Edgar Filing: LONG ISLAND FINANCIAL CORP

Form 425

Investor Presentation

Bear Stearns SMid Cap Investor Conference

November 7, 2005

Filed by New York Community Bancorp, Inc. pursuant to Rule 425 under the Securities Act of 1933

Subject Company: Long Island Financial Corp.

Commission File No. 0-29826

Forward-looking Statements and Associated Risk Factors

This presentation, like other written and oral communications presented by the Company and its authorized officers, may contain certain forward-looking

statements regarding the Company’ s prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and

Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor

provisions

for

forward-looking

statements

contained

the

Private

Securities

Litigation

Reform

Act

1995,

and

including

this

statement

for

purposes

said

safe harbor provisions.

Forward-looking

statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally

identified by use of the words “anticipate,”

“believe,”

“estimate,”

“expect,”

“intend,”

“plan,”

“project,”

“seek,”

“strive,”

“try,”

or future or conditional verbs such as

“will,”

“would,”

“should,”

“could,”

“may,”

similar

expressions.

The

Company’s

ability

predict

results

the

actual

effects

its

plans

strategies

inherently

uncertain. Accordingly, actual results may differ materially from anticipated results.

There

are

number

factors,

many

which

are

beyond

the

Company’s

control,

that

could

cause

actual

conditions,

events,

results

differ

significantly

from

those described in the forward-looking statements. These factors include, but are not limited to, general economic conditions, either nationally or locally in

some

or all of the areas in which we conduct our business; conditions

in the securities markets or the banking industry; changes in interest rates, which may affect our

net income or future cash flows; changes in deposit flows, and in the demand for deposit, loan, and investment products and other financial services in our local

markets; changes in real estate values, which could impact the quality of the assets securing our loans; changes in the quality or composition of the loan or

investment portfolios; changes in competitive pressures among financial institutions or from non-financial institutions; the ability to successfully integrate any

assets, liabilities, customers, systems, and management personnel we may acquire into our operations and our ability to realize related revenue synergies and

cost

savings

within

expected

time

frames;

the

Company’s

timely

development

new

and

competitive

products

services

changing

environment,

and

the

acceptance of such products or services by our customers; the outcome of pending or threatened litigation or of other matters before regulatory agencies,

whether currently existing or commencing in the future; changes in accounting principles, policies, practices, or guidelines; changes in legislation and regulation;

operational issues and/or capital spending necessitated by the potential need to adapt to industry changes in information technology systems, on which we are

highly dependent; changes in the monetary and fiscal policies of

the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board;

war

terrorist

activities;

and

other

economic,

competitive,

governmental,

regulatory,

and

geopolitical

factors

affecting

the

Company’s

operations,

pricing, and

services. Additionally, the timing and occurrence or non- occurrence of events may be subject to circumstances beyond the Company’s control.

In addition, the following factors, among others, could cause the actual results of the transactions with Long Island Financial Corp. and Atlantic Bank of New

York to differ materially from the expectations stated in this presentation: the ability of the companies involved to obtain the required regulatory approvals; the

ability of the companies involved to consummate the transactions; a materially adverse change in the financial condition of New York Community Bancorp, Inc.,

Long Island Financial Corp., or Atlantic Bank of New York; the ability of New York Community Bancorp, Inc. to successfully integrate the assets, liabilities,

customers, systems, and any management personnel it may acquire into its operations pursuant to the transactions; and the ability to realize the related revenue

synergies and cost savings within the expected time frames.

Readers are cautioned not to place undue reliance on these

forward-looking

statements, which speak only as of the date of this presentation. Except as required

by applicable law or regulation, the Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur

after the date on which such statements were made.

Additional Disclosure

Note: The following notice is included to meet certain legal requirements

New York Community Bancorp, Inc. has filed a registration statement with the Securities and Exchange Commission (the “SEC”) containing a proxy

statement/prospectus and other documents regarding its proposed transaction with Long Island Financial Corp.

Investors are urged to read the proxy

statement/prospectus because it contains important information about New York Community Bancorp, Inc. and Long Island Financial Corp., and the

prospective transaction.

Copies of this proxy statement/prospectus have been mailed to Long Island Financial Corp. shareholders and, together with other

documents filed by New York Community Bancorp, Inc. or Long Island Financial Corp. with the SEC, may be obtained free of charge at the SEC’s website

(www.sec.gov) or by directing a request to New York Community Bancorp, Inc. c/o the Investor Relations Department, 615 Merrick Avenue, Westbury, N.Y.

11590 or the Corporate Secretary, Long Island Financial Corp., 1601 Veterans Highway, Suite 120, Islandia, N.Y. 11749.

Long Island Financial Corp. and its directors, executive officers and certain other members of management, and employees may be soliciting proxies from their

shareholders in favor of the proposed transaction.

Information regarding such persons who may, under the rules of the SEC, be considered to be participants in

the

solicitation

Long

Island

Financial

Corp.’s

shareholders

connection

with

the

proposed

transaction

set

forth

Long

Island

Financial

Corp.’s

proxy

statement filed with the SEC on March 25, 2005 relating to its annual meeting of shareholders held on April 20, 2005.

Additional information is set forth in the

proxy statement/prospectus filed with the SEC.

We are a leading financial institution in the NY Metro region.

(a) SNL DataSource

(b) Singer’s

Annuity and Funds Report

–

August/September 2005

(c)

American Banker

–

September 22, 2005

(d)

ThriftInvestor

–

May 2005

The

fifth

largest

thrift

the

nation,

with

total

assets

$25.0

billion

9/30/05

(a)

The leading producer of multi-family loans in New York City, with a portfolio of

$12.0 billion at

9/30/05

(a)

The third largest thrift depository in the New York Metro region, with 141

locations and deposits of $11.1 billion at

9/30/05

(a)

Ranked among the top 3% of U.S. thrifts generating income from investment

product sales

(b)

Ranked among the five most efficient bank holding companies in the United

States

(c)

The

top-performing

thrift

with

assets

exceeding

billion

the

U.S.

(d)

We are focused on producing a solid financial performance.

2005 Goals:

Increasing our share of the multi-

family lending market

Complementing our asset mix with

CRE and construction loans

Maintaining the quality of our assets

Maintaining our efficiency

Strengthening our balance sheet

Maintaining our capital strength

Reducing securities

Increasing deposits

Expanding through M&A

Maintaining a strong dividend

Achievements Year-to-Date:

Multi-family loans are up 22%

CRE and construction loans are up 19%

NPAs = 0.14% of total assets at 9/30/05

Efficiency ratio = 27.90% for the 9

months ended 9/30/05

Tangible equity/tangible assets = 5.58%

at 9/30/05

(a)

Securities are down 20%

Deposits are up 7%

Announced two accretive acquisitions:

Long Island Financial Corp. (“LICB”) &

Atlantic Bank of New York (“ABNY”)

$1.00/share, annualized

(a)

Excluding

net

unrealized

losses

securities;

including

net

unrealized

losses

securities,

tangible

equity

equaled

5.37%

tangible

assets.

% of total loans: 75.6%

Average principal balance: $3.5 million

Average loan-to-value: 60.1%

Expected weighted average life: 3.2 years

YTD originations: $3.5 billion

% of total loans originated YTD: 73.3%

At 9/30/05

$3,255

$4,494

$7,368

$9,842

$11,994

12/31/01

12/31/02

12/31/03

12/31/04

9/30/05

Multi-family Loan Portfolio

Multi-family loans have grown 22% YTD and 30% year-over-year.

(in millions)

Increasing Our Share of the Multi-family Lending Market

% of total loans: 16.5%

Average principal balance: $2.7 million

Average loan-to-value: 58.2%

Expected weighted average life: 3.6 years

YTD originations: $640.1 million

% of total loans originated YTD: 13.5%

Commercial Real Estate Loan Portfolio

$562

$533

$1,445

$2,141

$2,611

12/31/01

12/31/02

12/31/03

12/31/04

9/30/05

At 9/30/05

CRE loans have grown 22% YTD and 37% year-over-year.

(in millions)

Complementing Our Asset Mix with CRE Loans

$152

$117

$644

$804

$900

12/31/01

12/31/02

12/31/03

12/31/04

9/30/05

% of total loans: 5.7%

Average principal balance: $3.4 million

Average loan-to-value: 40.2%

Term: Typically 18-24 months

YTD 2005 originations: $508.2 million

% of total loans originated YTD: 10.7%

Construction Loan Portfolio

Construction loans have grown 12% YTD and 18% year-over-year.

At 9/30/05

(in millions)

Complementing Our Asset Mix with Construction Loans

Maintaining the Quality of Our Assets

(a)

SNL DataSource

We have a consistent record of solid asset quality.

0.61%

0.54%

0.44%

0.30%

0.43%

0.34%

0.24%

0.16%

0.15%

0.12%

0.14%

12/31/02

12/31/03

12/31/04

9/30/05

NPAs/Total Assets

U.S. Thrifts

(a)

N.Y. State Thrifts

(a)

NYB

Maintaining Our Efficiency

We consistently rank among the most efficient thrifts in the nation.

61.79%

63.06%

64.64%

64.16%

57.68%

57.26%

56.93%

58.53%

25.32%

23.59%

(a)

21.46%

(a)

27.90%

2002

2003

2004

9 Mos. 2005

Efficiency Ratio

U.S. Thrifts

(b)

N.Y. State Thrifts

(b)

NYB

(a)

Operating efficiency ratio. Please see page 28 for a reconciliation of GAAP and operating earnings.

(b)

SNL DataSource

Strengthening Our Balance Sheet

We have significantly enhanced our asset and liability mix since

repositioning the balance sheet in 2Q 2004.

20.4

11.9

9.4

Wholesale borrowings

11.1

10.0

11.1

Total deposits

53.4

12.1

5.6

Total securities

53.9

7.8

12.0

Multi-family loans

45.2%

$10.9

$15.9

Total loans

% Change

3/31/04

9/30/05

(dollars in billions)

We are a well capitalized institution.

$1.2 bn

Tangible stockholders’

equity

16.31

Total risk-based capital ratio

15.70

Tier 1 risk-based capital ratio

8.76%

Leverage ratio

Bank Capital Measures:

5.58

Tangible equity/tangible assets, excluding net

unrealized losses on securities

5.37%

Tangible equity/tangible assets

Company Capital Measures:

9/30/05

Maintaining Our Capital Strength

Reducing Securities

We are deploying the cash flows from securities into loan production.

(in millions)

$10,919

$12,571

$15,856

$12,119

$7,518

$5,650

Loans

Securities

45.7%

41.2%

% of Total Assets:

3/31/04

9/30/04

9/30/05

31.8%

53.2%

22.6%

63.4%

$11,869

$9,152

$9,449

$10,027

$10,202

$11,135

3/31/04

9/30/04

9/30/05

Increasing Deposits

We are increasing the significance of deposits within our funding mix.

(in millions)

Deposits

Wholesale Borrowings

We are establishing a commercial banking platform to complement our

traditional community banking platform.

Checking/Savings

Money Market Accounts

CDs

IRAs

Smart Student Banking

Insurance

Annuities

Mutual Funds

Card Services

1-4 Family Loans/HELOCs

Auto / Student / Personal Loans

Multi-family Loans

Construction Loans

Checking/Savings

Business CDs

Payroll Processing

$afePay

Card

Employee Banking/Employee Retirement

Insurance Premium Financing

Health Service Accounts

Cash Management

Lockbox Services

Equipment Leasing

C&I/CRE Loans

Multi-family Loans

Construction Loans

New York Community Bancorp, Inc.

New York Commercial Bank

New York Community Bank

Increasing Deposits

Increasing Deposits

Created

The

Premier

Banking

Group

2005

attract

personal

deposits

from

large relationship borrowers

Established a nationwide on-line banking service, MyBankingDirect.com, in

2Q 2005

Opened

in-store

branch

Co-op

City

2005

capitalize

our

lending

relationship and facilitate access to 55,000 residents

Launched

marketing

campaign

attract

stable

term

deposits

2005

Partnering with local colleges to establish depository relationships with students

We have implemented a series of consumer deposit growth initiatives over

the past nine months.

Increasing Deposits

We also have launched several initiatives to generate commercial

deposit

growth.

Created

The

Premier

Banking

Group

attract

business

deposits

from

large

relationship borrowers

Established a Business Development District Branch in Queens to gather NY

State and City deposits

Established a depository relationship with Co-op City management, including

the provision of lockbox services

Offering payment solutions to local colleges and businesses

Implementing a program to service health savings accounts

Entered

into

agreement

acquire

Long

Island

Financial

Corp.

(“LICB”),

the

parent company of Long Island Commercial Bank

Entered into an agreement to acquire Atlantic Bank of New York (“ABNY”)

Since 8/1/05, we have announced acquisitions of two full-service

commercial banks.

Expanding Through M&A

112

338

416

256

250

$540

LICB

6/30/05

351

Demand deposits

1,120

Core deposits

1,461

Total deposits

1,094

Total securities

1,324

Total loans

$2,634

Assets

ABNY

(a)

6/30/05

(in millions)

(a)

Excluding $365 million of Parent-Related Deposits

Immediately accretive to GAAP and cash earnings

Enhances our asset mix with C&I loans to small and

mid-size businesses

Cash flows from securities will fund loan production

and pay down higher-cost wholesale funds

Provides an established commercial banking platform

Adds commercial lending expertise to NYB

management team

Diversifies our depositor/borrower base

Accelerates our commercial deposit growth initiatives

Expands our geographic footprint

Enhances our interest rate risk profile by replacing

wholesale funding with lower cost core deposits

Core deposits/total deposits

Non-interest-bearing/total deposits

81%

27%

LICB

ABNY

77%

37%

Expanding Through M&A

The LICB and ABNY acquisitions will enhance our earnings, our asset mix,

and our deposit growth.

Expanding Through M&A

$1,946

$1,690

$2,150

$995

$3,131

$3,557

$3,734

$5,005

$11,950

$9,839

$7,368

$4,494

$3,255

$1,348

$12,254

$263

12/31/99

12/31/00

12/31/01

12/31/02

12/31/03

12/31/04

6/30/05

Pro Forma

(in millions)

Multi-family Loans Outstanding

All Other Loans Outstanding

(a)

Excludes net deferred loan origination fees and costs.

$5,405

$5,489

$10,499

Loans Outstanding

(a)

Total:

Multi-family loans: 49.4% CAGR

Total loans: 53.9% CAGR

$13,396

$15,684

$17,259

$3,636

$1,611

Acquisitions have contributed to our loan growth over the past five years…

w/ HAVN

w/ RCBK

w/ RSLN

w/ LICB & ABNY

Expanding Through M&A

…and have significantly

bolstered our deposit growth.

$658

$1,874

$2,408

$1,949

$4,362

$3,752

$4,171

$4,561

$378

$1,212

$2,588

$2,842

$5,247

$5,911

$6,619

$7,647

$720

$739

$748

$1,207

$465

$455

$171

$40

12/31/99

12/31/00

12/31/01

12/31/02

12/31/03

12/31/04

6/30/05

Pro Forma

(a) Pro forma for acquisition of LICB and ABNY

(b) Data as of June 30, 2005

Parent-Related Deposits

$3,257

$5,450

$5,256

$1,076

Total Deposits:

$10,329

$10,402

$11,538

$13,415

(b)(c)

(a)

Total deposits: 58.2% CAGR

Core deposits: 74.2% CAGR

Demand deposits: 85.8% CAGR

CDs

NOW, MMAs, and Savings

Demand deposits

w/ HAVN

w/ RCBK

w/ RSLN

w/ LICB & ABNY

(in millions)

Deposits

Expanding Through M&A

The LICB and ABNY acquisitions will accelerate our balance sheet

repositioning.

(a)

Excludes $365 million of Parent-Related Deposits

(b)

Excludes $1.3 billion of investment securities

(c)

Excludes all certificates of deposit

$27,000

$2,634

$540

$25,205

NYB

6/30/05

LICB

ABNY

Pro Forma

93%

Commercial

Banking

Business

Assets

(dollars in millions)

$8,824

$1,120

$338

$7,366

NYB

6/30/05

LICB

ABNY

Pro Forma

17%

83%

Core Deposits

(c)

Commercial

Banking

Business

(a)

(b)

(a)

The acquisitions will expand our footprint in the NY Metro region.

(a)

Expanding Through M&A

NYB

ABNY

LICB

(a)

Pro forma for the LICB and ABNY acquisitions

Pro Forma Locations

170 branches

219 ATMs

Expanding Through M&A

The acquisitions will augment our market share.

(a) (b)

Independence Cmnty

$2,539.4

32.20

NYB

1,477.1

18.73

Citigroup

923.5

11.71

JPMorgan Chase

900.3

11.42

NSB Holding

780.1

9.89

Washington Mutual

569.8

7.22

HSBC

227.7

2.89

VSB Bancorp

191.9

2.43

North Fork

191.5

2.43

Commerce Bancorp

84.7

1.07

Totals

$7,885.9

100

Rank

Institution

Branches

Deposits

Market Share

Staten Island

(a) SNL DataSource

(b) ABNY data as of 6/30/05 and excludes Parent-Related Deposits. Other data as of 6/30/04, pro forma for the LICB and ABNY acquisitions.

Rank

Institution

Branches

Deposits

Market Share

Queens

Rank

Institution

Branches

Deposits

Market Share

Westchester

JPMorgan Chase

$4,458.3

17.08

Wachovia

4,057.3

15.54

Bank of New York

3,547.4

13.59

Citigroup

3,333.1

12.77

HSBC

2,123.1

8.13

Bank of America

1,510.0

5.79

Hudson Valley

1,092.0

4.18

North Fork

947.5

3.63

Washington Mutual

633.9

2.43

Sound Federal

603.2

2.31

NYB Pro forma

247.1

0.95

ABNY

224.1

0.86

NYB

23.0

0.09

Totals

328

$26,101.7

100

Rank

Institution

Branches

Deposits

Market Share

Kings

Rank

Institution

Branches

Deposits

Market Share

Nassau

Rank

Institution

Branches

Deposits

Market Share

Manhattan

JPMorgan Chase

$140,012.2

40.86

Citigroup

95,838.4

27.97

Bank of New York

22,995.1

6.71

HSBC

21,819.3

6.37

Bank of America

8,251.3

2.41

Deutsche Bank AG

7,525.0

2.20

North Fork

5,782.6

1.69

Bank Hapoalim

3,512.0

1.02

Charles Schwab

3,348.2

0.98

Israel Discount Bank

2,918.9

0.85

NYB Pro forma

680.8

0.20

ABNY

674.9

0.20

NYB

5.9

0.00

Totals

520

$342,678.8

100

(dollars in millions)

JPMorgan Chase

$5,755.2

16.24%

North Fork

5,028.2

14.19

Citigroup

4,559.1

12.87

NYB Pro forma

3,311.2

9.35

Astoria

3,105.6

8.77

NYB

2,949.3

8.32

HSBC

2,322.6

6.56

Ridgewood Savings

1,506.0

4.25

Dime Community

923.9

2.61

Maspeth FS&LA

904.7

2.55

Independence Cmnty

880.1

2.48

ABNY

361.9

1.02

Totals

363

$35,431.5

100%

North Fork

$8,043.4

17.35

JPMorgan Chase

6,856.1

14.79

Citigroup

6,138.3

13.24

Astoria

4,355.6

9.39

Bank of America

3,758.9

8.11

NYB Pro forma

3,593.5

7.75

NYB

3,553.0

7.66

Washington Mutual

3,252.3

7.01

HSBC

1,838.1

3.96

Bank of New York

1,833.0

3.95

Commerce Bancorp

1,034.6

2.23

ABNY

40.5

0.09

Totals

439

$46,365.2

100

JPMorgan Chase

$6,079.8

19.78%

Washington Mutual

3,672.6

11.95

Citigroup

3,446.8

11.21

HSBC

3,390.3

11.03

North Fork

3,114.2

10.13

Independence Cmnty

2,668.5

8.68

Astoria

1,561.7

5.08

Apple

1,020.0

3.32

Popular

811.0

2.64

Dime Community

799.4

2.60

NYB Pro forma

758.1

2.47

NYB

598.3

1.95

ABNY

159.8

0.52

Totals

272

$30,739.6

100%

Expanding Through M&A

New York Community Bancorp, Inc.

New York Community Bank

Queens County

Savings Bank

Richmond County

Savings Bank

Roosevelt

Savings Bank

Roslyn

Savings Bank

CFS

Bank

Ironbound

Bank

First Savings Bank

of New Jersey

Long Island

Commercial Bank

New York Commercial Bank

Atlantic Bank

Of New York

We will operate two bank subsidiaries –

New York Community Bank and

New York Commercial Bank.

$0.25

$0.30

$0.43

$0.66

$0.96

$1.00

2000

2001

2002

2003

2004

2005

Annual Dividend

(a)

Reflects nine increases in the quarterly cash dividend, as well as 3-for- 2 stock splits

on 3/29/01 and 9/20/01 and 4-for-3 stock splits on 5/21/03 and 2/17/04.

Maintaining a Strong Dividend

We are committed to maintaining a strong dividend.

Log onto our web site: www.myNYCB.com

E-mail requests to: ir@myNYCB.com

Call Investor Relations at: (516) 683-4420

Write to:

New York Community Bancorp, Inc.

615 Merrick Avenue

Westbury, NY 11590

For More Information

The Company trades on the NYSE under the symbol “NYB”.

Reconciliation of GAAP and Operating Earnings

The

following

table

presents

reconciliation

the

Company’s

GAAP

and

operating

earnings

for

the

twelve

months

ended

December

31,

2003

and 2004.

(in thousands, except per share data)

Net income

Adjustments to net income:

Other-than-temporary impairment

Balance sheet repositioning charge

Gain on sales of branches

Merger-related expenses

Total adjustments to net income

Income tax effect on adjustments

Operating earnings

Basic operating earnings per share

Diluted operating earnings per share

$323,371

(37,613)

20,423

(17,190)

13,514

$319,695

$1.68

$1.63

2003

For the Years Ended December 31,

$355,086

8,209

157,215

165,424

(65,591)

$454,919

$1.75

$1.70

2004

11/7/2005