This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Suffolk Bancorp Announces Results For The Fourth Quarter And The Full Year Of 2011

Suffolk Bancorp (NASDAQ - SUBK) today released the results of its operations during the fourth quarter and full year of 2011. Unaudited earnings-per-share for the quarter were $0.12, a decrease of 62.5 percent from $0.32 during the comparable period of 2010. Net income for the quarter was $1,156,000, down 62.3 percent from $3,069,000 during the same quarter last year. The net loss-per-share for the full year was $(0.01), down 101.2 percent from $0.65 as restated a year ago. The net loss for the year was $76,000, down 101.2 percent from net income of $6,256,000 as restated during 2010. A detailed financial summary follows the text.

Key reasons for the changes in performance include the following:

Decrease of $1,913,000, or 62.3 percent in net income quarter to comparable quarter of 2010:

  • Decrease of $2,391,000, or 12.8 percent in net interest income owing to lower balances of earning assets, and liabilities; and higher balances of non-performing assets. This was offset by a $4,737,000 or 85.6 decrease in the provision for loan losses.
  • Decrease in other income of $2,073,000 or 60.5 percent, primarily attributable to a decrease in deposit service charges owing to lower balances. Fourth quarter results also include a loss attributable to other-than-temporary-impairment on two private label collateralized mortgage obligations in the Bank's investment portfolio of $1,052,000.
  • Increase in other expense of $1,837,000 or 13.6 percent including increased accounting, consulting, and other costs to bring financial reporting current and to assist in transition of management.

Decrease of $6,332,000 or 101.2 percent in net income for the year 2011 from the year 2010:

  • Decrease of $7,028,000, or 9.2 percent in net interest income owing to lower balances of earning assets and liabilities, and higher balances of non-performing assets. This was offset by a $7,198,000 or 22.4 decrease in the provision for loan losses, and an increase of a $2,918,000 or 223.6 percent in the benefit from income taxes.
  • Increase in other expense of $8,264,000 or 16.3 percent including increased accounting, consulting, and other costs to bring financial reporting current and to assist in transition of management.
  • Decrease in other income of $1,156,000 or 10.3 percent primarily attributable to a decrease in deposit service charges owing to lower balances. Annual results also include a loss attributable to other-than-temporary-impairment on two private label collateralized mortgage obligations in the Bank's investment portfolio of $1,052,000.

President and Chief Executive Officer, Howard C. Bluver, remarked, “Given the significant challenges faced by the Bank throughout 2011, I am pleased that this quarter’s results continue to reflect the financial strength that has been the hallmark of this institution over its long history. The Bank was profitable in the fourth quarter, notwithstanding significant costs incurred to complete financial restatements; exceeds all well-capitalized regulatory standards; and maintains an allowance for loan losses equal to 4.12 percent of total loans. Further, the net interest margin of 4.91 percent this quarter is a testament to the loyal customer base that our employees never lose sight of for even a single day.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs