UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

 (Mark One)      Quarterly Report Pursuant to Section 13 or 15(d) of
     _X_               the Securities Exchange Act of 1934
                  For the quarterly period ended March 31, 2002
                                         OR
     _ _     Transition Report Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934
              For the transition period from ______ to _______

                       Commission File No.:     0-29826
                                            --------------

                             LONG ISLAND FINANCIAL CORP.
                             ---------------------------
               (Exact name of registrant as specified in its charter)

                  Delaware                               11-3453684
                  --------                               ----------
      (State or other jurisdiction of      (I.R.S. Employer Identification No.)
      incorporation or organization)

  One Suffolk Square, Islandia, New York                  11749
  --------------------------------------                  -----
 (Address of Principal Executive Offices)               (Zip Code)

                                 (631) 348-0888
                                 --------------
              (Registrant's telephone number, including area code)



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days; Yes (X) No ( )

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest practicable date.

The  registrant had 1,446,226  shares of Common Stock  outstanding as of May 10,
2002.




<PAGE>


xxii






                                    Form 10-Q
                           LONG ISLAND FINANCIAL CORP.

                                      INDEX
                                                                      Page
PART I - FINANCIAL INFORMATION                                       Number

ITEM 1. Consolidated Financial Statements - Unaudited
        Consolidated Balance Sheets at March 31, 2002
              and December 31, 2001                                     2
        Consolidated Statements of Earnings for the Three Months
        Ended March 31, 2002 and 2001                                   3
        Consolidated Statement of Changes in Stockholders' Equity
              for the Three Months Ended March 31, 2002                 4
        Consolidated Statements of Cash Flows for the Three Months
              Ended March 31, 2002 and 2001                             5
        Notes to Consolidated Financial Statements                      7
ITEM 2. Management's Discussion and Analysis of Financial
              Condition and Results of Operations                       9
ITEM 3. Quantitative and Qualitative Disclosures About Market Risk     16

PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings                                              18
ITEM 2. Changes in Securities and Use of Proceeds                      18
ITEM 3. Defaults Upon Senior Securities                                18
ITEM 4. Submission of Matters to a Vote of Security Holders            18
ITEM 5. Other Information                                              18
ITEM 6. Exhibits and Reports on Form 8-K                               18
        Signatures                                                     19



===============================================================================
Statements  contained in this Form 10-Q,  which are not  historical  facts,  are
forward-looking  statements,  as that term is defined in the Private  Securities
Litigation  Reform Act of 1995. Such  forward-looking  statements are subject to
risks and  uncertainties,  which could cause actual results to differ materially
from those projected.  Such risks and uncertainties include potential changes in
interest rates, competitive factors in the financial services industry,  general
economic conditions, the effect of new legislation,  and other risks detailed in
documents filed by the Company with the Securities and Exchange  Commission from
time to time.
===============================================================================

                                       1
<PAGE>
<TABLE>
<CAPTION>


PART I - FINANCIAL INFORMATION

Item 1.       Consolidated Financial Statements

                           LONG ISLAND FINANCIAL CORP.
                           Consolidated Balance Sheets
                        (In thousands, except share data)
                                                                                                        March 31,      December 31,
                                                                                                          2002             2001
                                                                                                          ----             ----
<S>                                                                                                        <C>                <C>
                                                                                                                (Unaudited)
                                                                                                                 ---------
Assets:
Cash and due from banks.......................................................................         $  12,153          $  30,347
Interest earning deposits ....................................................................                28                279
              Total cash and cash equivalents ................................................            12,181             30,626
                                                                                                          ------             ------
Securities held-to-maturity (fair value $13,003 and $12,937, respectively) ...................            12,451             12,457
Securities available-for-sale, at fair value .................................................           147,876            201,967
Federal Home Loan Bank stock, at cost ........................................................             3,475              2,858
Loans, net of unearned income and deferred fees ..............................................           187,321            178,797
Less allowance for loan losses ...............................................................            (2,103)            (2,028)
                                                                                                          ------             ------
              Loans, net .....................................................................           185,218            176,769
Premises and equipment, net ..................................................................             3,172              2,929
Accrued interest receivable ..................................................................             2,421              2,121
Bank owned life insurance ....................................................................             6,576              6,495
Prepaid expenses and other assets ............................................................             1,963              2,168
                                                                                                           -----              -----
              Total assets....................................................................         $ 375,333          $ 438,390
                                                                                                         =======            =======

Liabilities and Stockholders' Equity:
Deposits:
    Demand deposits ..........................................................................         $  62,166          $  61,502
    Savings deposits .........................................................................            46,794             43,032
    NOW and money market deposits ............................................................            40,509            111,058
    Time certificates issued in excess of $100,000 ...........................................            34,131             35,861
    Other time deposits ......................................................................            90,249             94,464
                                                                                                          ------             ------
              Total deposits .................................................................           273,849            345,917
Federal funds purchased and securities sold under agreements
    to repurchase ............................................................................            12,800              4,500
Other borrowings .............................................................................            55,000             55,000
Accrued expenses and other liabilities .......................................................             3,998              4,346
                                                                                                           -----              -----
              Total liabilities ..............................................................           345,647            409,763
                                                                                                         -------            -------
Guaranteed preferred beneficial interest in junior subordinated
    debentures
                                                                                                           7,500              7,500
Stockholders' equity:
    Common stock (par value $.01 per share; 10,000,000 shares, authorized;
    1,783,126 and 1,776,826 shares issued respectively;
    1,446,226 and 1,439,926 outstanding, respectively) .......................................                18                 18
    Surplus ..................................................................................            20,281             20,191
    Accumulated surplus ......................................................................             5,911              5,323
    Accumulated other comprehensive income (loss) ............................................               154               (227)
    Treasury stock, at cost, (336,900 shares in 2002 and 2001) ...............................            (4,178)            (4,178)
                                                                                                          ------             ------
              Total stockholders' equity .....................................................            22,186             21,127
                                                                                                          ------             ------
    Total liabilities and stockholders' equity ...............................................         $ 375,333          $ 438,390
                                                                                                         =======            =======

</TABLE>


See accompanying notes to consolidated financial statements


                                       2
<PAGE>



                           LONG ISLAND FINANCIAL CORP.
                       Consolidated Statements of Earnings
                                   (Unaudited)
                        (In thousands, except share data)

                                                           For the Three Months
                                                              Ended March 31,
                                                            2002          2001
                                                            ----          ----
Interest income:
     Loans ........................................       $ 3,412       $ 3,029
     Securities ...................................         2,329         2,755
     Federal funds sold ...........................            27           250
     Earning deposits .............................             2             4
                                                                -             -
         Total interest income ....................         5,770         6,038
                                                            -----         -----

Interest expense:
     Savings deposits .............................           153           283
     NOW and money market deposits ................           192           387
     Time certificates issued in excess of $100,000           227           649
     Other time deposits ..........................         1,082         1,293
     Borrowed funds ...............................           665           533
                                                              ---           ---
         Total interest expense ...................         2,319         3,145
                                                            -----         -----

         Net interest income ......................         3,451         2,893
                                                            -----         -----
Provision for loan losses .........................            90             -
                                                               --             -
         Net interest income after provision
         for loan losses ..........................         3,361         2,893
                                                            -----         -----

Other operating income:
     Service charges on deposit accounts ..........           419           259
     Net loss on sale of securities ...............            --           (53)
     Earnings on bank owned life insurance ........            96            89
     Net gain on sale of residential loans ........           163            66
     Other ........................................           119            69
                                                              ---            --
         Total other operating income .............           797           430
                                                              ---           ---

Other operating expenses:
     Salaries and employee benefits ...............         1,449         1,164
     Occupancy expense ............................           214           176
     Premises and equipment expense ...............           290           216
     Capital securities ...........................           199           199
     Other ........................................           913           740
                                                              ---           ---
         Total other operating expenses ...........         3,065         2,495
                                                            -----         -----

         Income before income taxes ...............         1,093           828
                                                            -----           ---

Income taxes ......................................           375           283
                                                              ---           ---

         Net income ...............................       $   718       $   545
                                                      ===========   ===========

Basic earnings per share ..........................       $   .50       $   .37
                                                      ===========   ===========
Diluted earnings per share ........................       $   .49       $   .37
                                                      ===========   ===========
Weighted average basic shares outstanding .........     1,440,405     1,478,537
                                                      ===========   ===========
Weighted average diluted shares outstanding .......     1,472,264     1,492,107
                                                      ===========   ===========

See accompanying notes to consolidated financial statements.



                                       3
<PAGE>

<TABLE>
<CAPTION>


                           LONG ISLAND FINANCIAL CORP.
                             Consolidated Statement of Changes in Stockholders' Equity
                    For the Three Months Ended March 31, 2002
                                   (Unaudited)
                        (In thousands, except share data)
                                                                                                 Accumulated
                                                                                                    Other
                                                              Common               Accumulated  Comprehensive   Treasury
                                                               Stock     Surplus      Surplus    (Loss)/Income   Stock        Total

<S>                                                            <C>          <C>          <C>           <C>        <C>          <C>
Balance at December 31, 2001 ...........................     $    18      20,191       5,323         (227)      (4,178)      21,127

Comprehensive income:
     Net income ........................................        --          --           718         --           --            718
         Other comprehensive income,
               net of tax:
         Unrealized gain in available-
              for-sale securities, net of
              reclassification adjustment ..............        --          --          --            381         --            381
                                                                                                                                ---

Total comprehensive income .............................        --          --          --           --           --          1,099

Exercise of stock options and related
     tax benefit (6,300 shares) ........................        --            90        --           --           --             90

Dividends declared ($.09 per common share) .............        --          --          (130)        --           --           (130)
                                                               ----        ----         ----        ----         ----          ----

Balance at March 31, 2002 ..............................     $    18      20,281       5,911          154       (4,178)      22,186
                                                             =======      ======       =====          ===       ======       ======

</TABLE>





See accompanying notes to consolidated financial statements.


                                       4
<PAGE>





<TABLE>
<CAPTION>

                           LONG ISLAND FINANCIAL CORP.
                      Consolidated Statements of Cash Flows
                                   (Unaudited)
                                 (In thousands)
                                                                                                            For the Three Months
                                                                                                               Ended March 31,
                                                                                                          2002                2001
                                                                                                          ----                ----
<S>                                                                                                  <C>                  <C>
Cash flows from operating activities:
     Net income ..........................................................................          $      718           $      545
     Adjustments to reconcile net income to net cash
         provided by operating activities:
              Provision for loan losses ..................................................                  90                 --
              Depreciation and amortization ..............................................                 222                  163
              Amortization of premiums, net of discount accretion ........................                 328                 (644)
              Net loss on sale of securities .............................................                --                     53
              Loans originated for sale, net of proceeds
                  from sales and gains ...................................................                 716                 (135)
              Net deferred loan origination fees .........................................                  57                    7
              Earnings on bank owned life insurance ......................................                 (96)                 (89)
              Deferred income taxes ......................................................                 (44)                 (10)
              Changes in other assets and liabilities
                  Accrued interest receivable ............................................                (300)                (280)
                  Prepaid expenses and other assets ......................................                  47                  137
                  Accrued expenses and other liabilities .................................                (348)                 363
                                                                                                          ----                  ---
         Net cash provided by operating activities .......................................               1,390                  110
                                                                                                         -----                  ---

Cash flows from investing activities:
     Purchases of securities held-to-maturity, available-for-sale ........................            (304,368)            (544,773)
     Net purchase of Federal Home Loan Bank stock ........................................                (617)                --
     Proceeds from the sale of securities available-for-sale .............................                --                 25,470
     Proceeds from maturities of securities ..............................................             347,125              544,999
     Principal repayments on securities ..................................................              11,610                3,697
     Loan originations net of principal repayments .......................................              (9,312)             (11,739)
     Purchase of premises and equipment ..................................................                (465)                (213)
                                                                                                          ----                 ----
         Net cash provided by investing activities .......................................              43,973               17,441
                                                                                                        ------               ------

Cash flows from financing activities:
     Net decrease in demand deposit, savings, NOW,
         and money market accounts .......................................................             (66,123)             (39,270)
     Net (decrease) increase in certificates of deposit ..................................              (5,945)              22,139
     Net increase in federal funds purchased and securities sold
         under agreement to repurchase ...................................................               8,300                 --
     Net increase in other borrowings ....................................................                --                 14,000
     Exercise of stock options ...........................................................                  90                 --
     Payments of cash dividends ..........................................................                (130)                (118)
     Purchase of treasury stock ..........................................................                --                   (216)
                                                                                                          ----                 ----
         Net cash used in financing activities ...........................................             (63,808)              (3,465)
                                                                                                       -------               ------

         Net (decrease) increase in cash and cash equivalents ............................             (18,445)              14,086

Cash and cash equivalents at beginning of period .........................................              30,626               16,208
                                                                                                        ------               ------
Cash and cash equivalents at end of period ...............................................          $   12,181           $   30,294
                                                                                                     =========            =========

                                                                                                        (Continued)
</TABLE>



                                       5
<PAGE>


<TABLE>
<CAPTION>


                           LONG ISLAND FINANCIAL CORP.
                      Consolidated Statements of Cash Flows
                                   (Unaudited)
                                 (In thousands)

                                                                                                            For the Three Months
                                                                                                               Ended March 31,
                                                                                                          2002                2001

Supplemental disclosure of cash flow information

<S>                                                                                               <C>                          <C>
Cash paid during the period for:
     Interest ....................................................................                      $ 2,785              $ 2,693
                                                                                                        =======              =======

     Income taxes ................................................................                      $    32              $  --
                                                                                                        =======              ======

</TABLE>


See accompanying notes to consolidated financial statements.






                                       6
<PAGE>




                           LONG ISLAND FINANCIAL CORP.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


1.       BASIS OF PRESENTATION

The  accompanying   unaudited  consolidated  financial  statements  include  the
accounts of Long Island  Financial Corp.  (the  "Company") and its  wholly-owned
subsidiaries.  All significant  intercompany accounts and transactions have been
eliminated in consolidation.

The accompanying  unaudited  consolidated  financial  statements included herein
reflect  all  normal  recurring   adjustments  which  are,  in  the  opinion  of
management,  necessary  for a fair  presentation  of the results for the interim
periods  presented.  The results of operations for the three-month  period ended
March 31, 2002 are not necessarily  indicative of the results of operations that
may be  expected  for the  entire  fiscal  year.  Certain  information  and note
disclosures  normally  included in financial  statements  prepared in accordance
with accounting  principles  generally  accepted in the United States of America
have been  condensed  or omitted  pursuant to the rules and  regulations  of the
Securities and Exchange Commission.  Certain reclassifications have been made to
prior year amounts to conform to the current year presentation.

These unaudited  consolidated financial statements should be read in conjunction
with the audited consolidated  financial statements and notes thereto,  included
in the Company's 2001 Annual Report on Form 10-K.




2.       SECURITIES

The following table sets forth certain information  regarding amortized cost and
estimated fair values of the securities  held-to-maturity and available-for-sale
as of the dates indicated:
<TABLE>
<CAPTION>

                                                                 March 31, 2002             December 31, 2001
                                                                 --------------             -----------------
                                                             Amortized        Fair        Amortized       Fair
                                                               Cost           Value         Cost          Value
                                                          --------------  --------------------------- -------------
                                                                                (In thousands)
<S>                                                     <C>                  <C>           <C>            <C>
    Held-to-maturity:
    Corporate debt                                          $  12,451        13,003     $  12,457         12,937
                                                               ------        ------        ------         ------
         Total held-to-maturity                             $  12,451        13,003     $  12,457         12,937
                                                               ======        ======        ======         ======

    Available-for-sale:
    U.S. Government and Agency Obligations                  $  36,933        36,576     $  89,930         89,732
    Mortgage-backed securities:
       GNMA                                                    79,921        80,264        85,171         85,021
       FHLMC                                                    9,435         9,372         4,402          4,304
       FNMA                                                    19,330        19,661        20,803         20,918
    Corporate debt                                              2,016         2,003         2,017          1,992
                                                                -----         -----         -----          -----
        Total securities available-for-sale                 $ 147,635       147,876     $ 202,323        201,967
                                                              =======       =======       =======        =======
</TABLE>


                                       7
<PAGE>

<TABLE>
<CAPTION>

3.       LOANS, NET

Loans, net, are summarized as follows:

                                                           March 31, 2002                December 31, 2001
                                                           --------------                -----------------
                                                                       (Dollars in thousands)

<S>                                                  <C>             <C>             <C>             <C>
       Commercial and industrial loans                 $  45,622     23.9 %           $  43,972      24.2 %
       Commercial real estate loans                      120,972     63.5               116,646      64.2
       Automobile loans                                   21,982     11.5                18,300      10.1
       Consumer loans                                      1,238       .4                 1,312        .7
       Residential real estate loans held-for-sale           756       .7                 1,472        .8
                                                             ---       --                 -----        --
                                                         190,570    100.0 %             181,702     100.0 %
       Less:
         Unearned income                                   2,545                          2,258
         Deferred fees, net                                  704                            647
         Allowance for loan losses                         2,103                          2,028
                                                           -----                          -----
                                                       $ 185,218                      $ 176,769
                                                         =======                        =======
</TABLE>

4.       RECENT DEVELOPMENTS

On February 27, 2002 the Board of Directors of the Company  declared a quarterly
dividend of nine cents ($0.09) per common share.  The dividend was paid on April
1, 2002, to shareholders of record as of March 22, 2002.

5.       RECENT ACCOUNTING PRONOUNCEMENTS

In  October  2001,  the  Financial  Accounting  Standards  Board  (FASB)  issued
Statement of Financial  Accounting Standards (SFAS) No. 144, "Accounting for the
Impairment  or Disposal of  Long-Lived  Assets,"  which  replaced  SFAS No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to
Be Disposed Of." SFAS No. 144 established a single  accounting  model,  based on
the framework  established in SFAS No. 121, for long-lived assets to be disposed
of by sale. SFAS No. 144 also resolved significant implementation issues related
to SFAS No. 121. The  provisions  of SFAS No. 144 are  effective  for  financial
statements  issued for fiscal years beginning after December 15, 2001. There was
no  impact  on  the  Company's   consolidated  balance  sheets  or  consolidated
statements of earnings upon adoption of SFAS No. 144 on January 1, 2002.

In July 2001,  the FASB  issued  SFAS No. 142,  "Goodwill  and Other  Intangible
Assets,"  which  requires that goodwill and  intangible  assets with  indefinite
useful lives no longer be  amortized,  but instead be tested for  impairment  at
least  annually in  accordance  with the provision of SFAS No. 142. SFAS No. 142
also  requires  that other  intangible  assets with  estimable  useful  lives be
amortized  over  their  respective  estimated  useful  lives to their  estimated
residual  values.  Amortizing  intangible  assets  must  also  be  reviewed  for
impairment.  SFAS No. 142 is applicable to fiscal years beginning after December
15, 2001 and is required to be applied at the  beginning of the entities  fiscal
year.  There was no  impact  on the  Company's  balance  sheets or  consolidated
statements of earnings upon adoption of SFAS No. 142, on January 1, 2002.



                                       8
<PAGE>



Item 2.         Management's Discussion and Analysis
                of Financial Condition and Results of Operations

General

The  principal  business of Long Island  Financial  Corp.,  a financial  holding
company, currently consists of the operation of a wholly-owned subsidiary,  Long
Island   Commercial   Bank.   Long  Island   Commercial   Bank  is  a  New  York
state-chartered commercial bank, founded in 1989, which is engaged in commercial
banking in Islandia,  New York,  and in  surrounding  communities in Suffolk and
Nassau  counties.  The Bank  offers a broad  range of  commercial  and  consumer
banking  services,  including  loans  to and  deposit  accounts  for  small  and
medium-sized   businesses,   professionals,   high  net  worth  individuals  and
consumers. The Bank is an independent local bank, emphasizing personal attention
and responsiveness to the needs of its customers.

Financial Condition

The Company's total assets were $375.3 million as of March 31, 2002, compared to
$438.4 million at December 31, 2001.  The decrease in cash and cash  equivalents
of $18.4 million, or 60.2%, was attributable to a decrease in seasonal municipal
balances on deposit at  December  31, 2001 that were not on deposit on March 31,
2002.  Loans, net of unearned income and deferred fees,  increased $8.5 million,
or 4.8%,  from $178.8  million at December 31, 2001, to $187.3  million at March
31, 2002,  reflecting  increases in commercial and  industrial,  commercial real
estate,  and automobile  loans.  Securities  available-for-sale  decreased $54.1
million,  or 26.8%, as proceeds from the maturing short term U.S. Government and
agency  obligations  purchased  in December  2001 were used to pay the  maturing
seasonal  municipal  deposits.  Prepaid  expenses  and  other  assets  decreased
$205,000,  or 9.5%,  from $2.2 million at December 31, 2001,  to $2.0 million at
March 31, 2002,  primarily due to the decrease in the deferred tax asset, which,
in turn, was directly related to the change in accumulated  other  comprehensive
income (loss) during the period.

Total  deposits  decreased  $72.1  million,  or 20.8%,  from  $345.9  million at
December 31, 2001 to $273.8  million at March 31, 2002,  primarily  reflecting a
decrease in NOW and money market deposits.  The decrease in NOW and money market
deposits of $70.5 million, or 63.5%, from $111.1 million at December 31, 2001 to
$40.5  million at March 31,  2002,  is  attributable  to the timing of  seasonal
municipal deposits on deposit at December 31, 2001, which were not on deposit at
March 31,  2002.  In  addition,  time  deposits  issued  in excess of  $100,000,
declined $1.7 million,  or 4.8%, and other time deposits  declined $4.2 million,
or 4.5%.  The  effects of those  declines  were offset in part by an increase in
savings  deposits of $3.8 million,  or 8.7%,  from $43.0 million at December 31,
2001 to $46.8 million at March 31, 2002.

Stockholders'  equity  increased $1.1 million to $22.2 million at March 31, 2002
compared to $21.1 million at December 31, 2001. Increases to stockholders equity
included net income  amounting to $718,000 for the quarter  ended March 31, 2002
and a  decrease  in the  accumulated  other  comprehensive  loss  on  securities
available-for-sale  of  $381,000.  Offsetting  those  increases  were  dividends
declared of $130,000.


                                       9
<PAGE>


Analysis of Net Interest Income

Net interest income represents the difference between income on interest-earning
assets and expense on interest-bearing  liabilities. Net interest income depends
upon the volume of interest-earning assets and interest-bearing  liabilities and
the  interest  rates  earned or paid on them.  The  following  tables sets forth
certain  information  relating to the  Company's  consolidated  average  balance
sheets and its  consolidated  statements  of earnings for the three months ended
March 31, 2002,  and 2001,  and reflects the average  yield on  interest-earning
assets  and  average  cost  of  interest-bearing  liabilities  for  the  periods
indicated.  Such  yields and costs are  derived  by  dividing  annual  income or
expense by the average balance of  interest-earning  assets or  interest-bearing
liabilities,  respectively.  Average  balances are derived  from  average  daily
balances.  Although they are not material,  average  balances and yields include
non-accrual loans.
<TABLE>
<CAPTION>

                                                               Three Months Ended March 31,
                                                 -----------2002-----------               -----------2001-----------
                                                                       Average                                   Average
                                              Average                  Yield /         Average                   Yield /
                                              Balance     Interest      Cost           Balance     Interest       Cost
<S>                                     <C>            <C>               <C>          <C>          <C>             <C>
Interest earning assets:                                                  (Dollars in thousands)
     Federal funds sold and
         interest-earning deposits          $   7,079      $    29       1.64 %       $  18,870      $   254       5.38 %
     Securities net (1)                       186,863        2,329       4.99           170,497        2,743       6.44
     Municipal obligations (2)                      -            -          -             1,167           17       5.83
     Loans, net (3)                           179,092        3,412       7.62           136,320        3,029       8.89
                                              -------        -----       ----           -------        -----       ----
         Total interest-earning assets        373,034        5,770       6.19           326,854        6,043       7.40
Non-interest-earning assets                    33,123                                    22,801
                                               ------                                    ------
Total assets                                $ 406,157                                 $ 349,655
                                              =======                                   =======

Interest-bearing liabilities:
     Savings deposits                       $  46,214      $   153       1.32         $  34,237      $   283       3.31
     NOW and money market deposits             73,412          192       1.05            70,843          387       2.19
     Certificates of deposit                  132,081        1,309       3.96           125,703        1,942       6.18
                                              -------        -----       ----           -------        -----       ----
         Total interest-bearing deposits      251,707        1,654       2.63           230,783        2,612       4.53
     Borrowed funds                            57,953          665       4.59            42,204          533       5.05
                                               ------          ---       ----            ------          ---       ----
         Total interest-bearing liabilities   309,660        2,319       3.00           272,987        3,145       4.61
Other non-interest bearing liabilities         74,492                                    56,907
                                               ------                                    ------
Total liabilities                             384,152                                   329,894
Stockholders' equity                           22,005                                    19,761
                                               ------                                    ------
Total liabilities and
     stockholders' equity                   $ 406,157                                 $ 349,655
                                              =======                                   =======

Net interest income/
     interest rate spread (4)                              $ 3,451       3.19 %                      $ 2,898       2.79 %
                                                             =====       ----                          =====       ====

Net interest margin (5)                                                  3.70 %                                    3.55 %
                                                                         ====                                      ====

Ratio of interest-earning assets to
     interest-bearing liabilities                                        1.20                                      1.20
                                                                         ====                                      ====
(1)      Securities,   net,   excludes   municipal   obligations.   Unrealized   appreciation  /  depreciation   on
         available-for-sale securities are recorded in non-interest earning assets.
(2)      Interest income and yields are presented on a fully taxable equivalent basis.
(3)      Amount is net of residential real estate loans held-for-sale, deferred
         loan fees and allowance for loan losses but includes non-performing
         loans.
(4)      Interest rate spread represents the difference between the yield on
         interest-earning assets and the cost of interest-bearing liabilities.
(5)      Net interest margin represents net interest income divided by average interest-earning assets.
</TABLE>

                                       10
<PAGE>






Comparison  of  Operating  Results for the Three Months Ended March 31, 2002 and
2001

General

The Company reported net income of $718,000, or basic earnings per share of $.50
and diluted  earnings  per share of $.49 for the quarter  ended March 31,  2002,
compared to  $545,000,  or basic and diluted  earnings per share of $.37 for the
prior year period.  The increase in net income was  attributable  primarily to a
$468,000,  or 16.2%  increase in net interest  income after  provision  for loan
losses  and an  increase  in other  operating  income  of  $367,000,  or  85.3%.
Offsetting these increases was a $570,000,  or 22.8% increase in other operating
expenses.

Interest Income

Interest income, on a fully taxable equivalent basis, decreased $273,000, or 4.5
%, from $6.0 million for the three months ended March 31, 2001,  to $5.8 million
for the three  months  ended  March  31,  2002.  The  average  balance  of total
interest-earning  assets increased $46.1 million,  or 14.1%, from $326.9 million
for the three  months  ended  March 31,  2001,  to $373.0  million for the three
months  ended  March 31,  2002.  The average  balance of federal  funds sold and
interest  earning  deposits  decreased  from $18.9 million at March 31, 2001, to
$7.1  million  at March 31,  2002.  The  average  balance  of  securities,  net,
(exclusive of municipal  obligations)  increased $16.4 million,  or 9.6%, as the
average  yield  decreased  145 basis  points to 4.99% for the three months ended
March 31, 2002,  compared to 6.44% for the 2001 period.  The average  balance of
loans, net, increased $42.8 million,  or 31.4% from $136.3 million for the three
months ended March 31, 2001, to $179.1 million for the 2002 period.  The average
yield on loans  receivable,  net,  decreased 127 basis points from 8.89% for the
2001 period, to 7.62% for the three months ended March 31, 2002. The decrease in
yields on loans and  investment  securities  was  attributable  to the declining
interest rate environment experienced during 2001.

Interest Expense

Interest expense decreased  $826,000,  or 26.3%, from $3.1 million for the three
months  ended March 31,  2001,  to $2.3 million for the three months ended March
31, 2002,  primarily  as a result of the 11  reductions  in short term  interest
rates by the  Federal  Open  Market  Committee  of the  Federal  Reserve  Board.
Notwithstanding  the  decline  in  interest  rates  paid on  deposits,  the Bank
increased the average balance of total  interest-bearing  liabilities 13.4% from
$273.0  million for the three months ended March 31, 2001, to $309.7 million for
the three months ended March 31, 2002. The average rate paid on interest bearing
deposits decreased 190 basis points from 4.53% paid for the 2001 period to 2.63%
paid for 2002 period. The average balance of savings deposits increased by $12.0
million,  or 35.0%,  and the average  balance of NOW and money  market  deposits
increased by $2.6 million,  or 3.6%, from period to period.  The average balance
of  certificates  of deposit  increased  $6.4  million,  or 5.1%, as the Company
utilized time deposits  issued in excess of $100,000 as an  alternative  funding
source.  The average cost of borrowed funds decreased 46 basis points from 5.05%
for the 2001 period,  to 4.59% for the three  months ended March 31, 2002,  as a
result of lower market interest rates.



                                       11
<PAGE>


Net Interest Income

Net interest income on a fully taxable  equivalent  basis increased by $553,000,
or 19.1%,  from $2.9 million for the three months ended March 31, 2001,  to $3.5
million  for the  three  months  ended  March  31,  2002,  as the  cost of total
interest-bearing  liabilities  decreased more than the yield on interest-earning
assets.  The average cost of total  interest-bearing  liabilities for the period
decreased  161 basis  points  from 4.61% in the 2001 period to 3.00% in the 2002
period.  The  average  yield on total  interest-earning  assets  for the  period
decreased  121 basis  points  from 7.40% in the 2001 period to 6.19% in the 2002
period.  The net interest rate spread increased by 40 basis points from 2.79% in
the 2001 period, to 3.19% in the 2002 period.

Provision for Loan Losses

The  Company's  provision for loan losses was $90,000 for the three months ended
March 31,  2002.  The Company  made no  provision  for loan losses for the three
months ended March 31, 2001. The decision to make a quarterly provision, and the
amount of the provision,  reflects  management's  qualitative  and  quantitative
assessment of the loan  portfolio,  net charge-offs and collection of delinquent
loans.  The allowance for loan losses amounted to $2.1 million at March 31, 2002
and $1.9  million  at March  31,  2001.  The  allowance  for  loan  losses  as a
percentage   of  loans  was  1.12%  and  1.26%  at  March  31,  2002  and  2001,
respectively.

The  determination of the amount of the allowance for loan losses is based on an
analysis of the loan portfolio and reflects an amount,  which,  in  management's
judgment  is  adequate  to provide  for  probable  loan  losses in the  existing
portfolio.  This  analysis  considers,  among  other  things,  present and known
inherent  risks in the  portfolio,  adverse  situations,  which may  affect  the
borrower's  ability  to  repay,  overall  portfolio  quality,  and  current  and
prospective economic conditions.  While management uses available information to
provide for loan  losses,  future  additions to the  allowance  may be necessary
based on  changes  in  economic  conditions.  In  addition,  various  regulatory
agencies,  as an integral part of the examination  process,  periodically review
the Company's  allowance for loan losses.  Such agencies may require the Company
to recognize additions to the allowance based upon their judgment of information
available to them at the time of their examination.

The following table sets forth information regarding non-accrual loans and loans
delinquent 90 days or more and still accruing  interest at the dates  indicated.
It is the  Company's  general  policy to  discontinue  accruing  interest on all
loans,  which  are past  due,  more  than 90 days or  when,  in the  opinion  of
management,  such suspension is warranted.  When a loan is placed on non-accrual
status,  the Company ceases the accrual of interest owed and previously  accrued
interest is charged against  interest  income.  Loans are generally  returned to
accrual  status when  principal  and interest  payments  are  current,  there is
reasonable  assurance that the loan will be fully  collectible  and a consistent
record of performance has been demonstrated.



                                       12
<PAGE>


<TABLE>
<CAPTION>

                                                                March 31, 2002         December 31, 2001
                                                                           (In thousands)

<S>                                                             <C>                              <C>
Non-accrual loans:
     Commercial and industrial loans                               $     135               $     153
     Consumer loans                                                        9                      25
                                                                           -                      --
         Total non-accrual loans                                         144                     178

     Loans contractually past due 90 days or
     more, other than non-accruing (2)                                   --                      --
                                                                        ----                    ----

         Total non-performing loans                                $     144               $     178
                                                                         ===                     ===

Allowance for loan losses as a percentage
     of loans (1)                                                       1.12  %                 1.13  %
Allowance for loan losses as a percentage
     of total non-performing loans                                   1460.42  %              1139.33  %
Non-performing loans as a percentage of loans (1)                        .08  %                  .10  %


(1)      Loans include loans, net, excluding the allowance for  loan losses.
(2)      Excludes $105,000 of loans at March 31, 2002, and $108,000 of loans at
         December 31, 2001, which have matured, however, are current with
         respect to scheduled periodic principal and/or interest payments. The
         Bank is in the process of renewing these obligations and/or awaiting
         anticipated repayment.
</TABLE>



Other Operating Income

Other operating income increased  $367,000,  or 85.3%, to $797,000 for the three
months  ended March 31,  2002.  Service  charges on deposit  accounts  increased
$160,000,  or 61.8%,  reflecting  a change in the  Bank's  overall  deposit  fee
structure,  growth in the depositor base, and the introduction of new electronic
banking services.  Included in other operating income was a $97,000,  or 147.0%,
increase  in net gain on sale of  residential  loans as a result  of an  overall
increase in residential mortgage loan production resulting from a more favorable
interest rate environment.  During the quarter ended March 31, 2001, the Company
engaged in a securities  transaction resulting in a loss of $53,000.  Contingent
upon market conditions,  the Company  periodically  evaluates  repositioning the
securities portfolio to improve future net interest income and net income.

Other Operating Expense

Other operating expenses increased $570,000, or 22.8%, from $2.5 million for the
three months  ended March 31,  2001,  to $3.1 million for the three months ended
March 31,  2002.  Increases  in salaries  and  employee  benefits,  premises and
equipment  expense,  and other expense for the three months ended March 31, 2002
are a result of the Bank's branch expansion plan.

                                       13
<PAGE>


Income Taxes

Income taxes  increased  $92,000,  or 32.5%,  from $283,000 for the three months
ended March 31, 2001,  to $375,000 for the three months ended March 31, 2002, as
a result of the increase in income before income taxes.  The effective tax rates
for the three  months  ended  March 31,  2002 and March 31,  2001 were 34.3% and
34.2%, respectively.


Liquidity

Liquidity management for the Company requires that funds be available to pay all
deposit  withdrawal and maturing  financial  obligations and meet credit funding
requirements  promptly and fully in accordance with their terms. For most banks,
including the Bank,  maturing assets provide only a limited portion of the funds
required to pay maturing  liabilities  over a very short time frame. The balance
of the funds  required  is  provided  by liquid  assets and the  acquisition  of
additional  liabilities,  making  liability  management  integral  to  liquidity
management in the short term.

The Company's  liquid assets  consist of cash and due from banks,  federal funds
sold, interest-earning deposits with other financial institutions and securities
classified as  available-for-sale,  less securities  pledged as collateral.  The
Company has  established a minimum  liquidity  level,  average  liquid assets to
average  assets,  at 10%. During the quarter ended March 31, 2002, the Company's
average  minimum  liquidity level was 31.2%.  Average  balances are derived from
average daily balances.

The Company maintains levels of liquidity that it considers adequate to meet its
current  needs.  The  Company's  principal  sources  of  cash  include  incoming
deposits, the repayment of loans and conversion of investment  securities.  When
cash  requirements  increase  faster  than  cash is  generated,  either  through
increased loan demand or withdrawal of deposited  funds, the Company can arrange
for the sale of loans or liquidate  available-for-sale  securities.  It can also
access its lines of credit,  totaling $6.5 million, with unaffiliated  financial
institutions,  which enable it to borrow federal funds on an unsecured basis. In
addition,  the Company has available  lines of credit with the Federal Home Loan
Bank of New York (FHLB) equal to 8.9% of the Company's assets at March 31, 2002,
which  enable it to borrow  funds on a secured  basis.  The  Company  could also
engage in other forms of borrowings, including reverse repurchase agreements.

At March 31, 2002, the Company's  borrowings consisted of convertible and medium
term advances from the FHLB. The  convertible  feature of these advances  allows
the FHLB, at a specified  call date and quarterly  thereafter,  to convert these
advances into replacement funding for the same or lesser principal amount, based
on any advance then offered by the FHLB, at then current  market  rates.  If the
FHLB  elects to convert  these  advances,  the Bank may repay any portion of the
advances  without  penalty.  These  convertible  advances are secured by various
mortgage-backed  and  callable  U.S.  agency  securities.  At  March  31,  2002,
convertible and medium term advances outstanding were as follows:


                                       14
<PAGE>


<TABLE>
<CAPTION>

                                                         Interest             Call                 Contractual
                                       Amount              Rate               Date                  Maturity

<S>                                     <C>                <C>                <C>                     <C>
      Convertible advance          $ 14,000,000            5.49 %          02/19/2003              02/19/2008
      Convertible advance            15,000,000            4.59            04/22/2002              01/21/2009
      Convertible advance            14,000,000            4.97            01/19/2004              01/19/2011
      Convertible advance             3,000,000            4.11            12/11/2005              12/11/2011
      Medium term advance             4,000,000            3.31            12/11/2003              12/11/2003
      Medium term advance             5,000,000            3.99            12/13/2004              12/13/2004
                                      ---------
                Total              $ 55,000,000
</TABLE>


The primary  investing  activities of the Company are the purchase of securities
available-for-sale and the origination of loans. During each of the three months
ended March 31, 2002,  and 2001,  the  Company's  purchases of  securities  were
classified  available-for-sale  and totaled $304.4  million and $540.4  million,
respectively.  Loan originations,  net of principal repayments on loans, totaled
$9.3 million and $11.7  million,  for the three months ended March 31, 2002, and
2001,  respectively.  Those activities were funded primarily by borrowings,  and
principal repayments and maturities of securities.


Capital Resources

The Bank is subject to the risk based  capital  guidelines  administered  by the
banking  regulatory  agencies.  The  guidelines  currently  require all banks to
maintain  a minimum  ratio of total risk  based  capital to total risk  weighted
assets of 8%, including a minimum ratio of Tier 1 capital to total risk weighted
assets of 4% and a Tier 1 capital to average  adjusted  assets of 4%. Failure to
meet minimum capital  requirements can initiate certain mandatory,  and possibly
additional discretionary actions by regulators,  that, if undertaken, could have
a direct material effect on the Bank's financial statements.  As of December 31,
2001,  the  most  recent   notification  from  the  federal  banking  regulators
categorized  the Bank as well  capitalized  under the  regulatory  framework for
prompt corrective action.

In  accordance  with the  requirements  of FDIC and the New York  State  Banking
Department, the Bank must meet certain measures of capital adequacy with respect
to leverage and  risk-based  capital.  As of March 31, 2002,  the Bank  exceeded
those  requirements with a leverage capital ratio, and risk-based  capital ratio
and total-risk based capital ratio of 6.43%, 11.38%, and 12.30%, respectively.

On May 24, 2001, the Company announced a plan for a stock repurchase  program to
acquire an  additional  75,000  shares of the  outstanding  common  stock of the
Company. As of March 31, 2002, no repurchases have been made under this program.
The plan for the repurchase program was undertaken  because management  believed
that the  repurchase  of shares  would  enhance  shareholder  value and  provide
additional liquidity for otherwise thinly traded shares. The repurchase program,
which  remains  in effect,  generally  will be  conducted  through  open  market
purchases,  although  unsolicited  negotiated  transactions  or  other  types of
repurchases may be considered.  Management does not believe the stock repurchase
will adversely affect the strong liquidity or capital  positions of the Company,
its  designation  as   well-capitalized   or  its  compliance  with  established
regulatory  capital  requirements.  At March 31, 2002, the Company holds 336,900
shares of treasury stock at an average cost of $12.40 per share.


                                       15
<PAGE>


Item 3.       Quantitative and Qualitative Disclosures About Market Risk

The principal objective of the Company's interest rate management is to evaluate
the interest rate risk inherent in certain balance sheet accounts, determine the
level of risk  appropriate  given the  Company's  business  strategy,  operating
environment,  capital and liquidity requirements and performance objectives, and
manage the risk consistent  with guidelines  approved by the Board of Directors.
Through such  management,  the Company seeks to reduce the  vulnerability  of it
operations to changes in interest  rates.  The Board has directed the Investment
Committee to review the  Company's  interest  rate risk  position on a quarterly
basis.

Funds  management  is the  process by which the Company  seeks to  maximize  the
profit  potential  which is derived from the spread  between the rates earned on
interest-earning  assets  and the  rates  paid on  interest-bearing  liabilities
through  the  management  of  various  balance  sheet  components.  It  involves
virtually every aspect of the Company's management and decision-making  process.
Accordingly,  the Company's  results of operations  and financial  condition are
largely  dependent on the movements in the market interest rates and its ability
to manage its assets and liabilities in response to such movements.

At March 31, 2002,  63.3% of the Company's  gross loans had adjustable  interest
rates and its loan portfolio had an average  weighted  maturity of 9.3 years. At
such date, $42.3 million,  or 25.8%, of the Company's  securities had adjustable
interest rates, and its securities  portfolio had a weighted average maturity of
5.8 years.  At March 31, 2002, the Company had $55.8 million of  certificates of
deposit with  maturities  of one year or less and $34.1 million of deposits over
$100,000, which tend to be less stable sources of funding, when compared to core
deposits,  and  which  represented  32.2%  of  the  Company's   interest-bearing
liabilities.   In   a   rising   interest   rate   environment   the   Company's
interest-bearing  liabilities may adjust upwardly more rapidly than the yield on
its  adjustable-rate  loans.  Thus,  due to the Company's  level of shorter term
certificates  of deposit,  the Company's cost of funds may increase at a greater
rate in a  rising  rate  environment  than if it had a  greater  amount  of core
deposits  which,  in turn,  may  adversely  affect net  interest  income and net
income.

The Company's  interest rate sensitivity is monitored by management  through the
use of a quarterly  interest  rate risk analysis  model which  evaluates (i) the
potential  change in the net interest  income over the  succeeding  four quarter
period and (ii) the potential change in the fair market value of equity, of the
Company  ("Net  Economic   Value  of  Equity"),   which  would  result  from  an
instantaneous  and sustained  interest rate change of zero and plus or minus 200
basis points in 100 basis point increments.



                                       16
<PAGE>


At March 31, 2002,  the effect of  instantaneous  and  sustained  interest  rate
changes on the  Company's Net Interest  Income and Net Economic  Value of Equity
are as follows:


<TABLE>
<CAPTION>


             Change in                   Potential Change in                       Potential Change in
           Interest Rates                Net Interest Income                  Net Economic Value of Equity
           in Basis Points             $ Change      % Change                  $ Change          % Change
           ---------------             --------      --------                  ---------         --------
                                                          (Dollars in thousands)

<S>              <C>                 <C>                 <C>                 <C>                 <C>
                 200                   $  381            2.43 %               $ (2,726)          (11.18) %
                 100                      235            1.50                   (1,478)           (6.06)
              Static                       -               -                        -                -
                (100)                    (326)          (2.08)                      85              .35
                (200)                    (756)          (4.83)                     588             2.41

</TABLE>






                                       17
<PAGE>





                           PART II - OTHER INFORMATION


Item 1.  Legal Proceedings

                  Not applicable.

Item 2.  Changes in Securities and Use of Proceeds

                  Not applicable.

Item 3.  Defaults Upon Senior Securities

                  Not applicable.

Item 4.  Submission of Matters to a Vote of Security Holders

                  None

Item 5.           Other Information

                  Not applicable.

Item 6.           Exhibits and Reports on Form 8-K

                  a.  Exhibits
                      11.0  Statement Re: Computation of Per Share Earnings
                  b.  Reports on Form 8-K
                      None




                                       18
<PAGE>





                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant has duly caused this report to be signed on behalf of the undersigned
thereunto duly authorized.



                                      LONG ISLAND FINANCIAL CORP.
                                      (Registrant)



Date:    May 14, 2002        By:      /s/ Douglas C. Manditch
                                      -----------------------
                                      Douglas C. Manditch
                                      President and Chief Executive Officer


Date:    May 14, 2002        By:      /s/ Thomas Buonaiuto
                                      --------------------
                                      Thomas Buonaiuto
                                      Vice President and Treasurer





















                                       19
<PAGE>




<TABLE>
<CAPTION>

Exhibit 11.0      Statement Regarding Computation Of Per Share Earnings

                                                                                                     For the Three Months
                                                                                                        Ended March 31,
                                                                                                       2002         2001
                                                                                                       ----         ----

<S>                                                                                                 <C>             <C>
Net income available to common shareholders .....................................................   $  718,000   $  545,000

Total weighted average common shares outstanding ................................................    1,440,405    1,478,537

Basic earnings per common share .................................................................   $      .50   $      .37
                                                                                                    ==========   ==========

Total weighted average common shares outstanding ................................................    1,440,405    1,478,537
                                                                                                    ==========   ==========

Dilutive effect of stock options using the treasury stock method.................................       31,859       13,570
                                                                                                        ------       ------

Total average common and common equivalent shares ...............................................    1,472,264    1,492,107
                                                                                                    ==========   ==========

Diluted earnings per share ......................................................................   $      .49   $      .37
                                                                                                    ==========   ==========

</TABLE>





                                       20
<PAGE>