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): October 17, 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))

Page 2 of 4

Item 2.02	Results of Operations and Financial Condition.
	Attached as an exhibit is the Company’s press release titled “Suffolk Bancorp Announces 16.7 Percent Increase in Third Quarter Earnings per Share,” dated October 17, 2005.

Page 3 of 4

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 October 17, 2005	By:	/s/ Douglas Ian Shaw
		Vice President & Corporate Secretary

Page 4 of 4

EXHIBIT INDEX

99.1       Earnings release for the three months ended September 30, 2005, dated October 17, 2005.

EX-99.1

Exhibit 99.1

PRESS RELEASE

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

SUFFOLK BANCORP ANNOUNCES 16.7 PERCENT INCREASE IN THIRD QUARTER EARNINGS PER SHARE

Riverhead, New York, October 17, 2005 — Suffolk Bancorp (NASDAQ—SUBK) today released the results of its operations during the third quarter of 2005. Net income for the quarter was $5,845,000, up 12.3 percent from $5,207,000 posted during the same period last year. Earnings-per-share for the quarter were $0.56, an increase of 16.7 percent from $0.48 during the comparable period of 2004. Net income for the year to date was $16,302,000, an increase of 7.9 percent from $15,104,000 posted during the same period last year. Earnings-per-share for the year to date were $1.53 compared to $1.39, up 10.1 percent. A detailed financial summary follows the text of this release.

President and Chief Executive Officer, Thomas S. Kohlmann, remarked, “Over the past several years, I have emphasized the importance of long-term managerial discipline to shareholder value. This quarter, even more than last, the results of that discipline are discernable in our financial results. Our strategy to build commercial and residential lending has more than offset diminishing balances of indirect retail paper. This resulted from structural changes in the market for automobile finance, the effect of which we have anticipated for some years. Net loans were up 8.2 percent even allowing for indirect run-off, and taking that segment of the portfolio out of the equation, the remainder of the portfolio was up by 16.6 percent. Our earlier commitment to resist the lure of easy profits in our investment portfolio has also continued to support our net interest margin, which amounted to 5.21 percent during the most recent quarter.”

He continued, “Funding has presented something of a challenge during the past quarter, as we try to moderate the rate of increase in the interest we pay for deposits. We have been able to increase demand deposits by 8.7 percent, year to year, while non-maturity time deposits have decreased by 10.3 percent. We have turned to the wholesale money markets to make up the difference as long as the yield curve remains unusually flat, and hope to reemphasize deposits as it steepens to provide a more normal spread between short and long term rates. Non-interest income declined 3.3 percent in response to intense competition from new entrants in the market offering ‘free’ services. Non-interest expense rose by 2.1 percent, but that remained slightly below the rate of growth in assets.”

Mr. Kohlmann concluded saying, “The final component of our balance sheet is equity, our shareholders’ investment in our company. We consider its proper management to be among our first priorities. Over time, we have generated capital internally at a rate in excess of the growth of the kind of business that will sustain returns on equity and assets well above industry averages. We were among the first in the industry to manage capital to the risk-based standard of ‘well-capitalized’ as a matter of formal policy, and we continue, on a daily basis, to match our shareholders’ capital account to the high-quality business available to us. My colleagues and I remain aware of our obligation to our shareholders. We hope that this quarter’s results will reinforce investors’ confidence in our focus on creating long-term shareholder value.”

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 October 17, 2005 Page 2 of 4

STATISTICAL SUMMARY

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

	3rd Q 2005			3rd Q 2004			Change		9 Mos. 2005			9 Mos. 2004			Change
EARNINGS
Net Income	$	5,845		$	5,207		12.3	%	$	16,302		$	15,104		7.9	%
Net Interest Income		16,482			15,241		8.1	%		47,878			45,267		5.8	%
Earnings-Per-Share - Basic		0.56			0.48		16.7	%		1.53			1.39		10.1	%
Cash Dividends-Per-Share		0.20			0.19		5.3	%		0.59			0.57		3.5	%
AVERAGE BALANCES
Average Assets		1,402,183			1,365,842		2.7	%		1,389,996			1,357,225		2.4	%
Average Net Loans		858,713			814,143		5.5	%		849,146			821,515		3.4	%
Average Investment Securities		427,191			414,060		3.2	%		433,106			394,216		9.9	%
Average Deposits		1,233,442			1,243,779		(0.8	)%		1,209,597			1,219,578		(0.8	)%
Average Equity		98,820			99,750		(0.9	)%		100,085			99,280		0.8	%
RATIOS
Return on Average Equity		23.66	%		20.88	%	13.3	%		21.72	%		20.28	%	7.1	%
Return on Average Assets		1.67	%		1.52	%	9.9	%		1.56	%		1.48	%	5.4	%
Average Equity/Assets		7.05	%		7.30	%	(3.4	)%		7.20	%		7.31	%	(1.5	)%
Net Interest Margin (FTE)		5.21	%		4.85	%	7.4	%		5.04	%		4.89	%	3.1	%
Efficiency Ratio		48.28	%		50.35	%	(4.1	)%		50.58	%		50.46	%	0.2	%
Tier 1 Leverage Ratio Sept. 30		7.16	%		7.35	%	(2.6	)%
Tier 1 Risk-based Capital Ratio Sept. 30		9.91	%		10.72	%	(7.6	)%
Total Risk-based Capital Ratio Sept. 30		10.79	%		11.58	%	(6.8	)%
ASSET QUALITY during period:
Net (Recoveries) Charge-offs	$	(47	)	$	2,097		(102.2	)%	$	(49	)	$	2,319		(102.1	)%
Net Charge-offs/Average Net Loans (annual)		(0.02	)%		1.03	%	(101.9	)%		(0.01	)%		0.38	%	(102.6	)%
at end of period:
Non-accrual & Restructured Loans	$	5,168		$	1,888		173.7	%
Foreclosed Real Estate (“OREO”)		0			0		0.0	%
Total Non-performing Assets		5,168			1,888		173.7	%
Allowance/Non-performing Assets		181.58	%		422.67	%	(57.0	)%
Allowance/Loans, Net of Discount		1.06	%		0.98	%	8.2	%
Net Loans/Deposits		71.59	%		65.16	%	9.9	%
EQUITY
Shares Outstanding		10,430,221			10,851,337		(3.9	)%
Common Equity	$	100,700		$	104,287		(3.4	)%
Book Value Per Common Share		9.65			9.61		0.4	%
Tangible Common Equity		99,886			103,473		(3.5	)%
Tangible Book Value Per Common Share		9.58			9.54		0.4	%
LOAN DISTRIBUTION at end of period:
Commercial, Financial & Agricultural Loans		182,024			155,624		17.0	%
Commercial Real Estate Mortgages		301,041			252,799		19.1	%
Real Estate - Construction Loans		56,380			46,164		22.1	%
Residential Mortgages (1st and 2nd Liens)		127,202			115,211		10.4	%
Home Equity Loans		79,976			70,968		12.7	%
Consumer Loans		135,395			175,231		(22.7	)%
Other Loans		1,303			597		118.3	%
Total Loans (Net of Unearned Discounts)	$	883,321		$	816,594		8.2	%

PRESS RELEASE October 17, 2005 Page 3 of 4

CONSOLIDATED STATEMENTS OF CONDITION

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

	September 30,
	2005			2004			Change
ASSETS
Cash & Due From Banks	$	55,856		$	46,567		19.9	%
Federal Funds Sold		5,700			23,500		(75.7	)%
Investment Securities:
Available for Sale, at Fair Value		404,695			421,897		(4.1	)%
Obligations of States & Political Subdivisions		11,138			11,275		(1.2	)%
Federal Reserve Bank Stock		638			638		0.0	%
Federal Home Loan Bank Stock		1,930			1,823		5.9	%
Corporate Bonds & Other Securities		100			100		0.0	%
Total Investment Securities		418,501			435,733		(4.0	)%
Total Loans		883,321			816,594		8.2	%
Allowance for Loan Losses		9,384			7,980		17.6	%
Net Loans		873,937			808,614		8.1	%
Premises & Equipment, Net		22,609			22,781		(0.8	)%
Accrued Interest Receivable, Net		6,274			5,912		6.1	%
Excess of Cost Over Fair Value of Net Assets Acquired		814			814		0.0	%
Other Assets		16,721			20,283		(17.6	)%
TOTAL ASSETS	$	1,400,412		$	1,364,204		2.7	%
LIABILITIES & STOCKHOLDERS’ EQUITY
Demand Deposits	$	439,470		$	404,285		8.7	%
Saving, N.O.W. & Money Market Deposits		560,371			624,807		(10.3	)%
Time Certificates of $100,000 or More		18,889			19,144		(1.3	)%
Other Time Deposits		202,034			192,799		4.8	%
Total Deposits		1,220,764			1,241,035		(1.6	)%
Federal Home Loan Bank Borrowings		18,500			—		100.0	%
Repurchase Agreements		37,275			—		100.0	%
Dividend Payable on Common Stock		2,088			2,063		1.2	%
Accrued Interest Payable		1,276			718		77.7	%
Other Liabilities		19,809			16,101		23.0	%
TOTAL LIABILITIES		1,299,712			1,259,917		3.2	%
STOCKHOLDERS’ EQUITY
Common Stock (par value $2.50; 15,000,000 shares authorized;
10,430,221 and 10,851,337 shares outstanding at September 30, 2005 and 2004, respectively)		33,884			33,884		0.0	%
Surplus		19,440			19,440		0.0	%
Treasury Stock at Par (3,123,515 and 2,702,399 shares, respectively)		(7,809	)		(6,756	)	15.6	%
Retained Earnings		55,727			54,741		1.8	%
		101,242			101,309		(0.1	)%
Accumulated Other Comprehensive (Loss) Income, Net of Tax		(542	)		2,978		(118.2	)%
TOTAL STOCKHOLDERS’ EQUITY		100,700			104,287		(3.4	)%
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$	1,400,412		$	1,364,204		2.7	%

PRESS RELEASE October 17, 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						For the Year to Date
	9/30/05		9/30/04		Change		2005		2004		Change
INTEREST INCOME
Federal Funds Sold	$	29	$	136	(78.7	)%	$	80	$	223	(64.1	)%
United States Treasury Securities		96		104	(7.7	)%		288		312	(7.7	)%
Obligations of States & Political Subdivisions		625		256	144.1	%		1,529		647	136.3	%
Mortgage-Backed Securities		2,295		2,694	(14.8	)%		7,531		7,680	(1.9	)%
U.S. Government Agency Obligations		1,222		1,095	11.6	%		3,667		3,139	16.8	%
Corporate Bonds & Other Securities		39		21	85.7	%		114		59	93.2	%
Loans		15,042		12,778	17.7	%		42,600		38,750	9.9	%
Total Interest Income		19,348		17,084	13.3	%		55,809		50,810	9.8	%
INTEREST EXPENSE
Saving, N.O.W. & Money Market Deposits		974		724	34.5	%		2,663		2,034	30.9	%
Time Certificates of $100,000 or more		147		88	67.0	%		395		270	46.3	%
Other Time Deposits		1,310		1,031	27.1	%		3,487		3,199	9.0	%
Federal Funds Purchased		363		—	100.0	%		852		—	100.0	%
Interest on Other Borrowings		72		—	100.0	%		534		40	1,235.0	%
Total Interest Expense		2,866		1,843	55.5	%		7,931		5,543	43.1	%
Net-interest Income		16,482		15,241	8.1	%		47,878		45,267	5.8	%
Provision for Loan Losses		450		225	100.0	%		1,125		1,748	(35.6	)%
Net-interest Income After Provision		16,032		15,016	6.8	%		46,753		43,519	7.4	%
OTHER INCOME
Service Charges on Deposit Accounts		1,429		1,412	1.2	%		4,199		4,239	(0.9	)%
Other Service Charges, Commissions & Fees		657		698	(5.9	)%		1,885		1,916	(1.6	)%
Fiduciary Fees		297		303	(2.0	)%		858		924	(7.1	)%
Net Securities Gains		—		—	0.0	%		—		1,219	(100.0	)%
Other Operating Income		145		201	(27.9	)%		413		542	(23.8	)%
Total Other Income		2,528		2,614	(3.3	)%		7,355		8,840	(16.8	)%
OTHER EXPENSE
Salaries & Employee Benefits		5,516		5,358	2.9	%		16,595		16,206	2.4	%
Net Occupancy Expense		911		669	36.2	%		2,779		2,351	18.2	%
Equipment Expense		478		537	(11.0	)%		1,577		1,617	(2.5	)%
Other Operating Expense		2,273		2,426	(6.3	)%		6,984		7,126	(2.0	)%
Total Other Expense		9,178		8,990	2.1	%		27,935		27,300	2.3	%
Income Before Provision for Income Taxes		9,382		8,640	8.6	%		26,173		25,059	4.4	%
Provision for Income Taxes		3,537		3,433	3.0	%		9,871		9,955	(0.8	)%
NET INCOME	$	5,845	$	5,207	12.3	%	$	16,302	$	15,104	7.9	%
Average:
Common Shares Outstanding		10,494,505		10,867,334	(3.4	)%		10,624,175		10,894,156	(2.5	)%
Dilutive Stock Options		28,388		30,892	(8.1	)%		28,762		33,539	(14.2	)%
Average Total		10,522,893		10,898,226	(3.4	)%		10,652,937		10,927,695	(2.5	)%
EARNINGS PER COMMON SHARE
Basic	$	0.56	$	0.48	16.7	%	$	1.53	$	1.39	10.1	%
Diluted	$	0.56	$	0.48	16.7	%	$	1.53	$	1.38	10.9	%