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 15, 2010

SUFFOLK BANCORP

(Exact name of registrant as specified in its charter)

New York	000-13580	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 THIRD QUARTER OF 2010,” dated October 15, 2010.

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 15, 2010	By:	/S/    DOUGLAS IAN SHAW
		Senior Vice President & Corporate Secretary

EXHIBIT INDEX

99.1 Earnings release for the three months ended September 30, 2010, dated October 15, 2010.

EX-99.1

Exhibit 99.1

PRESS RELEASE

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

SUFFOLK BANCORP ANNOUNCES EARNINGS FOR THE THIRD QUARTER OF 2010

Riverhead, New York, October 15, 2010 — Suffolk Bancorp (NASDAQ - SUBK) today released the results of its operations during the third quarter of 2010. Earnings-per-share were $0.49, a decrease of 22.2 percent from $0.63 during the comparable period of 2009. Net income was $4,688,000, down 22.2 percent from $6,028,000 during the same quarter last year. Earnings-per-share for the year to date were $1.14, down 37.0 percent from $1.81 a year ago. Net income for the year to date was $11,012,000, down 36.7 percent from $17,395,000 posted during the first nine months of 2009. A detailed financial summary follows the text.

J. Gordon Huszagh, President and Chief Executive Officer remarked, “We remain pleased by Suffolk Bancorp’s financial performance relative to our peer group. Return on average equity was 12.85 percent, below our historic norms, but 4.8 times the average of 2.65 percent for our peer group at the end of the second quarter, the most recent period for which peer information is available. Return on average assets was 1.11 percent, or 3.5 times the peer average of 0.32. Our net interest margin was 5.13 percent, among the widest in the industry owing to the continuing low cost of funds. We accomplished this despite a quarterly provision for loan losses of $2,625,000 which was 2.7 times the provision for loan losses made during the same quarter last year, and increasing the total risk-based capital ratio to 12.82 percent at September 30, 2010 from 11.73 percent at September 30, 2009.”

Mr. Huszagh went on to say, “While the provision is down from last quarter, I think it would be premature to characterize that improvement as a trend. We have several times offered our best understanding of both reasons for and timing of declines in the quality of our assets, noting the effect of the prolonged slump in the economy on some of our borrowers. We have also noted that Suffolk’s performance is tied primarily to Main Street and not Wall Street, and we will work diligently with our customers towards the best possible outcomes, both for them and for our Bank.”

He continued, “As I have for several years now, I would like to provide additional information regarding the quality of our assets. Non-performing loans amounted to $36,577,000, or 3.20 percent of total loans at September 30, 2010; up from $36,097,000, or 3.11 percent of total loans at June 30, 2010, and $24,100,000 or 2.15 percent of total loans at this time last year. This continues to compare favorably to the average of our peer group which was 3.51 percent of total loans at June 30, 2010, the most recent period for which information is

PRESS RELEASE October 15, 2010 Page 2 of 5

available. The actual exposure that presents to Suffolk is as follows: of the $36,577,000 of non-performing loans, $33,529,000 is secured by collateral valued at about $60,536,000 having a cumulative loan-to-value of approximately 55 percent. The unsecured portion of $3,048,000 amounts to 27 basis points (27/10,000ths) of net loans at quarter end. However, I want to remind investors that of the $36,577,000 in non-performing loans, $7,765,000 represents credit to one borrower which, as mentioned previously, in consultation with the primary regulator of Suffolk County National Bank, our banking subsidiary, we determined to place on non-accrual status, although all payments are current and have been since inception, and has a ratio of loan-to-recently-appraised-value (June 2010) of 59.7 percent. Without this credit, non-performing assets would have decreased to $28,812,000 or 2.52 percent of total loans.”

Mr. Huszagh remarked, “While we do take pride in what we have been able to accomplish in comparison to our peers in a difficult economy, we want to emphasize that the next several years will be very challenging. It is now quite a number of quarters during which it has been difficult to divine a direction in the economy. Technical indicators suggest that the economy started to grow as much as a year ago, but unemployment remains stubbornly high, and with interest rates at historic lows sustained over an increasing span of time, margins in banking generally have come under pressure. Most economists see considerable excess capacity in many sectors of the economy. It will take quite a lot of additional growth to absorb it and return business and consumers to spending, an important component of the economy of the twenty-first century. We are also anticipating a significant increase in regulatory scrutiny and we believe the costs of regulatory compliance at Suffolk will increase substantially in the future.”

Suffolk Bancorp is a one-bank holding company engaged in the commercial banking business through Suffolk County National Bank (“SCNB”), a full-service commercial bank headquartered in Riverhead, New York. Organized in 1890, SCNB has 29 offices in Suffolk County, New York.

Information regarding Suffolk Bancorp’s peer group was drawn from Federal Financial Institutions Examination

Council - Uniform Bank Performance Report as of June 30, 2010 - Insured commercial banks having assets between

$1 billion and $3 billion.

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 regulatory actions and changes in government regulations.

PRESS RELEASE October 15, 2010 Page 3 of 5

STATISTICAL SUMMARY

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

	3rd Qtr 2010			3rd Qtr 2009			Change		9 Mos. 2010			9 Mos. 2009			Change
EARNINGS
Earnings-Per-Share - Basic	$	0.49		$	0.63		(22.2	%)	$	1.14		$	1.81		(37.0	%)
Cash Dividends-Per-Share		0.22			0.22		0.0	%		0.66			0.66		0.0	%
Net Income		4,688			6,028		(22.2	%)		11,012			17,395		(36.7	%)
Net Interest Income		19,367			18,474		4.8	%		57,957			55,522		4.4	%
AVERAGE BALANCES
Average Assets	$	1,692,499		$	1,683,916		0.5	%	$	1,712,563		$	1,656,210		3.4	%
Average Net Loans		1,123,851			1,109,161		1.3	%		1,139,414			1,105,224		3.1	%
Average Investment Securities		461,833			422,680		9.3	%		462,201			430,022		7.5	%
Average Interest-Earning Assets		1,590,211			1,587,600		0.2	%		1,607,497			1,560,306		3.0	%
Average Deposits		1,460,000			1,436,122		1.7	%		1,426,597			1,358,329		5.0	%
Average Borrowings		55,554			91,637		(39.4	%)		110,445			141,290		(21.8	%)
Average Interest-Bearing Liabilities		991,869			1,018,949		(2.7	%)		1,042,415			1,029,022		1.3	%
Average Equity		145,916			124,664		17.0	%		141,038			120,214		17.3	%
RATIOS
Return on Average Equity		12.85	%		19.34	%	(33.6	%)		10.41	%		19.29	%	(46.0	%)
Return on Average Assets		1.11	%		1.43	%	(22.4	%)		0.86	%		1.40	%	(38.6	%)
Average Equity/Assets		8.62	%		7.40	%	16.5	%		8.24	%		7.26	%	13.5	%
Net Interest Margin (FTE)		5.13	%		4.89	%	4.9	%		5.06	%		4.98	%	1.6	%
Efficiency Ratio		59.10	%		56.66	%	4.3	%		56.73	%		56.74	%	(0.0	%)
Tier 1 Leverage Ratio Sept.30		8.49	%		8.00	%	6.1	%
Tier 1 Risk-based Capital Ratio Sept.30		11.56	%		10.76	%	7.4	%
Total Risk-based Capital Ratio Sept.30		12.82	%		11.73	%	9.3	%
ASSET QUALITY
during period:
Net Charge-offs	$	1,526		$	131		1,064.9	%	$	4,864		$	334		1,356.3	%
Net Charge-offs/Average Net Loans (annualized)		0.54	%		0.05	%	980.0	%		0.57	%		0.04	%	1,325.0	%
at end of period:
Loans Not Accruing Interest/Loans Past Due 90 Days	$	36,577		$	14,025		160.8	%
Restructured Loans Past Due 90 Days		—			10,075		(100.0	%)
Foreclosed Real Estate (“OREO”)		—			—		—
Total Non-performing Assets		36,577			24,100		51.8	%
Allowance/Non-performing Assets		60.05	%		48.61	%	23.5	%
Allowance/Loans, Net of Discount		1.92	%		1.04	%	84.6	%
Net Loans/Deposits		75.91	%		78.85	%	(3.7	%)
EQUITY
Shares Outstanding		9,665,245			9,607,360		0.6	%
Common Equity	$	151,453		$	133,366		13.6	%
Book Value Per Common Share		15.67			13.88		12.9	%
Tangible Common Equity		150,639			132,552		13.6	%
Tangible Book Value Per Common Share		15.59			13.80		13.0	%
LOAN DISTRIBUTION
at end of period:
Commercial, Financial & Agricultural Loans	$	255,476		$	236,195		8.2	%
Commercial Real Estate Mortgages		422,230			366,727		15.1	%
Real Estate - Construction Loans		103,578			135,526		(23.6	%)
Residential Mortgages (1st and 2nd Liens)		203,847			215,782		(5.5	%)
Home Equity Loans		85,800			82,470		4.0	%
Consumer Loans		69,991			83,220		(15.9	%)
Other Loans		944			1,428		(33.9	%)
Total Loans (Net of Unearned Discounts)	$	1,141,866		$	1,121,349		1.8	%

PRESS RELEASE October 15, 2010 Page 4 of 5

CONSOLIDATED STATEMENTS OF CONDITION

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

	September 30,
	2010			2009			Change
ASSETS
Cash & Due From Banks	$	58,028		$	39,320		47.6	%
Federal Reserve Bank Stock		652			652		0.0	%
Federal Home Loan Bank Stock		3,531			6,145		(42.5	%)
Investment Securities:
Available for Sale, at Fair Value		446,399			453,711		(1.6	%)
Obligations of States & Political Subdivisions, Held to Maturity		10,050			14,353		(30.0	%)
Corporate Bonds & Other Securities		100			100		0.0	%
Total Investment Securities		456,549			468,164		(2.5	%)
Total Loans		1,141,866			1,121,348		1.8	%
Allowance for Loan Losses		21,964			11,716		87.5	%
Net Loans		1,119,902			1,109,632		0.9	%
Premises & Equipment, Net		22,368			23,523		(4.9	%)
Accrued Interest Receivable, Net		7,895			7,935		(0.5	%)
Goodwill		814			814		0.0	%
Other Assets		20,186			15,631		29.1	%
TOTAL ASSETS	$	1,689,925		$	1,671,816		1.1	%
LIABILITIES & STOCKHOLDERS’ EQUITY
Demand Deposits	$	521,527		$	495,991		5.1	%
Saving, N.O.W. & Money Market Deposits		629,126			572,247		9.9	%
Time Certificates of $100,000 or More		214,064			230,205		(7.0	%)
Other Time Deposits		110,561			108,812		1.6	%
Total Deposits		1,475,278			1,407,255		4.8	%
Federal Funds Purchased		—			1,400		(100.0	%)
Federal Home Loan Bank Borrowings		40,000			101,900		(60.7	%)
Dividend Payable on Common Stock		2,126			2,114		0.6	%
Accrued Interest Payable		650			906		(28.3	%)
Other Liabilities		20,418			24,875		(17.9	%)
TOTAL LIABILITIES		1,538,472			1,538,450		0.0	%
STOCKHOLDERS’ EQUITY
Common Stock (par value $2.50; 15,000,000 shares authorized; 9,665,245 and 9,607,360 shares outstanding at September 30, 2010 and 2009, respectively)		34,169			34,010		0.5	%
Surplus		22,784			21,437		6.3	%
Treasury Stock at Par (4,002,158 and 3,996,878 shares, respectively)		(10,005	)		(9,992	)	0.1	%
Retained Earnings		97,660			90,116		8.4	%
		144,608			135,571		6.7	%
Accumulated Other Comprehensive Income (Loss), Net of Tax		6,845			(2,205	)	(410.4	%)
TOTAL STOCKHOLDERS’ EQUITY		151,453			133,366		13.6	%
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$	1,689,925		$	1,671,816		1.1	%

PRESS RELEASE October 15, 2010 Page 5 of 5

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
	9/30/10		9/30/09		Change		2010		2009		Change
INTEREST INCOME
Federal Funds Sold & Interest from Bank Deposits	$	3	$	44	(93.2	%)	$	8	$	48	(83.3	%)
United States Treasury Securities		71		94	(24.5	%)		213		292	(27.1	%)
Obligations of States & Political Subdivisions		1,979		1,804	9.7	%		5,818		5,254	10.7	%
Mortgage-Backed Securities		1,888		1,836	2.8	%		5,957		5,382	10.7	%
U.S. Government Agency Obligations		202		354	(42.9	%)		607		1,797	(66.2	%)
Corporate Bonds & Other Securities		95		123	(22.8	%)		320		334	(4.2	%)
Loans		17,464		17,261	1.2	%		52,545		52,137	0.8	%
Total Interest Income		21,702		21,516	0.9	%		65,468		65,244	0.3	%
INTEREST EXPENSE
Saving, N.O.W. & Money Market Deposits		827		934	(11.5	%)		2,551		2,732	(6.6	%)
Time Certificates of $100,000 or more		709		960	(26.1	%)		2,271		2,591	(12.4	%)
Other Time Deposits		436		584	(25.3	%)		1,365		2,002	(31.8	%)
Federal Funds Purchased & Repurchase Agreements		—		—	—			2		120	(98.3	%)
Interest on Borrowings		363		564	(35.6	%)		1,322		2,277	(41.9	%)
Total Interest Expense		2,335		3,042	(23.2	%)		7,511		9,722	(22.7	%)
Net-interest Income		19,367		18,474	4.8	%		57,957		55,522	4.4	%
Provision for Loan Losses		2,625		975	169.2	%		14,445		3,000	381.5	%
Net-interest Income After Provision		16,742		17,499	(4.3	%)		43,512		52,522	(17.2	%)
OTHER INCOME
Service Charges on Deposit Accounts		1,215		1,354	(10.3	%)		3,745		4,019	(6.8	%)
Other Service Charges, Commissions & Fees		1,007		929	8.4	%		2,591		2,586	0.2	%
Fiduciary Fees		243		237	2.5	%		760		779	(2.4	%)
Net Securities Gains		—		—	—			12		—	100.0	%
Other Operating Income		202		246	(17.9	%)		689		969	(28.9	%)
Total Other Income		2,667		2,766	(3.6	%)		7,797		8,353	(6.7	%)
OTHER EXPENSE
Salaries & Employee Benefits		7,457		7,190	3.7	%		21,682		20,892	3.8	%
Net Occupancy Expense		1,336		1,250	6.9	%		4,030		3,837	5.0	%
Equipment Expense		511		586	(12.8	%)		1,576		1,719	(8.3	%)
FDIC Assessments		862		517	66.7	%		2,089		2,202	(5.1	%)
Other Operating Expense		2,855		2,491	14.6	%		7,926		7,591	4.4	%
Total Other Expense		13,021		12,034	8.2	%		37,303		36,241	2.9	%
Income Before Provision for Income Taxes		6,388		8,231	(22.4	%)		14,006		24,634	(43.1	%)
Provision for Income Taxes		1,700		2,203	(22.8	%)		2,994		7,239	(58.6	%)
NET INCOME	$	4,688	$	6,028	(22.2	%)	$	11,012	$	17,395	(36.7	%)
Average:
Common Shares Outstanding		9,662,328		9,607,023	0.6	%		9,649,550		9,598,583	0.5	%
Dilutive Stock Options		5,667		19,286	(70.6	%)		6,408		17,976	(64.4	%)
Average Total		9,667,995		9,626,309	0.4	%		9,655,958		9,616,559	0.4	%
EARNINGS PER COMMON SHARE
Basic	$	0.49	$	0.63	(22.2	%)	$	1.14	$	1.81	(37.0	%)
Diluted	$	0.48	$	0.63	(23.8	%)	$	1.14	$	1.81	(37.0	%)