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, 2003
                                          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  by check mark  whether  the  registrant  is an  accelerated  filer (as
defined in Rule 12B-2 of the Exchange Act): Yes [ ] No [X]


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

Common Stock par value $.01, per share. The registrant had 1,473,832 shares of
Common Stock outstanding as of May 9, 2003.



<PAGE>

<TABLE>

                                             Form 10-Q
                                       LONG ISLAND FINANCIAL CORP.
<S>                              <C>                                                                     <C>
                                               INDEX
                                                                                                        Page
PART I  - FINANCIAL INFORMATION                                                                        Number

ITEM 1.       Consolidated Financial Statements - Unaudited

              Consolidated Balance Sheets at March 31, 2003
                    and December 31, 2002                                                                 2
              Consolidated Statements of Earnings for the Three Months
                    Ended March 31, 2003                                                                  3
              Consolidated Statement of Changes in Stockholders' Equity
                    for the Three Months Ended March 31, 2003                                             4
              Consolidated Statements of Cash Flows for the Three Months
                    Ended March 31, 2003                                                                  5
              Notes to Consolidated Financial Statements                                                  6

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

ITEM 4.       Controls and Procedures                                                                    17


PART II - OTHER INFORMATION

ITEM 1.       Legal Proceedings                                                                          17

ITEM 2.       Changes in Securities and Use of Proceeds                                                  17

ITEM 3.       Defaults Upon Senior Securities                                                            17

ITEM 4.       Submission of Matters to a Vote of Security Holders                                        17

ITEM 5.       Other Information                                                                          17

ITEM 6.       Exhibits and Reports on Form 8-K                                                           17

SIGNATURES                                                                                               18

CERTIFICATIONS                                                                                           19

</TABLE>




                                       1
<PAGE>

<TABLE>

PART I - FINANCIAL INFORMATION

Item 1.       Consolidated Financial Statements

                                             LONG ISLAND FINANCIAL CORP.
                                             Consolidated Balance Sheets
                                                     (Unaudited)
                                          (In thousands, except share data)
                                                                               March 31,         December 31,
                                                                                 2003                2002
                                                                                 ----                ----
Assets:

<S>                                                                          <C>                <C>
Cash and due from banks                                                      $   15,812         $   20,443
Interest earning deposits                                                            93                 47
Federal funds sold                                                                    -              5,300
                                                                                  -----              -----
              Total cash and cash equivalents                                    15,905             25,790
Securities held-to-maturity  (fair value of $14,260 and $14,027, respectively)   12,464             12,461
Securities available-for-sale, at fair value                                    198,722            219,590
Federal Home Loan Bank stock, at cost                                             4,000              3,588
Loans, net of unearned income and deferred fees                                 214,582            217,731
Less allowance for loan losses                                                   (2,406)            (2,346)
                                                                                  -----              -----
              Loans, net                                                        212,176            215,385
Premises and equipment, net                                                       3,830              3,530
Accrued interest receivable                                                       2,818              2,654
Bank owned life insurance                                                         7,946              7,859
Prepaid expenses and other assets                                                 1,263              1,094
                                                                                  -----              -----
              Total assets                                                   $  459,124         $  491,951
                                                                                =======            =======

Liabilities and Stockholders' Equity:

Deposits:
    Demand deposits                                                          $   88,530         $   78,697
    Savings deposits                                                             84,416             73,780
    NOW and money market deposits                                                76,262            130,636
    Time certificates issued in excess of $100,000                               12,752             20,516
    Other time deposits                                                          93,298             96,905
                                                                                 ------             ------
              Total deposits                                                    355,258            400,534
Federal funds purchased and securities sold under agreements
    to repurchase                                                                12,000                  -
Other borrowings                                                                 55,000             55,000
Accrued expenses and other liabilities                                            3,260              3,344
                                                                                  -----              -----
              Total liabilities                                                 425,518            458,878
                                                                                -------            -------

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;
        1,797,286 and 1,783,126 shares issued; 1,460,386 and
        1,446,226 shares outstanding, respectively)                                  18                 18
    Surplus                                                                      20,524             20,281
    Accumulated surplus                                                           8,278              7,625
    Accumulated other comprehensive income                                        1,464              1,827
    Treasury stock at cost, (336,900 shares in 2003 and 2002)                    (4,178)            (4,178)
                                                                                  -----              -----
              Total stockholders' equity                                         26,106             25,573
                                                                                 ------             ------
              Total liabilities and stockholders' equity                     $  459,124         $  491,951
                                                                                =======            =======

    See accompanying notes to consolidated financial statements.
</TABLE>



                                       2
<PAGE>

<TABLE>

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

                                                                               For the Three Months
                                                                                  Ended March 31,
                                                                               2003           2002
                                                                               ----           ----
<S>                                                                         <C>           <C>
Interest income:
     Loans                                                                  $  3,793      $   3,412
     Securities                                                                2,293          2,329
     Federal funds sold                                                           11             27
     Earning deposits                                                              1              2
                                                                                  --             --
            Total interest income                                              6,098          5,770
                                                                               -----          -----

Interest expense:
     Savings deposits                                                            278            153
     NOW and money market deposits                                               261            192
     Time certificates issued in excess of $100,000                               76            227
     Other time deposits                                                         894          1,082
     Borrowed funds                                                              678            665
                                                                                 ---            ---
         Total interest expense                                                2,187          2,319
                                                                               -----          -----

         Net interest income                                                   3,911          3,451
                                                                               -----          -----

Provision for loan losses                                                         60             90
                                                                                  --             --

         Net interest income after provision
             for loan losses                                                   3,851          3,361
                                                                               -----          -----

Other operating income:
     Service charges on deposit accounts                                         462            419
     Net gain on sale of securities                                               89              -
     Net gain on sale of residential loans                                       157            163
     Earnings on bank owned life insurance                                       102             96
     Other                                                                       138            119
                                                                                 ---            ---
         Total other operating income                                            948            797
                                                                                 ---            ---

Other operating expenses:
     Salaries and employee benefits                                            1,769          1,449
     Occupancy expense                                                           256            214
     Premises and equipment expense                                              321            290
     Capital securities                                                          206            199
     Other                                                                     1,003            913
                                                                               -----            ---
         Total other operating expenses                                        3,555          3,065
                                                                               -----          -----

         Income before income taxes                                            1,244          1,093

Income taxes                                                                     446            375
                                                                                 ---            ---

         Net income                                                         $    798      $     718
                                                                                 ===            ===

Basic earnings per share                                                    $    .55      $     .50
                                                                                 ===            ===
Diluted earnings per share                                                  $    .53      $     .49
                                                                                 ===            ===
Weighted average shares outstanding                                         1,449,530     1,440,405
                                                                            =========     =========
Diluted weighted average shares outstanding                                 1,513,895     1,472,264
                                                                            =========     =========

See accompanying notes to consolidated financial statements.
</TABLE>



                                       3
<PAGE>

<TABLE>

                                                      LONG ISLAND FINANCIAL CORP.
                                       Consolidated Statement of Changes in Stockholders' Equity
                                              For the Three Months Ended March 31, 2003
                                                             (Unaudited)
                                                   (In thousands, except share data)
                                                                                 Accumulated
                                                                                    other
                                            Common                 Accumulated   comprehensive  Treasury
                                             stock       Surplus     surplus        income        stock      Total
                                            -----------------------------------------------------------------------

<S>                                           <C>          <C>         <C>            <C>           <C>        <C>
Balance at December 31, 2002               $   18        20,281      7,625          1,827         (4,178)    25,573

Comprehensive income:
    Net income                                  -             -        798              -              -        798
      Other comprehensive income,
        net of tax:
         Unrealized depreciation in
         available-for-sale securities,
         net of reclassification adjustment     -             -          -           (363)                     (363)
                                                                                                                ---

Total comprehensive income                      -             -          -              -              -        435

Exercise of stock options and related
     tax benefit (14,160 shares)                -           243          -              -              -        243

Dividends declared on common stock
     ($.10 per common share)                    -             -       (145)             -              -       (145)
                                            -----------------------------------------------------------------------

Balance at March 31, 2003                  $   18        20,524      8,278          1,464         (4,178)    26,106
                                            =======================================================================






See accompanying notes to consolidated financial statements.

</TABLE>













                                       4
<PAGE>

<TABLE>

                                               LONG ISLAND FINANCIAL CORP.
                                          Consolidated Statements of Cash Flows
                                                     (Unaudited)
                                                    (In thousands)
                                                                                     For the Three Months
                                                                                        Ended March 31,
                                                                                     2003            2002
                                                                                     ----            ----
<S>                                                                                  <C>              <C>
Cash flows from operating activities:
     Net income                                                               $       798      $       718
     Adjustments to reconcile net income to net cash
         provided by operating activities:
     Provision for loan losses                                                         60               90
     Depreciation and amortization                                                    232              222
     Amortization of premiums, net of discount accretion                              590              328
     Net gain on sale of securities                                                   (89)               -
     Loans originated for sale, net of proceeds
         from sales and gains                                                         367              716
     Net deferred loan origination fees                                                31               57
     Earnings on bank owned life insurance                                           (102)             (96)
     Deferred income taxes                                                           (388)             (44)
     Change in other assets and liabilities:
         Accrued interest receivable                                                 (164)            (300)
         Prepaid expenses and other assets                                            441               47
         Accrued expenses and other liabilities                                       (84)            (348)
                                                                                      ----            -----
         Net cash provided by operating activities                                  1,692            1,390
                                                                                    -----            -----

Cash flows from investing activities:
     Purchases of securities held-to-maturity, available-for-sale                (268,765)        (304,368)
     Net purchase of Federal Home Loan Bank stock                                    (412)            (617)
     Proceeds from the sale of securities available-for-sale                        9,562                -
     Proceeds from maturities of securities                                       268,432          347,125
     Principal repayments on securities                                            10,565           11,610
     Loan originations net of principal repayments                                  2,751           (9,312)
     Purchase of premises and equipment                                              (532)            (465)
                                                                                     -----            -----
         Net cash provided by investing activities                                 21,601           43,973
                                                                                   ------           ------

Cash flows from financing activities:
     Net decrease in demand deposit, savings, NOW,
         and money market accounts                                                (33,905)         (66,123)
     Net decrease in certificates of deposit                                      (11,371)          (5,945)
     Net increase in federal funds purchased and securities sold
         under agreements to repurchase                                            12,000            8,300
     Proceeds from exercise of stock options                                          243               90
     Payments for cash dividends                                                     (145)            (130)
                                                                                     -----            -----
         Net cash used in financing activities                                    (33,178)         (63,808)
                                                                                  --------         --------

         Net decrease in cash and cash equivalents                                 (9,885)         (18,445)

Cash and cash equivalents at beginning of period                                   25,790           30,626
                                                                                   ------           ------
Cash and cash equivalents at end of period                                    $    15,905      $    12,181
                                                                                   ======           ======

Supplemental disclosure of cash flow information Cash paid during the period
for:
     Interest                                                                 $     2,186      $     2,785
                                                                                    =====            =====
     Income taxes                                                             $       101      $        32
                                                                                      ===               ==

See accompanying notes to consolidated financial statements.
</TABLE>



                                       5
<PAGE>

                           LONG ISLAND FINANCIAL CORP.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

Private Securities Litigation Reform Act Safe Harbor Statement

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.  Amounts stated herein could vary as a result of
market and other factors.  Such forward-looking  statements are subject to risks
and  uncertainties  which could cause actual results to differ  materially  from
those currently  anticipated due to a number of factors,  which include, but are
not limited to, factors  discussed in documents  filed by Long Island  Financial
Corp. (the  "Company") with the Securities and Exchange  Commission from time to
time. Such forward-looking statements may be identified by the use of such words
as "believe," "expect," "anticipate," "should," "planned," "estimated," "intend"
and "potential".  Examples of forward looking  statements  include,  but are not
limited to,  estimates  with  respect to the  financial  condition,  expected or
anticipated revenue,  results of operations and business of the Company that are
subject to various factors which could cause actual results to differ materially
from these  estimates.  The Company's  ability to predict  results or the actual
effect of future plans or  strategies  is  inherently  uncertain.  Factors which
could have a material  adverse effect on the operations of the Company  include,
but are not limited to, changes in: interest rates; general economic conditions;
monetary and fiscal policies of the U. S. Government,  including policies of the
U.S.  Treasury and the Federal Reserve Board;  the quality or composition of the
loan or investment portfolios; demand for loan and non-deposit products; deposit
flows;  real estate  values;  the level of defaults,  losses and  prepayments on
loans held by the Company in its  portfolio  or sold in the  secondary  markets;
demand  for  financial  services  in the  Company's  market  area;  competition;
accounting  principles,  policies,  practices  or  guidelines;   legislation  or
regulation;  and other  economic,  competitive,  governmental,  regulatory,  and
technological factors affecting the Company's operations,  pricing, products and
services.  The  forward-looking  statements are made as of the date of this Form
10-Q,  and,  except as  required  by  applicable  law,  the  Company  assumes no
obligation to update the forward-looking statements or to update the reasons why
actual  results  could  differ  from  those  projected  in  the  forward-looking
statements.  These risks and  uncertainties  should be  considered in evaluating
forward-looking  statements,  which speak only as of the date of this Form 10-Q,
and undue reliance should not be placed on such statements.

1.       BASIS OF PRESENTATION

The  accompanying   unaudited  consolidated  financial  statements  include  the
accounts of Long Island Financial Corp. and its wholly-owned  subsidiaries.  All
significant  inter-company  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, 2003 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
2002 Annual Report on Form 10-K.


                                       6
<PAGE>

The Company makes  available  through its Internet  website,  www.licb.com,  its
annual reports on Form 10-K,  quarterly reports on Form 10-Q, current reports on
Form 8K, and all  amendments  to those  reports  filed or furnished  pursuant to
Section 13(a) or 15(d) of the Securities  Exchange Act of 1934. Such reports are
free of charge and are  available as soon as  reasonably  practicable  after the
Company  electronically  files  such  material  with,  or  furnish  it  to,  the
Securities and Exchange Commission.


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>


                                                                 March 31, 2003             December 31, 2002
                                                                 --------------             -----------------
                                                             Amortized        Fair        Amortized       Fair
                                                               Cost           Value         Cost          Value
                                                             ---------        -----       ---------       -----
                                                                                (In thousands)
<S>                                                              <C>            <C>         <C>             <C>
    Held-to-maturity:
    Corporate debt                                         $   12,464        14,260    $   12,461         14,027
                                                               ------        ------        ------         ------
         Total held-to-maturity                            $   12,464        14,260    $   12,461         14,027
                                                               ======        ======        ======         ======

    Available-for-sale:
    U.S. Government and Agency obligations                 $  129,312       130,038    $  129,345        130,422
    Mortgage-backed securities:
       GNMA                                                    45,702        46,915        62,565         63,971
       FHLMC                                                    8,989         9,142         9,879         10,015
       FNMA                                                    10,409        10,549        12,920         13,122
    Corporate debt                                              2,012         2,078         2,013          2,060
                                                                -----         -----         -----          -----
        Total securities available-for-sale                $  196,424       198,722    $  216,722        219,590
                                                              =======       =======       =======        =======
</TABLE>



3.       LOANS, NET
<TABLE>

Loans, net, are summarized as follows:


                                                         March 31, 2003                 December 31, 2002
                                                         --------------                 -----------------
                                                                      (Dollars in thousands)

<S>                                                  <C>             <C>             <C>             <C>
       Commercial and industrial loans               $     46,290    21.1  %         $    54,001     24.3  %
       Commercial real estate loans                       132,440    60.5                130,275     58.7
       Automobile loans                                    36,915    16.9                 34,188     15.4
       Consumer loans                                       2,306     1.1                  2,238      1.0
       Residential real estate loans held-for-sale            822      .4                  1,189       .6
                                                              ---      --                  -----       --
                                                          218,773   100.0                221,891    100.0
       Less:
         Unearned income                                    3,427                          3,396
         Deferred fees, net                                   764                            764
         Allowance for loan losses                          2,406                          2,346
                                                            -----                          -----
                                                     $    212,176                    $   215,385
                                                          =======                        =======


</TABLE>


                                       7
<PAGE>

4.       STOCK BASED COMPENSATION

The Company applies the intrinsic-value based method of accounting prescribed by
Accounting Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to
Employees, and related interpretations  including Financial Accounting Standards
Board  (FASB)   Interpretation  No.  44,  Accounting  for  Certain  Transactions
involving Stock Compensation, an interpretation of APB Opinion No. 25, issued in
March 2000,  to account for its  fixed-plan  stock  options.  Under this method,
compensation expense is recorded on the date of grant only if the current market
price of the stock  exceeded the exercise  price.  SFAS No. 123,  Accounting for
Stock Based  Compensation,  established  accounting and disclosure  requirements
using  a  fair-value-based   method  of  accounting  for  stock-based   employee
compensation  plans. As allowed by Statement of Financial  Accounting  Standards
(SFAS)  No.   123,   the   Company   has   elected  to  continue  to  apply  the
intrinsic-value-based method of accounting described above, and has adopted only
the disclosure requirements of SFAS No. 123. The following table illustrates the
effect on net  income if the  fair-value-based  method  had been  applied to all
stock options granted or vested in each period.
<TABLE>

                                                                                            For the Three Months
                                                                                               Ended March 31,
                  (Dollars in thousands, except per share data)                             2003            2002
                                                                                            ----            ----

<S>                                                                                      <C>              <C>
       Net income as reported                                                            $   798         $   718
       Deduct total stock-based employee compensation
                expense determined under fair-value-based
                method for all awards, net of tax                                            135              58
                                                                                             ---              --
       Pro forma net income                                                                  663             660
                                                                                             ---             ---

       Earnings per share:
       Basic                                   As Reported                                   .55             .50
                                               Pro forma                                     .46             .46
       Diluted                                 As Reported                                   .50             .49
                                               Pro forma                                 $   .44          $  .45
</TABLE>


5.       RECENT DEVELOPMENTS

On February 26, 2003 the Board of Directors of the Company  declared a quarterly
dividend of ten cents ($0.10) per common  share.  The dividend was paid on April
1, 2003, to shareholders of record as of March 21, 2003.

6.       OTHER COMMITMENTS AND CONTINGENT LIABILITIES

In the normal course of business,  the Bank enters into  commitments to purchase
investment  securities  . At  March  31,  2003,  the  Bank  had  no  outstanding
commitments to purchase investment securities.

7.       RECENT ACCOUNTING PRONOUNCEMENTS

In April 2003, the Financial  Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standards (SFAS) No. 149, "Amendment of Statement 133 on
Derivative  Instruments  and Hedging  Activities."  SFAS No. 149 amends SFAS No.
133, "Accounting for Derivative Instruments and Hedging Activities," for certain
decisions  made by the  Board as part of the  Derivatives  Implementation  Group
process.  This  statement is effective  for  contracts  entered into or modified
after June 30, 2003 and hedging  relationships  designated  after June 30, 2003.
Management  does not  expect  that the  adoption  of SFAS  No.  149 will  have a
significant impact on the Company's  consolidated balance sheets or consolidated
statement of earnings.

In  November  2002,  FASB  issued  FASB   Interpretation  No.  45,  "Guarantor's
Accounting  and  Disclosure  Requirements  for  Guarantees,  Including  Indirect
Guarantees of Indebtedness of Others,  an  interpretation of FASB Statements No.
5,  57,  and  107  and   Rescission  of  FASB   Interpretation   No.  34."  This
Interpretation  clarifies the  requirements of FASB Statement No. 5, "Accounting
for Contingencies," relating to the guarantor's accounting for and disclosure of
the issuance of certain types of  guarantees.  The  disclosure  provision of the
Interpretation  are  effective  for  financial  statements  of interim or annual
reports that end after  December 15, 2002.  However,  the provisions for initial
recognition and measurement are effective on a prospective  basis for guarantees
that are  issued or  modified  after  December  31,  2002,  irrespective  of the
guarantor's  year-end.  The  application of this  Interpretation  did not have a
material  impact on the Company's  consolidated  balance  sheet or  consolidated
statement of earnings.


                                       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.  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  the
surrounding communities of Suffolk,  Nassau, and Kings 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.

Critical Accounting Policies

The Company identifies  accounting policies critical to the Company's operations
and  understanding of the Company's  results of operations.  Certain  accounting
policies  are  considered  to be important  to the  portrayal  of the  Company's
financial condition, since they require management to make complex or subjective
judgments, some of which may relate to matters that are inherently uncertain.

The Company has determined that the methodology used in determining the level of
its allowance for loan losses is critical in the presentation and  understanding
of the  Company's  consolidated  financial  statements.  The  allowance for loan
losses  represents  management's  estimate  of probable  losses  inherent in the
portfolio.  The  evaluation  process  for making  provisions  for loan losses is
subject to numerous  estimates and judgments.  Changes in those  estimates would
have a direct  impact on the  provision  for loan  losses and could  result in a
change  in  the  allowance.  While  management  uses  available  information  to
determine  losses on loans,  future  additions to the allowance may be necessary
based on,  among other  things,  unanticipated  changes in economic  conditions,
particularly in the counties of Suffolk and Nassau.

In  evaluating  the  portfolio,  management  takes into  consideration  numerous
factors such as the Company's loan growth,  prior loss  experience,  present and
potential  risks  of the  loan  portfolio,  risk  ratings  assigned  by  lending
personnel, ratings assigned by the independent loan review function, the present
financial  condition of the borrowers,  current economic  conditions,  and other
portfolio risk  characteristics.  The Company's formalized process for assessing
the adequacy of the allowance  for loan losses and the  resultant  need, if any,
for periodic  provisions  to the  allowance  charged to income  consists of both
individual  loan analyses and loan pool analyses.  The individual  loan analyses
are periodically  performed on individually  significant loans or when otherwise
deemed necessary and primarily  encompass  commercial real estate and commercial
and industrial loans.  Management believes that the Company's allowance for loan
losses at March 31, 2003 is adequate to provide for  estimated  probable  losses
inherent in the portfolio.


                                       9
<PAGE>

Financial Condition

The Company's total assets were $459.1 million as of March 31, 2003, compared to
$492.0  million at December 31, 2002. The decrease in total assets was primarily
attributable  to the  decline in the  securities  available-for-sale  portfolio,
which decreased $20.9 million,  or 9.5%, as the proceeds of maturing  short-term
U.S.  Government and agency obligations  purchased in December 2002 were used to
pay maturing seasonal municipal deposits.  Also contributing to that decrease in
part, was a $3.1 million,  or 1.4%,  decrease in loans, net, from $217.7 million
at December 31, 2002, to $214.6 million at March 31, 2003, reflecting a decrease
primarily in commercial and industrial loans.

Total  deposits  decreased  $45.3  million,  or 11.3%,  from  $400.5  million at
December 31, 2002 to $355.3  million at March 31, 2003,  primarily  reflecting a
decrease in NOW and money market deposits.  The decrease in NOW and money market
deposits of $54.3 million, or 41.6%, from $130.6 million at December 31, 2002 to
$76.3 million at March 31, 2003, is  attributable  to the withdrawal of seasonal
municipal  deposits.  Time  certificates  in excess of $100,000  decreased  $7.8
million,  or 37.8%,  from $20.5 million at December 31, 2002 to $12.8 million at
March 31,  2003.  The effects of those  declines  were offset in part by a $10.6
million,  or 14.4%,  increase in savings deposits and a $9.8 million,  or 12.5%,
increase in demand  deposits.  Federal funds purchased and securities sold under
agreements to repurchase were $12.0 million at March 31, 2003. Other borrowings,
which consist of Federal Home Loan Bank of New York advances, remained unchanged
at $55.0 million.

Stockholders' equity increased $533,000,  or 2.1%, to $26.1 million at March 31,
2003  compared  to  $25.6  million  at  December  31,  2002.   The  increase  to
stockholders  equity included $798,000 of net income for the three months ending
March 31, 2003.  Offsetting  this  increase in part were  dividends  declared of
$145,000.

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 set 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,  2003 and 2002,  and reflect the average
yield  on   interest-earning   assets  and  average  cost  of   interest-bearing
liabilities for the periods indicated.  Yields and costs are derived by dividing
annualized income or expense by the average balance of  interest-earning  assets
or interest-bearing liabilities, respectively. Average balances are derived from
average daily balances. Average loan balances include non-accrual loans although
they are not material.



                                       10
<PAGE>

<TABLE>

                                                                 Three Months Ended March 31,
                                                -----------2003-----------            -----------2002-----------
                                                                     Average                               Average
                                              Average                Yield /         Average               Yield /
                                              Balance    Interest     Cost           Balance    Interest    Cost
                                              -------    --------     ----           -------    --------    ----
Interest-earning assets:                                              (Dollars in thousands)
<S>                                     <C>            <C>            <C>       <C>            <C>          <C>
     Federal funds sold and
         interest-earning deposits      $      4,289   $      12      1.12  %   $      7,079   $     29     1.64  %
     Securities, net (1)                     219,944       2,293      4.17           186,863      2,329     4.99
     Loans, net (2)                          215,006       3,793      7.06           181,142      3,412     7.53
                                             -------       -----      ----           -------      -----     ----
         Total interest-earning assets       439,239       6,098      5.55           375,084      5,770     6.15
Non-interest-earning assets                   41,482                                  31,073
                                              ------                                  ------
Total assets                            $    480,721                            $    406,157
                                             =======                                 =======

Interest-bearing liabilities:
     Savings deposits                   $     82,899         278      1.34      $     46,214        153     1.32
     NOW and money market deposits           107,375         261       .97            73,412        192     1.05
     Certificates of deposit                 110,918         970      3.50           132,081      1,309     3.96
                                             -------         ---      ----           -------      -----     ----
         Total interest-bearing deposits     301,192       1,509      2.00           251,707      1,654     2.63
     Borrowed funds                           63,135         678      4.30            57,953        665     4.59
                                              ------         ---      ----            ------        ---     ----
         Total interest-bearing liabilities  364,327       2,187      2.40           309,660      2,319     3.00
Other non-interest bearing liabilities        90,750                                  74,492
                                              ------                                  ------
Total liabilities                            455,077                                 384,152
Stockholders' equity                          25,644                                  22,005
                                              ------                                  ------
Total liabilities and
     stockholders' equity               $   480,721                             $    406,157
                                            =======                                  =======


Net interest income/
     interest rate spread (3)                          $   3,911     3.15   %                  $   3,451    3.15  %
                                                           =====     ----                          =====    ====

Net interest margin (4)                                              3.56   %                               3.68  %
                                                                     ====                                   ====

Ratio of interest-earning assets to
     interest-bearing liabilities                                   1.21x                                  1.21x
                                                                    =====                                  =====


(1)  Securities,  net, excludes municipal obligations.  Unrealized appreciation / depreciation on available-for-sale  securities are
     recorded in non-interest earning assets.
(2)  Amount excludes  residential real estate loans held-for-sale and allowance for loan losses, and includes deferred loan fees and
     non-performing loans.
(3)  Interest rate spread represents the difference between the yield on  interest-earning  assets and the cost of  interest-bearing
     liabilities.
(4)  Net interest margin represents net interest income divided by average interest-earning assets.

</TABLE>












                                       11
<PAGE>

Comparison  of  Operating  Results for the Three Months Ended March 31, 2003 and
2002

General

The Company reported net income of $798,000, or basic earnings per share of $.55
and diluted  earnings  per share of $.53 for the quarter  ended March 31,  2003,
compared to $718,000,  or basic earnings per share of $.50 and diluted  earnings
per share of $.49,  for the prior year  period.  The  increase in net income was
attributable  primarily to a $490,000,  or 14.6% increase in net interest income
after  provision  for loan losses and an increase in other  operating  income of
$151,000, or 18.9%. Offsetting those increases was a $490,000, or 16.0% increase
in other operating expenses.

Interest Income

Interest income  increased  $328,000,  or 5.7%, for the three months ended March
31, 2003,  compared to the three months ended March 31, 2002.  This increase was
attributable to the increase in the average balance of  interest-earning  assets
of $64.1 million, or 17.1%, from $375.1 million for the three months ended March
31, 2002,  to $439.2  million for the three  months  ended March 31,  2003.  The
increase in the average balance of interest earning assets was offset in part by
a 60 basis point decrease in the average yield on  interest-earning  assets from
6.15% for the three  months ended March 31,  2002,  to 5.55% for the  comparable
2003  period.  The  decrease  in average  yield on  interest-earning  assets was
attributable  to a 82 basis point  decrease in yield on  securities,  net, which
declined  from 4.99% for the three months ended March 31, 2002, to 4.17% for the
three months ended March 31, 2003. The average yield on loans  receivable,  net,
decreased  47 basis points from 7.53% for the three months ended March 31, 2002,
to 7.06% for the  comparable  2003 period.  Partially  offsetting the decline in
yield from  period to period was the $33.0  million,  or 17.7%  increase  in the
average  balance of securities,  net, from $186.9 million for three months ended
March 31, 2002, to $219.9 million for the three months ended March 31, 2003. The
average balance of loans,  net,  increased  $33.9 million,  or 18.7% from $181.1
million for the three  months ended March 31,  2002,  to $215.0  million for the
comparable 2003 period.

Interest Expense

Interest  expense for the three  months  ended March 31, 2003 was $2.2  million,
compared to $2.3  million for the three  months ended March 31, 2002, a decrease
of $132,000, or 5.7%. The decrease was attributable to a 60 basis point decrease
in the average  cost of  interest-bearing  liabilities  from 3.00% for the three
months  ended March 31, 2002 to 2.40% for the three months ended March 31, 2003.
The decrease in average cost was partially offset by a $54.6 million,  or 17.7%,
increase  in the  average  balance of total  interest-bearing  liabilities  from
$309.7  million for the three months ended March 31, 2002 to $364.3  million for
the three months ended March 31, 2003. The increase in average  interest-bearing
liabilities  reflects  increases  of $49.5  million  in the  average  balance of
interest-bearing  deposits and $5.2  million in the average  balance of borrowed
funds when compared to the prior year period.

Interest expense on  interest-bearing  deposits for the three months ended March
31, 2003 decreased $145,000,  or 8.8%, to $1.5 million from $1.7 million for the
corresponding  2002 period.  This decrease was primarily due to a 63 basis point
decrease in the average rate paid on  interest-bearing  deposits  from 2.63% for
three months ended March 31, 2002 to 2.00% for the corresponding period in 2003.
Offsetting  the decrease in the average rate paid was an increase in the average
balance of interest-bearing deposits of $49.5 million for the three months ended
March  31,  2003 from the  corresponding  period in 2002.  The  increase  in the
average balance of interest-bearing  deposits was the result of increases in the
average  balance of savings  deposits  of $36.7  million,  or 79.4%,  and in the
average  balances of NOW and money market  deposits of $34.0  million,  or 46.3%
from  period to period.  The  increase in average  balances of  interest-bearing
deposits is the result of the Company's  branch expansion and the development of
competitive  deposit products that meet the needs of its commercial and consumer
customers.



                                       12
<PAGE>

Interest expense on borrowed funds increased $13,000, or 2.0%, from $665,000 for
the three months  ended March 31,  2002,  to $678,000 for the three months ended
March 31, 2003.  The increase  was  primarily  due to an increase in the average
balance of borrowed funds of $5.1 million,  or 8.9%,  from $58.0 million for the
three  months  ended March 31, 2002 to $63.1  million for the three months ended
March 31, 2003.  Offsetting  the increase in the average  balance was a 29 basis
point  decrease  in the average  cost of borrowed  funds from 4.59% for the 2002
period, to 4.30% for the 2003 period.

Net Interest Income

Net interest income increased by $460,000,  or 13.3%,  from $3.5 million for the
three months  ended March 31,  2002,  to $3.9 million for the three months ended
March 31, 2003. The average cost of total  interest-bearing  liabilities for the
period  decreased  60 basis points from 3.00% in the 2002 period to 2.40% in the
2003 period. The average yield on total  interest-earning  assets for the period
decreased  60 basis  points  from 6.15% in the 2002  period to 5.55% in the 2003
period.  The net interest rate spread remained unchanged at 3.15% from period to
period.

Provision for Loan Losses

The Company made a $60,000  provision for loan losses for the three months ended
March 31, 2003,  compared to a $90,000  provision  for loan losses for the three
months ended March 31, 2002.  The provision for loan losses for the three months
ended  March  31,  2003  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 $2.4 million and $2.3 million
at March 31, 2003 and December 31, 2002,  respectively.  The  allowance for loan
losses as a  percentage  of loans  was  1.12%  and  1.08% at March 31,  2003 and
December 31, 2002, respectively.

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  collectable  and a consistent
record of performance has been demonstrated.
<TABLE>

                                                                March 31, 2003         December 31, 2002
                                                                --------------         -----------------
                                                                          (Dollars in thousands)
<S>                                                                <C>                    <C>
Non-accrual loans:
     Commercial and industrial loans                               $      326             $    307
                                                                          ---                  ---
         Total non-accrual and non-performing loans                       326                  307
                                                                          ---                  ---


Allowance for loan losses as a percentage
     of loans (1)                                                        1.12  %              1.08  %
Allowance for loan losses as a percentage
     of total non-performing loans                                     738.04  %            764.17  %
Non-performing loans as a percentage of loans (1)                         .15  %               .14  %

(1) Loans include loans, net, excluding the allowance for loan losses.

</TABLE>


                                       13
<PAGE>

Other Operating Income

Other operating income increased  $151,000,  or 18.9%, to $948,000 for the three
months  ended March 31,  2003.  Service  charges on deposit  accounts  increased
$43,000,  or 10.3%,  reflecting  overall  growth in the depositor  base, and the
introduction  of new  electronic  banking  services.  In  addition,  the Company
realized a gain on the sale of  securities of $89,000 for the three months ended
March 31, 2003.

Other Operating Expenses

Other operating expenses increased $490,000,  or 16.0%, from $3.1million for the
three months  ended March 31,  2002,  to $3.6 million for the three months ended
March 31, 2003. The increase  resulted  primarily from increases in salaries and
employee  benefits,  premises and equipment  expense,  and other expense for the
three months ended March 31, 2003 attributable to the Bank's branch expansion.

Income Taxes

Income taxes  increased  $71,000,  or 18.9%,  from $375,000 for the three months
ended March 31, 2002,  to $446,000 for the three months ended March 31, 2003, as
a result of the increase in income before income taxes.  The effective tax rates
for the three  months  ended  March 31, 2003 and those ended March 31, 2002 were
35.9% and 34.3%, 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 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%.  Average  balances  are  derived  from  average  daily
balances.  During the three months ended March 31, 2003,  the Company's  average
minimum liquidity level was 26.6%.

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 12.0% of the  Company's  assets  at March 31,
2003, 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, 2003, 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.  The  convertible  advances  are  secured by various
mortgage-backed and callable U.S. agency securities.

                                       14
<PAGE>

At March 31, 2003,  convertible  and medium term  advances  outstanding  were as
follows:
<TABLE>

                                                                             Call                 Contractual
                                        Amount              Rate             Date                  Maturity
                                        ------              ----             ----                  --------
<S>                              <C>                        <C>              <C>                      <C>
    Convertible advance          $     14,000,000           5.49  %        05/19/2003             02/19/2008
    Convertible advance                15,000,000           4.59           04/21/2003             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             12/12/2011
    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, 2003, and 2002, the Company's  purchases of securities that were
classified   available-for-sale  totaled  $268.8  million  and  $304.4  million,
respectively.  Loan originations,  net of principal repayments on loans, totaled
($2.8)  million and $9.3 million for the three months ended March 31, 2003,  and
2002,   respectively.   Borrowings,   principal  repayments  and  maturities  of
securities were used primarily to fund those activities.

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,
2002,  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 the 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, 2003,  the Bank  exceeded
those  requirements with a leverage capital ratio,  risk-based capital ratio and
total-risk based capital ratio of 5.54%, 9.71%, and 10.59%, respectively.

The Company achieves what it considers "capital adequacy" through the continuous
monitoring of its financial performance and plans for expansion.  Sources of the
Company's  capital are generated  primarily  through current period earnings and
the issuance of common stock via the dividend  reinvestment plan or the exercise
of stock options. Uses of capital currently result from the payment of dividends
on common stock or the  repurchase  of common stock  through a stock  repurchase
program.  In February 2003, the Board of Directors,  suspended the current stock
repurchase  program that had enabled the Company to repurchase  75,000 shares of
its  outstanding  common stock.  There have been no repurchases  made under this
stock purchase  program since its  announcement in May, 2001. In determining the
extent  and timing of stock  repurchase  programs,  the  Company  considers,  in
addition to capital adequacy,  the effect on the Company's financial  condition,
average daily trading volume, and listing requirements  applicable to the NASDAQ
National  Market  System.  At March 31, 2003, the Company held 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's
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 market  interest  rates and the Company's
ability to manage its assets and liabilities in response to such movements.

At March 31, 2003,  75.0% of the Company's  gross loans had adjustable  interest
rates and its loan portfolio had an average  weighted  maturity of 8.7 years. At
that date, $32.7 million,  or 15.2%, of the Company's  securities had adjustable
interest rates, and its securities  portfolio had a weighted average maturity of
1.8 years.  At March 31, 2003, the Company had $60.4 million of  certificates of
deposit with  maturities  of one year or less and $12.8 million of deposits over
$100,000,  which tend to be less stable sources of funding when compared to core
deposits,  and  which  represented  21.9%  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  assets.  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
periods 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.

At March 31, 2003,  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>


             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                  $  (440)          (2.58)  %               $ (7,308)           (24.97)  %
                100                     (353)          (2.07)                    (4,498)           (15.37)
              Static                     ---            ----                      -----             -----
               (100)                    (818)          (4.80)                    (2,014)            (6.88)
               (200)                  (1,683)          (9.88)                    (1,505)            (5.14)

</TABLE>


                                       16
<PAGE>

Item 4.  Controls and Procedures

1.       Evaluation of disclosure controls and procedures. The Company maintains
         controls and procedures designed to ensure that information required to
         be disclosed in the reports that the Company files or submits under the
         Securities Exchange Act of 1934 is recorded, processed, summarized and
         reported within the time periods specified in the rules and forms of
         the Securities and Exchange Commission. Based upon their evaluation of
         those controls and procedures performed within 90 days of the filing
         date of this report, the Chief Executive and Chief Financial officers
         of the Company concluded that the Company's disclosure controls and
         procedures were adequate.

2.       Changes in internal controls. The Company made no significant changes
         in its internal controls or in other factors that could significantly
         affect these controls subsequent to the date of the evaluation of those
         controls by the Chief Executive and Chief Financial officers.


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
               Not applicable.

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
                  99.1    Certification of Chief Executive Officer pursuant to
                          Section 906 of Sarbanes-Oxley Act of 2002
                  99.2    Certification of Chief Financial Officer pursuant to
                          Section 906 of Sarbanes-Oxley Act of 2002
               b. Reports on Form 8K
                  None



                                       17
<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 15, 2003      By: /s/ Douglas C. Manditch
                               ---------------------------------
                                   Douglas C. Manditch
                                   President and Chief Executive Officer


Date:    May 15, 2003      By: /s/ Thomas Buonaiuto
                               -------------------------
                                   Thomas Buonaiuto
                                   Vice President and Treasurer



                                       18
<PAGE>


                                  CERTIFICATION

     I, Douglas C. Manditch, certify, that:

     1.   I have  reviewed  this  quarterly  report on Form 10-Q of Long  Island
          Financial Corp.;

     2.   Based on my  knowledge,  the  quarterly  report  does not  contain any
          untrue  statement of a material  fact or omit to state a material fact
          necessary to make the statements  made, in light of the  circumstances
          under which such  statements were made, not misleading with respect to
          the period covered by this quarterly report;

     3.   Based on my knowledge,  the financial statements,  and other financial
          information  included in this quarterly report,  fairly present in all
          material respects the financial  condition,  results of operations and
          cash flows of the registrant as of, and for, the periods  presented in
          this quarterly report;

     4.   The registrant's  other  certifying  officer and I are responsible for
          establishing  and maintaining  disclosure  controls and procedures (as
          defined in Exchange  Act Rules  13a-14 and 15d-14) for the  registrant
          and we have:

          a.   designed such  disclosure  controls and procedures to ensure that
               material  information  relating to the registrant,  including its
               consolidated  subsidiaries,  is made known to us by others within
               those  entities,  particularly  during  the  period in which this
               quarterly report is being prepared;

          b.   evaluated  the  effectiveness  of  the  registrant's   disclosure
               controls and  procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          c.   presented  in this  quarterly  report our  conclusions  about the
               effectiveness of the disclosure  controls and procedures based on
               our evaluation as of the Evaluation Date;

     5.   The registrant's other certifying officer and I have disclosed,  based
          on our most recent  evaluation,  to the registrant's  auditors and the
          audit  committee  of  registrant's  board  of  directors  (or  persons
          performing the equivalent function):

          b.   all  significant  deficiencies  in the design or operation of the
               internal  controls which could adversely  affect the registrant's
               ability to record  process,  summarize and report  financial data
               and have  identified for the  registrant's  auditors any material
               weaknesses in internal controls; and

          a.   any fraud,  whether or not material,  that involves management or
               other employees who have a significant  role in the  registrant's
               internal controls; and

     6.   The registrant's other certifying officer and I have indicated in this
          quarterly  report  whether  or not there were  significant  changes in
          internal controls or in other factors that could significantly  affect
          the  internal  controls  subsequent  to the  date of our  most  recent
          evaluation,   including   any   corrective   actions  with  regard  to
          significant deficiencies and material weaknesses.

          Date: May 15, 2003
                                         /s/ Douglas C. Manditch
                                         -----------------------
                                             Douglas C. Manditch
                                             President & Chief Executive Officer



                                       19
<PAGE>


                                  CERTIFICATION

     I,   Thomas Buonaiuto, certify, that:

     1.   I have  reviewed  this  quarterly  report on Form 10-Q of Long  Island
          Financial Corp.;

     2.   Based on my  knowledge,  the  quarterly  report  does not  contain any
          untrue  statement of a material  fact or omit to state a material fact
          necessary to make the statements  made, in light of the  circumstances
          under which such  statements were made, not misleading with respect to
          the period covered by this quarterly report;

     3.   Based on my knowledge,  the financial statements,  and other financial
          information  included in this quarterly report,  fairly present in all
          material respects the financial  condition,  results of operations and
          cash flows of the registrant as of, and for, the periods  presented in
          this quarterly report;

     4.   The registrant's  other  certifying  officer and I are responsible for
          establishing  and maintaining  disclosure  controls and procedures (as
          defined in Exchange  Act Rules  13a-14 and 15d-14) for the  registrant
          and we have:

          a.   designed such  disclosure  controls and procedures to ensure that
               material  information  relating to the registrant,  including its
               consolidated  subsidiaries,  is made known to us by others within
               those  entities,  particularly  during  the  period in which this
               quarterly report is being prepared;

          b.   evaluated  the  effectiveness  of  the  registrant's   disclosure
               controls and  procedures as of a date within 90 days prior to the
               filing date of this quarterly report (the "Evaluation Date"); and

          c.   presented  in this  quarterly  report our  conclusions  about the
               effectiveness of the disclosure  controls and procedures based on
               our evaluation as of the Evaluation Date;

     5.   The registrant's other certifying officer and I have disclosed,  based
          on our most recent  evaluation,  to the registrant's  auditors and the
          audit  committee  of  registrant's  board  of  directors  (or  persons
          performing the equivalent function):

          a.   all  significant  deficiencies  in the design or operation of the
               internal  controls which could adversely  affect the registrant's
               ability to record  process,  summarize and report  financial data
               and have  identified for the  registrant's  auditors any material
               weaknesses in internal controls; and

          b.   any fraud,  whether or not material,  that involves management or
               other employees who have a significant  role in the  registrant's
               internal controls; and

     6.   The registrant's other certifying officer and I have indicated in this
          quarterly  report  whether  or not there were  significant  changes in
          internal controls or in other factors that could significantly  affect
          the  internal  controls  subsequent  to the  date of our  most  recent
          evaluation,   including   any   corrective   actions  with  regard  to
          significant deficiencies and material weaknesses.

          Date: May 15, 2003
                                         /s/ Thomas Buonaiuto
                                         --------------------
                                             Thomas Buonaiuto
                                             Vice President & Treasurer



                                       20
<PAGE>

<TABLE>

Exhibit 11.0      Statement Regarding Computation Of Earnings Per Share
                                          (Unaudited)
                      (In thousands, except share and per share amounts)

                                                                        Three Months Ended
                                                                             March 31,
                                                            2003                              2002
                                                            ----                              ----
<S>                                                    <C>                              <C>
Net income available to
   common shareholders                                 $    798,000                     $    718,000

Total weighted average
   common shares outstanding                              1,449,530                        1,440,405

Basic earnings per common share                        $        .55                     $        .50
Total weighted average
   common shares outstanding                              1,449,530                        1,440,405

Dilutive effect of stock options using
   the treasury stock method                                 64,365                           31,859

Total average common and common
   equivalent shares                                      1,513,895                        1,472,264

Diluted earnings per common share                      $        .53                     $        .49

</TABLE>


                                       21
<PAGE>

Exhibit 99.1    Certification of Chief Executive Officer pursuant to Section 906
                of Sarbanes- Oxley Act of 2002

In connection with the Quarterly  Report of Long Island  Financial  Corp.,  (the
Company)  on Form 10-Q for the  period  ended  March 31,  2003 as filed with the
Securities and Exchange  Commission on the date hereof (the Report),  I, Douglas
C.  Manditch,  President  & Chief  Executive  Officer of the  Company,  certify,
pursuant  to 18  U.S.C.  1350,  as  adopted  pursuant  to  Section  906  of  the
Sarbanes-Oxley Act of 2002, that:


(1)      The Report fully complies with the requirements of Section 13(a) or
         15 (d) of the Securities Exchange Act of 1934; and

(2)      The information contained in the Report fairly presents, in all
         material respects, the financial condition and results of operations
         of the Company.


                                         /s/ Douglas C. Manditch
                                         -----------------------
                                         President & Chief Executive Officer
                                         May 15, 2003

A signed  original of this  written  statement  required by Section 906 has been
provided  to Long  Island  Financial  Corp.  and will be retained by Long Island
Financial  Corp. and furnished to the Securities and Exchange  Commission or its
staff upon request.


Exhibit 99.2    Certification of Chief Financial Officer pursuant to Section 906
                of Sarbanes-Oxley Act of 2002

In connection with the Quarterly  Report of Long Island  Financial  Corp.,  (the
Company)  on Form 10-Q for the  period  ended  March 31,  2003 as filed with the
Securities  and Exchange  Commission on the date hereof (the Report),  I, Thomas
Buonaiuto,  Vice President & Treasurer of the Company,  certify,  pursuant to 18
U.S.C.  1350, as adopted  pursuant to Section 906 of the  Sarbanes-Oxley  Act of
2002, that:

(1)      The Report fully complies with the requirements of Section 13(a) or
         15 (d) of the Securities Exchange Act of 1934; and

(2)      The information contained in the Report fairly presents, in all
         material respects, the financial condition and results of operations
         of the Company.


                                         /s/ Thomas Buonaiuto
                                         --------------------
                                         Vice President & Treasurer
                                         May 15, 2003

A signed  original of this  written  statement  required by Section 906 has been
provided  to Long  Island  Financial  Corp.  and will be retained by Long Island
Financial  Corp. and furnished to the Securities and Exchange  Commission or its
staff upon request.


                                       22
<PAGE>