Suffolk Misses Deadline

    Two of the East End’s community banks, Bridgehampton National Bank and Suffolk National Bank, have posted their third quarter numbers, and both report strong earnings, but for Suffolk Bancorp, the good news comes in the midst of more troubling circumstances.
    Suffolk Bancorp has been under the gun as of late, with delayed filings that have forced the one-bank holding company out of compliance with Nasdaq. With a deadline of this past Monday to provide financial statements from 2010, the management was “disappointed with not meeting the deadline,” Frank D. Filipo, an executive vice president, told American Banker, an industry publication.
    The company has a week to respond to Nasdaq or face a possible delisting with the market. However, Suffolk Bancorp intends to request a hearing, which could delay any possible steps for another month, during which time the company plans finally to complete the filings.
    “The process of restating the third and fourth quarters of 2010 and moving forward to definitive statements for the first and second quarters of 2011 has taken far longer than any of the parties involved anticipated, and we continue to work diligently to make those filings as soon as possible,” said J. Gordon Huszagh, the president and chief executive officer of the bank, in a statement.
    However, the company determined profitability in the third quarter, exceeding ratios for a “well-capitalized” institution as of Sept. 30.
    “We are, therefore, and expect to continue to be, able to conduct our business,” Mr. Huszagh said.
    Suffolk also released preliminary and unaudited numbers for the third quarter. Earnings per share were $.32, and net income was over $3 million, with assets above $1.6 billion.
    There are no comparisons to last year’s third quarter due to the fact that the audit committee of the bank’s board of directors determined “non-reliance on the financial statements previously filed” in 2010, according to a statement on the Suffolk National Bank Web site.
    Bridge Bancorp, the parent company of Bridgehampton National Bank, announced net income and earnings per share of $2.8 million and $.41 per share on Sept. 30, which includes $76,000 of after-tax acquisition costs associated with the merger with Hamptons State Bank on May 27, 2011.
    The numbers show a 20-percent increase over the third quarter of 2010. Net interest income was $11.5 million, a 22-percent increase of 2010, with a net interest margin of 4.04 percent.
    The bank also reports deposits of $1.16 billion, which, according to a press release, shows “continuing strong growth trends.”
    The quarterly dividend was declared at $.23 per share.


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