Suffolk Bancorp (NASDAQ - SUBK) today released the preliminary, unaudited results of its operations during the third quarter of 2011. Earnings-per-share were $0.32. Net income was $3,072,000. A detailed financial summary follows the text. There are no comparisons to the third quarter of 2010 because, as previously disclosed, on August 10, 2011, the Audit Committee of the Board of Directors of Suffolk made a determination of non-reliance on the financial statements previously filed with respect to the three and nine months ended September 30, 2010 and the three and twelve months ended December 31, 2010. The financial restatements of these periods, as well as the financial statements with regard to the three months ended March 31, 2011 and the three and six months ended June 30, 2011 have not yet been filed as the processes for those periods are not yet complete.
The key points are:
- Suffolk was profitable during the third quarter of 2011.
- Suffolk exceeded the capital ratios for a “well-capitalized” institution as of September 30, 2011 under 12 CFR 6.4, and further, exceeded each of the individual minimum capital ratios agreed upon with regulators.
- Suffolk’s allowance for loan losses at September 30, 2011 was $43,693,000, or 4.3 percent of total loans.
- Suffolk’s net interest margin (FTE) for the quarter was 4.72 percent.
President and Chief Executive Officer, J. Gordon Huszagh commented, “We are releasing the results of our operations for the third quarter in preliminary form to provide our shareholders, customers, and employees with information as to the condition and prospects of Suffolk Bancorp, and its banking subsidiary, Suffolk County National Bank. The process of restating the third and fourth quarters of 2010 and moving forward to definitive statements for the first and second quarters of 2011 has taken far longer than any of the parties involved anticipated, and we continue to work diligently to make those filings as soon as possible. We felt it was important to inform all interested parties that Suffolk County National Bank is profitable on a quarterly basis, has substantial capital, and has an allowance for possible loan losses based on a comprehensive analysis of the loan portfolio. We are, therefore, and expect to continue to be, able to conduct our business; whether through loans to creditworthy borrowers, or by accepting deposits, or providing any one of the other services we have offered to the customers in each of the communities we have served in the past.”