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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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