Suffolk Bancorp has reported that its net income was $5.66m for the first quarter ended March 31, 2009, down 25.1% from $7.56m during the same quarter ended March 31, 2008.
Earnings per share for the first quarter of 2009 were $0.59, a decrease of 25.3% from $0.79 during the comparable period of 2008.
For the first quarter of 2009, net interest income increased by 14.3% to $18.14m from $15.86m for the comparable quarter of 2008. Net interest margin for the first quarter of 2009 improved to 4.97% from 4.78% for the same quarter of 2008.
The company’s total assets as of March 31, 2009 were $1.64 billion, representing a growth of 7.5% from $1.53 billion as of March 31, 2008.
Gordon Huszagh, president and CEO of Suffolk Bancorp, said: The first quarter of 2009 has provided investors with a mix of economic information, both discouraging as in the case of employment, but also encouraging as in the example of the recent rally in equity markets. We cannot predict exactly where these developments will lead, but even in the face of this ongoing economic muddle, Suffolk Bancorp has been able to perform in a reasonably consistent fashion.
