SUFFOLK BANCORP ANNOUNCES 67% INCREASE
IN QUARTERLY CASH DIVIDEND
(Riverhead, New York, July 29, 2015) — Suffolk Bancorp (the "Company") (NASDAQ - SUBK), parent company of Suffolk County National Bank (the "Bank"), announced that its Board of Directors today declared a quarterly cash dividend of $0.10 per share on its common stock. The dividend will be payable on August 26, 2015 to shareholders of record as of August 12, 2015. This cash dividend represents a 67% increase from the dividend paid in each of the last four quarters. Based on the July 28, 2015 closing price of $29.20 per share, the annualized dividend yield on the Company's common stock would be 1.37%.
President and CEO Howard C. Bluver stated: "We are very pleased to be able to reward our loyal stockholders with a meaningful dividend increase. Since reinstituting a cash dividend one year ago, our expansion strategies and focus on high quality execution have resulted in strong financial performance across the board. We remain confident about the future and believe we can thrive in the years to come."
Corporate Information
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 and Suffolk Bancorp's wholly owned subsidiary. Organized in 1890, the Bank has 27 branch offices in Nassau, Suffolk and Queens Counties, New York. For more information about the Bank and its products and services, please visit www.scnb.com.
Safe Harbor Statement Pursuant to the Private Securities Litigation Reform Act of 1995
Certain statements contained in this discussion are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These can include remarks about the Company, the banking industry, the economy in general, expectations of the business environment in which the Company operates, projections of future performance, and potential future credit experience. These remarks are based upon current management expectations, and may, therefore, involve risks and uncertainties that cannot be predicted or quantified, that are beyond the Company's control and that could cause future results to vary materially from the Company's historical performance or from current expectations. These remarks may be identified by such forward-looking statements as "should," "expect," "believe," "view," "opportunity," "allow," "continues," "reflects," "typically," "usually," "anticipate," or similar statements or variations of such terms. Factors that could affect the Company include particularly, but are not limited to: increased capital requirements mandated by the Company's regulators; the Company's ability to raise capital; competitive factors, including price
