First of Long Island Corp. reported earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported income before income taxes of $5,072,000 and net income of $3,905,000 or $0.53 per diluted share on net interest income of $12,252,000 compared to income before income taxes of $5,018,000 and net income of $3,568,000 or $0.49 per diluted share on net interest income of $11,045,000 for the same period a year ago. For the first nine months of 2009, the company reported income before income taxes of $14,469,000 and net income of $11,241,000 or $1.54 per diluted share on net interest income of $34,864,000 compared to income before income taxes of $14,469,000 and net income of $9,732,000 or $1.33 per diluted share on net interest income of $31,177,000 for the same period a year ago. Excluding the FDIC special assessment discussed hereinafter, the increase in earnings for the first nine months of 2009 was 26 cents per share or 20%. Returns on average assets and equity were 1.11% and 13.88%, respectively, as compared to 1.12% and 12.98% for the same period last year, respectively. The increase in earnings in 2009 is largely attributable to loan growth. Also contributing to the earnings increase was the sale of approximately $43 million of available-for-sale securities at a gain of $1,264,000. Other positive factors with respect to the increase in earnings are a $251,000 decrease in the provision for loan losses and a decrease in the Corporation's effective income tax rate. Also negatively impacting earnings are lower market interest rates and a resulting decline in the overall yield earned by the Corporation on interest-earning assets.

First of Long Island Corp. announced the declaration of a third quarter cash dividend in the amount of 20 cents per share. This represents an 11% increase over the dividend of 18 cents per share paid in the second quarter of this year. The dividend will be paid on October 9, 2009 to shareholders of record on October 2, 2009.

On August 17, 2009, the Board of Directors of First of Long Island Corp. amended Article II, Section 2, and Article III, Section 6, of the its bylaws to provide that the annual meeting of shareholders will be held on the third Tuesday of April and, effective January 1, 2010, the regular meetings of the Board of Directors will be held on the third Tuesday of every month except March and July. Prior to the effectiveness of these amendments, the annual meeting of shareholders was held on the third Monday of April and the regular meetings of the Board of Directors were held on the third Monday of every month except March and July when there were no meetings. Following are the amendments: Section 1. Place and Time of Meetings. Meetings of the shareholders may be held at any place, within or without the State of New York, designated by the Board of Directors and, in the absence of such designation, shall be held at the office of the corporation in the State of New York. The Board of Directors shall designate the time of day for each meeting and, in the absence of such designation, every meeting of shareholders shall be held at three-thirty o'clock p.m.; Section 2. Annual Meetings. (a) Unless otherwise designated by the Board of Directors, the annual meeting of the shareholders shall be held on the third Tuesday of April of each year; provided, however, that the interval between two consecutive annual meetings shall not be more than thirteen (13) months nor less than ten (10) months. (b) At the annual meeting the shareholders, voting as provided in the Certificate of Incorporation, shall elect directors, and shall transact such other business as may properly come before them.; Section 6. Regular Meetings. The regular meetings of the Board of Directors will be held, without notice, on the third Tuesday of every month, effective January 1, 2010, with the exception of March and July, at the office of the corporation at 10 Glen Head Road, Glen Head, New York, or at such other time and place as the Board of Directors may direct. When any regular meeting of the Board falls upon a holiday, the meeting shall be held on the next banking business day unless the Board shall designate some other day.