Suffolk Bancorp (SCNB) 8-K Suffolk Bancorp Earnings Advance on Proceeds of Visa, Inc. Initial Public Offering

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 EARNINGS ADVANCE ON PROCEEDS OF VISA, INC. INITIAL PUBLIC OFFERING

Riverhead, New York, April 8, 2008 — Suffolk Bancorp (NASDAQ—SUBK) today released the results of its operations during the first quarter of 2008. Earnings-per-share were $0.79, an increase of 54.9 percent from $0.51 during the comparable period of 2007. Net income was $7,559,000, up 46.8 percent from the same quarter last year. A detailed financial summary follows the text.

Chairman, President, and Chief Executive Officer, Thomas S. Kohlmann, commented, “We were fortunate to be among the members of the former VISA payments organization, and therefore eligible to become shareholders of VISA, Inc. upon its organization, and to benefit from the proceeds of the sale of its shares to the public on March 19, 2008. Details of the offering are available in the filings of VISA, Inc. with the Securities and Exchange Commission. The transaction added $2,429,000 to Suffolk’s net income during the first quarter, net of provision for income taxes. That amounted to $0.25 per share. It added 8.82 percent to return on average equity, boosting it to 27.44 percent for the quarter; and 0.65 percent to return on average assets, amounting to 2.03 percent for the period. It improved the efficiency ratio by 9.43 percent, down to 46.61 percent. It was a significant addition to Suffolk’s return to its shareholders during the past quarter.

He went on to say, “Aside from the benefit of the VISA transaction, we were also satisfied with our core performance, particularly considering the recent tumult in financial markets. Without the effect of the VISA transaction, earnings-per-share would have been $0.54, an increase of 5.3 percent from $0.51 during the comparable period of 2007. Net income would have been $5,130,000, essentially flat compared to $5,149,000 during the first quarter of 2007. Return on average equity would have been 18.62 percent, down 81 basis points from 19.43 percent last year. Return on average assets would have been 1.38 percent, down 9 basis points from 1.47 percent last year. The efficiency ratio would have increased by just 10 basis points, to 56.04 percent from 55.94 percent. Clearly, liquidity presented all financial institutions including Suffolk with considerable challenges during the first quarter, as wide spreads developed between rates for risk-free securities of the United States Treasury, and most other sources of funds, pushing up the cost of our liabilities as a result of difficulties in credit markets. This is most evident in a contraction in our net interest margin, which declined by 35 basis points to 4.78 percent from 5.13 percent in the comparable quarter of 2007. This remains, nonetheless, among the widest in the industry, even in the face of one of the most severe liquidity crunches in recent memory. Interestingly, this market has actually provided Suffolk with opportunity as other financial institutions have constrained their lending as they cope with limits on their capital as a result of write-offs, and the inability to obtain incremental funds at reasonable rates of interest. This appears in the footings of our loan portfolio which closed the quarter at $1,009,350,000, up 11.6 percent from $904,091,000 at March 31, 2007. We have been able to provide some of our competitors’ best customers with the kind of financing they can no longer obtain from their long-time lenders.”

He continued, “That said, we continue to follow our underwriting standards carefully, and monitor our loan portfolio closely. Net-charge-offs remain low, at just one basis point of loans, and our allowance for possible loan losses remains at four-and-a-half times our non-performing assets. It is difficult to predict the depth of the current economic cycle, but we believe that we have taken all prudent precautions in the development and management of each lending relationship.”

He concluded, “With growth in our loan portfolio, and two, new branch offices opening this spring, we remain focused on the company’s future. It is our intention, as always, to be a reliable and predictable partner in developing long-term value for our shareholders and customers.”

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
April 8, 2008
Page 2 of 4

STATISTICAL SUMMARY

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

	1st Qtr 2008			1st Qtr 2007			Change
EARNINGS
Earnings-Per-Share—Basic	$	0.79		$	0.51		54.9	%
Cash Dividends-Per-Share		0.22			0.22		0.0	%
Net Income		7,559			5,149		46.8	%
Net Interest Income		15,863			16,082		(1.4	)%
AVERAGE BALANCES
Average Assets	$	1,492,327		$	1,403,061		6.4	%
Average Net Loans		969,473			881,671		10.0	%
Average Investment Securities		423,582			418,988		1.1	%
Average Interest-Earning Assets		1,393,158			1,304,254		6.8	%
Average Deposits		1,143,670			1,138,963		0.4	%
Average Borrowings		153,924			130,519		17.9	%
Average Interest -Bearing Liabilities		944,242			851,058		10.9	%
Average Equity		110,189			106,011		3.9	%
RATIOS
Return on Average Equity		27.44	%		19.43	%	41.2	%
Return on Average Assets		2.03	%		1.47	%	38.0	%
Average Equity/Assets		7.38	%		7.56	%	(2.3	)%
Net Interest Margin (FTE)		4.78	%		5.13	%	(6.8	)%
Efficiency Ratio		46.61	%		55.94	%	(16.7	)%
Tier 1 Leverage Ratio Mar. 31		7.48	%		7.93	%	(5.7	)%
Tier 1 Risk-based Capital Ratio Mar. 31		9.39	%		10.34	%	(9.2	)%
Total Risk-based Capital Ratio Mar. 31		10.06	%		11.02	%	(8.7	)%
ASSET QUALITY during period:
Net Charge-offs (Recoveries)	$	30		$	11		172.7	%
Net Charge-offs/Average Net Loans (annual)		0.01	%		0.00	%	100.0	%
at end of period:
Non-accrual & Restructured Loans	$	1,743		$	719		142.4	%
Foreclosed Real Estate (“OREO”)		—			—		0.0	%
Total Non-performing Assets		1,743			719		142.4	%
Allowance/Non-performing Assets		450.49	%		1,013.35	%	(55.5	)%
Allowance/Loans, Net of Discount		0.78	%		0.81	%	(3.7	)%
Net Loans/Deposits		87.39	%		77.82	%	12.3	%
EQUITY
Shares Outstanding		9,568,730			10,081,092		(5.1	)%
Common Equity	$	115,543		$	108,626		6.4	%
Book Value Per Common Share		12.08			10.78		12.1	%
Tangible Common Equity		114,729			107,812		6.4	%
Tangible Book Value Per Common Share		11.99			10.69		12.1	%
LOAN DISTRIBUTION at end of period:
Commercial, Financial & Agricultural Loans	$	226,616			198,626		14.1	%
Commercial Real Estate Mortgages		329,373			291,338		13.1	%
Real Estate—Construction Loans		93,836			86,496		8.5	%
Residential Mortgages (1st and 2nd Liens)		194,192			155,135		25.2	%
Home Equity Loans		66,533			71,945		(7.5	)%
Consumer Loans		97,556			99,311		(1.8	)%
Other Loans		1,244			1,240		0.3	%
Total Loans (Net of Unearned Discounts)	$	1,009,350		$	904,091		11.6	%

PRESS RELEASE
April 8, 2008
Page 3 of 4

CONSOLIDATED STATEMENTS OF CONDITION

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

	March 31,
	2008			2007			Change
ASSETS
Cash & Due From Banks	$	50,744		$	44,611		13.7	%
Investment Securities:
Available for Sale, at Fair Value		413,793			403,067		2.7	%
Obligations of States & Political Subdivisions		8,910			9,854		(9.6	)%
Federal Reserve Bank Stock		638			638		0.0	%
Federal Home Loan Bank Stock		10,018			4,703		113.0	%
Corporate Bonds & Other Securities		100			100		0.0	%
Total Investment Securities		433,459			418,362		3.6	%
Total Loans		1,009,350			904,091		11.6	%
Allowance for Loan Losses		7,852			7,286		7.8	%
Net Loans		1,001,498			896,805		11.7	%
Premises & Equipment, Net		22,014			22,235		(1.0	)%
Accrued Interest Receivable, Net		7,957			7,940		0.2	%
Excess of Cost Over Fair Value of Net Assets Acquired		814			814		0.0	%
Other Assets		14,977			15,650		(4.3	)%
TOTAL ASSETS	$	1,531,463		$	1,406,417		8.9	%
LIABILITIES & STOCKHOLDERS’ EQUITY
Demand Deposits	$	393,973		$	409,486		(3.8	)%
Saving, N.O.W. & Money Market Deposits		428,185			427,849		0.1	%
Time Certificates of $100,000 or More		139,648			107,917		29.4	%
Other Time Deposits		184,199			207,168		(11.1	)%
Total Deposits		1,146,005			1,152,420		(0.6	)%
Federal Home Loan Bank Borrowings		192,400			72,700		164.6	%
Repurchase Agreements		54,770			53,790		1.8	%
Dividend Payable on Common Stock		2,106			2,228		(5.5	)%
Accrued Interest Payable		2,079			2,576		(19.3	)%
Other Liabilities		18,560			14,077		31.8	%
TOTAL LIABILITIES		1,415,920			1,297,791		9.1	%
STOCKHOLDERS’ EQUITY
Common Stock (par value $2.50; 15,000,000 shares authorized; 9,568,730 and 10,081,092 shares outstanding at March 31, 2008 and 2007, respectively)		33,911			33,911		0.0	%
Surplus		20,221			19,990		1.2	%
Treasury Stock at Par (3,995,661 and 3,483,299 shares, respectively)		(9,989	)		(8,708	)	14.7	%
Retained Earnings		68,283			66,926		2.0	%
		112,426			112,119		0.3	%
Accumulated Other Comprehensive Income (Loss), Net of Tax		3,117			(3,493	)	(189.2	)%
TOTAL STOCKHOLDERS’ EQUITY		115,543			108,626		6.4	%
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$	1,531,463		$	1,406,417		8.9	%

PRESS RELEASE
April 8, 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
	3/31/08		3/31/07		Change
INTEREST INCOME
Federal Funds Sold	$	1	$	49	(98.0	)%
United States Treasury Securities		99		99	0.0	%
Obligations of States & Political Subdivisions		1,511		1,228	23.0	%
Mortgage-Backed Securities		1,832		2,030	(9.8	)%
U.S. Government Agency Obligations		1,058		1,217	(13.1	)%
Corporate Bonds & Other Securities		181		100	81.0	%
Loans		17,285		17,309	(0.1	)%
Total Interest Income		21,967		22,032	(0.3	)%
INTEREST EXPENSE
Saving, N.O.W. & Money Market Deposits		1,318		1,179	11.8	%
Time Certificates of $100,000 or more		1,146		1,084	5.7	%
Other Time Deposits		1,870		1,944	(3.8	)%
Federal Funds Purchased & Repurchase Agreements		516		715	(27.8	)%
Interest on Other Borrowings		1,254		1,028	22.0	%
Total Interest Expense		6,104		5,950	2.6	%
Net-interest Income		15,863		16,082	(1.4	)%
Provision for Loan Losses		225		112	100.9	%
Net-interest Income After Provision		15,638		15,970	(2.1	)%
OTHER INCOME
Service Charges on Deposit Accounts		1,373		1,315	4.4	%
Other Service Charges, Commissions & Fees		719		613	17.3	%
Fiduciary Fees		372		320	16.3	%
Net Securities Gains		3,737		—	100.0	%
Other Operating Income		149		123	21.1	%
Total Other Income		6,350		2,371	167.8	%
OTHER EXPENSE
Salaries & Employee Benefits		6,337		6,169	2.7	%
Net Occupancy Expense		1,104		1,024	7.8	%
Equipment Expense		527		582	(9.5	)%
Other Operating Expense		2,386		2,548	(6.4	)%
Total Other Expense		10,354		10,323	0.3	%
Income Before Provision for Income Taxes		11,634		8,018	45.1	%
Provision for Income Taxes		4,075		2,869	42.0	%
NET INCOME	$	7,559	$	5,149	46.8	%
Average:Common Shares Outstanding		9,593,554		10,189,580	(5.8	)%
Dilutive Stock Options		12,610		26,904	(53.1	)%
Average Total		9,606,164		10,216,484	(6.0	)%
EARNINGS PER COMMON SHARE
Basic	$	0.79	$	0.51	54.9	%
Diluted	$	0.79	$	0.50	58.0	%