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, 2000
                                       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 1,646,326  shares of Common Stock  outstanding as of May 8,
2000.




<PAGE>



                                    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, 2000
        and December 31, 1999                                             2
      Consolidated Statements of Earnings for the Three Months Ended
        March 31, 2000 and 1999                                           3
      Consolidated Statement of Changes in Stockholders' Equity
        for the Three Months Ended March 31, 2000                         4
      Consolidated Statements of Cash Flows for the Three Months
        Ended March 31, 2000 and 1999                                     5
      Notes to Consolidated Financial Statements                          7

ITEM 2.
  Management's Discussion and Analysis of Financial
      Condition and Results of Operations                                 10

ITEM 3.
  Quantitative and Qualitative Disclosures About Market Risk              17

PART II  - OTHER INFORMATION

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

              Signatures                                                  20

================================================================================
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, potential adverse effects of
Year 2000, and other risks  detailed in documents  filed by the Company with the
Securities and Exchange Commission from time to time.



                                        1

<PAGE>



PART I -  FINANCIAL INFORMATION

Item 1.   Consolidated Financial Statements - Unaudited

                           LONG ISLAND FINANCIAL CORP.
                           Consolidated Balance Sheets
                                   (Unaudited)
                        (In thousands, except share data)


<TABLE>
<CAPTION>
                                                           March 31,      December 31,
                                                             2000            1999
                                                         ------------      ----------

<S>                                                    <C>    <C>           <C>
Assets:
Cash and due from banks................................$      8,061          9,301
Interest earning deposits..............................         254            204
Federal funds sold.....................................           -         18,300
                                                               ----         ------
              Total cash and cash equivalents..........       8,315         27,805

Securities held-to-maturity, net
 (fair value of $326 and $338, respectively)...........         339            341
Securities available-for-sale, at fair value...........     123,384        169,808
Loans, net of unearned income and deferred fees........     128,881        121,311
Less allowance for loan losses.........................       1,605          1,475
                                                              -----          -----
              Loans, net...............................     127,276        119,836
Premises and equipment, net............................       2,001          2,089
Accrued interest receivable............................       2,425          2,062
Bank owned life insurance..............................       5,990          5,921
Prepaid expenses and other assets......................       3,522          3,192
                                                              -----          -----
              Total assets.............................$    273,252        331,054
                                                            =======        =======

Liabilities and Stockholders' Equity:

Deposits:
    Demand deposits....................................$     38,979         36,191
    Savings deposits....................................     30,182         28,444
    NOW and money market deposits.......................     35,389        103,126
    Time certificates issued in excess of $100,000......     25,889         18,242
    Other time deposits.................................     77,572         83,737
                                                             ------         ------
              Total deposits............................    208,011        269,740

Borrowed funds..........................................     43,800         39,500
Accrued expenses and other liabilities  ................      3,180          3,471
                                                              -----          -----
              Total liabilities.........................    254,991        312,711
                                                            -------        -------

Stockholders' equity:
    Common  stock  (par value $.01 per  share;
    10,000,000 shares,  authorized; 1,776,326 shares
    issued; 1,646,326 and 1,776,326 outstanding,
    respectively).......................................         18             18
    Surplus   ..........................................     20,185         20,185
    Accumulated surplus.................................      2,907          2,587
    Accumulated other comprehensive income (loss).......     (3,386)        (2,984)
    Treasury stock at cost, (130,000 shares)............     (1,463)        (1,463)
                                                             -------        -------
              Total stockholders' equity................     18,261         18,343
                                                             ------         ------
    Total liabilities and stockholders' equity..........$   273,252        331,054
                                                            =======        =======

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

                                        2

<PAGE>




                           LONG ISLAND FINANCIAL CORP.
                       Consolidated Statements of Earnings
                                   (Unaudited)
                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                                               For the Three Months
                                                                                 Ended March 31,
                                                                              2000             1999
                                                                              ----             ----
<S>                                                                   <C>    <C>             <C>
         Interest income:
              Interest earning deposits                               $          4                2
              Federal funds sold                                                11              138
              Securities                                                     2,707            2,348
              Interest and fees on loans                                     2,708            2,063
                                                                             -----            -----
                  Total interest income                                      5,430            4,551
                                                                             -----            -----

         Interest expense:
              Savings deposits                                        $        266              131
              NOW and money market deposits                                    340              325
              Time certificates issued in excess of $100,000                   243              342
              Other time deposits                                            1,227            1,134
              Borrowed funds                                                   879              442
                                                                             -----            -----
                  Total interest expense                                     2,955            2,374
                                                                             -----            -----


                  Net interest income                                        2,475            2,177

         Provision for loan losses                                             150              150
                                                                             -----            -----

                  Net interest income after provision
                  for loan losses                                            2,325            2,027
                                                                             -----            -----

         Other operating income:
              Service charges on deposit accounts                     $        200              143
              Net gain on sale of securities                                    52              143
              Other                                                            127               31
                                                                             -----            -----
                  Total other operating income                                 379              317

         Other operating expenses:
              Salaries and employee benefits                                 1,030              939
              Occupancy expense                                                134              135
              Premises and equipment expense                                   192              174
              Other                                                            673              574
                                                                             -----            -----
                  Total other operating expenses                             2,029            1,822

                  Income before income taxes                                   675              522

         Income taxes                                                          223              190
                                                                             -----            -----

                  Net income                                          $        452              332
                                                                             =====            =====
                  Basic and diluted earnings per share                $       0.27             0.19
                                                                             =====            =====

         Weighted average shares outstanding                             1,646,326        1,775,991
                                                                         =========        =========
</TABLE>

See accompanying notes to consolidated financial statements.


                                        3

<PAGE>


<TABLE>
                                                            LONG ISLAND FINANCIAL CORP.
                                             Consolidated Statement of Changes in Stockholders' Equity
                                                       For the Three Months Ended March 31, 2000
                                                                      (Unaudited)
                                                           (In thousands, except share data)

<CAPTION>
                                                                                       Accumulated
                                                                                          other
                                               Common                Accumulated       comprehensive    Treasury
                                               stock     Surplus       surplus             loss            stock       Total
                                            -----------  -------   ------------------------------------------------    -----

<S>                                     <C>    <C>       <C>            <C>             <C>            <C>             <C>
Balance at December 31, 1999            $       18       20,185         2,587           (2,984)        (1,463)         18,343

Comprehensive income:
   Net income                                    -            -           452                 -              -            452
     Other comprehensive income (loss),
       net of tax:
     Unrealized depreciation in available-
       for-sale securities, net of
       reclassification adjustment (1)           -            -             -             (402)              -          (402)
                                              ----         ----          ----             -----           ----          -----

Total comprehensive income                       -            -             -                 -              -             50

Dividends declared on common
 stock ($.08 per common share)                   -            -         (132)                 -              -          (132)
                                              ----         ----         -----              ----           ----          -----


Balance at March 31, 2000               $       18       20,185         2,907           (3,386)        (1,463)         18,261
                                              ====       ======         =====           =======        =======         ======

</TABLE>




























                                        4

<PAGE>


<TABLE>
                                              LONG ISLAND FINANCIAL CORP.
                                         Consolidated Statements of Cash Flows
                                                      (Unaudited)
                                                    (In thousands)
<CAPTION>
                                                                             For the Three Months
                                                                                Ended March 31,
                                                                               2000       1999
                                                                               ----       ----

       <S>                                                               <C>   <C>         <C>
       Cash flows from operating activities:
         Net income                                                      $     452         332
         Adjustments to reconcile net income to net cash
             provided by operating activities:
             Provision for loan losses                                         150         150
             Depreciation and amortization                                     187         138
             Amortization of premiums, net of discount accretion              (598)        (46)
             Loans originated for sale, net of proceeds from
             sales and gains                                                   796       1,103
             Net deferred loan origination fees                                 42          54
             Deferred income taxes                                             (14)        (35)
             Changes in assets and liability account:
                 Accrued interest receivable                                  (363)       (569)
                 Prepaid expenses and other assets                            (101)        307
                 Accrued expenses and other liabilities                       (291)        210
                                                                              -----       ----

         Net cash provided by operating activities                             260       1,644
                                                                               ---       -----

       Cash flows from investing activities:
         Purchases of securities available-for-sale                        (87,325)   (113,068)
         Proceeds from maturities of securities                            132,000     108,695
         Principal repayments on securities                                  1,663       5,208
         Loan originations net of principal repayments                      (8,428)     (4,991)
         Purchase of premises and equipment                                    (99)       (369)
         Purchase of bank owned life insurance                                   -      (5,715)
                                                                            ------      -------
             Net cash provided by (used in) investing activities            37,811     (10,240)
                                                                            ------     --------

       Cash flows from financing activities:
         Net decrease in demand deposit, savings,  NOW,
             and money market accounts                                     (63,211)    (21,540)
         Net increase in certificates of deposit                             1,482      11,117
         Net increase in borrowed funds                                      4,300      15,000
         Payments for cash dividends                                          (132)       (142)
         Corporate reorganization costs                                          -        (103)
         Proceeds from shares issued under the dividend reinvestment
             and stock purchase plan                                             -          59
                                                                            ------     -------

         Net cash (used in) provided by financing activities               (57,561)      4,391
                                                                            -------      -----

         Net decrease in cash and cash equivalents                         (19,490)     (4,205)

       Cash and cash equivalents at beginning of period                     27,805      21,489
                                                                            ------      ------
       Cash and cash equivalents at end of period                        $   8,315      17,284
                                                                             =====      ======
</TABLE>


                                   (Continued)




                                        5

<PAGE>


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


<CAPTION>

                                                                        For the Three Months
                                                                         Ended March 31,
                                                                     -------------------
                                                                        2000         1999
                                                                        ----         ----
        <S>                                                     <C>     <C>          <C>

        Supplemental disclosure of cash flow information

        Cash paid during the period for:
              Interest                                          $       2,872        2,212
                                                                        =====        =====

              Income taxes                                      $         361            -
                                                                        =====        =====


</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
subsidiary,  Long Island Commercial Bank (the "Bank").  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, 2000 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 generally  accepted  accounting  principles  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 1999 Annual Report on Form 10-K.

2.       REORGANIZATION

At a special  meeting on  December  8, 1998,  the  stockholders  of Long  Island
Commercial  Bank approved a Plan of Acquisition  dated as of September 15, 1998,
which subsequently  became effective January 28, 1999, and as a result of which:
(i) the Bank became a wholly-owned  subsidiary of Long Island Financial Corp., a
Delaware  corporation;  and (ii) all of the  outstanding  shares  of the  Bank's
common stock were  converted,  subject to dissenter's  rights,  on a one-for-one
basis,  into  outstanding  shares of the common  stock of Long Island  Financial
Corp.  No  stockholder   asserted   dissenter's   rights.  This  transaction  is
hereinafter referred to as the "Reorganization."

The  Reorganization  created a bank holding  company  structure  which  provides
greater operating flexibility by allowing the Company to conduct a broader range
of business  activities  and permits  the Board of  Directors  of the Company to
determine  whether  to  conduct  such  activities  in the  Bank  or in  separate
subsidiaries of the Company.  Finally,  the reorganization will permit expansion
into a broader range of financial  services and other business  activities  that
are not currently permitted to the Bank as a New York state-chartered commercial
bank.  Such  activities  include,  among others,  operating non- bank depository
institutions  or  engaging  in  financial  and  investment   advisory  services,
securities brokerage and management consulting activities.






                                        7

<PAGE>



3.       IMPACT OF NEW ACCOUNTING PRONOUNCEMENTS

In June 1998, the Financial  Accounting Standards Board ("FASB") issued SFAS No.
133,  "Accounting  for  Derivative  Instruments  and Hedging  Activities."  This
statement  requires  companies  to record  derivatives  on the balance  sheet as
assets or liabilities, measured at fair value. The accounting for changes in the
fair value of a derivative depends on the intended use of the derivative and its
specific designation.

In June  1999,  the  FASB  issued  SFAS  No.  137,  "Accounting  for  Derivative
Instruments  and  Hedging  Activities-Deferral  of the  Effective  Date  of FASB
Statement No. 133-an amendment of FASB Statement No. 133." This statement delays
the effective date for one year of SFAS No. 133, to fiscal years beginning after
June 15,  1999 SFAS No.'s 133 and 137 apply to  quarterly  and annual  financial
statements. The Company does not believe that there will be a material impact on
its financial  condition or results of operations  upon the adoption of SFAS No.
133.

4.       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, 2000         December 31, 1999
                                                                 --------------------     -------------------
                                                               Amortized        Fair        Amortized       Fair
                                                                 cost           value         cost          value
                                                            --------------  --------------------------- ---------
                                                                                  (In thousands)

      <S>                                                  <C>    <C>         <C>           <C>             <C>
      Held-to-maturity, net:
      Mortgage-backed securities:
         CMO                                               $        339           326           341             338
                                                                    ===           ===           ===             ===

      Available-for-sale:
      U.S. Government and Agency Obligations               $     77,516        73,466       122,423         118,907
      Mortgage-backed securities:
         GNMA                                                    40,663        38,977        41,136          39,580
         FHLMC                                                    1,232         1,257         1,350           1,369
         FNMA                                                     3,272         3,225         3,599           3,571
      Municipal obligations                                       1,166         1,133         1,166           1,143
      Other debt securities                                           -             -            92              91
                                                                -------       -------       -------         -------
      Total debt securities                                     123,849       118,058       169,766         164,661

      Equity securities - FHLB stock                              5,326         5,326         5,147           5,147
                                                                -------       -------       -------         -------
        Total securities available-for-sale                $    129,175       123,384       174,913         169,808
                                                                =======       =======       =======         =======

</TABLE>





                                        8

<PAGE>




5.       LOANS RECEIVABLE, NET

Loans receivable, net consist of the following as of the dates indicated:

<TABLE>
<CAPTION>
                                                                  March 31, 2000               December 31, 1999
                                                                  --------------               -----------------
                                                                            (Dollars in thousands)

         <S>                                                 <C>  <C>        <C>             <C>  <C>        <C>
         Commercial and industrial loans                     $    39,889     30.8  %         $    34,057      27.9  %
         Commercial real estate loans                             88,125     68.0                 84,133      69.0
         Automobile loans                                             67      0.1                  1,463       1.2
         Consumer loans                                            1,196      0.2                  1,250       1.0
         Residential real estate loans held-for-sale                 223      0.9                  1,019       0.9
                                                                 -------   -------               -------   -------
                                                                 129,500    100.0  %             121,922     100.0  %
         Less:
           Unearned income                                             8                              42
           Deferred fees, net                                        611                             569
           Allowance for loan losses                               1,605                           1,475
                                                                   -----                           -----
                                                            $    127,276                      $  119,836
                                                                 =======                         =======
</TABLE>



6.       RECENT DEVELOPMENTS

On February 23, 2000 the Board of Directors of the Company  declared a quarterly
dividend of eight cents ($0.08) per common share. The dividend was paid on April
3, 2000, to shareholders' of record as of March 24, 2000.

On April 15,  1999,  the  Company  announced  the  commencement  of a program to
repurchase up to 10% of it's  outstanding  common stock.  No time limit has been
placed on the duration of the stock  repurchase  program.  Subject to applicable
securities laws, such purchases will be made at times and in amounts the Company
deems  appropriate  and may be  discontinued  at any time. As of March 31, 2000,
130,000 shares had been  repurchased by the Company at an aggregate cost of $1.5
million.
















                                        9

<PAGE>



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

General

Long Island Commercial Bank, the subsidiary of Long Island Financial Corp., 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 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.  The Bank's senior management
has  substantial  banking  experience,  and senior  management  and the Board of
Directors  of the  Bank  have  extensive  commercial  and  personal  ties to the
communities in Nassau and Suffolk Counties, New York.

Financial Condition

The Company's total assets were $273.3 million as of March 31, 2000, compared to
$331.1 million at December 31, 1999. The decline in cash and cash equivalents of
$19.5 million,  or 70.1%, was attributable to seasonal  municipal deposits which
were not on deposit at March 31, 2000.  Loans, net,  increased $7.4 million,  or
6.2%,  from $119.8  million at December 31, 1999, to $127.3 million at March 31,
2000,  reflecting  a  $9.8  million  increase  in  commercial  real  estate  and
commercial and industrial  loans,  offset in part by a $1.4 million  decrease in
the automobile loan portfolio.  Securities  available-for-  sale decreased $46.4
million or 27.3% as a portion of the  proceeds of the  maturing  short term U.S.
Government  and agency  obligations  purchased in December 1999 were used to pay
the maturing seasonal municipal deposits.

Total  deposits  decreased  $61.7  million,  or 22.9%,  from  $269.7  million at
December 31, 1999 to $208.0  million at March 31, 2000,  primarily  reflecting a
decrease in NOW and money market deposits.  The decrease in NOW and money market
deposits of $67.7 million, or 65.7%, from $103.1 million at December 31, 1999 to
$35.4  million at March 31,  2000,  is  attributable  to the timing of  seasonal
municipal deposits,  which were not on deposit at March 31, 2000. The effects of
those declines were offset in part by a $2.8 million, or 7.7% increase in demand
deposits and a $1.7 million, or 6.1%, increase in savings deposits from December
31, 1999 to March 31, 2000.

Total stockholders'  equity decreased $82,000 to $18.3 million at March 31, 2000
primarily due to a $402,000 increase in accumulated other  comprehensive loss on
securities available-for-sale and dividends declared of $132,000, offset in part
by net income of $452,000.










                                       10

<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  table 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,  2000,  and 1999,  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   income  or   expense,   annualized,   by  the   average   balance  of
interest-earning assets or interest-bearing liabilities,  respectively.  Average
balances are derived from average daily  balances.  Average  balances and yields
include non- accrual loans although they are not material.

































                                       11

<PAGE>


<TABLE>
<CAPTION>
                                                                                Three Months Ended March 31,
                                                                    -------------------------------------------------
                                                                     2000                                     1999
                                                                -------------------------------------------------------
                                                                                Average                                   Average
                                                       Average                  Yield /         Average                   Yield /
                                                       Balance     Interest      Cost           Balance    Interest        Cost
                                                       -------     --------      ----           -------    --------        ----

                                                                                     (Dollars in thousands)

<S>                                             <C>               <C>             <C>        <C>          <C>             <C>
Interest earning assets:
     Federal funds sold and
     interest-earning deposits                   $         946    $      15       6.34 %     $  12,140    $    140        4.61  %
     Securities held-to-maturity and
         available-for-sale, net (5)                   170,677        2,694       6.31         145,294       2,210        6.08
     Municipal obligations (4)                           1,166           17       5.83          12,854         206        6.41
     Loans receivable, net (1)                         122,571        2,708       8.84          96,883       2,063        8.52
                                                       -------        -----                     ------       -----
         Total interest-earning assets                 295,360        5,434       7.36         267,171       4,619        6.92
                                                                      -----                                  -----
Non-interest-earning assets                             23,301                                  17,054
                                                       -------                                  ------
Total assets                                     $     318,661                               $ 284,225


Interest-bearing liabilities:
     Savings deposits                            $      29,333    $     266       3.63       $  16,791    $    131        3.12
     NOW and money market deposits                      61,081          340       2.23          68,116         325        1.91
     Certificates of deposit                           103,487        1,470       5.68         106,489       1,476        5.54
                                                       -------        -----                    -------       -----
         Total interest-bearing deposits               193,901        2,076       4.28         191,396       1,932        4.04
     Borrowed funds                                     66,404          879       5.29          36,458         442        4.85
                                                      --------        -----                     ------        ----
         Total interest-bearing liabilities            260,305        2,955       4.54         227,854       2,374        4.17
Other non-interest bearing liabilities                  40,305                                  34,619
                                                      --------                                  ------
Total liabilities                                      300,610                                 262,473
Stockholders' Equity                                    18,051                                  21,752
                                                      --------                                  ------
Total liabilities and stockholders'
     equity                                      $     318,661                               $ 284,225

Net interest income/
     interest rate spread (2) (4)                                 $   2,479       2.82%                   $  2,245        2.75  %
                                                                      =====       ====                       =====        ====

Net interest margin (3)                                                           3.36%                                   3.36  %
                                                                                  ====                                    ====

Ratio of interest-earning assets to
     interest-bearing liabilities                                                 1.13                                    1.17
                                                                                  ====                                    ====

<FN>
(1)  Amount is net of residential real estate loans held-for-sale, deferred loan
     fees and allowance for loan losses and includes non-performing loans.
(2)  Net interest rate spread  represents  the  difference  between the yield on
     interest-earning assets and the cost of interest-bearing liabilities.
(3)  Net  interest  margin  represents  net interest  income  divided by average
     interest-earning assets.
(4)  Interest  income and yields are  presented  on a  fully-taxable  equivalent
     basis using the Federal statutory income tax rate of 34%.
(5)  Securities  held-to-maturity and available-for-sale,  net exclude municipal
     obligations.
</FN>
</TABLE>


                                      12

<PAGE>



           Comparison of Operating Results for the Three Months Ended
                             March 31, 2000 and 1999


General

The Company  reported net income of $452,000,  or basic and diluted earnings per
share of $.27 for the quarter  ended March 31, 2000,  compared to  $332,000,  or
basic and  diluted  earnings  per share of $.19 for the prior year  period.  The
increase in net income was  attributable  primarily to increases in net interest
income of  $298,000,  or 13.7%,  and of other  operating  income of $62,000,  or
19.6%,  which were offset in part by  increases in other  operating  expenses of
$207,000, or 11.4%.


Interest Income

Interest income, on a fully-taxable  equivalent basis,  increased  $815,000,  or
17.6 %, from $4.6 million for the three  months  ended March 31,  1999,  to $5.4
million for the three months ended March 31, 2000. The increase was attributable
to an increase in the average balance of total interest-earning  assets of $28.2
million,  or 10.6%,  from $267.2  million for the three  months  ended March 31,
1999, to $295.4  million for the three months ended March 31, 2000.  The average
balance of securities  held-to-maturity and available-for-sale,  net, (exclusive
of municipal  obligations)  decreased $25.4 million, or 17.5%, but returned a 25
basis point  increase in the average  yield to 6.31% for the three  months ended
March 31, 2000,  compared to 6.08% for the 1999 period. The $1.2 million decline
in the average  balance of municipal  obligations  for the three  months  ending
March 31,  2000,  from $12.9  million  for the  comparable  prior  year  period,
resulted from the sale of approximately  $11.8 million in municipal  obligations
during the second quarter of 1999.  The proceeds from that sale were  reinvested
in  higher   earning   assets,   primarily   bank  owned  life   insurance   and
available-for-sale  securities.  The average  balance of loans,  net,  increased
$25.7 million,  or 26.5% from $96.9 million for the three months ended March 31,
1999,  to  $122.6  million  for the  2000  period.  The  average  yield on loans
receivable,  net,  increased 32 basis points from 8.52% for the 1999 period,  to
8.84%  for the  three  months  ended  March  31,  2000.  The  average  yield  on
interest-earning  assets  increased  from 6.92% for the three months ended March
31,  1999,  to 7.36% for the three  months  ended  March 31, 2000 as a result of
higher market interest rates.

Interest Expense

Interest expense increased  $581,000,  or 24.5%, from $2.4 million for the three
months  ended March 31,  1999,  to $3.0 million for the three months ended March
31,  2000,  primarily  as a result of a $32.5  million or 14.2%  increase in the
average balance of total  interest-bearing  liabilities  from $227.9 million for
the 1999 period to $260.3 million for the three months ended March 31, 2000. The
increased interest expense resulted from a increase of $2.5 million,  or 1.3% in
the average balance of interest-bearing  deposits, coupled with a $29.9 million,
or 82.1%  increase in the average  balance of borrowed  funds.  The average rate
paid on interest- bearing deposits increased 24 basis points from 4.04% paid for
the 1999 period to 4.28% paid for the three month  period  ended March 31, 2000.
The average balance of savings  deposits  increased by $12.5 million,  or 74.7%,
and the  average  balance of NOW and money  market  deposits  decreased  by $7.0
million,  or 10.3% from period to period. The average balance of certificates of
deposit decreased $3.0 million as the Company continued to focus on reducing its
cost of funds. The average cost of borrowed funds increased 44 basis points from
4.85% for the 1999  period,  to 5.29% for the three months ended March 31, 2000,
due to higher market short term interest rates.

                                       13

<PAGE>





Net Interest Income

Net interest income on a fully-taxable  equivalent  basis increased by $234,000,
or 10.4%,  from $2.3 million for the three months ended March 31, 1999,  to $2.5
million for the three  months  ended March 31,  2000.  The average cost of total
interest-bearing liabilities for the period increased 37 basis points from 4.17%
in  the1999  period  to  4.54%  in  the  2000  period.   The  average  yield  on
interest-earning  assets for the period  increased  44 basis point from 6.92% in
the 1999  period  to 7.36% in the 2000  period.  The net  interest  rate  spread
increased by 7 basis points from 2.75% in the1999  period,  to 2.82% in the 2000
period.


Provision for Loan Losses

The Company's provision for loan losses was $150,000 for the three month periods
ended March 31, 1999 and 2000. 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 judgement 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  judgement  of
information available to them at the time of their examination.


The following table sets forth information  regarding  non-accrual  loans, 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 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.














                                       14

<PAGE>



<TABLE>
<CAPTION>
                                                                       March 31, 2000            December 31, 1999
                                                                       --------------            -----------------
                                                                                      (In thousands)

<S>                                                                  <C>                             <C>
Non-accrual loans:
                Commercial and industrial loans                      $       52                       42
                Automobile loans                                             66                       32
                Consumer loans                                               91                      105
                                                                           ----                     ----
                    Total non-accrual loans                                 209                      179

                Loans contractually past due 90 days or
                more, other than non-accruing  (2)                          183                        -

                    Total non-performing loans                        $     392                      179
                                                                           ----                     ----


Allowance for loan losses as a percentage
                of loans  (1)                                              1.25 %                   1.22 %
Allowance for loan losses as a percentage
                of total non-performing loans                            409.44 %                 824.02 %
Non-performing loans as a percentage of loans  (1)                          .30 %                    .15 %

<FN>
(1)     Loans include loans receivable, net excluding the allowance for  loan losses.
(2)     Excludes  $231,000 of loans at December  31, 1999,  which have  matured,
        however, are current with respect to scheduled periodic principal and/or
        interest  payments.  The  Company is in the  process of  renewing  these
        obligations and/or awaiting anticipated  repayment.  There were no loans
        in a matured status at March 31, 2000.
</FN>
</TABLE>


Other Operating Income

Other operating income increased $62,000,  or 19.6%, from $317,000 for the three
month  period  ended March 31, 1999 to $379,000 for the three month period ended
March 31,  2000.  The increase was  attributable  to service  charges on deposit
accounts  which  increased by $57,000,  or 39.9%,  reflecting  the growth in the
Company's  depositor base and an overall increase in the Company's fee schedule.
In addition,  other operating income increased $96,000,  or 309.7%,  period over
period,  primarily as a result of dividends earned on bank owned life insurance.
Net gain on sale of residential  loans  decreased  $91,000 or 63.6% as result of
higher  market  interest  rates  resulting  in  an  industry  wide  slowdown  in
refinancing activity.


Other Operating Expense

Other operating expenses increased $207,000, or 11.4%, from $1.8 million for the
three month  period  ended March 31,  1999,  to $2.0 million in the three months
ended March 31, 2000, Increases in salaries and employee benefits,  premises and
equipment  expense,  and other expense for the three months ended March 31, 2000
are a result of the Bank's overall  growth  through its increased  sales efforts
and introduction of new products and services.





                                       15

<PAGE>


Income Taxes

Income taxes  increased  $33,000,  or 17.4%,  from $190,000 for the three months
ended March 31, 1999, to $223,000 for the three months ended March 31, 2000. The
increase is primarily attributable to the increase in income before income taxes
offset in part by the related tax benefits of a subsidiary of the Bank.

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 provided 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 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, 1999, and 2000, the Company's  purchases of securities  were all
classified  available-for-sale  and totaled  $113.1  million and $87.3  million,
respectively.  Loan originations,  net of principal repayments on loans, totaled
$5.0 million and $8.4  million,  for the three months ended March 31, 1999,  and
2000,  respectively.  Those  activities were funded  primarily by borrowings and
principal repayments and maturities on securities.

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,  liquidate  available-for-sale  securities and access its
lines of credit,  totaling $5.5 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 9.5% of the  Company's  assets,  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, 2000,  the Company's  primary  borrowings  consisted of convertible
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 agency securities.  At March 31, 2000,  convertible
advances outstanding were as follows:


                    Interest              Call                 Contractual
  Amount              Rate                Date                  Maturity

  $14,000,000         5.49%             02/19/2003              02/19/2008
  $10,000,000         4.24%             10/08/2000              10/08/2008
  $15,000,000         4.59%             01/21/2002              01/21/2009


                                       16

<PAGE>



Management  of the Company has set minimum  liquidity  level of 10% as a target.
The average of the  Company's  liquid  assets (cash and due from banks,  federal
funds sold,  interest  earning  deposits with other financial  institutions  and
investment securities available-for-sale, less securities pledged as collateral)
as a percentage of average  assets of the Company  during the three months ended
March 31, 2000, was 24.0%.


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,
1999,  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, 2000,  the Bank  exceeded
those  requirements with a leverage capital ratio, and risk-based  capital ratio
and total-risk based capital ratio of 6.95%, 13.73% and 14.73%, respectively.

Year 2000

The Company successfully entered the year 2000 without any disruptions in any of
its computer  systems.  As of this date,  the Company is not aware of any issues
that would  significantly  affect the  Company's  ability to conduct  its normal
business operations.


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.




                                       17

<PAGE>



At March 31, 2000,  81.3% of the Company's  gross loans had adjustable  interest
rates and its loan portfolio had an average  weighted  maturity of 7.6 years. At
such date,  $12.3 million,  or 9.9%, of the Company's  securities had adjustable
interest rates, and its securities  portfolio had a weighted average maturity of
6.7 years.  At March 31, 2000, the Company had $64.9 million of  certificates of
deposit with  maturities  of one year or less and $25.9 million of deposits over
$100,000,  which tend to be less  stable  sources of funding as compared to core
deposits and represented  42.6% of the Company's  interest-bearing  liabilities.
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.  Accordingly,  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,  adversely
affecting the Company's  net interest rate spread,  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 point increments.

At March 31, 2000,  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
                    Interest Rates                Potential Change in                      Potential Change in
                    in Basis Points               Net Interest Income                 Net Economic Value of Equity
                    ----------------------------------------------------------------------------------------------
                                                $ Change      % Change                 $ Change          % Change
                                                --------      --------                 ---------         --------
                                                                    (Dollars in thousands)

                         <S>                    <C>             <C>                    <C>               <C>
                          200                   $   325         2.91  %                $ (3,272)         (16.63) %
                          100                       186         1.66                        303            1.54
                        Static                        -            -                          -               -
                         (100)                      (24)        (.21)                     6,015           30.58
                         (200)                     (190)       (1.70)                     8,205           41.71


</TABLE>















                                       18

<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

                     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
                  27.0   Financial Data Schedule


                                       19

<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, 2000           By:  /s/ Douglas C. Manditch
                                     -------------------------
                                       Douglas C. Manditch
                                       President and Chief Executive Officer


Date:    May 15 , 2000          By:  /s/ Thomas Buonaiuto
                                     -------------------------
                                       Thomas Buonaiuto
                                       Vice President and Treasurer





                                       20

<PAGE>





Exhibit 11.0      Computation Of Per Share Earnings

                          Long Island Financial Corp.
                Statement Re: Computation of Per Share Earnings
                    (In thousands, except for share amounts)

 <TABLE>
<CAPTION>
                                                               Three Months Ended
                                                   March 31, 2000        March 31, 1999
                                                   --------------        --------------

<S>                                                   <C>                    <C>
Net income..................................          $  452                 332


Weighted average shares outstanding.........         1,646,326           1,775,991

Basic and diluted earnings per share........             .27                 .19
                                                         ===                 ===
</TABLE>