After Delay, Suffolk Bancorp Files Reports With Nasdaq

Suffolk Bancorp, which runs the Suffolk County National Bank, filed reports on Wednesday that showed the bank returned to profitability in 2011, bringing it back into compliance with Nasdaq regulations.

In November, after the bank failed to file reports from the first two quarters of this year showing their profits and losses. .

By filing the reports and including restated earning from the first and second quarters, Suffolk Bancorp is now in compliance with Nasdaq requirements.

The bank reported $3 million in earnings for the third quarter, up from an approximate $3.2 million loss last year. Though the bank was profitable in the second and third quarters of 2011, the bank also said it has lost $1.2 million this year to date due to losses in the first quarter of 2011, down from a year-to-date loss of $3.2 million in 2010.

"While we regret the delay in reporting our results, we believe that the comprehensive review that we have undertaken was necessary to provide our investors with what we believe to be accurate information," said Bancorp President and CEO J. Gordon Huszagh. "We believe we have an outstanding franchise in a good marketplace, an excellent net interest margin, a substantial allowance for loan losses, and ample capital. These, along with the patience and loyalty of our customers and employees, are what preserved our core banking business throughout this challenging period, and these are the foundation for our future.”

, the company blamed the delayed reports on "internal controls with respect to credit administration and credit risk management," and a subsequent review by independent consultants.