Suffolk Bancorp (SCNB) 8-K Suffolk Bancorp Announces Earnings for the Second Quarter of 2007

Exhibit 99.1

PRESS RELEASE

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

SUFFOLK BANCORP ANNOUNCES EARNINGS FOR THE SECOND QUARTER OF 2007

Riverhead, New York, July 16, 2007 — Suffolk Bancorp (NASDAQ - SUBK) today released the results of its operations during the second quarter of 2007. Earnings-per-share for the quarter were $0.54, a decrease of 1.8 percent from $0.55 during the comparable period of 2006. Net income for the quarter was $5,332,000, down 5.4 percent from the same quarter last year. Earnings-per-share for the year to date were $1.04, a decrease of 1.0 percent from $1.05 during the comparable period of 2006. Net income for the year to date was $10,481,000, down 3.5 percent from the same period last year. A detailed financial summary follows the text of this release.

Chairman, President, and Chief Executive Officer, Thomas S. Kohlmann, commented, “As we had expected, our earnings slowed during the past quarter as the industry sorts out the issues of unsustainable pricing and overcapacity, both nationally and regionally, as well as the implications of a yield curve that remained inverted until late in the quarter. Most fundamentally, while our interest income increased modestly by 2.5 percent, our cost of funding increased substantially by 23.9 percent, each in comparison to the second quarter of 2006. The most noticeable shift was out of less expensive savings, N.O.W., and money market deposits into higher-priced certificates of deposit with balances greater than $100,000, this primarily in response to intense competition on Long Island from new entrants trying to establish a position in our market. One of our key objectives has been to preserve both the quality and profitability of our loan portfolio in the face of similarly intense competition in our primary market. As a result, total assets remained essentially flat from year to year. This, in combination with costlier funding, resulted in contraction in our net interest income of 4.1 percent. Even with this, we were able to maintain a net interest margin (fully taxable equivalent) of 5.03 percent, among the best in the industry. Further, owing to tight capital management, we were able to limit the contraction in earnings per share to just 1.8 percent. Return on equity, the most important indicator of our performance and profitability, was 20.66 percent, or more than double that for the quarter most recently reported for banks in the New York metropolitan area where that measure amounted to 9.16 percent (Source – SNL Securities for the quarter ended March 31, 2007).”

Mr. Kohlmann continued, “The good news is that the yield curve has finally regained some upward slope, though admittedly shallow, which permits a more normal relationship between banking customers’ inclination to borrow over longer terms and deposit money for shorter terms. Rates on longer term money are also modestly higher than they have been over the past several years. The maturities of Suffolk Bancorp’s assets and liabilities are fairly closely matched over the next twelve months, so the effect of this development will take several quarters to find its way into our income statement. But in general, as long as the economy continues to expand, this is a positive development. We see further good news in the quality of our loan portfolio, with net recoveries for the quarter and the year-to date, and non-performing assets totaling less than $1 million against total loans of $927 million. Our Allowance for Loan Losses stands at a robust 7.91 times non-performing assets. As anyone who has followed our company for any length of time would expect, we have no exposure to the sub-prime markets, either directly in our own portfolio, or indirectly through the collateralized mortgage obligations in our investment portfolio.”

He finished saying, “This approach has positioned us well to navigate current uncertainties in the banking industry. We still face competition from weaker competitors whose practices occasionally puzzle us, but, in the long run, we see the best return to our shareholders in sticking to our basic objectives. Those revolve around providing small and medium-sized businesses, as well as professionals and our loyal retail customers, with the best and most responsive service possible. In developing these relationships over time, we build the stream of net revenue that supports the value of our shareholders’ investment in the long term.”

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. Organized in 1890, Suffolk County National Bank has 27 offices in Suffolk County, New York.

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 changes in government regulations.

PRESS RELEASE July 16, 2007 Page 2 of 4

STATISTICAL SUMMARY

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

	2nd Qtr 2007			2nd Qtr 2006			Change		6 Mos. 2007			6 Mos. 2006			Change
EARNINGS
Earnings-Per-Share - Basic	$	0.54		$	0.55		(1.8	%)	$	1.04		$	1.05		(1.0	%)
Cash Dividends-Per-Share		0.22			0.22		0.0	%		0.44			0.44		0.0	%
Net Income		5,332			5,639		(5.4	%)		10,481			10,863		(3.5	%)
Net Interest Income		15,985			16,669		(4.1	%)		32,067			32,824		(2.3	%)
AVERAGE BALANCES
Average Assets	$	1,418,458		$	1,425,001		(0.5	%)	$	1,410,805		$	1,420,034		(0.6	%)
Average Net Loans		901,364			913,213		(1.3	%)		891,572			903,405		(1.3	%)
Average Investment Securities		422,214			412,533		2.3	%		420,610	��		413,504		1.7	%
Average Interest-Earning Assets		1,326,199			1,328,358		(0.2	%)		1,315,287			1,318,528		(0.2	%)
Average Deposits		1,166,678			1,154,180		1.1	%		1,152,897			1,145,167		0.7	%
Average Borrowings		134,110			156,779		(14.5	%)		132,325			154,532		(14.4	%)
Average Interest -Bearing Liabilities		875,220			878,998		(0.4	%)		863,206			878,155		(1.7	%)
Average Equity		103,233			98,369		4.9	%		104,614			98,772		5.9	%
RATIOS
Return on Average Equity		20.66	%		22.93	%	(9.9	%)		20.04	%		22.00	%	(8.9	%)
Return on Average Assets		1.50	%		1.58	%	(5.1	%)		1.49	%		1.53	%	(2.6	%)
Average Equity/Assets		7.28	%		6.90	%	5.5	%		7.42	%		6.96	%	6.6	%
Net Interest Margin (FTE)		5.03	%		5.15	%	(2.3	%)		5.08	%		5.10	%	(0.4	%)
Efficiency Ratio		55.65	%		51.78	%	7.5	%		55.80	%		52.46	%	6.4	%
Tier 1 Leverage Ratio June 30		7.44	%		7.35	%	1.2	%
Tier 1 Risk-based Capital Ratio June 30		9.58	%		9.58	%	0.0	%
Total Risk-based Capital Ratio June 30		10.26	%		10.22	%	0.4	%
ASSET QUALITY
during period:
Net Charge-offs (Recoveries)	$	(93	)	$	3,366		(102.8	%)	$	(82	)	$	3,344		(102.5	%)
Net Charge-offs/Average Net Loans (annual)		(0.04	%)		1.47	%	(102.7	%)		(0.02	%)		0.74	%	(102.7	%)
at end of period:
Non-accrual & Restructured Loans	$	935		$	608		53.8	%
Foreclosed Real Estate (“OREO”)		—			—		0.0	%
Total Non-performing Assets		935			608		53.8	%
Allowance/Non-performing Assets		791.12	%		1,165.13	%	(32.1	%)
Allowance/Loans, Net of Discount		0.80	%		0.77	%	3.9	%
Net Loans/Deposits		79.94	%		77.25	%	3.5	%
EQUITY
Shares Outstanding		9,800,692			10,251,106		(4.4	%)
Common Equity	$	100,039		$	100,091		(0.1	%)
Book Value Per Common Share		10.21			9.76		4.6	%
Tangible Common Equity		99,225			99,277		(0.1	%)
Tangible Book Value Per Common Share		10.12			9.68		4.5	%
LOAN DISTRIBUTION at end of period:
Commercial, Financial & Agricultural Loans	$	204,114			201,398		1.3	%
Commercial Real Estate Mortgages		300,390			309,778		(3.0	%)
Real Estate - Construction Loans		86,305			72,083		19.7	%
Residential Mortgages (1st and 2nd Liens)		166,540			138,465		20.3	%
Home Equity Loans		67,464			79,774		(15.4	%)
Consumer Loans		100,693			117,588		(14.4	%)
Other Loans		1,046			536		95.1	%
Total Loans (Net of Unearned Discounts)	$	926,552		$	919,622		0.8	%

PRESS RELEASE July 16, 2007 Page 3 of 4

CONSOLIDATED STATEMENTS OF CONDITION

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

	June 30,
	2007			2006				Change
ASSETS
Cash & Due From Banks	$	50,582		$	59,285			(14.7	%)
Federal Funds Sold		—			5,000			(100.0	%)
Investment Securities:
Available for Sale, at Fair Value		403,053			395,826			1.8	%
Obligations of States & Political Subdivisions		9,026			10,168			(11.2	%)
Federal Reserve Bank Stock		638			638			0.0	%
Federal Home Loan Bank Stock		6,621			5,497			20.4	%
Corporate Bonds & Other Securities		100			100			0.0	%
Total Investment Securities		419,438			412,229			1.7	%
Total Loans		926,552			919,622			0.8	%
Allowance for Loan Losses		7,397			7,084			4.4	%
Net Loans		919,155			912,538			0.7	%
Premises & Equipment, Net		21,803			22,364			(2.5	%)
Accrued Interest Receivable, Net		7,790			7,173			8.6	%
Excess of Cost Over Fair Value of Net Assets Acquired		814			814			0.0	%
Other Assets		19,503			23,701			(17.7	%)
TOTAL ASSETS	$	1,439,085		$	1,443,104		��	(0.3	%)
LIABILITIES & STOCKHOLDERS’ EQUITY
Demand Deposits	$	419,657		$	436,508			(3.9	%)
Saving, N.O.W. & Money Market Deposits		424,126			490,566			(13.5	%)
Time Certificates of $100,000 or More		105,830			45,603			132.1	%
Other Time Deposits		200,237			208,611			(4.0	%)
Total Deposits		1,149,850			1,181,288			(2.7	%)
Federal Home Loan Bank Borrowings		116,900			90,350			29.4	%
Repurchase Agreements		53,790			52,835			1.8	%
Dividend Payable on Common Stock		2,160			2,260			(4.4	%)
Accrued Interest Payable		2,268			1,827			24.1	%
Other Liabilities		14,078			14,453			(2.6	%)
TOTAL LIABILITIES		1,339,046			1,343,013			(0.3	%)
STOCKHOLDERS’ EQUITY
Common Stock (par value $2.50; 15,000,000 shares authorized; 9,800,692 and 10,251,106 shares outstanding at June 30, 2007 and 2006, respectively)		33,911			33,884			0.1	%
Surplus		20,051			19,553			2.5	%
Treasury Stock at Par (3,763,699 and 3,302,630 shares, respectively)		(9,409	)		(8,256	)		14.0	%
Retained Earnings		61,826			60,446			2.3	%
		106,379			105,627			0.7	%
Accumulated Other Comprehensive Loss, Net of Tax		(6,340	)		(5,536	)		14.5	%
TOTAL STOCKHOLDERS’ EQUITY		100,039			100,091			(0.1	%)
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$	1,439,085		$	1,443,104			(0.3	%)

PRESS RELEASE July 16, 2007 Page 4 of 4

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
	6/30/07		6/30/06		Change		2007		2006		Change
INTEREST INCOME
Federal Funds Sold	$	34	$	33	3.0	%	$	83	$	41	102.4	%
United States Treasury Securities		99		96	3.1	%		198		191	3.7	%
Obligations of States & Political Subdivisions		1,320		931	41.8	%		2,548		1,760	44.8	%
Mortgage-Backed Securities		1,957		1,935	1.1	%		3,987		3,965	0.6	%
U.S. Government Agency Obligations		1,218		1,222	(0.3	%)		2,435		2,444	(0.4	%)
Corporate Bonds & Other Securities		108		77	40.3	%		208		171	21.6	%
Loans		17,628		17,523	0.6	%		34,937		33,784	3.4	%
Total Interest Income		22,364		21,817	2.5	%		44,396		42,356	4.8	%
INTEREST EXPENSE
Saving, N.O.W. & Money Market Deposits		1,232		1,266	(2.7	%)		2,411		2,313	4.2	%
Time Certificates of $100,000 or more		1,259		265	375.1	%		2,343		462	407.1	%
Other Time Deposits		2,077		1,645	26.3	%		4,021		3,099	29.8	%
Federal Funds Purchased & Repurchase Agreements		726		844	(14.0	%)		1,441		1,506	(4.3	%)
Interest on Other Borrowings		1,085		1,128	(3.8	%)		2,113		2,152	(1.8	%)
Total Interest Expense		6,379		5,148	23.9	%		12,329		9,532	29.3	%
Net-interest Income		15,985		16,669	(4.1	%)		32,067		32,824	(2.3	%)
Provision for Loan Losses		18		300	(94.0	%)		130		600	(78.3	%)
Net-interest Income After Provision		15,967		16,369	(2.5	%)		31,937		32,224	(0.9	%)
OTHER INCOME
Service Charges on Deposit Accounts		1,361		1,456	(6.5	%)		2,676		2,854	(6.2	%)
Other Service Charges, Commissions & Fees		752		768	(2.1	%)		1,365		1,334	2.3	%
Fiduciary Fees		339		340	(0.3	%)		659		632	4.3	%
Other Operating Income		106		155	(31.6	%)		229		285	(19.6	%)
Total Other Income		2,558		2,719	(5.9	%)		4,929		5,105	(3.4	%)
OTHER EXPENSE
Salaries & Employee Benefits		6,165		5,955	3.5	%		12,334		12,013	2.7	%
Net Occupancy Expense		980		974	0.6	%		2,004		2,006	(0.1	%)
Equipment Expense		563		519	8.5	%		1,145		1,023	11.9	%
Other Operating Expense		2,611		2,591	0.8	%		5,159		4,857	6.2	%
Total Other Expense		10,319		10,039	2.8	%		20,642		19,899	3.7	%
Income Before Provision for Income Taxes		8,206		9,049	(9.3	%)		16,224		17,430	(6.9	%)
Provision for Income Taxes		2,874		3,410	(15.7	%)		5,743		6,567	(12.5	%)
NET INCOME	$	5,332	$	5,639	(5.4	%)	$	10,481	$	10,863	(3.5	%)
Average:
Common Shares Outstanding		9,957,096		10,297,824	(3.3	%)		10,072,696		10,326,529	(2.5	%)
Dilutive Stock Options		15,463		23,817	(35.1	%)		23,291		29,505	(21.1	%)
Average Total		9,972,559		10,321,641	(3.4	%)		10,095,987		10,356,034	(2.5	%)
EARNINGS PER COMMON SHARE
Basic	$	0.54	$	0.55	(1.8	%)	$	1.04	$	1.05	(1.0	%)
Diluted	$	0.53	$	0.55	(3.6	%)	$	1.04	$	1.05	(1.0	%)