Riverhead - Suffolk Bancorp (NASDAQ - SUBK) released the results of its operations during the third quarter of 2008, announcing earnings-per-share for the quarter were $0.62, an increase of 1.6 percent from $0.61 during the comparable period of 2007. Net income for the quarter was $5,967,000, down 1.3 percent from $6,043,000 during the same quarter last year.

Earnings-per-share for the year to date were $2.01, representing an increase of 21.1 percent from $1.66 during the comparable period of 2007. Net income for the year to date was $19,240,000, up 16.4 percent.

Acting President and Chief Executive Officer, J. Gordon Huszagh remarked, "The past quarter has been nothing less than historic in the financial markets. I will not recount the specifics which have been widely reported, but the resulting loss of capital in the banking industry and the resulting global economic turmoil have continued and deepened, even as central bankers around the world seek to limit the contraction of credit. In the face of this, I do want to offer some guarded reassurance about Suffolk Bancorp's condition and prospects. At the end of the third quarter, our results are not materially different than those we have posted traditionally, and with return on equity still above 20 percent, we continue to be among the most profitable banks in the industry."

"The current financial crisis has affected large financial institutions the most, the kind of companies you think of when you refer to "Wall Street," but the effects of their actions have been felt by markets and institutions around the world, both large and small," Huszagh added. "It was precipitated by sub-prime mortgage lending, but now affects many other parts of the economy. The good news is that Suffolk Bancorp did not get caught up in these practices either directly in our own lending, or indirectly through investments in questionable securities."

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. Organized in 1890, Suffolk County National Bank has 29 offices in Suffolk County.