Suffolk Bancorp (NASDAQ - SUBK), today announced that it has not filed its Quarterly Reports on Form 10-Q for the periods ended March 31, 2011, and June 30, 2011 by November 7, 2011, which was the deadline granted by NASDAQ to Suffolk in its most recent Plan of Compliance filed with NASDAQ on September 22, 2011. As a result, Suffolk expects to receive a Delisting Determination letter from NASDAQ. Suffolk intends to appeal any delisting determination to a NASDAQ hearings panel within the prescribed period. Suffolk continues to work diligently to complete the delinquent filings; as well as the amended filings with respect to the periods ended September 30, 2010, and December 31, 2010, as previously announced on August 10, 2011, and will do so as soon as possible. On October 31, 2011 Suffolk released the following preliminary, unaudited financial information.
- Suffolk made a profit of $3,072,000 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.