Suffolk Bancorp, a one-bank holding company that operates Suffolk County National Bank, has released results for its recent fourth quarter, with comparisons to the fourth quarter of 2010.
Key points include a decrease in earnings per share of 62.5 percent, to 12 cents, from the comparable period, and net income at $1,156,000, down 62.3 percent from $3,069,000 during the same period in the previous year.
The net loss per share for the full year was down 101.2 percent, from the net income of $6,256,000 in 2010.
The company’s reasons for the quarterly drop in performance include lower balances of earning assets, a decrease in deposit service charges, and an increase in expenses like consulting, accounting, and other costs that the company acquired while assisting “in transition of management,” according to a release.
“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,” Howard C. Bluver, Bancorp’s new president and chief executive officer, said in the release.
“The bank was profitable in the fourth quarter, notwithstanding significant costs incurred to complete financial restatements.” In addition to changes in leadership last year, Suffolk also changed accounting firms last month, switching to B.D.O. U.S.A. Mr. Bluver cited “a new chapter in our company’s life.”
The full press release can be read on the bank’s Web site, scnb.com, under “investor relations.”