Suffolk Bancorp (SCNB) 8-K Suffolk Bancorp Announces Results for the Third Quarter of 2011

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 RESULTS FOR THE THIRD QUARTER OF 2011

Riverhead, New York, October 31, 2011 — Suffolk Bancorp (NASDAQ - SUBK) today released the preliminary, unaudited results of its operations during the third quarter of 2011. Earnings-per-share were $0.32. Net income was $3,072,000. A detailed financial summary follows the text. There are no comparisons to the third quarter of 2010 because, as previously disclosed, on August 10, 2011, the Audit Committee of the Board of Directors of Suffolk made a determination of non-reliance on the financial statements previously filed with respect to the three and nine months ended September 30, 2010 and the three and twelve months ended December 31, 2010. The financial restatements of these periods, as well as the financial statements with regard to the three months ended March 31, 2011 and the three and six months ended June 30, 2011 have not yet been filed as the processes for those periods are not yet complete.

The key points are:

• Suffolk was profitable during the third quarter of 2011.

• Suffolk exceeded the capital ratios for a “well-capitalized” institution as of September 30, 2011 under 12 CFR 6.4, and further, exceeded each of the individual minimum capital ratios agreed upon with regulators.

• Suffolk’s allowance for loan losses at September 30, 2011 was $43,693,000, or 4.3 percent of total loans.

• Suffolk’s net interest margin (FTE) for the quarter was 4.72 percent.

President and Chief Executive Officer, J. Gordon Huszagh commented, “We are releasing the results of our operations for the third quarter in preliminary form to provide our shareholders, customers, and employees with information as to the condition and prospects of Suffolk Bancorp, and its banking subsidiary, Suffolk County National Bank. The process of restating the third and fourth quarters of 2010 and moving forward to definitive statements for the first and second quarters of 2011 has taken far longer than any of the parties involved anticipated, and we continue to work diligently to make those filings as soon as possible. We felt it was important to inform all interested parties that Suffolk County National Bank is profitable on a quarterly basis, has substantial capital, and has an allowance for possible loan losses based on a comprehensive analysis of the loan portfolio. We are, therefore, and expect to continue to be, able to conduct our business; whether through loans to creditworthy borrowers, or by accepting deposits, or providing any one of the other services we have offered to the customers in each of the communities we have served in the past.”

PRESS RELEASE October 31, 2011 Page 2 of 5

Mr. Huszagh went on to say, “We want to emphasize that these results are preliminary, and subject to change, although we believe them to be approximately correct. For that reason, we will reserve our usual commentary on these results until they are final. In the meantime, we hope that the information contained in this release will provide a reasonable basis for the public to evaluate Suffolk Bancorp and its future, and to put to rest any speculation about our business.”

Suffolk Bancorp is a one-bank holding company engaged in the commercial banking business through Suffolk County National Bank (“SCNB”), a full-service commercial bank headquartered in Riverhead, New York. Organized in 1890, SCNB has 30 offices in Suffolk County, New York.

Safe Harbor Statement Pursuant to the Private Securities Litigation Reform Act of 1995

This press release includes statements which look to the future. These can include remarks about Suffolk Bancorp, the banking industry, the economy in general, expectations of the business environment in which Suffolk operates, the adequacy of our allowance for loan losses, projections of future performance, and potential future credit experience. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties that cannot be predicted or quantified and are beyond Suffolk’s control and are subject 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; a failure to file our Quarterly Reports for the quarters ended March 31, 2011 and June 30, 2011 on or before November 7, 2011; a failure to comply with Nasdaq rules; results of regulatory examinations; any failure by us to comply with our written agreement with the OCC (the “Agreement”) or the individual minimum capital ratios for the Bank established by the OCC; the cost of compliance with the Agreement; failure by us to maintain effective internal controls over financial reporting; larger-than-expected losses from the sale of assets; potential litigation or regulatory action relating to the matters resulting in our failure to file on time our Quarterly Report on Form 10-Q for the quarters ended March 31, 2011 and June 30, 2011 or resulting from the revisions to our earnings previously announced on April 12, 2011 or the restatement of our financial statements for the quarterly period ended September 30, 2010 and year ended December 31, 2010; and the potential that net charge-offs are higher than expected or for further increases in our provision for loan losses. Further, it could take Suffolk longer than anticipated to implement its strategic plans to increase revenue and manage non-interest expense, or it may not be possible to implement those plans at all. Finally, new and unanticipated legislation, regulation, or accounting standards may require Suffolk to change its practices in ways that materially change the results of operations.

PRESS RELEASE October 31, 2011 Page 3 of 5

STATISTICAL SUMMARY

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

		3rd Qtr 2011			9 Mos. 2011
EARNINGS
	Earnings-Per-Share - Basic	$	0.32		$	(0.13	)
	Cash Dividends-Per-Share		—			—
	Net Income		3,072			(1,232	)
	Net Interest Income		17,025			53,320
AVERAGE BALANCES
	Average Assets	$	1,572,758		$	1,609,507
	Average Net Loans		984,681			1,036,213
	Average Investment Securities		329,713			379,122
	Average Interest-Earning Assets		1,511,596			1,542,301
	Average Deposits		1,402,353			1,414,657
	Average Borrowings		289			27,101
	Average Interest -Bearing Liabilities		872,426			928,340
	Average Equity		136,024			134,959
RATIOS
	Return on Average Equity		9.03	%		(1.22	%)
	Return on Average Assets		0.78	%		(0.10	%)
	Average Equity/Average Assets		8.65	%		8.39	%
	Net Interest Margin (FTE)		4.72	%		4.85	%
	Efficiency Ratio		76.88	%		70.49	%
	Tier 1 Leverage Ratio End of Period		8.57	%
	Tier 1 Risk-based Capital Ratio End of Period		12.60	%
	Total Risk-based Capital Ratio End of Period		13.88	%
ASSET QUALITY	during period:
	Net Charge-offs	$	7,068		$	8,764
Net Charge-offs/Average Net Loans (annualized)			2.87	%		1.13	%
	at end of period:
	Total Non-performing Loans		92,072
	Foreclosed Real Estate (“OREO”)		1,800
	Total Non-performing Assets		93,872
	Allowance/Non-performing Loans		47.46	%
	Allowance/Loans, Net of Discount		4.31	%
	Net Loans/Deposits		71.62	%
EQUITY
	Shares Outstanding		9,726,814
	Common Equity	$	140,204
	Book Value Per Common Share		14.41
	Tangible Common Equity		139,390
	Tangible Book Value Per Common Share		14.33
LOAN DISTRIBUTION	at end of period:
	Commercial, Financial & Agricultural Loans	$	213,569
	Commercial Real Estate Mortgages		433,057
	Real Estate - Construction Loans		62,023
	Residential Mortgages (1st and 2nd Liens)		171,515
	Home Equity Loans		80,704
	Consumer Loans		51,516
	Other Loans		504
	Total Loans (Net of Unearned Discounts)	$	1,012,888

PRESS RELEASE October 31, 2011 Page 4 of 5

CONSOLIDATED STATEMENT OF CONDITION

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

	September 30, 2011
ASSETS
Cash & Due From Banks	$	166,966
Federal Reserve Bank Stock		712
Federal Home Loan Bank Stock		1,744
Investment Securities:
Available for Sale, at Fair Value		307,362
Obligations of States & Political Subdivisions, Held to Maturity		9,422
Corporate Bonds & Other Securities		80
Total Investment Securities		316,864
Total Loans		1,012,888
Allowance for Loan Losses		43,693
Net Loans		969,195
Premises & Equipment, Net		26,904
Other Real Estate Owned, Net		1,800
Accrued Interest and Loan Fees Receivable		7,318
Goodwill		814
Other Assets		30,502
TOTAL ASSETS	$	1,522,819
LIABILITIES & STOCKHOLDERS’ EQUITY
Demand Deposits	$	519,604
Saving, N.O.W. & Money Market Deposits		562,203
Time Certificates of $100,000 or More		181,415
Other Time Deposits		89,957
Total Deposits		1,353,179
Federal Home Loan Bank Borrowings		—
Dividend Payable on Common Stock		—
Accrued Interest Payable		419
Other Liabilities		29,017
TOTAL LIABILITIES		1,382,615
STOCKHOLDERS’ EQUITY
Common Stock (par value $2.50; 15,000,000 shares authorized; 9,726,814 and 9,665,245 shares outstanding at September 30, 2011 and 2010, respectively)		34,330
Surplus		24,010
Treasury Stock at Par (4,005,270 and 4,002,158 shares, respectively)		(10,013	)
Retained Earnings		90,148
		138,475
Accumulated Other Comprehensive Income (Loss), Net of Tax		1,729
TOTAL STOCKHOLDERS’ EQUITY		140,204
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY	$	1,522,819

PRESS RELEASE October 31, 2011 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 September 30, 2011		For the 9 Months Ended September 30, 2011
INTEREST INCOME
Federal Funds Sold & Interest Due from Banks	$	79	$	140
United States Treasury Securities		1		96
Obligations of States & Political Subdivisions		1,544		5,332
Mortgage-Backed Securities		1,412		4,558
U.S. Government Agency Obligations		44		337
Corporate Bonds & Other Securities		59		203
Loans and Loan Fees		15,100		47,488
Total Interest Income		18,239		58,154
INTEREST EXPENSE
Saving, N.O.W. & Money Market Deposits		435		1,618
Time Certificates of $100,000 or more		471		1,576
Other Time Deposits		307		985
Federal Funds Purchased & Repurchase Agreements		1		1
Borrowings		—		654
Total Interest Expense		1,214		4,834
Net Interest Income		17,025		53,320
Provision for Loan Losses		900		24,088
Net Interest Income After Provision for Loan Losses		16,125		29,232
OTHER INCOME
Service Charges on Deposit Accounts		953		2,964
Other Service Charges, Commissions & Fees		988		2,631
Fiduciary Fees		213		644
Net Gain on Sale of Securities Available for Sale		—		1,645
Other Operating Income		236		830
Total Other Income		2,390		8,714
OTHER EXPENSE
Salaries & Employee Benefits		8,141		23,458
Net Occupancy Expense		1,435		4,391
Equipment Expense		506		1,451
Outside Services		1,425		3,423
FDIC Assessments		555		2,541
OREO Expense		182		293
Prepayment Fee on Borrowing		—		1,028
Other Operating Expense		2,683		7,145
Total Other Expense		14,927		43,730
Income (Loss) Before Provision for Income Taxes		3,588		(5,784	)
Provision for (Benefit from) Income Taxes		516		(4,552	)
NET INCOME (LOSS)	$	3,072	$	(1,232	)
Average:    Common Shares Outstanding		9,726,948		9,718,809
Dilutive Stock Options		—		—
Average Total		9,726,948		9,718,809
EARNINGS PER COMMON SHARE    Basic	$	0.32	$	(0.13	)
Diluted	$	0.32	$	(0.13	)