Last $22.79 USD
Change Today +0.12 / 0.53%
Volume 1.7K
As of 11:26 AM 04/24/14 All times are local (Market data is delayed by at least 15 minutes).

suffolk bancorp (SUBK) Snapshot

Open
$22.84
Previous Close
$22.67
Day High
$22.92
Day Low
$22.74
52 Week High
04/4/14 - $23.08
52 Week Low
04/24/13 - $14.44
Market Cap
263.7M
Average Volume 10 Days
19.4K
EPS TTM
$0.81
Shares Outstanding
11.6M
EX-Date
03/15/11
P/E TM
28.1x
Dividend
--
Dividend Yield
--
Current Stock Chart for SUFFOLK BANCORP (SUBK)

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suffolk bancorp (SUBK) Details

Suffolk Bancorp operates as the holding company for Suffolk County National Bank, which provides domestic, retail, and commercial banking; and wealth management services in Suffolk County, New York. The company offers various deposit products consisting of checking accounts, savings accounts, time and savings certificates, money market accounts, N.O.W. accounts, holiday club accounts, and individual retirement accounts. It also provides various secured and unsecured loans, including commercial loans to individuals, partnerships, and corporations; agricultural loans to farmers; installment loans to finance small businesses and automobiles; and home equity and real estate mortgage loans. In addition, the company offers safe deposit boxes, and trust and estate services; sells mutual funds and annuities; and maintains a master pension plan for self-employed individuals’ participation. As of November 7, 2013, it operated 28 branch offices in Suffolk County, New York. Suffolk Bancorp was founded in 1890 and is headquartered in Riverhead, New York.

350 Employees
Last Reported Date: 03/4/14
Founded in 1890

suffolk bancorp (SUBK) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: $409.4K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $289.6K
Chief Operating Officer, Executive Vice Presi...
Total Annual Compensation: $250.2K
Chief Credit Officer, Executive Vice Presiden...
Total Annual Compensation: $284.6K
Chief Lending Officer, Executive Vice Preside...
Total Annual Compensation: $237.3K
Compensation as of Fiscal Year 2013.

suffolk bancorp (SUBK) Key Developments

Suffolk Bancorp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014

Suffolk Bancorp. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. The company reported net income for the first quarter of 2014 of $3.7 million, or $0.32 per diluted common share, compared to $2.7 million, or $0.23 per diluted common share, a year ago. Total interest income was $15.935 million compared to $14.444 million a year ago. Net interest income was $15.298 million compared to $13.676 million a year ago. Net interest income after provision for loan losses was $15.048 million compared to $13.676 million a year ago. Income before income tax expense was $4.831 million compared to $3.192 million a year ago. Return on average assets was 0.89% compared to 0.69% a year ago. Return on average stockholders' equity was 8.81% compared to 6.69% a year ago. Book value per common share was $15.05 as on March 31, 2014 compared to $14.31 as on March 31, 2013. The improvement in 2014 net income resulted principally from a $1.6 million increase in net interest income in the first quarter of 2014 coupled with a decline in total operating expenses of $492,000.

Suffolk Bancorp Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013

Suffolk Bancorp reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total interest income of $15,969,000 against $14,317,000 for the same period in the last year. Net interest income was $15,287,000 against $13,488,000 for the same period in the last year. Income before income tax expense (benefit) was $4,194,000 against $3,276,000 for the same period in the last year. Net income was $3,328,000 or $0.29 per basic and diluted share against $2,045,000 or $0.18 per basic and diluted share for the same period in the last year. Return on average assets was 0.77% against 0.51% for the same period in the last year. Return on average stockholders’ equity was 8.03% against 5.24% for the same period in the last year. Book value per common share was $14.5 as at December 31, 2013 against $14.18 5 as at December 31, 2012. The improvement in fourth quarter 2013 earnings versus 2012 resulted from several factors, most notably a $1.8 million increase in net interest income in 2013 coupled with growth of $2.8 million in non-interest income. Partially offsetting these positive factors was a $2.4 million increase in the provision for loan losses in the fourth quarter of 2013 versus the comparable 2012 period, due in part to a $1.1 million credit to the provision in the fourth quarter of 2012, and an increase in total operating expenses of $1.3 million. The increase in fourth quarter 2013 net interest income of $1.8 million or 13.3% resulted from a $121 million increase in average total interest-earning assets, coupled with a four basis point improvement in the company's net interest margin to 4.06% in 2013 versus 4.02% in 2012. For the year, the company reported total interest income of $59,678,000 against $60,447,000 for the same period in the last year. Net interest income was $56,748,000 against $56,728,000 for the same period in the last year. Income before income tax expense (benefit) was $16,440,000 against loss before income tax expense (benefit) of $2,462,000 for the same period in the last year. Net income was $12,718,000 or $1.10 per basic and diluted share against net loss of $1,748,000 or $0.17 per basic and diluted share for the same period in the last year. Return on average assets was 0.76% against negative return on average assets of 0.11% for the same period in the last year. Return on average stockholders’ equity was 7.78% against negative return on average stockholders’ equity of 1.22% for the same period in the last year. The increase in 2013 net income primarily reflects an $8.6 million improvement in non-interest income, a $7.3 million decrease in the provision for loan losses and a $3.0 million reduction in total operating expenses in the 2013 full year period versus 2012. Somewhat offsetting these positive factors was a $4.4 million increase in income tax expense in 2013. Net interest income was flat in 2013 versus 2012 as growth in average loans outstanding of $46 million and investment securities were offset by a 28 basis point narrowing of the Company's net interest margin to 3.91% in 2013 from 4.19% a year ago.

Suffolk Bancorp Announces Settlement of All Shareholder Litigation

Suffolk Bancorp announced the full and final settlement of all shareholder litigation currently pending against the company and certain of its current and former directors and officers. On November 13, 2013, the U.S. District Court for the Eastern District of New York approved the settlement among the parties in the pending class action lawsuit. The shareholder derivative suits that were pending were fully settled in October 2013.

 

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Industry Analysis

SUBK

Industry Average

Valuation SUBK Industry Range
Price/Earnings 20.7x
Price/Sales 3.5x
Price/Book 1.6x
Price/Cash Flow 20.6x
TEV/Sales 1.6x
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