The First Of Long Island Corporation Announces Increase In Earnings For The Nine And Three Month Periods Ended September 30, 2010

The credit quality of the Bank's loan portfolio remains excellent as evidenced by, among other things, a very low level of delinquent loans. Total delinquent loans amounted to $3.1 million at September 30, 2010, comprised of loans past due 30 to 89 days of $1.2 million and nonaccrual loans of $1.9 million. The credit quality of the Bank's securities portfolio also remains excellent. All of the Bank's mortgage securities are backed by mortgages underwritten on conventional terms, and almost all of these securities are full faith and credit obligations of the U.S. government. The remainder of the Bank's securities portfolio consists principally of municipal securities rated A or better by major rating agencies.

 Key strategic initiatives to improve the Bank's earnings prospects will continue to include loan growth and expansion of the Bank's branch distribution system both on Long Island and in New York City. Thus far this year, the Bank opened four full service branches on Long Island in the towns of Sea Cliff, Cold Spring Harbor, East Meadow and Bellmore. In 2011, the Bank plans to open full service branches in Point Lookout and Massapequa, Long Island.

BALANCE SHEET INFORMATION
	9/30/10	12/31/09
	(in thousands)
Total Assets	$ 1,685,421	$ 1,675,169
Loans:
Commercial and industrial	40,088	48,891
Secured by real estate:
Commercial mortgages	412,961	409,681
Residential mortgages	314,228	248,888
Home equity	104,688	109,010
Construction and land development	--	3,050
Other	7,125	5,763
	879,090	825,283
Net deferred loan origination costs	2,594	2,383
	881,684	827,666
Allowance for loan losses	(12,450)	(10,346)
	869,234	817,320
Investment Securities:
U.S. government agencies	5,295	5,008
State and municipals	269,520	212,388
Pass-through mortgage securities	98,097	143,304
Collateralized mortgage obligations	355,782	407,073
	728,694	767,773
Deposits:
Checking	369,180	333,853
Savings and money market	663,219	634,913
Time, $100,000 and over	190,418	216,999
Time, other	85,058	91,785
	1,307,875	1,277,550
Borrowed Funds	196,262	273,407
Stockholders' Equity	166,656	116,462

INCOME STATEMENT INFORMATION
	Nine Months Ended		Three Months Ended
	9/30/10	9/30/09	9/30/10	9/30/09
	(dollars in thousands, except per share data)
Net Interest Income	$ 41,457	$ 34,864	$ 14,039	$ 12,252
Provision For Loan Losses	2,423	636	825	530
Net Interest Income After Loan Loss Provision	39,034	34,228	13,214	11,722
Gains on Sales of Securities	1,719	1,264	--	317
Other Noninterest Income	4,955	4,712	1,793	1,561
Noninterest Expense	26,877	25,735	8,945	8,528
Income Before Income Taxes	18,831	14,469	6,062	5,072
Income Tax Expense	4,503	3,228	1,357	1,167
Net Income	$ 14,328	$ 11,241	$ 4,705	$ 3,905
Earnings Per Share:
Basic	$1.88	$1.56	$.56	$.54
Diluted	$1.85	$1.54	$.55	$.53
Cash Dividends Declared Per Share	$.62	$.56	$.22	$.20
ROA	1.17%	1.11%	1.13%	1.06%
ROE	14.29%	13.88%	11.83%	13.93%
Net Interest Margin	3.86%	3.93%	3.87%	3.79%

ASSET QUALITY INFORMATION
	9/30/10	12/31/09
	(dollars in thousands)
Past Due Loans:
Past due 30 through 89 days and still accruing	$ 1,215	$ 2,057
Past due 90 days or more and still accruing	--	--
Nonaccrual loans	1,930	432
Troubled debt restructurings	2,603	200
Foreclosed real estate	--	--
	$ 5,748	$ 2,689
Allowance for Loan Losses:
Amount	$ 12,450	$ 10,346
Percentage of total loans	1.41%	1.25%
Multiple of nonperforming loans	6.5	23.9

This earnings release contains various "forward-looking statements" within the meaning of that term as set forth in Rule 175 of the Securities Act of 1933 and Rule 3b-6 of the Securities Exchange Act of 1934. Such statements are generally contained in sentences including the words "may", "expect", "could", "should", "would" or "believe." The Corporation cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, and therefore actual results could differ materially from those contemplated by the forward-looking statements. In addition, the Corporation assumes no duty to update forward-looking statements.

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