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

Exhibit 99.1

PRESS RELEASE

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

SUFFOLK BANCORP ANNOUNCES EARNINGS FOR THE THIRD QUARTER OF 2007

Riverhead, New York, October 15, 2007—Suffolk Bancorp (NASDAQ—SUBK) today released the results of its operations during the third quarter of 2007. Earnings-per-share for the quarter were $0.61, an increase of 1.7 percent from $0.60 during the comparable period of 2006. Net income for the quarter was $6,043,000, down 2.0 percent from the same quarter last year. Earnings-per-share for the year to date were $1.66, an increase of 0.6 percent from $1.65 during the comparable period of 2006. Net income for the year to date was $16,524,000, down 3.0 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, “All things considered, I believe that we at Suffolk Bancorp had a respectable quarter. It would not be overstating it to say that financial markets were tumultuous during the third quarter of 2007. A number of institutions specializing in sub-prime mortgages failed, equity markets were volatile in response to a general lack of confidence, and the dollar reached recent lows against other major currencies, all of which contributed to a contraction in liquidity. At Suffolk Bancorp, however, we have managed to hold a comparatively steady course through this turbulence. Among other things, we have avoided exposure to the sub-prime market altogether, both by maintaining our underwriting standards in the loans we make directly, or by investing in collateralized mortgage obligations backed only by conforming loans meeting the underwriting standards of the major agencies, FNMA and GNMA. With return on average equity at 24.36 percent, return on average assets of 1.72 percent, a net interest margin of 5.09 percent, and an efficiency ratio of 52.69 percent for the quarter, we remain among the highest performing banks in the nation.”

Mr. Kohlmann went on to say, “As I have remarked in recent quarters, our short term strategy has been to maintain the quality of our balance sheet and its ability to deliver solid returns in the long run. We don’t believe that it benefits our shareholders to chase some of our competitors who have priced loans as if they were bonds, without considering the attendant risks. Nor have we been indiscriminate in our funding, hewing closely to the “marginal cost of funds” approach in identifying where to obtain each additional dollar at the best possible rate and term. As a consequence, total assets were essentially flat from year to year, although we were able to build the loan portfolio by 5.3 percent. We have been able to maximize leverage and maintain profitability by our ongoing management of capital, holding Total Risk-Based Capital as close as possible to the regulatory requirements for a “well-capitalized” bank at all times.”

He concluded, “Our conservatism, however, is well-balanced by an entrepreneurial spirit that keeps us focused on future opportunities. While we remain constant through such times as these, we plan to be ready to grow when the markets sort themselves out and the overall economy improves, as it eventually will. We have regulatory approval for our 28^th and 29^th branch offices, in communities we have evaluated carefully to be certain that they will respond favorably to our business model over time, one of which should be open by the end of this year. We plan to grow when possible, conserve our margins when we can’t grow, and provide our shareholders with the most consistent and reliable returns we can over the longest possible 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
October 15, 2007
Page 2 of 4

STATISTICAL SUMMARY

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

	3rd Qtr 2007			3rd Qtr 2006			Change		9 Mos. 2007			9 Mos. 2006			Change
EARNINGS
Earnings-Per-Share - Basic	$	0.61		$	0.60		1.7	%	$	1.66		$	1.65		0.6	%
Cash Dividends-Per-Share		0.22			0.22		0.0	%		0.66			0.66		0.0	%
Net Income		6,043			6,168		(2.0	)%		16,524			17,031		(3.0	)%
Net Interest Income		16,047			16,420		(2.3	)%		48,114			49,244		(2.3	)%
AVERAGE BALANCES
Average Assets	$	1,408,176		$	1,406,066		0.2	%	$	1,415,079		$	1,413,778		0.1	%
Average Net Loans		912,248			893,092		2.1	%		898,540			899,929		(0.2	)%
Average Investment Securities		403,330			415,837		(3.0	)%		414,787			414,290		0.1	%
Average Interest-Earning Assets		1,319,548			1,313,722		0.4	%		1,316,723			1,316,909		(0.0	)%
Average Deposits		1,158,179			1,164,313		(0.5	)%		1,154,677			1,151,619		0.3	%
Average Borrowings		127,002			127,959		(0.7	)%		130,531			145,577		(10.3	)%
Average Interest -Bearing Liabilities		858,812			852,458		0.7	%		861,735			869,495		(0.9	)%
Average Equity		99,228			100,724		(1.5	)%		102,799			99,430		3.4	%
RATIOS
Return on Average Equity		24.36	%		24.49	%	(0.5	)%		21.43	%		22.84	%	(6.2	)%
Return on Average Assets		1.72	%		1.75	%	(1.7	)%		1.56	%		1.61	%	(3.1	)%
Average Equity/Assets		7.05	%		7.16	%	(1.5	)%		7.26	%		7.03	%	3.3	%
Net Interest Margin (FTE)		5.09	%		5.17	%	(1.5	)%		5.08	%		5.14	%	(1.2	)%
Efficiency Ratio		52.69	%		52.18	%	1.0	%		54.75	%		52.37	%	4.5	%
Tier 1 Leverage Ratio Sept. 30		7.60	%		7.70	%	(1.3	)%
Tier 1 Risk-based Capital Ratio Sept. 30		9.70	%		10.13	%	(4.2	)%
Total Risk-based Capital Ratio Sept. 30		10.38	%		10.83	%	(4.2	)%
ASSET QUALITY during period:
Net Charge-offs (Recoveries)	$	(41	)	$	(98	)	(58.2	)%	$	(123	)	$	3,246		(103.8	)%
Net Charge-offs/Average Net Loans (annual)		(0.02	)%		(0.04	)%	(50.0	)%		(0.02	)%		0.38	%	(105.3	)%
at end of period:
Non-accrual & Restructured Loans	$	952		$	1,355		(29.7	)%
Foreclosed Real Estate ("OREO")		—			—		0.0	%
Total Non-performing Assets		952			1,355		(29.7	)%
Allowance/Non-performing Assets		783.51	%		555.50	%	41.0	%
Allowance/Loans, Net of Discount		0.80	%		0.85	%	(5.9	)%
Net Loans/Deposits		79.86	%		75.10	%	6.3	%
EQUITY
Shares Outstanding		9,715,592			10,236,298		(5.1	)%
Common Equity	$	105,144		$	108,012		(2.7	)%
Book Value Per Common Share		10.82			10.55		2.6	%
Tangible Common Equity		104,330			107,198		(2.7	)%
Tangible Book Value Per Common Share		10.74			10.47		2.6	%
LOAN DISTRIBUTION at end of period:
Commercial, Financial & Agricultural Loans	$	195,613			183,716		6.5	%
Commercial Real Estate Mortgages		309,952			304,136		1.9	%
Real Estate - Construction Loans		90,259			71,063		27.0	%
Residential Mortgages (1st and 2nd Liens)		171,669			142,121		20.8	%
Home Equity Loans		65,972			76,616		(13.9	)%
Consumer Loans		99,798			108,557		(8.1	)%
Other Loans		839			778		7.8	%
Total Loans (Net of Unearned Discounts)	$	934,102		$	886,987		5.3	%

PRESS RELEASE
October 15, 2007
Page  3  of 4

CONSOLIDATED STATEMENTS OF CONDITION

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

	September 30,
	2007			2006			Change
ASSETS
Cash & Due From Banks	$	49,453		$	54,458		(9.2	)%
Federal Funds Sold		—			13,300		(100.0	)%
Investment Securities:
Available for Sale, at Fair Value		391,402			402,545		(2.8	)%
Obligations of States & Political Subdivisions		8,455			10,323		(18.1	)%
Federal Reserve Bank Stock		638			638		0.0	%
Federal Home Loan Bank Stock		5,320			4,131		28.8	%
Corporate Bonds & Other Securities		100			100		0.0	%
Total Investment Securities		405,915			417,737		(2.8	)%
Total Loans		934,102			886,987		5.3	%
Allowance for Loan Losses		7,459			7,527		(0.9	)%
Net Loans		926,643			879,460		5.4	%
Premises & Equipment, Net		21,985			22,127		(0.6	)%
Accrued Interest Receivable, Net		8,068			7,446		8.4	%
Excess of Cost Over Fair Value of Net Assets Acquired		814			814		0.0	%
Other Assets		14,250			17,186		(17.1	)%
TOTAL ASSETS	$	1,427,128		$	1,412,528		1.0	%
LIABILITIES & STOCKHOLDERS' EQUITY
Demand Deposits	$	417,387		$	432,129		(3.4	)%
Saving, N.O.W. & Money Market Deposits		416,751			467,320		(10.8	)%
Time Certificates of $100,000 or More		127,482			80,083		59.2	%
Other Time Deposits		198,778			191,588		3.8	%
Total Deposits		1,160,398			1,171,120		(0.9	)%
Federal Home Loan Bank Borrowings		88,000			60,000		46.7	%
Repurchase Agreements		53,790			52,935		1.6	%
Dividend Payable on Common Stock		2,143			2,252		(4.8	)%
Accrued Interest Payable		2,481			2,597		(4.5	)%
Other Liabilities		15,172			15,612		(2.8	)%
TOTAL LIABILITIES		1,321,984			1,304,516		1.3	%
STOCKHOLDERS' EQUITY
Common Stock (par value $2.50; 15,000,000 shares authorized; 9,715,592 and 10,236,298 shares outstanding at September 30, 2007 and 2006, respectively)		33,911			33,884		0.1	%
Surplus		20,111			19,619		2.5	%
Treasury Stock at Par (3,848,799 and 3,317,438 shares, respectively)		(9,622	)		(8,294	)	16.0	%
Retained Earnings		63,425			63,917		(0.8	)%
		107,825			109,126		(1.2	)%
Accumulated Other Comprehensive Loss, Net of Tax		(2,681	)		(1,114	)	140.7	%
TOTAL STOCKHOLDERS' EQUITY		105,144			108,012		(2.7	)%
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY	$	1,427,128		$	1,412,528		1.0	%

PRESS RELEASE
October 15, 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
	9/30/07		9/30/06		Change		2007		2006		Change
INTEREST INCOME
Federal Funds Sold	$	53	$	63	(15.9	)%	$	136	$	104	30.8	%
United States Treasury Securities		99		96	3.1	%		297		287	3.5	%
Obligations of States & Political Subdivisions		1,407		1,078	30.5	%		3,955		2,838	39.4	%
Mortgage-Backed Securities		1,891		1,961	(3.6	)%		5,878		5,926	(0.8	)%
U.S. Government Agency Obligations		1,083		1,218	(11.1	)%		3,518		3,662	(3.9	)%
Corporate Bonds & Other Securities		96		87	10.3	%		304		258	17.8	%
Loans		17,845		17,355	2.8	%		52,782		51,139	3.2	%
Total Interest Income		22,474		21,858	2.8	%		66,870		64,214	4.1	%
INTEREST EXPENSE
Saving, N.O.W. & Money Market Deposits		1,221		1,293	(5.6	)%		3,632		3,606	0.7	%
Time Certificates of $100,000 or more		1,408		594	137.0	%		3,751		1,056	255.2	%
Other Time Deposits		2,076		1,796	15.6	%		6,097		4,895	24.6	%
Federal Funds Purchased & Repurchase Agreements		739		728	1.5	%		2,180		2,234	(2.4	)%
Interest on Other Borrowings		983		1,027	(4.3	)%		3,096		3,179	(2.6	)%
Total Interest Expense		6,427		5,438	18.2	%		18,756		14,970	25.3	%
Net-interest Income		16,047		16,420	(2.3	)%		48,114		49,244	(2.3	)%
Provision for Loan Losses		22		345	(93.6	)%		152		945	(83.9	)%
Net-interest Income After Provision		16,025		16,075	(0.3	)%		47,962		48,299	(0.7	)%
OTHER INCOME
Service Charges on Deposit Accounts		1,339		1,359	(1.5	)%		4,015		4,213	(4.7	)%
Other Service Charges, Commissions & Fees		784		898	(12.7	)%		2,199		2,223	(1.1	)%
Fiduciary Fees		363		298	21.8	%		1,022		930	9.9	%
Other Operating Income		270		195	38.5	%		449		489	(8.2	)%
Total Other Income		2,756		2,750	0.2	%		7,685		7,855	(2.2	)%
OTHER EXPENSE
Salaries & Employee Benefits		6,062		5,906	2.6	%		18,396		17,919	2.7	%
Net Occupancy Expense		1,061		956	11.0	%		3,065		2,962	3.5	%
Equipment Expense		515		531	(3.0	)%		1,660		1,554	6.8	%
Other Operating Expense		2,269		2,609	(13.0	)%		7,428		7,466	(0.5	)%
Total Other Expense		9,907		10,002	(0.9	)%		30,549		29,901	2.2	%
Income Before Provision for Income Taxes		8,874		8,823	0.6	%		25,098		26,253	(4.4	)%
Provision for Income Taxes		2,831		2,655	6.6	%		8,574		9,222	(7.0	)%
NET INCOME	$	6,043	$	6,168	(2.0	)%	$	16,524	$	17,031	(3.0	)%
Average:Common Shares Outstanding		9,765,095		10,247,565	(4.7	)%		9,969,036		10,299,919	(3.2	)%
Dilutive Stock Options		15,118		28,675	(47.3	)%		20,657		29,227	(29.3	)%
Average Total		9,780,213		10,276,240	(4.8	)%		9,989,693		10,329,146	(3.3	)%
EARNINGS PER COMMON SHARE Basic	$	0.61	$	0.60	1.7	%	$	1.66	$	1.65	0.6	%
Diluted	$	0.61	$	0.60	1.7	%	$	1.65	$	1.65	0.0	%