suffolk bancorp (SUBK) Key Developments
Suffolk Bancorp Announces Opening of New Loan Production Office and Branch in Long Island City
May 6 15
Suffolk Bancorp announced that on May 4, 2015 the bank opened a new Loan Production Office and Branch Office at 31-00 47th Avenue, Long Island City, Queens, NY. This new office follows on the heels of expansion first to Melville in 2012, and then to Garden City in 2013.
Suffolk Bancorp Announces the Promotion of Christopher J. Hilton to Executive Vice President, Chief Credit Officer
May 1 15
Suffolk Bancorp announced that Christopher J. Hilton has been promoted to the position of Executive Vice President, Chief Credit Officer. Mr. Hilton served as Deputy Chief Credit Officer, since June, 2014, when he was brought into the Company to transition to the Chief Credit Officer role. Mr. Hilton replaces James P. Gay, who served as Chief Credit Officer until his recent retirement. Before joining Suffolk County National Bank, Mr. Hilton served as Executive Vice President, Chief Credit
Officer of Empire National Bank and prior, in commercial lending and credit positions at New York Commercial Bank.
Suffolk Bancorp Declares Quarterly Cash Dividend, Payable on May 27, 2015
Apr 29 15
Suffolk Bancorp parent company of Suffolk County National Bank announced that its Board of Directors declared a quarterly cash dividend of $0.06 per share on its common stock. The dividend will be payable on May 27, 2015 to shareholders of record as of May 13, 2015.
Suffolk Bancorp Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Announces Net Loan Charge-Offs
Apr 22 15
Suffolk Bancorp reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net income of $4.0 million, or $0.34 per basic and diluted common share compared to $3.7 million, or $0.32 per basic and diluted common share a year ago. The 7.8% increase in first quarter 2015 reported earnings against the comparable 2014 period resulted principally from a $1.2 million increase in net interest income coupled with a $201,000 reduction in total operating expenses in 2015. Partially offsetting these positive factors was a $1.0 million reduction in non-interest income in 2015 when compared to the first quarter of 2014. Excluding the first quarter 2014 gain on the sale of a closed branch building and an expense credit associated with branch consolidation costs previously recorded, core net income increased by 29.5% to $4.0 million in the first quarter of 2015 from $3.1 million in the comparable 2014 period. Return on average assets and return on average common stockholders' equity were 0.85% and 8.79%, respectively, in the first quarter of 2015 compared to 0.89% and 8.81%, respectively, in the first quarter of 2014. Book value per common share was $16.00 as on March 31, 2015. Tangible book value per common share was $15.74 as on March 31, 2015. Total interest income was $17.19 million compared to $15.93 million a year ago. Net interest income was $16.51 million compared to $15.3 million a year ago. Net interest income after provision for loan losses was $16.27 million compared to $15.05 million a year ago. Income before income tax expense was $5.25 million compared to $4.83 million a year ago.
Net loan charge-offs of $125,000 were recorded in the first quarter of 2015.
Suffolk Bancorp, Annual General Meeting, May 12, 2015
Apr 1 15
Suffolk Bancorp, Annual General Meeting, May 12, 2015., at 10:00 US Eastern Standard Time. Location: The Suffolk County National Bank, Administrative Center. Agenda: To consider election of two directors to hold office for three years or until their successors shall have been duly elected and qualified; to consider advisory, non-binding resolution to approve 2014 executive compensation; to consider ratification of the appointment of BDO USA, LLP as the independent registered public accounting firm of the company for the fiscal year ending December 31, 2015; and to consider any other business which may be properly brought before the meeting or any adjournment thereof.