-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, K3IjjkPl3fSQX2HkKuiIus+QVpcqEmkB3s6wSQyPXFoEyWdvq/PYMIjC0uNACLu3 BTMc8ULs5UR7u5Tih3eKWw== 0000950123-94-001877.txt : 19941116 0000950123-94-001877.hdr.sgml : 19941116 ACCESSION NUMBER: 0000950123-94-001877 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940930 FILED AS OF DATE: 19941114 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUFFOLK BANCORP CENTRAL INDEX KEY: 0000754673 STANDARD INDUSTRIAL CLASSIFICATION: 6021 IRS NUMBER: 112708279 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13580 FILM NUMBER: 94560036 BUSINESS ADDRESS: STREET 1: 6 W SECOND ST CITY: RIVERHEAD STATE: NY ZIP: 11901 BUSINESS PHONE: 516725667 MAIL ADDRESS: STREET 1: 6 WEST SECOND STREET CITY: RIVERHEAD STATE: NY ZIP: 11901 10-Q 1 SUFFOLK BANCORP FORM 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarter Ended September 30, 1994 Commission file number 0-13580 SUFFOLK BANCORP - -------------------------------------------------------------------------------- (exact name of registrant as specified in its charter) New York State 11-2708279 - -------------------------------------------------------------------------------- (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 6 West Second Street, Riverhead, New York 11901 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (516) 727-2700 - -------------------------------------------------------------------------------- (Registrant's telephone number, including area code) NOT APPLICABLE - -------------------------------------------------------------------------------- (former name, former address and former fiscal year if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X . No . --- --- Indicate the number shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 3,799,419 SHARES OF COMMON STOCK OUTSTANDING AS OF SEPTEMBER 30, 1994 2 SUFFOLK BANCORP AND SUBSIDIARIES
Part I Financial Information page Consolidated Statements of Condition 1 Consolidated Statements Of Income, For the Three Months Ended September 30, 1994 and 1993 2 Consolidated Statements Of Income, For the Nine Months Ended September 30, 1994 and 1993 3 Statements Of Cash Flows, For the Nine Months Ended September 30, 1994 and 1993 4 Notes To The Consolidated Financial Statements 5 Management's Discussion And Analysis Of Financial Condition And Results Of Operation 5 Part II Other Information (Not Applicable) Signatures 7
3 SUFFOLK BANCORP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CONDITION (in thousands except number of shares)
September 30, 1994 December 31, 1993 (unaudited) (unaudited) ASSETS Cash and Due From Banks . . . . . . . . . . . . . . . . . . $ 38,671 $ 27,557 Federal Funds Sold & Securities Purchased Under Agreements To Resell . . . . . . . . . . . . . . 10,000 - Investment Securities: United States Treasury Obligations; Available for Sale, at Fair Value . . . . . . . . . . . . . . . . . . . . 72,937 - Held to Maturity: United States Treasury Obligations . . . . . . . . . . 53,101 149,999 Obligations of States and Political Subdivisions . . . 37,449 42,025 U.S. Govt. Agency Mortgage Backed Obligations . . . . . 17,140 1,176 U.S. Govt. Agency Debt Obligations . . . . . . . . . . 15,267 Corporate Bonds and Other Securities . . . . . . . . . 702 1,191 ------------ --------- Total Investment Securities . . . . . . . . . . . . . 196,596 194,391 Total Loans . . . . . . . . . . . . . . . . . . . . . . . . 553,801 442,224 Less: Unearned Income . . . . . . . . . . . . . . . . . . . 32,861 30,562 Allowance for Possible Loan Losses . . . . . . . . . 6,182 4,922 ------------ --------- Net Loans . . . . . . . . . . . . . . . . . . . . . . 514,758 406,740 Premises and Equipment . . . . . . . . . . . . . . . . . . 12,806 4,727 Other Real Estate Owned . . . . . . . . . . . . . . . . . . 3,469 649 Accrued Interest Receivable . . . . . . . . . . . . . . . . 3,278 2,199 Excess Cost Over Fair Value of Assets Acquired . . . . . . 3,849 510 Other Assets . . . . . . . . . . . . . . . . . . . . . . . 8,210 5,586 ------------ --------- TOTAL ASSETS $ 791,637 $ 642,359 ============ ========= LIABILITIES Demand Deposits . . . . . . . . . . . . . . . . . . . . . . $ 152,746 $ 98,532 Savings, N.O.W. and Money Market Deposits . . . . . . . . . 400,881 319,557 Time Certificates of $100,000 or More . . . . . . . . . . . 16,101 12,868 Other Time Deposits . . . . . . . . . . . . . . . . . . . . 139,888 137,811 ------------ --------- Total Deposits 709,616 568,768 Federal Reserve Bank Borrowings . . . . . . . . . . . . . . - 6,500 Mortgages Payable . . . . . . . . . . . . . . . . . . . . . 1,967 - Dividends Payable on Common Stock . . . . . . . . . . . . . 684 577 Accrued Interest Payable . . . . . . . . . . . . . . . . . 1,072 968 Other Liabilities . . . . . . . . . . . . . . . . . . . . . 2,377 2,262 ------------ --------- TOTAL LIABILITIES $ 715,716 $ 579,075 STOCKHOLDERS' EQUITY Common Stock (Par Value $5.00; 7,500,000 authorized; 3,799,419 and 3,396,460 shares issued at September 30, 1994 and December 31, 1993, respectively) . . . . . . . . . . $ 18,998 $ 16,982 Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . 18,374 11,832 Unrealized Loss on Investments Available for Sale, Net of Tax . . . . . . . . . . . . . . . . . . . . . . . . (160) - Undivided Profits . . . . . . . . . . . . . . . . . . . . . 38,709 34,470 ------------ --------- TOTAL STOCKHOLDERS' EQUITY . . . . . . . . . . . . . . $ 75,921 $ 63,284 ------------ --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 791,637 $ 642,359 ============ =========
See accompanying notes to consolidated financial statements. (1) 4 SUFFOLK BANCORP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (in thousands except per share amounts) (For the Three Months ended September 30,)
1994 1993 (unaudited) (unaudited) INTEREST INCOME Loans (including fee income) . . . . . . . . . . . . . . . $ 11,372 $ 8,927 Federal Funds Sold & Securities Purchased Under Agreements to Resell . . . . . . . . . . . . . . 308 221 United States Treasury Securities . . . . . . . . . . . . . 1,412 1,301 Obligations of States and Political Subdivisions . . . . . . . . . . . . . . . . . 376 395 U.S. Govt. Agency Obligations . . . . . . . . . . . . . . . 523 21 Corporate Bonds and Other Securities . . . . . . . . . . . 8 17 ----------- ----------- Total Interest Income 13,999 10,882 INTEREST EXPENSE Savings, N.O.W. and Money Market Deposits . . . . . . . . . 2,444 1,937 Time Certificates of $100,000 or more . . . . . . . . . . . 106 79 Other Time Deposits . . . . . . . . . . . . . . . . . . . . 1,496 1,542 Federal Funds Purchased . . . . . . . . . . . . . . . . . . 2 1 Interest on Other Mortgages . . . . . . . . . . . . . . . . 39 - ----------- ----------- Total Interest Expense 4,087 3,559 ----------- ----------- Net Interest Income 9,912 7,323 Provision For Possible Loan Losses . . . . . . . . . . . . 130 150 ----------- ----------- Net Interest Income After Provision For Possible Loan Losses . . . . . . . . . . . . . . 9,782 7,173 OTHER INCOME Service Charges on Deposit Accounts . . . . . . . . . . . . 780 562 Other Service Charges, Commissions & Fees . . . . . . . . . 451 359 Fiduciary Activities . . . . . . . . . . . . . . . . . . . 105 100 Other Operating Income . . . . . . . . . . . . . . . . . . 182 469 ----------- ----------- Total Other Income 1,518 1,490 OTHER EXPENSE Salaries and Employee Benefits . . . . . . . . . . . . . . 3,810 2,933 Net Occupancy Expense . . . . . . . . . . . . . . . . . . . 657 425 Equipment Expense . . . . . . . . . . . . . . . . . . . . . 758 526 Other Operating Expense . . . . . . . . . . . . . . . . . . 2,296 1,551 ----------- ----------- Total Other Expense 7,521 5,435 ----------- ----------- Income Before Income Taxes . . . . . . . . . . . . . . . . 3,779 3,228 Provision For Income Taxes . . . . . . . . . . . . . . . . 1,155 1,155 ----------- ----------- NET INCOME $ 2,624 $ 2,073 =========== =========== Earnings Per Share $ 0.69 $ 0.61 =========== =========== Average Shares . . . . . . . . . . . . . . . . . . . . . . 3,799,088 3,390,628
See accompanying notes to consolidated financial statements. (2) 5 SUFFOLK BANCORP AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (in thousands except per share amounts) (For the Nine Months ended September 30,)
1994 1993 (unaudited) (unaudited) INTEREST INCOME Loans (including fee income) . . . . . . . . . . . . . . . $ 30,801 $ 26,802 Federal Funds Sold & Securities Purchased Under Agreements to Resell . . . . . . . . . . . . . . 567 694 United States Treasury Obligations . . . . . . . . . . . . 3,901 3,962 Obligations of States and Political Subdivisions . . . . . . . . . . . . . . . . . 1,241 1,581 U.S. Govt. Agency Obligations . . . . . . . . . . . . . . . 1,048 84 Corporate Bonds and Other Securities . . . . . . . . . . . 32 53 ------------ ------------ Total Interest Income 37,590 33,176 INTEREST EXPENSE Savings, N.O.W. and Money Market Deposits . . . . . . . . . 6,663 5,867 Time Certificates of $100,000 or more . . . . . . . . . . . 272 262 Other Time Deposits . . . . . . . . . . . . . . . . . . . . 4,330 4,828 Federal Funds Purchased & Securities Sold Under Agreements to Repurchase . . . . . . . . . . . . 124 1 Interest on Other Borrowings . . . . . . . . . . . . . . . 7 - Interest on Mortgages . . . . . . . . . . . . . . . . . . . 76 - ------------ ------------ Total Interest Expense 11,472 10,958 ------------ ------------ Net Interest Income 26,118 22,218 Provision For Possible Loan Losses . . . . . . . . . . . . 610 748 ------------ ------------ Net Interest Income After Provision For Possible Loan Losses . . . . . . . . . . . . . . 25,508 21,470 OTHER INCOME Service Charges on Deposit Accounts . . . . . . . . . . . . 2,150 1,693 Other Service Charges, Commissions & Fees . . . . . . . . . 1,016 779 Fiduciary Activities . . . . . . . . . . . . . . . . . . . 330 285 Other Operating Income . . . . . . . . . . . . . . . . . . 461 705 ------------ ------------ Total Other Income 3,957 3,462 OTHER EXPENSE Salaries and Employee Benefits . . . . . . . . . . . . . . 10,547 8,657 Net Occupancy Expense . . . . . . . . . . . . . . . . . . . 1,661 1,246 Equipment Expense . . . . . . . . . . . . . . . . . . . . . 1,956 1,498 Other Operating Expense . . . . . . . . . . . . . . . . . . 6,005 4,494 ------------ ------------ Total Other Expense 20,169 15,895 ------------ ------------ Income Before Income Taxes and Cumulative Effect of Accounting Change . . . . . . 9,296 9,037 Provision For Income Taxes . . . . . . . . . . . . . . . . 3,155 3,225 ------------ ------------ Income Before Cumulative Effect of Accounting Change 6,141 5,812 Cumulative Effect of Accounting Change - 624 ------------ ------------ NET INCOME $ 6,141 $ 6,436 ============ ============ Earnings per Share Before Effect of Accounting Change $ 1.68 $ 1.72 Cumulative Effect of Accounting Change - 0.18 ------------ ------------ Earnings per Share $ 1.68 $ 1.90 ============ ============ Average Shares 3,656,095 3,389,936
See accompanying notes to consolidated financial statements. (3) 6 SUFFOLK BANCORP AND SUBSIDIARIES STATEMENTS OF CASH FLOWS (For the Nine months Ended September 30,)
1994 1993 (unaudited) (unaudited) NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . $ 6,140,655 $ 6,435,634 ADJUSTMENT TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Provision for Loan Losses . . . . . . . . . . . . . . . 610,000 748,000 Depreciation . . . . . . . . . . . . . . . . . . . . . 1,167,563 884,748 Amortization of Excess of Cost Over Fair Value of Net Assets Acquired . . . . . . . 277,268 99,720 Accretion of Discounts . . . . . . . . . . . . . . . . (1,431,349) (1,318,974) Amortization of Premiums . . . . . . . . . . . . . . . 78,552 165,223 Increase in Accrued Interest Receivable . . . . . . . . (1,079,333) (57,492) Increase in Other Assets . . . . . . . . . . . . . . . (550,878) (849,831) Increase in Dividends Payable on Common Stock . . . . . 106,497 34,187 Increase (Decrease) in Accrued Interest Payable . . . . 103,863 (227,690) Decrease In Income Taxes Payable . . . . . . . . . . . (281,979) (479,554) Increase in Other Liabilities . . . . . . . . . . . . . 398,226 1,032,241 Other, net . . . . . . . . . . . . . . . . . . . . . . 164,777 - ----------------- ----------------- NET CASH PROVIDED BY OPERATING ACTIVITIES . . . . . . $ 5,703,862 $ 6,466,212 ----------------- ----------------- CASH FLOWS FROM INVESTING ACTIVITIES Principal Payments on Investments . . . . . . . . . . . $ 1,294,711 $ 1,288,817 Maturities of Investments . . . . . . . . . . . . . . . 145,728,658 153,419,742 Purchases of Investments . . . . . . . . . . . . . . . (114,299,275) (158,544,281) Loan Disbursements and Repayments, Net . . . . . . . . (21,596,239) (22,136,021) Purchases of Premises and Equipment, Net . . . . . . . (1,001,646) (936,302) Acquisition of Hampton Bancshares, Net . . . . . . . . 14,938,372 - ----------------- ----------------- NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ 25,064,581 $ (26,908,045) ----------------- ----------------- CASH FLOWS FROM FINANCING ACTIVITIES Net Increase in Deposit Accounts . . . . . . . . . . . $ (1,379,489) $ 9,786,144 Net (Repayments of) Proceeds from Other Borrowings . . . . . . . . . . . . . . . . . . (6,500,000) 2,500,000 Common Stock Sold for Cash . . . . . . . . . . . . . . 26,469 30,435 Dividends Paid to Stockholders . . . . . . . . . . . . (1,800,706) (1,694,919) ----------------- ----------------- NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES . . $ (9,653,726) $ 10,621,660 ----------------- ----------------- NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS . . . . . . . . . . . . . . . 21,114,717 (9,820,173) CASH AND CASH EQUIVALENTS DECEMBER 31, . . . . . . 27,556,696 50,896,464 ================= ================= CASH AND CASH EQUIVALENTS SEPTEMBER 30, . . . . . . $ 48,671,413 $ 41,076,291 ================= =================
See accompanying notes to consolidated financial statements. (4) 7 SUFFOLK BANCORP AND SUBSIDIARIES NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (1) GENERAL In the opinion of management, the accompanying unaudited consolidated financial statements of Suffolk Bancorp and its consolidated subsidiaries have been prepared to reflect all adjustments (consisting solely of normal recurring accruals) necessary for a fair presentation of the financial condition and results of operations for the periods presented. Certain information and footnotes normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. Notwithstanding, management believes that the disclosures are adequate to prevent the information from misleading the reader, particularly when the accompanying consolidated financial statements are read in conjunction with the audited consolidated financial statements and notes thereto included in the Registrant's annual report on Form 10-K, for the year ended December 31, 1993. The results of operations for the nine months ended September 30, 1994 are not necessarily indicative of the results of operations to be expected for the remainder of the year. (2) IMPACT OF NEW ACCOUNTING STANDARDS Effective January 1, 1994 the Bank adopted the Financial Accounting Standards Board Statement of Financial Accounting Standards No. 115 (SFAS 115), "Accounting for Certain Investments in Debt and Equity Securities." SFAS 115 generally requires that debt securities the Bank has the intent and ability to hold to maturity be classified as "held to maturity" and carried at amortized cost. Debt and equity securities that are bought and held principally for the purpose of sale in the near term are classified as "trading securities" and carried at fair value. Unrealized gains and losses for trading securities are included in earnings. Debt and equity securities not designated as "held to maturity" or "trading securities" are classified as "securities available for sale", and carried at fair value. Net unrealized gains and losses for securities available for sale are excluded from earnings and reported as a separate component of stockholders' equity, net of tax, until realized. At September 30, 1994 investment securities with an amortized cost of $73,212,000 and a net unrealized loss of $275,000 were classified as "available for sale". The net unrealized loss was recorded, net of taxes, as a $160,000 reduction to stockholders' equity in the accompanying consolidated statements of condition. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION for the Three and Nine Month Periods ended September 30, 1994 and 1993 NET INCOME Net income was $2,624,000 for the quarter, ahead 26.6 percent from $2,073,000 posted during the same period last year. Earnings- per-share for the quarter were $0.69 versus $0.61. Net income was $6,141,000 for the nine months down 4.6 percent from $6,436,000 posted during the same period last year. Earnings-per-share for the nine months were $1.68 versus $1.90. Operating results for the nine months ended September 30, 1994 include approximately $415,000 ($245,000 after-tax) in additional expenses associated with the acquisition of Hamptons Bancshares, Inc. Results during the 9 months of 1993 included a gain from the sale of property of $335,000, or $0.10 per share, as well as an adjustment for accounting change, or an increase to earnings of $624,000 or $0.18 per share. Net interest income remains the largest component of the Company's earnings. During the nine months, increased competition for indirect automobile loans has moderated volume and lowered rates, though during the most recent quarter rates on all types of loans have increased somewhat. Charge-offs have decreased substantially for the nine months. However, during the quarter, the rate increased to 0.71 percent, primarily the result of the Bank's decision to charge-off a single commercial credit acquired from Hamptons Bancshares in the recent merger. The decline in the ratio of the allowance for possible loan losses to non-performing assets in the second quarter followed by a rebound in the current quarter is the result of the acquisition of problem assets from Hamptons and the subsequent disposition of a significant portion of them.
- --------------------------------------------------------------------------------------------------------------- LAST 12 SEPT 30 JUNE 30 MAR. 31 DEC. 31 ASSET QUALITY MONTHS 1994 1994 1994 1993 - --------------------------------------------------------------------------------------------------------------- Net Charge-offs/Average Loans (annualized) 0.43% 0.71% 0.33% 0.04% 0.50% Allowance for loan losses/non-accrual & 90+ 78.23% 72.02% 57.73% 89.91% 93.26% Allowance for loan losses/total loans 1.22% 1.19% 1.29% 1.18% 1.21% ===============================================================================================================
The provision for possible loan losses decreased by $20,000 for the quarter, and $138,000 for the nine months ended September 30, 1994, exclusive of the additional provision of $290,000 as result of the acquisition of Hamptons Bancshares. (5) 8 INTEREST INCOME Net interest income was $9,912,000 for the third quarter 1994, ahead 35.4 percent from the $7,323,000 posted for the same quarter in 1993. The net interest income for year to date 1994 was $26,118,000, up from $22,218,000 during the same period of 1993, an increase of 17.6 percent. Net interest margin increased slightly as interest rates increased more rapidly on assets then liabilities. Average net loans for the third quarter of 1994 totaled $514,443,000, compared to $384,502,000 for the same period of 1993. A major factor contributing to the increase was the acquisition of Hamptons Bancshares. INTEREST EXPENSE Interest expense for the year to date 1994 was $11,472,000, up from $10,958,000 for the same period of 1993. Average deposits for the third quarter 1994 were $655,617,000, up from $549,242,000 for the comparable period in 1993. The increase in interest expense is the result of higher deposit balances, increased by the merger with Hamptons Bancshares. OTHER INCOME Other income increased to $3,957,000 for the nine months ended September, 30, 1994 compared to $3,462,000 for the same period during 1993. Service charges on deposit accounts for the year to date 1994 totaled $2,150,000, up from $1,693,000 for the first nine months of 1993. The increase is the result of the merger with Hamptons Bancshares. Included in other income are revenues of the Island Computer Corporation, which have remained constant for each period. OTHER EXPENSE Other expenses for the year-to-date 1994 were $20,169,000, up 26.9 percent from $15,895,000 for the comparable period 1993. This increase is the result of increased payroll, occupancy and regulatory expenses primarily as the result of the merger with Hamptons Bancshares, Inc. CAPITAL RESOURCES Shareholders' equity totaled $75,921,000 on September 30, 1994, an increase of $12,637,000 from $63,284,000 on December 31, 1993. The ratio of equity to assets was 9.6 percent at September 30, 1994 and 9.9 percent at December 31, 1993. On April 11, 1994, Suffolk Bancorp (SUBK or "Suffolk") completed the acquisition of Hamptons Bancshares (HBSI or "Hamptons"). The acquisition of Hamptons was accounted for as a purchase, with shareholders receiving cash or stock in Suffolk in an amount of $14.50 per share for each share of Hamptons stock as well as a payment of $0.14 per share as additional consideration for sales of foreclosed real estate which exceeded Suffolk's estimated value of such properties. The aggregate purchase price was $12.2 million resulting in $3.6 million in excess cost over fair value of net assets acquired which is being amortized over ten years. After the acquisition, all properties of Hamptons were merged into and operated under the name of The Suffolk County National Bank, the banking subsidiary of Suffolk. The following is an unaudited pro forma summary of the consolidated results of operations for the nine months ended September 30, 1994 and 1993, assuming the aforementioned acquisition had occurred on January 1, 1993. This summary includes amortization of the excess cost of assets over fair value, and all purchase accounting adjustments, beginning January 1, 1993. The pro forma results are not necessarily indicative of the results which would have actually been attained if the acquisition had been consummated in the past or what may be attained in the future. Pro Forma Results of Operations: (in thousands of dollars except per share)
- --------------------------------------------------------------------------------------------------------- NINE MONTHS ENDED SEPTEMBER 30, 1994 1993 - --------------------------------------------------------------------------------------------------------- Interest Income $ 37,605 $ 33,289 Interest Expense 11,499 11,059 - --------------------------------------------------------------------------------------------------------- Net Interest Income $ 26,106 $ 22,230 Provision for Possible Loan Losses 610 748 Other Income 3,957 3,462 Other Expenses 20,262 16,174 - --------------------------------------------------------------------------------------------------------- Net Operating Expense $ 16,915 $ 13,460 Income Before Taxes and Cumulative Effect of Change in Accounting Principle 9,191 8,770 Provision for Income Taxes 3,155 3,225 - --------------------------------------------------------------------------------------------------------- Income Before Cumulative Effect of Change in Accounting Principle $ 6,036 $ 5,545 Cumulative Effect of Change in Accounting Principle - 624 - --------------------------------------------------------------------------------------------------------- Net Income $ 6,036 $ 6,169 Earnings Per Share $ 1.59 $ 1.63 - --------------------------------------------------------------------------------------------------------- Average Shares 3,798,963 3,792,045 =========================================================================================================
(6) 9 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SUFFOLK BANCORP Date: November 14, 1994 /s/ Edward J. Merz Edward J. Merz President & Chief Executive Officer Date: November 14, 1994 /s/ Victor F. Bozuhoski, Jr. Victor F. Bozuhoski, Jr. Executive Vice President, Treasurer & Chief Financial Officer (7) 10 EXHIBIT INDEX Exhibit 27 - Financial Data Schedule EX-27 2 FINANCIAL DATA SCHEDULE
9 1,000 9-MOS DEC-31-1994 JAN-01-1994 SEP-30-1994 38,671 0 10,000 0 72,937 123,659 121,851 520,940 6,182 791,637 709,616 0 0 1,967 75,921 0 0 0 791,637 30,801 6,789 0 37,590 11,265 11,472 26,118 610 0 20,169 9,296 6,141 0 0 6,141 1.68 1.68 7.36 5,346 1,074 173 0 4,922 1,303 275 6,182 6,182 0 0
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