees and shareholders
succeed while being socially accountable to the communities
^L ZLY]L  ( [Y\L   UHUJPHS WHY[ULY   5 PZ JVTTP[[LK [V THRPUN 
a meaningful impact on these stakeholders through our ethical
PU[LU[ HUK Z[YVUN I\ZPULZZ WYHJ[PJLZ  >L ILSPL]L [OLZL L  VY[Z 
create long-term, sustainable value for our shareholders, clients,
employees and communities.
About Us
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 our branch network branded as First National Bank
LI, the Bank focuses on business and consumer bank 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.     
communicates the benefits of relationship service and our employees   
commitment to helping customers reach their financial goals. For more
information about the Bank and Corporation visit fnbli.com.
2023 Annual Report
1

Fellow Shareholders
The events and conditions of 2023 necessitated a focus on liquidity, capital and asset
quality industrywide, and I   m happy to report that our Company is well-positioned in
these areas. An inverted yield curve, as the one experienced throughout 2023, resulting
from the Fed moving short-term rates up to the mid 5   s is unusual and largely unkind to
the banking industry   s net interest margins. The shape of the curve in 2023 combined
with The First National Bank of Long Island   s liability-sensitive Balance Sheet resulted in
a 74-basis point drop in our net interest margin to 2.16% in 2023 from 2.89% in 2022.
Net income and fully diluted earnings per share for 2023 totaled $26.2 million and $1.16, respectively. The
Company   s return on average assets (ROA) was 0.62% and its return on average equity (ROE) was 7.14%. Owing
primarily to the aforementioned margin compression, the metrics for 2023 did not match up to the record
2
First of Long Island Corporation

dispensible
business partner
letter. The good news is that inverted yield curves
historically last approximately eighteen months. With
interest rates beyond our control, we remain focused
on our primary strategic initiatives as follows:
   Our leadership team is focused on business
growth through efficiency...   
    Recruit bankers that build relationship business.
net income and fully diluted earnings per share
    Optimize the current and prospective
performance the Bank produced in 2022 of $46.9
    Structure the Balance Sheet to optimize
financial performance.
branch network.
million and $2.04, respectively. In 2022, ROA was 1.11%
    Improve the quality and utilization of technology.
and ROE was 12.13%. Noninterest expenses were
    Improve the Company   s name recognition and
managed carefully and were 4.4% lower in 2023
totaling $64.1 million compared to $67.0 million in 2022.
Interest rates and the slope of the yield curve will
eventually change. A historically normal upwardshaped yield curve is expected to benefit the Bank
and allow our performance metrics to return to
historical norms. The yield curve inversion between
the two-year and ten-year Treasuries started in July
2022 and remains so through the drafting of this
community standing.
    Attract, retain and motivate employees that
support our objectives.
With that in mind, during 2023 we added deposit
gathering bankers in several markets and celebrated
the relocation of three legacy branches. Our branch
optimization plan has resulted in the closing of 15
branches since 2020, which has reduced annual
operating expenses by approximately $5 million. To
expand our reach on Long Island, we successfully
opened three branches on the East End over the
same period with those branches attracting $119
million in new deposit relationships of which 41% is
in noninterest-bearing checking accounts as of yearend 2023. We plan to open a branch on Long Island   s
North Fork in Southold during the second quarter
of 2024, which will complete our initial expansion
plan on the East End. Our leadership team is focused
1N celebrated the ribbon cutting of three Branch relocations
in Bohemia, Hauppauge and Port Jefferson. The new locations
offer an improved customer experience through the upgrade
or addition of 24-hour ATMs, drive-ups (where applicable) and
expanded on-site parking.
on business growth through efficiency     providing
the right number of branches, in the right locations,
with the right people to best serve our clients,
communities and shareholders.
2023 Annual Report
3



 3/8/2024 Letter Continued (Full PDF)