Suffolk Bancorp (NASDAQ: SUBK) (“Suffolk”) today released results of its operations during the third quarter of 2011 which included earnings-per-share of $0.32, an increase from a loss of ($0.32) (restated) during the comparable period of 2010. Net income was $3,072,000, up from a loss of ($3,137,000) (restated) during the same quarter last year. The loss-per-share for the year to date was ($0.13), down from earnings-per-share of $0.33 (restated) a year ago. The net loss for the year to date was ($1,232,000), down from earnings of $3,187,000 (restated) posted during the first nine months of 2010. The key points are:
- Suffolk returned to profitability during the second quarter of 2011 and remained so in the third quarter of 2011.
- Suffolk’s capital ratios exceeded all regulatory requirements at September 30, 2011.
- Suffolk’s allowance for loan losses at September 30, 2011 was $43,693,000, or 4.31 percent of total loans; and at June 30, 2011, $49,911,000, or 4.71 percent of total loans. At March 31, 2011, it was $47,539,000, in comparison to $46,893,000 as previously announced on April 12th, a difference of $646,000 or 1.4 percent over what was disclosed initially. The substance of the restatements reflects the timing of the provision for the allowance rather than the amount. That provision has been reallocated among prior quarters by means of the restatement of the third and fourth quarters of 2010.
- Suffolk is now current in its filings with the Securities and Exchange Commission.
J. Gordon Huszagh, President and Chief Executive Officer stated, “We are pleased to be able to report the final results of the quarters ended September 30, 2011, June 30, 2011, and March 31, 2011, and the restatement of the quarter ended September 30, 2010 and year ended December 31, 2010. While we regret the delay in reporting our results, we believe that the comprehensive review that we have undertaken was necessary to provide our investors with what we believe to be accurate information. We believe we have an outstanding franchise in a good marketplace, an excellent net interest margin, a substantial allowance for loan losses, and ample capital. These, along with the patience and loyalty of our customers and employees, are what preserved our core banking business throughout this challenging period, and these are the foundation for our future.”
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