Suffolk Bancorp (SCNB) 8-K Suffolk Bancorp Announces Earnings for the Fourth Quarter and the Full Year of 2009

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 FOURTH QUARTER AND THE FULL YEAR OF 2009

Riverhead, New York, January 15, 2010 — Suffolk Bancorp (NASDAQ - SUBK) today released the results of its operations during the fourth quarter and full year of 2009. Earnings-per-share were $0.54, a decrease of 10.0 percent from $0.60 during the comparable period of 2008. Net income was $5,153,000, down 10.3 percent from $5,742,000 during the same quarter last year. Earnings-per-share for the year to date were $2.35, down 8.9 percent from $2.58 a year ago. Net income for the year to date was $22,548,000, down 8.7 percent from $24,688,000 posted during the comparable period of 2008. However, earnings for the full year of 2008 included a non-recurring gain from the proceeds of the sale of shares of VISA, Inc. to the public on March 19, 2008. These shares had been acquired as a result of Suffolk’s membership in the VISA payments organization prior to the offering. The transaction added $2,429,000 to Suffolk’s net income during the first quarter of 2008, net of provision for income taxes, and amounted to $0.25 per share. Accordingly, to compare the full year of 2009 to the full year of 2008 exclusive of the VISA transaction, earnings-per-share were $2.35, an increase of 0.9 percent from $2.33 during the comparable period of 2008. Net income for the year to date was $22,548,000, up 1.3 percent from $ 22,259,000 last year. A detailed financial summary follows the text.

J. Gordon Huszagh, President and Chief Executive Officer commented, “It would not be overstating matters to say that 2009 was quite a year for anyone working in the financial services industry. I do not need to repeat in these remarks all of what has happened, both in the industry and in the broader economy. So it is with guarded pride in the performance of directors and staff of this institution that I report that earnings and earnings per share for the full year of 2009 slightly exceeded those in 2008, when adjusted for the VISA transaction in 2008. We did this while increasing our margin, from 4.75 percent to 4.99 percent, among the widest in the industry in recent times. This was mostly the result of historically low costs of funding. And we did this in the face of substantial additional expenses including assessments which increased by $2.2 million for FDIC deposit insurance, an increase of $2.2 million in our provision for possible loan losses, a $2.0 million increase in our pension expense to compensate for the decreased discount rate at which the pension liability was calculated as well as declines in the market value of plan assets during 2008, and a $528,000 provision recorded in connection with a data intrusion just before the end of the year. Book value per share actually increased to $14.27 at year end, up 21.7 percent from $11.73 at December 31, 2008 as a result of net income, net of dividends, and a positive change in accumulated other comprehensive income of $9.7 million, primarily as a result of increases in the market value of investments, but also from improvements in the status of the pension plan. Return on equity (“ROE”), the bellwether of profitability, was indeed affected by these events, declining to 15.61 percent from 20.11 percent for the quarter and 18.30 percent from 21.79 percent for the year. Also affecting ROE was an increase in total risk-based capital of more than 1 percent, to 11.73 percent from 10.60 percent as we anticipated higher capital requirements as scrutiny of the financial services industry increases. This means that for any given level of efficiency in our underlying banking operations, ROE will be lower than it would have been under earlier standards. This is something we will share with all other banks as those standards evolve. Still, in comparison to the banking industry which posted ROE of 1.1 percent during the previous four quarters ended September 30, 2009 and 2.6 percent during the third quarter of 2009 (Source: SNL Securities), we consider this a successful year under trying circumstances.”

PRESS RELEASE January 15, 2010 Page 2 of 5

He went on to say, “Our core business continued to grow. Assets increased by 7.1 percent from year to year. Total net loans at December 31, 2009 increased by 5.9 percent to $1,148,046,000 from $1,084,470,000 a year ago. Investment securities increased by 13.2 percent to $446,343,000 from $394,287,000. Deposits increased by 13.9 percent to $1,385,278,000 from $1,216,437,000 while borrowings and repurchase agreements decreased 32.9 percent from a total of 224,820,000 to $150,800,000. Much of this business provides the foundation for our business in the future, and we feel fortunate to have been able to continue to build new and existing relationships with our customers.”

He continued, “The fourth quarter, however, continued to present us with challenges to the quality of our assets. The market for commercial real estate continued to weaken on Long Island, and the sustained reluctance of businesses and consumers to spend has had a cumulative effect on our loan portfolio which made itself felt, particularly during the last two quarters of 2009. Our net charge-offs remain comparatively low, at 24 basis points for the quarter and 9 basis points for the year, but these represent significant increases from the prior and recent years. At December 31, 2009, total non-performing and restructured loans more than 90 days past due represented 2.5 percent of the loan portfolio, up slightly from 2.1 percent at the end of the third quarter but up significantly from 0.45 percent at this time last year. The actual exposure that presents to Suffolk is as follows: of the $29,372,000, $23,686,000 is secured by collateral valued at about $39,714,000 having a cumulative loan-to-value of approximately 60 percent. The unsecured portion of $5,686,000 amounts to 50 basis points (50/10,000ths) of net loans at quarter end. As I have commented during the past several quarters, throughout the business cycle, Suffolk follows a consistent methodology and analysis to determine what the allowance for loan losses should be, and makes the appropriate provision to maintain it at that level. Certain aspects of the analysis reflect the stress in our economy and the potential impact that it could have on our borrowers. We have maintained our underwriting standards for new loans and our loan officers monitor our existing credits closely.”

Mr. Huszagh concluded, “We are humble in our estimate of our ability to foresee exactly how the economy will perform during 2010. We suspect that it will be another challenging year for the banking industry, and that there will be a number of further events affecting us over which we will have little if any control. What we can control, however, is our approach to the business with which our shareholders have entrusted us. We will continue to run our business as it has been for 120 years since its founding, with the same attention to our customers’ banking needs, the same prudence in making loans and investments to ensure that they will perform through the business cycle, the same consideration to the structure of our balance sheet to ensure it will perform through the interest rate cycle, and the same diligence in managing every aspect of our organization for the long term benefit of our shareholders, customers, employees, and the communities we serve.”

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, 2010 Page 3 of 5

STATISTICAL SUMMARY

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

	4th Qtr 2009			4th Qtr 2008			Change		YTD 2009			YTD 2008			Change
EARNINGS
Earnings-Per-Share - Basic	$	0.54		$	0.60		(10.0	)%	$	2.35		$	2.58		(8.9	)%
Cash Dividends-Per-Share		0.22			0.22		0.0	%		0.88			0.88		0.0	%
Net Income		5,153			5,742		(10.3	)%		22,548			24,688		(8.7	)%
Net Interest Income		18,814			17,233		9.2	%		74,336			66,219		12.3	%
AVERAGE BALANCES
Average Assets	$	1,680,870		$	1,565,918		7.3	%	$	1,662,426		$	1,554,738		6.9	%
Average Net Loans		1,113,437			1,061,861		4.9	%		1,107,294			1,021,476		8.4	%
Average Investment Securities		470,495			402,790		16.8	%		440,223			424,368		3.7	%
Average Interest-Earning Assets		1,588,251			1,481,681		7.2	%		1,562,687			1,463,720		6.8	%
Average Deposits		1,409,597			1,256,955		12.1	%		1,371,251			1,217,678		12.6	%
Average Borrowings		104,375			182,064		(42.7	)%		131,986			206,878		(36.2	)%
Average Interest -Bearing Liabilities		1,010,494			1,003,737		0.7	%		1,024,352			993,946		3.1	%
Average Equity		132,079			114,236		15.6	%		123,205			113,276		8.8	%
RATIOS
Return on Average Equity		15.61	%		20.11	%	(22.4	)%		18.30	%		21.79	%	(16.0	)%
Return on Average Assets		1.23	%		1.47	%	(16.3	)%		1.36	%		1.59	%	(14.5	)%
Average Equity/Assets		7.86	%		7.30	%	7.7	%		7.41	%		7.29	%	1.6	%
Net Interest Margin (FTE)		4.98	%		4.89	%	1.8	%		4.99	%		4.75	%	5.1	%
Efficiency Ratio		58.20	%		52.75	%	10.3	%		57.11	%		52.81	%	8.1	%
Tier 1 Leverage Ratio Dec. 31		8.21	%		7.85	%	4.6	%
Tier 1 Risk-based Capital Ratio Dec. 31		10.74	%		9.87	%	8.8	%
Total Risk-based Capital Ratio Dec. 31		11.73	%		10.60	%	10.7	%
ASSET QUALITY
during period:
Net Charge-offs	$	659		$	175		276.6	%	$	993		$	642		54.7	%
Net Charge-offs/Average Net Loans (annualized)		0.24	%		0.07	%	242.9	%		0.09	%		0.06	%	50.0	%
at end of period:
Loans Not Accruing Interest/Loans Past Due 90 Days	$	19,297		$	4,884		295.1	%
Restructured Loans Past Due 90 Days		10,075			—		100.0	%
Foreclosed Real Estate (“OREO”)		—			—		0.0	%
Total Non-performing & Restructured Assets		29,372			4,884		501.4	%
Allowance/Non-performing & Restructured Assets		41.99	%		185.32	%	(77.3	)%
Allowance/Loans, Net of Discount		1.06	%		0.83	%	27.7	%
Net Loans/Deposits		82.87	%		89.15	%	(7.0	)%
EQUITY
Shares Outstanding		9,615,494			9,582,699		0.3	%
Common Equity	$	137,171		$	112,401		22.0	%
Book Value Per Common Share		14.27			11.73		21.7	%
Tangible Common Equity		136,357			111,587		22.2	%
Tangible Book Value Per Common Share		14.18			11.64		21.8	%
LOAN DISTRIBUTION
at end of period:
Commercial, Financial & Agricultural Loans	$	259,565		$	220,946		17.5	%
Commercial Real Estate Mortgages		375,652			352,502		6.6	%
Real Estate - Construction Loans		133,431			131,889		1.2	%
Residential Mortgages (1st and 2nd Liens)		214,501			216,127		(0.8	)%
Home Equity Loans		82,808			75,654		9.5	%
Consumer Loans		80,352			94,691		(15.1	)%
Other Loans		14,070			1,712		721.8	%
Total Loans (Net of Unearned Discounts)	$	1,160,379		$	1,093,521		6.1	%

PRESS RELEASE January 15, 2010 Page 4 of 5

CONSOLIDATED STATEMENTS OF CONDITION

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

	December 31,
	2009			2008			Change
ASSETS
Cash & Due From Banks	$	37,007		$	41,513		(10.9	)%
Federal Reserve Bank Stock		652			638		2.2	%
Federal Home Loan Bank Stock		8,346			9,821		(15.0	)%
Investment Securities:
Available for Sale, at Fair Value		437,000			382,357		14.3	%
Obligations of States & Political Subdivisions		9,243			11,830		(21.9	)%
Corporate Bonds & Other Securities		100			100		0.0	%
Total Investment Securities		446,343			394,287		13.2	%
Total Loans		1,160,379			1,093,521		6.1	%
Allowance for Loan Losses		12,333			9,051		36.3	%
Net Loans		1,148,046			1,084,470		5.9	%
Premises & Equipment, Net		23,346			22,740		2.7	%
Accrued Interest Receivable, Net		7,223			7,042		2.6	%
Goodwill		814			814		0.0	%
Other Assets		22,719			21,494		5.7	%
TOTAL ASSETS	$	1,694,496		$	1,582,819		7.1	%
LIABILITIES & STOCKHOLDERS’ EQUITY
Demand Deposits	$	487,648		$	439,380		11.0	%
Saving, N.O.W. & Money Market Deposits		578,551			482,204		20.0	%
Time Certificates of $100,000 or More		211,898			180,362		17.5	%
Other Time Deposits		107,181			114,491		(6.4	)%
Total Deposits		1,385,278			1,216,437		13.9	%
Federal Home Loan Bank Borrowings		150,800			187,200		(19.4	)%
Repurchase Agreements		—			37,620		(100.0	)%
Dividend Payable on Common Stock		2,115			2,108		0.3	%
Accrued Interest Payable		829			2,244		(63.1	)%
Other Liabilities		18,303			24,809		(26.2	)%
TOTAL LIABILITIES		1,557,325			1,470,418		5.9	%
STOCKHOLDERS’ EQUITY
Common Stock (par value $2.50; 15,000,000 shares authorized; 9,615,494 and 9,582,699 shares outstanding at December 31, 2009 and 2008, respectively)		34,031			33,946		0.3	%
Surplus		21,685			20,782		4.3	%
Treasury Stock at Par (3,996,878 and 3,995,661 shares, respectively)		(9,992	)		(9,989	)	0.0	%
Retained Earnings		93,154			79,092		17.8	%
		138,878			123,831		12.2	%
Accumulated Other Comprehensive Loss, Net of Tax		(1,707	)		(11,430	)	(85.1	)%
TOTAL STOCKHOLDERS’ EQUITY		137,171			112,401		22.0	%
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$	1,694,496		$	1,582,819		7.1	%

PRESS RELEASE January 15, 2010 Page 5 of 5

CONSOLIDATED STATEMENTS OF INCOME

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

	For the 3 Months Ended					Change		For the Year to Date				Change
	12/31/09		12/31/08					2009		2008
INTEREST INCOME
Federal Funds Sold & Interest from Bank Deposits	$	3	$	49		(93.9	)%	$	51	$	314	(83.8	)%
United States Treasury Securities		72		101		(28.7	)%		364		399	(8.8	)%
Obligations of States & Political Subdivisions		1,833		1,660		10.4	%		7,087		6,303	12.4	%
Mortgage-Backed Securities		2,164		1,932		12.0	%		7,546		7,926	(4.8	)%
U.S. Government Agency Obligations		260		715		(63.6	)%		2,057		3,663	(43.8	)%
Corporate Bonds & Other Securities		100		(18	)	(655.6	)%		434		482	(10.0	)%
Loans		17,332		17,611		(1.6	)%		69,469		69,370	0.1	%
Total Interest Income		21,764		22,050		(1.3	)%		87,008		88,457	(1.6	)%
INTEREST EXPENSE
Saving, N.O.W. & Money Market Deposits		898		1,493		(39.9	)%		3,630		6,334	(42.7	)%
Time Certificates of $100,000 or more		946		1,160		(18.4	)%		3,537		5,345	(33.8	)%
Other Time Deposits		529		888		(40.4	)%		2,531		4,507	(43.8	)%
Federal Funds Purchased & Repurchase Agreements		—		236		(100.0	)%		120		1,417	(91.5	)%
Interest on Other Borrowings		577		1,040		(44.5	)%		2,854		4,635	(38.4	)%
Total Interest Expense		2,950		4,817		(38.8	)%		12,672		22,238	(43.0	)%
Net-interest Income		18,814		17,233		9.2	%		74,336		66,219	12.3	%
Provision for Loan Losses		1,275		1,225		4.1	%		4,275		2,050	108.5	%
Net-interest Income After Provision		17,539		16,008		9.6	%		70,061		64,169	9.2	%
OTHER INCOME
Service Charges on Deposit Accounts		1,322		1,350		(2.1	)%		5,341		5,558	(3.9	)%
Other Service Charges, Commissions & Fees		720		696		3.4	%		3,306		3,046	8.5	%
Fiduciary Fees		231		346		(33.2	)%		1,010		1,460	(30.8	)%
Net Securities Gains		—		4		(100.0	)%		—		3,741	(100.0	)%
Other Operating Income		492		404		21.8	%		1,461		838	74.3	%
Total Other Income		2,765		2,800		(1.3	)%		11,118		14,643	(24.1	)%
OTHER EXPENSE
Salaries & Employee Benefits		7,375		6,467		14.0	%		28,267		25,646	10.2	%
Net Occupancy Expense		1,251		1,186		5.5	%		5,088		4,649	9.4	%
Equipment Expense		572		566		1.1	%		2,291		2,146	6.8	%
FDIC Assessments		515		341		51.0	%		2,717		486	459.1	%
Other Operating Expense		2,847		2,007		41.9	%		10,438		9,774	6.8	%
Total Other Expense		12,560		10,567		18.9	%		48,801		42,701	14.3	%
Income Before Provision for Income Taxes		7,744		8,241		(6.0	)%		32,378		36,111	(10.3	)%
Provision for Income Taxes		2,591		2,499		3.7	%		9,830		11,423	(13.9	)%
NET INCOME	$	5,153	$	5,742		(10.3	)%	$	22,548	$	24,688	(8.7	)%
Average:
Common Shares Outstanding		9,615,320		9,582,147		0.3	%		9,602,802		9,580,025	0.2	%
Dilutive Stock Options		19,137		23,272		(17.8	)%		18,175		21,970	(17.3	)%
Average Total		9,634,457		9,605,419		0.3	%		9,620,977		9,601,995	0.2	%
EARNINGS PER COMMON SHARE
Basic	$	0.54	$	0.60		(10.0	)%	$	2.35	$	2.58	(8.9	)%
Diluted	$	0.53	$	0.60		(11.7	)%	$	2.34	$	2.57	(8.9	)%