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Suffolk Bancorp reports earnings.

Global Banking News-16 July 2010-Suffolk Bancorp reports earnings(C)2010 ENPublishing -

Global Banking News - 16 July 2010(c)2005 - Electronic News Publishing -

Suffolk Bancorp (NASDAQ: SUBK) has reported its second quarter results.

The bank's earnings-per-share were USD0.50, a drop of 15.3 per cent from USD0.59 for the same period in 2009. Net income was USD4.79m, a drop of 16 per cent from USD5.70m during the same quarter last year. Net income for the first half of the year was USD6.32m, compared to USD11.3m reported for the first half of 2009.

J Gordon Huszagh, president and CEO of the bank, said, 'During the past quarter, economic indicators have continued to send mixed signals about the direction of the economy. All things considered, we are glad to be able to report that key ratios of performance for the quarter held up well. Return on average equity was 13.75 percent, below our historic norms, but 4.2 times the average of 3.28 percent for our peer group at the end of the first quarter, the most recent period for which peer information is available. Return on average assets was 1.11 percent, or 3.1 times the peer average (Source: Federal Financial Institutions Examination Council - Uniform Bank Performance Report as of March 31, 2010 - Insured commercial banks having assets between $1 billion and $3 billion). Our net interest margin was 5.05 percent, among the widest in the industry owing to the modest cost of funding. We did this while making a quarterly provision for loan losses of $2,983,000 which was 2.8 times the provision for loan losses made during the same quarter last year, and increasing total risk-based capital to 12.10 percent at June 30, 2010 from 11.09 percent at June 30, 2009.'

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Publication:Global Banking News (GBN)
Date:Jul 16, 2010
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