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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.”

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