<PAGE> 1
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended September 30, 1994
Commission file number 0-13580
SUFFOLK BANCORP
- --------------------------------------------------------------------------------
(exact name of registrant as specified in its charter)
New York State 11-2708279
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6 West Second Street, Riverhead, New York 11901
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(516) 727-2700
- --------------------------------------------------------------------------------
(Registrant's telephone number, including area code)
NOT APPLICABLE
- --------------------------------------------------------------------------------
(former name, former address and former fiscal year if changed since
last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X . No .
--- ---
Indicate the number shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
3,799,419 SHARES OF COMMON STOCK OUTSTANDING AS OF SEPTEMBER 30, 1994
<PAGE> 2
SUFFOLK BANCORP AND SUBSIDIARIES
<TABLE>
<CAPTION>
Part I Financial Information page
<S> <C>
Consolidated Statements of Condition 1
Consolidated Statements Of Income,
For the Three Months Ended September 30, 1994 and 1993 2
Consolidated Statements Of Income,
For the Nine Months Ended September 30, 1994 and 1993 3
Statements Of Cash Flows, For the Nine Months Ended September 30, 1994 and 1993 4
Notes To The Consolidated Financial Statements 5
Management's Discussion And Analysis Of Financial Condition And
Results Of Operation 5
Part II Other Information (Not Applicable)
Signatures 7
</TABLE>
<PAGE> 3
SUFFOLK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION (in thousands except number of shares)
<TABLE>
<CAPTION>
September 30, 1994 December 31, 1993
(unaudited) (unaudited)
<S> <C> <C>
ASSETS
Cash and Due From Banks . . . . . . . . . . . . . . . . . . $ 38,671 $ 27,557
Federal Funds Sold & Securities Purchased
Under Agreements To Resell . . . . . . . . . . . . . . 10,000 -
Investment Securities:
United States Treasury Obligations; Available for Sale,
at Fair Value . . . . . . . . . . . . . . . . . . . . 72,937 -
Held to Maturity:
United States Treasury Obligations . . . . . . . . . . 53,101 149,999
Obligations of States and Political Subdivisions . . . 37,449 42,025
U.S. Govt. Agency Mortgage Backed Obligations . . . . . 17,140 1,176
U.S. Govt. Agency Debt Obligations . . . . . . . . . . 15,267
Corporate Bonds and Other Securities . . . . . . . . . 702 1,191
------------ ---------
Total Investment Securities . . . . . . . . . . . . . 196,596 194,391
Total Loans . . . . . . . . . . . . . . . . . . . . . . . . 553,801 442,224
Less: Unearned Income . . . . . . . . . . . . . . . . . . . 32,861 30,562
Allowance for Possible Loan Losses . . . . . . . . . 6,182 4,922
------------ ---------
Net Loans . . . . . . . . . . . . . . . . . . . . . . 514,758 406,740
Premises and Equipment . . . . . . . . . . . . . . . . . . 12,806 4,727
Other Real Estate Owned . . . . . . . . . . . . . . . . . . 3,469 649
Accrued Interest Receivable . . . . . . . . . . . . . . . . 3,278 2,199
Excess Cost Over Fair Value of Assets Acquired . . . . . . 3,849 510
Other Assets . . . . . . . . . . . . . . . . . . . . . . . 8,210 5,586
------------ ---------
TOTAL ASSETS $ 791,637 $ 642,359
============ =========
LIABILITIES
Demand Deposits . . . . . . . . . . . . . . . . . . . . . . $ 152,746 $ 98,532
Savings, N.O.W. and Money Market Deposits . . . . . . . . . 400,881 319,557
Time Certificates of $100,000 or More . . . . . . . . . . . 16,101 12,868
Other Time Deposits . . . . . . . . . . . . . . . . . . . . 139,888 137,811
------------ ---------
Total Deposits 709,616 568,768
Federal Reserve Bank Borrowings . . . . . . . . . . . . . . - 6,500
Mortgages Payable . . . . . . . . . . . . . . . . . . . . . 1,967 -
Dividends Payable on Common Stock . . . . . . . . . . . . . 684 577
Accrued Interest Payable . . . . . . . . . . . . . . . . . 1,072 968
Other Liabilities . . . . . . . . . . . . . . . . . . . . . 2,377 2,262
------------ ---------
TOTAL LIABILITIES $ 715,716 $ 579,075
STOCKHOLDERS' EQUITY
Common Stock (Par Value $5.00; 7,500,000 authorized;
3,799,419 and 3,396,460 shares issued at
September 30, 1994
and December 31, 1993, respectively) . . . . . . . . . . $ 18,998 $ 16,982
Surplus . . . . . . . . . . . . . . . . . . . . . . . . . . 18,374 11,832
Unrealized Loss on Investments Available for Sale,
Net of Tax . . . . . . . . . . . . . . . . . . . . . . . . (160) -
Undivided Profits . . . . . . . . . . . . . . . . . . . . . 38,709 34,470
------------ ---------
TOTAL STOCKHOLDERS' EQUITY . . . . . . . . . . . . . . $ 75,921 $ 63,284
------------ ---------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 791,637 $ 642,359
============ =========
</TABLE>
See accompanying notes to consolidated financial statements.
(1)
<PAGE> 4
SUFFOLK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (in thousands except per share amounts)
(For the Three Months ended September 30,)
<TABLE>
<CAPTION>
1994 1993
(unaudited) (unaudited)
<S> <C> <C>
INTEREST INCOME
Loans (including fee income) . . . . . . . . . . . . . . . $ 11,372 $ 8,927
Federal Funds Sold & Securities Purchased
Under Agreements to Resell . . . . . . . . . . . . . . 308 221
United States Treasury Securities . . . . . . . . . . . . . 1,412 1,301
Obligations of States and
Political Subdivisions . . . . . . . . . . . . . . . . . 376 395
U.S. Govt. Agency Obligations . . . . . . . . . . . . . . . 523 21
Corporate Bonds and Other Securities . . . . . . . . . . . 8 17
----------- -----------
Total Interest Income 13,999 10,882
INTEREST EXPENSE
Savings, N.O.W. and Money Market Deposits . . . . . . . . . 2,444 1,937
Time Certificates of $100,000 or more . . . . . . . . . . . 106 79
Other Time Deposits . . . . . . . . . . . . . . . . . . . . 1,496 1,542
Federal Funds Purchased . . . . . . . . . . . . . . . . . . 2 1
Interest on Other Mortgages . . . . . . . . . . . . . . . . 39 -
----------- -----------
Total Interest Expense 4,087 3,559
----------- -----------
Net Interest Income 9,912 7,323
Provision For Possible Loan Losses . . . . . . . . . . . . 130 150
----------- -----------
Net Interest Income After Provision
For Possible Loan Losses . . . . . . . . . . . . . . 9,782 7,173
OTHER INCOME
Service Charges on Deposit Accounts . . . . . . . . . . . . 780 562
Other Service Charges, Commissions & Fees . . . . . . . . . 451 359
Fiduciary Activities . . . . . . . . . . . . . . . . . . . 105 100
Other Operating Income . . . . . . . . . . . . . . . . . . 182 469
----------- -----------
Total Other Income 1,518 1,490
OTHER EXPENSE
Salaries and Employee Benefits . . . . . . . . . . . . . . 3,810 2,933
Net Occupancy Expense . . . . . . . . . . . . . . . . . . . 657 425
Equipment Expense . . . . . . . . . . . . . . . . . . . . . 758 526
Other Operating Expense . . . . . . . . . . . . . . . . . . 2,296 1,551
----------- -----------
Total Other Expense 7,521 5,435
----------- -----------
Income Before Income Taxes . . . . . . . . . . . . . . . . 3,779 3,228
Provision For Income Taxes . . . . . . . . . . . . . . . . 1,155 1,155
----------- -----------
NET INCOME $ 2,624 $ 2,073
=========== ===========
Earnings Per Share $ 0.69 $ 0.61
=========== ===========
Average Shares . . . . . . . . . . . . . . . . . . . . . . 3,799,088 3,390,628
</TABLE>
See accompanying notes to consolidated financial statements.
(2)
<PAGE> 5
SUFFOLK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (in thousands except per share amounts)
(For the Nine Months ended September 30,)
<TABLE>
<CAPTION>
1994 1993
(unaudited) (unaudited)
<S> <C> <C>
INTEREST INCOME
Loans (including fee income) . . . . . . . . . . . . . . . $ 30,801 $ 26,802
Federal Funds Sold & Securities Purchased
Under Agreements to Resell . . . . . . . . . . . . . . 567 694
United States Treasury Obligations . . . . . . . . . . . . 3,901 3,962
Obligations of States and
Political Subdivisions . . . . . . . . . . . . . . . . . 1,241 1,581
U.S. Govt. Agency Obligations . . . . . . . . . . . . . . . 1,048 84
Corporate Bonds and Other Securities . . . . . . . . . . . 32 53
------------ ------------
Total Interest Income 37,590 33,176
INTEREST EXPENSE
Savings, N.O.W. and Money Market Deposits . . . . . . . . . 6,663 5,867
Time Certificates of $100,000 or more . . . . . . . . . . . 272 262
Other Time Deposits . . . . . . . . . . . . . . . . . . . . 4,330 4,828
Federal Funds Purchased & Securities Sold
Under Agreements to Repurchase . . . . . . . . . . . . 124 1
Interest on Other Borrowings . . . . . . . . . . . . . . . 7 -
Interest on Mortgages . . . . . . . . . . . . . . . . . . . 76 -
------------ ------------
Total Interest Expense 11,472 10,958
------------ ------------
Net Interest Income 26,118 22,218
Provision For Possible Loan Losses . . . . . . . . . . . . 610 748
------------ ------------
Net Interest Income After Provision
For Possible Loan Losses . . . . . . . . . . . . . . 25,508 21,470
OTHER INCOME
Service Charges on Deposit Accounts . . . . . . . . . . . . 2,150 1,693
Other Service Charges, Commissions & Fees . . . . . . . . . 1,016 779
Fiduciary Activities . . . . . . . . . . . . . . . . . . . 330 285
Other Operating Income . . . . . . . . . . . . . . . . . . 461 705
------------ ------------
Total Other Income 3,957 3,462
OTHER EXPENSE
Salaries and Employee Benefits . . . . . . . . . . . . . . 10,547 8,657
Net Occupancy Expense . . . . . . . . . . . . . . . . . . . 1,661 1,246
Equipment Expense . . . . . . . . . . . . . . . . . . . . . 1,956 1,498
Other Operating Expense . . . . . . . . . . . . . . . . . . 6,005 4,494
------------ ------------
Total Other Expense 20,169 15,895
------------ ------------
Income Before Income Taxes
and Cumulative Effect of Accounting Change . . . . . . 9,296 9,037
Provision For Income Taxes . . . . . . . . . . . . . . . . 3,155 3,225
------------ ------------
Income Before Cumulative Effect of Accounting Change 6,141 5,812
Cumulative Effect of Accounting Change - 624
------------ ------------
NET INCOME $ 6,141 $ 6,436
============ ============
Earnings per Share Before Effect of Accounting Change $ 1.68 $ 1.72
Cumulative Effect of Accounting Change - 0.18
------------ ------------
Earnings per Share $ 1.68 $ 1.90
============ ============
Average Shares 3,656,095 3,389,936
</TABLE>
See accompanying notes to consolidated financial statements.
(3)
<PAGE> 6
SUFFOLK BANCORP AND SUBSIDIARIES
STATEMENTS OF CASH FLOWS
(For the Nine months Ended September 30,)
<TABLE>
<CAPTION>
1994 1993
(unaudited) (unaudited)
<S> <C> <C>
NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . $ 6,140,655 $ 6,435,634
ADJUSTMENT TO RECONCILE NET INCOME TO NET CASH
PROVIDED BY OPERATING ACTIVITIES:
Provision for Loan Losses . . . . . . . . . . . . . . . 610,000 748,000
Depreciation . . . . . . . . . . . . . . . . . . . . . 1,167,563 884,748
Amortization of Excess of Cost
Over Fair Value of Net Assets Acquired . . . . . . . 277,268 99,720
Accretion of Discounts . . . . . . . . . . . . . . . . (1,431,349) (1,318,974)
Amortization of Premiums . . . . . . . . . . . . . . . 78,552 165,223
Increase in Accrued Interest Receivable . . . . . . . . (1,079,333) (57,492)
Increase in Other Assets . . . . . . . . . . . . . . . (550,878) (849,831)
Increase in Dividends Payable on Common Stock . . . . . 106,497 34,187
Increase (Decrease) in Accrued Interest Payable . . . . 103,863 (227,690)
Decrease In Income Taxes Payable . . . . . . . . . . . (281,979) (479,554)
Increase in Other Liabilities . . . . . . . . . . . . . 398,226 1,032,241
Other, net . . . . . . . . . . . . . . . . . . . . . . 164,777 -
----------------- -----------------
NET CASH PROVIDED BY OPERATING ACTIVITIES . . . . . . $ 5,703,862 $ 6,466,212
----------------- -----------------
CASH FLOWS FROM INVESTING ACTIVITIES
Principal Payments on Investments . . . . . . . . . . . $ 1,294,711 $ 1,288,817
Maturities of Investments . . . . . . . . . . . . . . . 145,728,658 153,419,742
Purchases of Investments . . . . . . . . . . . . . . . (114,299,275) (158,544,281)
Loan Disbursements and Repayments, Net . . . . . . . . (21,596,239) (22,136,021)
Purchases of Premises and Equipment, Net . . . . . . . (1,001,646) (936,302)
Acquisition of Hampton Bancshares, Net . . . . . . . . 14,938,372 -
----------------- -----------------
NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES $ 25,064,581 $ (26,908,045)
----------------- -----------------
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase in Deposit Accounts . . . . . . . . . . . $ (1,379,489) $ 9,786,144
Net (Repayments of) Proceeds from
Other Borrowings . . . . . . . . . . . . . . . . . . (6,500,000) 2,500,000
Common Stock Sold for Cash . . . . . . . . . . . . . . 26,469 30,435
Dividends Paid to Stockholders . . . . . . . . . . . . (1,800,706) (1,694,919)
----------------- -----------------
NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES . . $ (9,653,726) $ 10,621,660
----------------- -----------------
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS . . . . . . . . . . . . . . . 21,114,717 (9,820,173)
CASH AND CASH EQUIVALENTS DECEMBER 31, . . . . . . 27,556,696 50,896,464
================= =================
CASH AND CASH EQUIVALENTS SEPTEMBER 30, . . . . . . $ 48,671,413 $ 41,076,291
================= =================
</TABLE>
See accompanying notes to consolidated financial statements.
(4)
<PAGE> 7
SUFFOLK BANCORP AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(1) GENERAL
In the opinion of management, the accompanying unaudited consolidated
financial statements of Suffolk Bancorp and its consolidated subsidiaries have
been prepared to reflect all adjustments (consisting solely of normal recurring
accruals) necessary for a fair presentation of the financial condition and
results of operations for the periods presented. Certain information and
footnotes normally included in consolidated financial statements prepared in
accordance with generally accepted accounting principles have been condensed or
omitted. Notwithstanding, management believes that the disclosures are adequate
to prevent the information from misleading the reader, particularly when the
accompanying consolidated financial statements are read in conjunction with the
audited consolidated financial statements and notes thereto included in the
Registrant's annual report on Form 10-K, for the year ended December 31, 1993.
The results of operations for the nine months ended September 30, 1994 are
not necessarily indicative of the results of operations to be expected for the
remainder of the year.
(2) IMPACT OF NEW ACCOUNTING STANDARDS
Effective January 1, 1994 the Bank adopted the Financial Accounting
Standards Board Statement of Financial Accounting Standards No. 115 (SFAS 115),
"Accounting for Certain Investments in Debt and Equity Securities." SFAS 115
generally requires that debt securities the Bank has the intent and ability to
hold to maturity be classified as "held to maturity" and carried at amortized
cost. Debt and equity securities that are bought and held principally for the
purpose of sale in the near term are classified as "trading securities" and
carried at fair value. Unrealized gains and losses for trading securities are
included in earnings. Debt and equity securities not designated as "held to
maturity" or "trading securities" are classified as "securities available for
sale", and carried at fair value. Net unrealized gains and losses for
securities available for sale are excluded from earnings and reported as a
separate component of stockholders' equity, net of tax, until realized. At
September 30, 1994 investment securities with an amortized cost of $73,212,000
and a net unrealized loss of $275,000 were classified as "available for sale".
The net unrealized loss was recorded, net of taxes, as a $160,000 reduction to
stockholders' equity in the accompanying consolidated statements of condition.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATION for the Three and Nine Month Periods ended September 30, 1994 and
1993
NET INCOME
Net income was $2,624,000 for the quarter, ahead 26.6 percent from
$2,073,000 posted during the same period last year. Earnings- per-share for the
quarter were $0.69 versus $0.61. Net income was $6,141,000 for the nine months
down 4.6 percent from $6,436,000 posted during the same period last year.
Earnings-per-share for the nine months were $1.68 versus $1.90. Operating
results for the nine months ended September 30, 1994 include approximately
$415,000 ($245,000 after-tax) in additional expenses associated with the
acquisition of Hamptons Bancshares, Inc. Results during the 9 months of 1993
included a gain from the sale of property of $335,000, or $0.10 per share, as
well as an adjustment for accounting change, or an increase to earnings of
$624,000 or $0.18 per share.
Net interest income remains the largest component of the Company's
earnings. During the nine months, increased competition for indirect automobile
loans has moderated volume and lowered rates, though during the most recent
quarter rates on all types of loans have increased somewhat. Charge-offs have
decreased substantially for the nine months. However, during the quarter, the
rate increased to 0.71 percent, primarily the result of the Bank's decision to
charge-off a single commercial credit acquired from Hamptons Bancshares in the
recent merger. The decline in the ratio of the allowance for possible loan
losses to non-performing assets in the second quarter followed by a rebound in
the current quarter is the result of the acquisition of problem assets from
Hamptons and the subsequent disposition of a significant portion of them.
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------
LAST 12 SEPT 30 JUNE 30 MAR. 31 DEC. 31
ASSET QUALITY MONTHS 1994 1994 1994 1993
- ---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Charge-offs/Average Loans (annualized) 0.43% 0.71% 0.33% 0.04% 0.50%
Allowance for loan losses/non-accrual & 90+ 78.23% 72.02% 57.73% 89.91% 93.26%
Allowance for loan losses/total loans 1.22% 1.19% 1.29% 1.18% 1.21%
===============================================================================================================
</TABLE>
The provision for possible loan losses decreased by $20,000 for the
quarter, and $138,000 for the nine months ended September 30, 1994, exclusive
of the additional provision of $290,000 as result of the acquisition of
Hamptons Bancshares.
(5)
<PAGE> 8
INTEREST INCOME
Net interest income was $9,912,000 for the third quarter 1994, ahead 35.4
percent from the $7,323,000 posted for the same quarter in 1993. The net
interest income for year to date 1994 was $26,118,000, up from $22,218,000
during the same period of 1993, an increase of 17.6 percent. Net interest
margin increased slightly as interest rates increased more rapidly on assets
then liabilities. Average net loans for the third quarter of 1994 totaled
$514,443,000, compared to $384,502,000 for the same period of 1993. A major
factor contributing to the increase was the acquisition of Hamptons Bancshares.
INTEREST EXPENSE
Interest expense for the year to date 1994 was $11,472,000, up from
$10,958,000 for the same period of 1993. Average deposits for the third quarter
1994 were $655,617,000, up from $549,242,000 for the comparable period in 1993.
The increase in interest expense is the result of higher deposit balances,
increased by the merger with Hamptons Bancshares.
OTHER INCOME
Other income increased to $3,957,000 for the nine months ended September,
30, 1994 compared to $3,462,000 for the same period during 1993. Service
charges on deposit accounts for the year to date 1994 totaled $2,150,000, up
from $1,693,000 for the first nine months of 1993. The increase is the result
of the merger with Hamptons Bancshares. Included in other income are revenues
of the Island Computer Corporation, which have remained constant for each
period.
OTHER EXPENSE
Other expenses for the year-to-date 1994 were $20,169,000, up 26.9 percent
from $15,895,000 for the comparable period 1993. This increase is the result of
increased payroll, occupancy and regulatory expenses primarily as the result of
the merger with Hamptons Bancshares, Inc.
CAPITAL RESOURCES
Shareholders' equity totaled $75,921,000 on September 30, 1994, an increase
of $12,637,000 from $63,284,000 on December 31, 1993. The ratio of equity to
assets was 9.6 percent at September 30, 1994 and 9.9 percent at December 31,
1993.
On April 11, 1994, Suffolk Bancorp (SUBK or "Suffolk") completed the
acquisition of Hamptons Bancshares (HBSI or "Hamptons"). The acquisition of
Hamptons was accounted for as a purchase, with shareholders receiving cash or
stock in Suffolk in an amount of $14.50 per share for each share of Hamptons
stock as well as a payment of $0.14 per share as additional consideration for
sales of foreclosed real estate which exceeded Suffolk's estimated value of
such properties. The aggregate purchase price was $12.2 million resulting in
$3.6 million in excess cost over fair value of net assets acquired which is
being amortized over ten years. After the acquisition, all properties of
Hamptons were merged into and operated under the name of The Suffolk County
National Bank, the banking subsidiary of Suffolk.
The following is an unaudited pro forma summary of the consolidated results
of operations for the nine months ended September 30, 1994 and 1993, assuming
the aforementioned acquisition had occurred on January 1, 1993. This summary
includes amortization of the excess cost of assets over fair value, and all
purchase accounting adjustments, beginning January 1, 1993. The pro forma
results are not necessarily indicative of the results which would have actually
been attained if the acquisition had been consummated in the past or what may
be attained in the future.
Pro Forma Results of Operations: (in thousands of dollars except per share)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
NINE MONTHS ENDED SEPTEMBER 30, 1994 1993
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Interest Income $ 37,605 $ 33,289
Interest Expense 11,499 11,059
- ---------------------------------------------------------------------------------------------------------
Net Interest Income $ 26,106 $ 22,230
Provision for Possible Loan Losses 610 748
Other Income 3,957 3,462
Other Expenses 20,262 16,174
- ---------------------------------------------------------------------------------------------------------
Net Operating Expense $ 16,915 $ 13,460
Income Before Taxes and Cumulative Effect
of Change in Accounting Principle 9,191 8,770
Provision for Income Taxes 3,155 3,225
- ---------------------------------------------------------------------------------------------------------
Income Before Cumulative Effect
of Change in Accounting Principle $ 6,036 $ 5,545
Cumulative Effect
of Change in Accounting Principle - 624
- ---------------------------------------------------------------------------------------------------------
Net Income $ 6,036 $ 6,169
Earnings Per Share $ 1.59 $ 1.63
- ---------------------------------------------------------------------------------------------------------
Average Shares 3,798,963 3,792,045
=========================================================================================================
</TABLE>
(6)
<PAGE> 9
SIGNATURES
Pursuant to the requirements of the Securities 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
Date: November 14, 1994 /s/ Edward J. Merz
Edward J. Merz
President & Chief Executive
Officer
Date: November 14, 1994 /s/ Victor F. Bozuhoski, Jr.
Victor F. Bozuhoski, Jr.
Executive Vice President,
Treasurer & Chief Financial
Officer
(7)
<PAGE> 10
EXHIBIT INDEX
Exhibit 27 - Financial Data Schedule
<TABLE> <S> <C>
<ARTICLE> 9
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-01-1994
<PERIOD-END> SEP-30-1994
<CASH> 38,671
<INT-BEARING-DEPOSITS> 0
<FED-FUNDS-SOLD> 10,000
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 72,937
<INVESTMENTS-CARRYING> 123,659
<INVESTMENTS-MARKET> 121,851
<LOANS> 520,940
<ALLOWANCE> 6,182
<TOTAL-ASSETS> 791,637
<DEPOSITS> 709,616
<SHORT-TERM> 0
<LIABILITIES-OTHER> 0
<LONG-TERM> 1,967
<COMMON> 75,921
0
0
<OTHER-SE> 0
<TOTAL-LIABILITIES-AND-EQUITY> 791,637
<INTEREST-LOAN> 30,801
<INTEREST-INVEST> 6,789
<INTEREST-OTHER> 0
<INTEREST-TOTAL> 37,590
<INTEREST-DEPOSIT> 11,265
<INTEREST-EXPENSE> 11,472
<INTEREST-INCOME-NET> 26,118
<LOAN-LOSSES> 610
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 20,169
<INCOME-PRETAX> 9,296
<INCOME-PRE-EXTRAORDINARY> 6,141
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 6,141
<EPS-PRIMARY> 1.68
<EPS-DILUTED> 1.68
<YIELD-ACTUAL> 7.36
<LOANS-NON> 5,346
<LOANS-PAST> 1,074
<LOANS-TROUBLED> 173
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 4,922
<CHARGE-OFFS> 1,303
<RECOVERIES> 275
<ALLOWANCE-CLOSE> 6,182
<ALLOWANCE-DOMESTIC> 6,182
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
