8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 12, 2005

SUFFOLK BANCORP

(Exact name of registrant as specified in its charter)

New York	0-13580	11-2708279
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

4 West Second Street, Riverhead, New York	11901
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (631) 727-5667

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02	Results of Operations and Financial Condition.
	Attached as an exhibit is the Company’s press release titled “Suffolk Bancorp Announces Earnings For The First Quarter,” dated April 12, 2005.

SIGNATURE

Pursuant to the requirements of the Securities and 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
Dated: April 12, 2005	By:	/s/ Douglas Ian Shaw
		Vice President & Corporate Secretary

EXHIBIT INDEX

99.1 Earnings release for the three months ended March 31, 2005, dated April 12, 2005.

EX-99.1

Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE
Contact:	Douglas Ian Shaw
	Corporate Secretary	4 West Second Street
	(631) 727-5667	Riverhead, NY 11901
		(631) 727-5667 (Voice) - (631) 727-3214 (FAX)
		invest@suffolkbancorp.com

SUFFOLK BANCORP ANNOUNCES EARNINGS FOR THE FIRST QUARTER

Riverhead, New York, April 12, 2005 — Suffolk Bancorp (NASDAQ - SUBK) today released the results of its operations during the first quarter of 2005. Net income for the quarter was $5,132,000, up 5.5 percent from $4,864,000 posted during the same period last year. Earnings-per-share for the quarter were $0.48, up 6.7 percent from $0.45 in the comparable period of 2004. A detailed financial summary follows the text of this release.

President and Chief Executive Officer, Thomas S. Kohlmann, commented, “We are pleased to report increases in both earnings and earning-per-share in comparison to the same quarter last year. The increase in earnings was primarily attributable to an increase in earning assets of approximately $66 million, year-to-year. The further percentage increase in earnings per share was attributable to ongoing repurchases of company stock, matching our capital account to the business opportunities at hand.”

He continued, “While short-term rates of interest have come up, longer-term rates have remained stubbornly low, limiting certain opportunities for lending. Our response has been twofold. First, as we have discussed over the past several years, as our consumer portfolio has declined for structural reasons in the industry, we have emphasized our commercial real estate and construction lending, backed by hard assets, and underwritten to our traditionally consistent and conservative standards. These credits are up 21.6 and 70.5 percent over the same time last year, respectively, and are specific opportunities in our market area. We have also increased our investment portfolio by 13.6 percent year over year, both to improve yield, and certain tax and risk-based capital considerations; but also to provide us with the liquidity to take advantage of loan demand at such time as the longer end of the yield curve is more accommodating.”

He went on to say, “Interest expense has come under pressure, increasing 22.8 percent from March 31^st to March 31^st. This is partly because deposit rates were at such historic lows that even a few basis points increase results in a significant percentage change in interest expense. While the industry as a whole has held the line on rate increases, a few elected to chase market share. We expect this to continue. In order to preserve the relatively low cost of our funds overall, we have turned to short-term borrowings and repurchase agreements to fund specific earning assets, although our borrowing remains reasonable as a proportion of total liabilities. While fee income has been under pressure on all fronts owing to fierce competition in the industry, particularly from ‘free’ checking, we have kept a tight rein on non-interest expense, limiting growth to just 1.9 percent vs. asset growth of 5.5 percent.”

Mr. Kohlmann added, “As we have previously disclosed, our asset-quality numbers continue to be affected by a single, credit, already substantially provided for, which remains in workout. Our net charge-offs for the quarter were favorable, at just 3 basis points of average net loans, owing to recoveries on other credits. At 163 percent of non-performing assets, our allowance continues to be computed using a consistent methodology which we test regularly for adequacy.”

He concluded, “As always, we have taken the long view of our shareholders’ interest, and we continue, managing the company prudently, keeping on a steady course through a variety of economic challenges. We remain optimistic for 2005.”

Suffolk Bancorp is a one-bank holding company engaged in the commercial banking business through Suffolk County National Bank, a full service commercial bank headquartered in Riverhead, New York. “SCNB” is Suffolk Bancorp’s wholly owned subsidiary. Organized in 1890, Suffolk County National Bank is the second largest independent bank headquartered on Long Island, with 26 offices in Suffolk County, New York.

Safe Harbor Statement Pursuant to the Private Securities Litigation Reform Act of 1995

This press release may include statements which look to the future. These can include remarks about Suffolk Bancorp, the banking industry, and the economy in general. These remarks are based on current plans and expectations. They are subject, however, to a variety of uncertainties that could cause future results to vary materially from Suffolk’s historical performance, or from current expectations. Factors affecting Suffolk Bancorp include particularly, but are not limited to: changes in interest rates; increases or decreases in retail and commercial economic activity in Suffolk’s market area; variations in the ability and propensity of consumers and businesses to borrow, repay, or deposit money, or to use other banking and financial services; and changes in government regulations.

PRESS RELEASE April 12, 2005 Page 2 of 4

STATISTICAL SUMMARY

(unaudited, in thousands of dollars except for share and per share data)

	1st Q 2005			1st Q 2004			Change
EARNINGS
Net Income	$	5,132		$	4,864		5.5	%
Net Interest Income		15,494			14,962		3.6	%
Earnings-Per-Share - Basic		0.48			0.45		6.7	%
Cash Dividends-Per-Share		0.19			0.19		0.0	%
AVERAGE BALANCES
Average Assets		1,376,604			1,329,745		3.5	%
Average Net Loans		829,335			823,340		0.7	%
Average Investment Securities		440,559			387,086		13.8	%
Average Deposits		1,189,761			1,188,599		0.1	%
Average Equity		102,074			99,419		2.7	%
RATIOS
Return on Average Equity		20.11	%		19.57	%	2.8	%
Return on Average Assets		1.49	%		1.46	%	2.0	%
Average Equity/Assets		7.41	%		7.48	%	(0.9	)%
Net Interest Margin (FTE)		4.90	%		4.96	%	(1.2	)%
Efficiency Ratio		52.11	%		52.37	%	(0.5	)%
Tier 1 Leverage Ratio Mar. 31		7.27	%		7.21	%	0.8	%
Tier 1 Risk-based Capital Ratio Mar. 31		10.26	%		10.29	%	(0.3	)%
Total Risk-based Capital Ratio Mar. 31		11.12	%		11.20	%	(0.7	)%
ASSET QUALITY during period:
Net (Recoveries) Charge-offs	$	67		$	289		(76.8	)%
Net Charge-offs/Average Net Loans (annual)		0.03	%		0.14	%	(78.6	)%
at end of period:
Non-accrual & Restructured Loans	$	5,172		$	1,430		261.7	%
Foreclosed Real Estate (“OREO”)		0			0		0.0	%
Total Non-performing Assets		5,172			1,430		261.7	%
Allowance/Non-performing Assets		163.23	%		593.50	%	(72.5	)%
Allowance/Loans, Net of Discount		0.98	%		1.01	%	(3.0	)%
Net Loans/Deposits		72.86	%		70.88	%	2.8	%
EQUITY
Shares Outstanding		10,638,537			10,900,469		(2.4	)%
Common Equity	$	99,033		$	103,055		(3.9	)%
Book Value Per Common Share		9.31			9.45		(1.5	)%
Tangible Common Equity		98,219			102,241		(3.9	)%
Tangible Book Value Per Common Share		9.23			9.38		(1.6	)%
LOAN DISTRIBUTION at end of period:
Commercial, Financial & Agricultural Loans		174,529			184,953		(5.6	)%
Commercial Real Estate Mortgages		282,888			232,694		21.6	%
Real Estate - Construction Loans		54,490			31,963		70.5	%
Residential Mortgages (1st and 2nd Liens)		119,035			112,757		5.6	%
Home Equity Loans		78,040			65,394		19.3	%
Consumer Loans		149,787			208,800		(28.3	)%
Other Loans		1,815			1,836		(1.1	)%
Total Loans (Net of Unearned Discounts)	$	860,584		$	838,397		2.6	%

PRESS RELEASE April 12, 2005 Page 3 of 4

CONSOLIDATED STATEMENTS OF CONDITION

(unaudited, in thousands of dollars except for share and per share data)

	March 31,						Change
	2005			2004
ASSETS
Cash & Due From Banks	$	40,436		$	42,359		(4.5	)%
Federal Funds Sold		2,500			900		177.8	%
Investment Securities:
Available for Sale, at Fair Value		417,965			366,270		14.1	%
Obligations of States & Political Subdivisions		11,816			12,769		(7.5	)%
Federal Reserve Bank Stock		638			638		0.0	%
Federal Home Loan Bank Stock		2,500			1,535		62.9	%
Corporate Bonds & Other Securities		100			100		0.0	%
Total Investment Securities		433,019			381,312		13.6	%
Total Loans		860,584			838,397		2.6	%
Allowance for Loan Losses		8,442			8,487		(0.5	)%
Net Loans		852,142			829,910		2.7	%
Premises & Equipment, Net		22,677			22,740		(0.3	)%
Accrued Interest Receivable, Net		5,853			5,084		15.1	%
Excess of Cost Over Fair Value of Net Assets Acquired		814			814		0.0	%
Other Assets		16,856			19,762		(14.7	)%
TOTAL ASSETS	$	1,374,297		$	1,302,881		5.5	%
LIABILITIES & STOCKHOLDERS’ EQUITY
Demand Deposits	$	369,666		$	350,692		5.4	%
Saving, N.O.W. & Money Market Deposits		586,060			592,257		(1.0	)%
Time Certificates of $100,000 or More		22,981			20,858		10.2	%
Other Time Deposits		190,785			207,022		(7.8	)%
Total Deposits		1,169,492			1,170,829		(0.1	)%
Federal Home Loan Bank Borrowings		44,000			5,400		714.8	%
Repurchase Agreements		42,175			—		100.0	%
Dividend Payable on Common Stock		2,035			2,074		(1.9	)%
Accrued Interest Payable		770			734		4.9	%
Other Liabilities		16,792			20,789		(19.2	)%
TOTAL LIABILITIES		1,275,264			1,199,826		6.3	%
STOCKHOLDERS’ EQUITY
Common Stock (par value $2.50; 15,000,000 shares authorized; 10,638,537 and 10,900,469 shares outstanding at March 31, 2005 and 2004, respectively)		33,884			33,879		0.0	%
Surplus		19,439			19,375		0.3	%
Treasury Stock at Par (2,915,199 and 2,651,149 shares, respectively)		(7,288	)		(6,628	)	10.0	%
Retained Earnings		54,864			50,120		9.5	%
		100,899			96,746		4.3	%
Accumulated Other Comprehensive (Loss) Income, Net of Tax		(1,866	)		6,309		(129.6	)%
TOTAL STOCKHOLDERS’ EQUITY		99,033			103,055		(3.9	)%
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$	1,374,297		$	1,302,881		5.5	%

PRESS RELEASE April 12, 2005 Page 4 of 4

CONSOLIDATED STATEMENTS OF INCOME

(unaudited, in thousands of dollars except for share and per share data)

	For the 3 Months Ended				Change
	3/31/05		3/31/04
INTEREST INCOME
Federal Funds Sold	$	10	$	8	25.0	%
United States Treasury Securities		96		104	(7.7	)%
Obligations of States & Political Subdivisions		409		176	132.4	%
Mortgage-Backed Securities		2,657		2,438	9.0	%
U.S. Government Agency Obligations		1,223		1,078	13.5	%
Corporate Bonds & Other Securities		31		21	47.6	%
Loans		13,382		13,022	2.8	%
Total Interest Income		17,808		16,847	5.7	%
INTEREST EXPENSE
Saving, N.O.W. & Money Market Deposits		822		646	27.2	%
Time Certificates of $100,000 or more		117		94	24.5	%
Other Time Deposits		1,013		1,110	(8.7	)%
Federal Funds Purchased		102		35	191.4	%
Interest on Other Borrowings		260		—	100.0	%
Total Interest Expense		2,314		1,885	22.8	%
Net-interest Income		15,494		14,962	3.6	%
Provision for Loan Losses		300		225	33.3	%
Net-interest Income After Provision		15,194		14,737	3.1	%
OTHER INCOME
Service Charges on Deposit Accounts		1,358		1,408	(3.6	)%
Other Service Charges, Commissions & Fees		559		573	(2.4	)%
Fiduciary Fees		284		313	(9.3	)%
Other Operating Income		137		158	(13.3	)%
Total Other Income		2,338		2,452	(4.6	)%
OTHER EXPENSE
Salaries & Employee Benefits		5,524		5,508	0.3	%
Net Occupancy Expense		1,019		853	19.5	%
Equipment Expense		559		570	(1.9	)%
Other Operating Expense		2,191		2,188	0.1	%
Total Other Expense		9,293		9,119	1.9	%
Income Before Provision for Income Taxes		8,239		8,070	2.1	%
Provision for Income Taxes		3,107		3,206	(3.1	)%
NET INCOME	$	5,132	$	4,864	5.5	%
Average:
Common Shares Outstanding		10,764,150		10,928,342	(1.5	)%
Dilutive Stock Options		32,393		35,911	(9.8	)%
Average Total		10,796,543		10,964,253	(1.5	)%
EARNINGS PER COMMON SHARE
Basic	$	0.48	$	0.45	6.7	%
Diluted	$	0.48	$	0.44	9.1	%