suffolk bancorp (SUBK) Key Developments
Suffolk Bancorp Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013; to Look for Additional Expansion Opportunities in the Most Attractive Business Markets in Nassau County
Apr 24 13
Suffolk Bancorp reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net income of $2.7 million or $0.23 per diluted common share compared to net income of $1.2 million or $0.12 per diluted common share a year ago. The improvement in first quarter 2013 earnings versus the comparable 2012 period resulted from a $1.1 million increase in non-interest income, an $804,000 reduction in total operating expenses and a lower effective tax rate in 2013. Return on average assets and return on average common stockholders' equity were 0.69% and 6.69%, respectively versus 0.51% and 5.24%, respectively, for the fourth quarter of 2012 and 0.31% and 3.43%, respectively, for the first quarter of 2012. Net interest income was $13,676,000 against $14,208,000 for the same period a year ago. Income before income tax expense was $3,192,000 against $1,858,000 for the same period a year ago.
As the company move through 2013, it will look for additional expansion opportunities in the most attractive business markets in Nassau County.
Suffolk Bancorp, Annual General Meeting, May 21, 2013
Apr 12 13
Suffolk Bancorp, Annual General Meeting, May 21, 2013., at 10:00 Eastern Daylight. Location: The Suffolk County National Bank, Administrative Center, Lower Level. Agenda: To consider election of three directors to hold office for three years or until their successors shall have been duly elected and qualified; to consider advisory, non-binding resolution to approve 2012 executive compensation; to ratify of the appointment of BDO USA, LLP as the independent registered public accounting firm of the company for the fiscal year ending December 31, 2013; and to consider any other business which may be properly brought before the meeting or any adjournment thereof.
Suffolk Bancorp and The Suffolk County National Bank of Riverhead Announce Board Changes
Mar 28 13
Suffolk Bancorp appointed Ramesh N. Shah as director of the company and its subsidiary, The Suffolk County National Bank of Riverhead. As previously announced, Susan V.B. O'Shea, will be retiring from the Boards of the company and the bank on the day prior to the 2013 annual meeting of the company's Shareholders. Mr. Shah is currently on the boards of directors of Cardon Outreach and Safety Services. Mr. Shah enjoyed a career at Greenpoint Bank as CEO of Retail Banking from 1996 to 2004 and prior thereto held senior executive positions at Shearson Lehman Brothers and American Express.
Suffolk Bancorp, Board Meeting, Mar 27, 2013
Mar 28 13
Suffolk Bancorp, Board Meeting, Mar 27, 2013. Agenda: To consider board changes.
Suffolk Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Off for the Fourth Quarter Ended December 31, 2012
Jan 30 13
Suffolk Bancorp reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, net interest income was $13.488 million against $16.230 million a year ago. Income before income tax expense was $3.276 million against $1.483 million a year ago. Net income was $2.045 million or $0.18 per basic and diluted share against $1.154 million or $0.12 per basic and diluted share a year ago. Return on average assets was 0.51% against 0.30% a year ago. Return on average stockholders equity was 5.24% against 3.28% a year ago.
For the year, net interest income was $56.728 million against $69.508 million a year ago. Loss before income tax benefits was $2.462 million against $4.301 million a year ago. Net income was $1.748 million or $0.17 per basic and diluted share against $0.078 million or $0.01 per basic and diluted share a year ago. Negative return on average assets was 0.11% against 0.00% a year ago. Negative return on average stockholders equity was 1.22% against 0.06% a year ago. Tangible book value per common share was $13.95 against $13.79 a year ago. Book value per common share was $14.18 against $14.04 a year ago.
For the fourth quarter ended December 31, 2012, the company reported total net charge-offs (recoveries) of $2.140 million against $4.54 million a year ago.