Suffolk Bancorp (SCNB) 8-K Suffolk Bancorp Announces Earnings for the Fourth Quarter and the Full Year of 2007

Exhibit 99.1

PRESS RELEASE

FOR IMMEDIATE RELEASE
Contact:	Douglas Ian Shaw	4 West Second Street, P. O. Box 4000
	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 FOURTH QUARTER AND THE FULL YEAR OF 2007

Riverhead, New York, January 15, 2008 — Suffolk Bancorp (NASDAQ - SUBK) today released the results of its operations during the fourth quarter and full year of 2007. Earnings-per-share for the quarter were $0.58, an increase of 5.5 percent from $0.55 during the comparable period of 2006. Net income for the quarter was $5,604,000, up 0.1 percent from the same quarter last year. Earnings-per-share for the year to date were $2.24, an increase of 1.8 percent from $2.20 during the comparable period of 2006. Net income for the year was $22,128,000, down 2.2 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, remarked, “It is gratifying to have encouraging news to report for a period of time when financial markets were so unpredictable. We were able to increase earnings per share over 2006 for both the fourth quarter and full year. Return on average equity remained in excess of 21 percent for the quarter and the year. Our average loan portfolio grew moderately from the same quarter last year, by a bit more than six percent. As liquidity contracted both domestically and globally as a result of recent losses in the sub-prime mortgage markets, deposits were flat and there was migration from non-maturity time deposits to higher yielding certificates of deposit. Average borrowings increased, resulting in a substantial increase in interest expense and small declines in net interest income and margin for the quarter and the year. While the provision for possible loan losses was increased during the fourth quarter to reflect our historic methodology in computing the allowance, it was down 61 percent for the year, and we were able to post net recoveries for both the quarter and the year. Non interest income increased modestly for the quarter, and was essentially flat for the year. We kept a tight rein on non-interest expense, which was actually down by 2.3 percent for the quarter, and up 1.0 percent for the year while average assets increased by 1.8 percent for the quarter and 0.3 percent for the year. Finally, we managed capital to the regulatory standard of ‘well-capitalized,’ while also maximizing profitability for our shareholders. The biggest challenges in the past quarter remained in funding our operations, as major players in worldwide markets have bid up the price of funds as they wrote down a significant portion of their investments in mortgages and mortgage-backed securities, as well as other exotic financial instruments.”

He continued, “If these remarks sound familiar to those I have made in the past, they are and should be. Banking is an incremental business, built on margins. Achievement in this industry is based on a disciplined and careful approach to maintaining those margins. We build our balance sheet one, carefully underwritten loan at a time; one, thoughtfully considered security at a time; and one, correctly priced deposit at a time. Key is the ability to adhere to consistent and well-considered standards, in both boom times and in times like these. The true value in our business lies in the relationships we build with our customers over months and years. There are no sudden pops or sizzle at a well-run bank, just a steady accumulation of value based on the time value of money over the long-run. Success lies in doing a great number of small things well while avoiding major mistakes. As an example, once again, I would like to remind investors that we avoided the temptation of the sub-prime market altogether, both by maintaining our standards in the loans we make directly, and by investing in collateralized mortgage obligations the quality and structure of which we have evaluated as carefully as we underwrite our loans. We want to preserve our place among the higher performing banks in the nation.”

Mr. Kohlmann finished saying, “2008 will be a difficult year as financial markets and the economy in general sort themselves out. We are ready, clearly and sharply focused on our shareholders’, customers’, and employees’ common interests, today, tomorrow, and in the years to come.”

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 29 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 January 15, 2008 Page 2 of 4

STATISTICAL SUMMARY

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

		4th Qtr 2007			4th Q 2006			Change		YTD 2007			YTD 2006			Change
EARNINGS
Earnings-Per-Share - Basic		$	0.58		$	0.55		5.5	%	$	2.24		$	2.20		1.8	%
Cash Dividends-Per-Share			0.22			0.22		0.0	%		0.88			0.88		0.0	%
Net Income			5,604			5,597		0.1	%		22,128			22,628		(2.2	%)
Net Interest Income			15,850			16,466		(3.7	%)		63,964			65,710		(2.7	%)
AVERAGE BALANCES
Average Assets		$	1,417,965		$	1,393,475		1.8	%	$	1,412,581		$	1,408,651		0.3	%
Average Net Loans			923,724			870,805		6.1	%		904,887			892,588		1.4	%
Average Investment Securities	��		406,514			420,596		(3.3	%)		412,701			415,880		(0.8	%)
Average Interest-Earning Assets			1,330,620			1,304,947		2.0	%		1,320,226			1,313,894		0.5	%
Average Deposits			1,152,482			1,155,893		(0.3	%)		1,154,123			1,152,697		0.1	%
Average Borrowings			143,734			113,574		26.6	%		133,859			137,511		(2.7	%)
Average Interest -Bearing Liabilities			864,518			828,416		4.4	%		862,429			859,141		0.4	%
Average Equity			103,800			107,585		(3.5	%)		103,052			102,101		0.9	%
RATIOS
Return on Average Equity			21.60	%		20.81	%	3.8	%		21.47	%		22.16	%	(3.1	%)
Return on Average Assets			1.58	%		1.61	%	(1.9	%)		1.57	%		1.61	%	(2.5	%)
Average Equity/Assets			7.32	%		7.72	%	(5.2	%)		7.30	%		7.25	%	0.7	%
Net Interest Margin (FTE)			4.99	%		5.23	%	(4.6	%)		5.06	%		5.16	%	(1.9	%)
Efficiency Ratio			52.47	%		52.24	%	0.4	%		54.17	%		52.34	%	3.5	%
Tier 1 Leverage Ratio Dec. 31			7.57	%		8.02	%	(5.6	%)
Tier 1 Risk-based Capital Ratio Dec. 31			9.52	%		10.56	%	(9.8	%)
Total Risk-based Capital Ratio Dec. 31			10.20	%		11.28	%	(9.6	%)
ASSET QUALITY during period:
Net Charge-offs (Recoveries)		$	(11	)	$	(3	)	266.7	%	$	(134	)	$	3,243		(104.1	%)
Net Charge-offs/Average Net Loans (annual)			(0.00	%)		(0.00	%)	0.0	%		(0.01	%)		0.36	%	(102.8	%)
at end of period:
Non-accrual & Restructured Loans		$	1,648		$	824		100.0	%
Foreclosed Real Estate (“OREO”)			—			—		0.0	%
Total Non-performing Assets			1,648			824		100.0	%
Allowance/Non-performing Assets			465.53	%		916.38	%	(49.2	%)
Allowance/Loans, Net of Discount			0.80	%		0.85	%	(5.9	%)
Net Loans/Deposits			83.19	%		77.60	%	7.2	%
EQUITY
Shares Outstanding			9,610,730			10,242,292		(6.2	%)
Common Equity		$	108,981		$	108,566		0.4	%
Book Value Per Common Share			11.34			10.60		7.0	%
Tangible Common Equity			108,167			107,752		0.4	%
Tangible Book Value Per Common Share			11.25			10.52		7.0	%
LOAN DISTRIBUTION at end of period:
Commercial, Financial & Agricultural Loans		$	204,242			182,840		11.7	%
Commercial Real Estate Mortgages			318,601			292,458		8.9	%
Real Estate - Construction Loans			83,715			80,687		3.8	%
Residential Mortgages (1st and 2nd Liens)			184,743			155,107		19.1	%
Home Equity Loans			67,081			76,361		(12.2	%)
Consumer Loans			99,314			103,102		(3.7	%)
Other Loans			1,104			892		23.8	%
Total Loans (Net of Unearned Discounts)		$	958,800		$	891,447		7.6	%

PRESS RELEASE January 15, 2008 Page 3 of 4

CONSOLIDATED STATEMENTS OF CONDITION

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

	December 31,						Change
	2007			2006
ASSETS
Cash & Due From Banks	$	56,633		$	43,576		30.0	%
Federal Funds Sold		2,700			—		100.0	%
Investment Securities:
Available for Sale, at Fair Value		392,796			403,246		(2.6	%)
Obligations of States & Political Subdivisions		9,055			9,913		(8.7	%)
Federal Reserve Bank Stock		638			638		0.0	%
Federal Home Loan Bank Stock		7,818			4,446		75.8	%
Corporate Bonds & Other Securities		100			100		0.0	%
Total Investment Securities		410,407			418,343		(1.9	%)
Total Loans		958,800			891,447		7.6	%
Allowance for Loan Losses		7,672			7,551		1.6	%
Net Loans		951,128			883,896		7.6	%
Premises & Equipment, Net		22,143			22,471		(1.5	%)
Accrued Interest Receivable, Net		7,359			7,609		(3.3	%)
Excess of Cost Over Fair Value of Net Assets Acquired		814			814		0.0	%
Other Assets		19,397			15,940		21.7	%
TOTAL ASSETS	$	1,470,581		$	1,392,649		5.6	%
LIABILITIES & STOCKHOLDERS’ EQUITY
Demand Deposits	$	423,225		$	426,924		(0.9	%)
Saving, N.O.W. & Money Market Deposits		404,457			438,190		(7.7	%)
Time Certificates of $100,000 or More		116,795			81,842		42.7	%
Other Time Deposits		198,898			192,119		3.5	%
Total Deposits		1,143,375			1,139,075		0.4	%
Federal Home Loan Bank Borrowings		143,500			67,000		114.2	%
Repurchase Agreements		54,820			53,135		3.2	%
Dividend Payable on Common Stock		2,121			2,253		(5.9	%)
Accrued Interest Payable		2,247			3,373		(33.4	%)
Other Liabilities		15,537			19,247		(19.3	%)
TOTAL LIABILITIES		1,361,600			1,284,083		6.0	%
STOCKHOLDERS’ EQUITY
Common Stock (par value $2.50; 15,000,000 shares authorized; 9,610,730 and 10,242,292 shares outstanding at December 31, 2007 and 2006, respectively)		33,911			33,911		0.0	%
Surplus		20,172			19,931		1.2	%
Treasury Stock at Par (3,953,661 and 3,322,099 shares, respectively)		(9,884	)		(8,305	)	19.0	%
Retained Earnings		63,939			67,099		(4.7	%)
		108,138			112,636		(4.0	%)
Accumulated Other Comprehensive Income (Loss), Net of Tax		843			(4,070	)	(120.7	%)
TOTAL STOCKHOLDERS’ EQUITY		108,981			108,566		0.4	%
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$	1,470,581			1,392,649		5.6	%

PRESS RELEASE January 15, 2008 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
	12/31/07		12/31/06		Change		2007		2006		Change
INTEREST INCOME
Federal Funds Sold	$	4	$	177	(97.7	%)	$	140	$	281	(50.2	%)
United States Treasury Securities		101		110	(8.2	%)		398		397	0.3	%
Obligations of States & Political Subdivisions		1,469		1,163	26.3	%		5,424		4,001	35.6	%
Mortgage-Backed Securities		1,794		2,056	(12.7	%)		7,672		7,982	(3.9	%)
U.S. Government Agency Obligations		1,058		1,217	(13.1	%)		4,576		4,879	(6.2	%)
Corporate Bonds & Other Securities		119		85	40.0	%		423		343	23.3	%
Loans		17,666		17,187	2.8	%		70,448		68,326	3.1	%
Total Interest Income		22,211		21,995	1.0	%		89,081		86,209	3.3	%
INTEREST EXPENSE
Saving, N.O.W. & Money Market Deposits		1,206		1,185	1.8	%		4,838		4,791	1.0	%
Time Certificates of $100,000 or more		1,343		978	37.3	%		5,094		2,034	150.4	%
Other Time Deposits		2,084		1,819	14.6	%		8,181		6,714	21.8	%
Federal Funds Purchased & Repurchase Agreements		696		721	(3.5	%)		2,876		2,955	(2.7	%)
Interest on Other Borrowings		1,032		826	24.9	%		4,128		4,005	3.1	%
Total Interest Expense		6,361		5,529	15.0	%		25,117		20,499	22.5	%
Net-interest Income		15,850		16,466	(3.7	%)		63,964		65,710	(2.7	%)
Provision for Loan Losses		225		21	971.4	%		377		966	(61.0	%)
Net-interest Income After Provision		15,625		16,445	(5.0	%)		63,587		64,744	(1.8	%)
OTHER INCOME
Service Charges on Deposit Accounts		1,397		1,335	4.6	%		5,412		5,548	(2.5	%)
Other Service Charges, Commissions & Fees		782		848	(7.8	%)		2,981		3,097	(3.7	%)
Fiduciary Fees		387		322	20.2	%		1,409		1,252	12.5	%
Other Operating Income		344		312	10.3	%		793		775	2.3	%
Total Other Income		2,910		2,817	3.3	%		10,595		10,672	(0.7	%)
OTHER EXPENSE
Salaries & Employee Benefits		6,011		5,978	0.6	%		24,407		23,897	2.1	%
Net Occupancy Expense		1,004		988	1.6	%		4,069		3,950	3.0	%
Equipment Expense		548		559	(2.0	%)		2,208		2,113	4.5	%
Other Operating Expense		2,280		2,549	(10.6	%)		9,708		10,015	(3.1	%)
Total Other Expense		9,843		10,074	(2.3	%)		40,392		39,975	1.0	%
Income Before Provision for Income Taxes		8,692		9,188	(5.4	%)		33,790		35,441	(4.7	%)
Provision for Income Taxes		3,088		3,591	(14.0	%)		11,662		12,813	(9.0	%)
NET INCOME	$	5,604	$	5,597	0.1	%	$	22,128	$	22,628	(2.2	%)
Average:
Common Shares Outstanding		9,676,500		10,238,718	(5.5	%)		9,895,301		10,279,870	(3.7	%)
Dilutive Stock Options		20,595		29,448	(30.1	%)		20,642		23,639	(12.7	%)
Average Total		9,697,095		10,268,166	(5.6	%)		9,915,943		10,303,509	(3.8	%)
EARNINGS PER COMMON SHARE
Basic	$	0.58	$	0.55	5.5	%	$	2.24	$	2.20	1.8	%
Diluted	$	0.58	$	0.55	5.5	%	$	2.23	$	2.20	1.4	%