SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended June 30, 2002
Commission file number 0-13580
SUFFOLK BANCORP
(exact name of registrant as specified in its charter)
New York State 11-2708279
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
6 West Second Street, Riverhead, New York 11901
(Address of Principal Executive Offices) (Zip Code)
(Registrant's telephone number, including area code) (631) 727-5667
NOT APPLICABLE
(former name, former address and former fiscal year if changed since
last report)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes |X|. No|_|.
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
11,624,500 SHARES OF COMMON STOCK OUTSTANDING AS OF AUGUST 12, 2002
1
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2
SUFFOLK BANCORP AND SUBSIDIARIES
Part I - Financial Information (unaudited) page
Consolidated Statements of Condition 4
Consolidated Statements of Income, For the Three Months Ended June 30,
2002 and 2001 5
Consolidated Statements of Income, For the Six Months Ended June 30,
2002 and 2001 6
Statements of Cash Flows, For the Six Months Ended June 30,
2002 and 2001 7
Notes to the Unaudited Consolidated Financial Statements 8
Management's Discussion and Analysis of Financial Condition and
Results of Operations 8
Part II - Other Information 12
Exhibits
Signatures 12
SUFFOLK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
(unaudited, restated to give effect to 100% stock dividend on 1/2/02, in
thousands of dollars except for share and per share data)
June 30, 2002 December 31, 2001
------------- -----------------
ASSETS
Cash & Due From Banks $ 67,970 $ 60,926
Federal Funds Sold 39,900 17,600
Investment Securities:
Available for Sale, at Fair Value 285,283 241,061
Held to Maturity (Fair Value of $14,230 and $13,872, respectively)
Obligations of States & Political Subdivisions 11,657 11,709
Federal Reserve Bank Stock 638 638
Federal Home Loan Bank Stock 1,361 1,112
Corporate Bonds & Other Securities 100 100
----------- -----------
Total Investment Securities 299,039 254,620
Total Loans 806,694 796,110
Less: Allowance for Possible Loan Losses 8,957 8,825
----------- -----------
Net Loans 797,737 787,285
Premises & Equipment, Net 17,849 13,801
Accrued Interest Receivable, Net 5,514 5,557
Excess of Cost Over Fair Value of Net Assets Acquired 814 814
Other Assets 25,810 24,344
----------- -----------
TOTAL ASSETS 1,254,633 1,164,947
=========== ===========
LIABILITIES & STOCKHOLDERS' EQUITY
Demand Deposits 322,393 294,190
Savings, N.O.W.'s & Money Market Deposits 529,229 453,922
Time Certificates of $100,000 or more 29,042 30,038
Other Time Deposits 252,764 273,562
----------- -----------
Total Deposits 1,133,428 1,051,712
Dividend Payable on Common Stock 1,993 1,648
Accrued Interest Payable 1,510 2,513
Other Liabilities 14,043 12,237
----------- -----------
TOTAL LIABILITIES 1,150,974 1,068,110
----------- -----------
STOCKHOLDERS' EQUITY
Common Stock (par value $2.50; 15,000,000 shares authorized;
11,684,500 and 11,770,596 shares outstanding at
June 30, 2002 and December 31, 2001, respectively) 33,826 33,826
Surplus 19,165 19,165
Treasury Stock at Par (1,845,718 and 1,759,622 shares, respectively) (4,614) (4,399)
Undivided Profits 51,344 47,149
----------- -----------
99,721 95,741
Accumulated Other Comprehensive Income, Net of Tax 3,938 1,096
----------- -----------
TOTAL STOCKHOLDERS' EQUITY 103,659 96,837
----------- -----------
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY $ 1,254,633 $ 1,164,947
=========== ===========
See accompanying notes to consolidated financial statements.
4
SUFFOLK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, restated to give effect to 100% stock dividend on 1/2/02, in
thousands of dollars except for share and per share data)
For the Three Months Ended
June 30, 2002 June 30, 2001
------------- -------------
INTEREST INCOME
Federal Funds Sold $ 137 $ 166
United States Treasury Securities 125 328
Obligations of States & Political Subdivisions (tax exempt) 146 164
Mortgage-Backed Securities 2,997 1,436
U.S. Government Agency Obligations 653 445
Corporate Bonds & Other Securities 31 56
Loans 15,633 17,378
----------- -----------
Total Interest Income 19,722 19,973
INTEREST EXPENSE
Savings, N.O.W.'s & Money Market Deposits 1,824 2,146
Time Certificates of $100,000 or more 202 380
Other Time Deposits 2,208 3,669
Federal Funds Purchased 1 28
Interest on Other Borrowings -- 173
----------- -----------
Total Interest Expense 4,235 6,396
Net-interest Income 15,487 13,577
Provision for Possible Loan Losses 360 405
----------- -----------
Net-interest Income After Provision for Possible Loan Losses 15,127 13,172
OTHER INCOME
Service Charges on Deposit Accounts 1,422 1,342
Other Service Charges, Commissions & Fees 474 381
Fiduciary Fees 293 238
Other Operating Income 126 248
Net Gain on Sale of Securities -- 247
----------- -----------
Total Other Income 2,315 2,456
OTHER EXPENSE
Salaries & Employee Benefits 5,027 4,320
Net Occupancy Expense 674 711
Equipment Expense 625 586
Other Real Estate Expense -- --
Other Operating Expense 2,321 2,062
----------- -----------
Total Other Expense 8,647 7,679
Income Before Provision for Income Taxes 8,795 7,949
Provision for Income Taxes 3,501 3,121
----------- -----------
NET INCOME $ 5,294 $ 4,828
=========== ===========
Average: Common Shares Outstanding 11,713,901 11,820,294
Dilutive Stock Options 45,790 16,922
----------- -----------
Average Total Common Shares and Dilutive Options 11,759,691 11,837,216
EARNINGS PER COMMON SHARE Basic $ 0.45 $ 0.41
Diluted $ 0.45 $ 0.41
See accompanying notes to consolidated financial statements.
5
SUFFOLK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited, restated to give effect to 100% stock dividend on 1/2/02, in
thousands of dollars except for share and per share data)
For the Six Months Ended
June 30, 2002 June 30, 2001
------------- -------------
INTEREST INCOME
Federal Funds Sold $ 268 178
United States Treasury Securities 264 726
Obligations of States & Political Subdivisions (tax
exempt) 287 321
Mortgage-Backed Securities 5,753 2,881
U.S. Government Agency Obligations 1,307 990
Corporate Bonds & Other Securities 46 128
Loans 31,257 34,642
----------- -----------
Total Interest Income 39,182 39,866
INTEREST EXPENSE
Savings, N.O.W.'s & Money Market Deposits 3,437 4,267
Time Certificates of $100,000 or more 457 725
Other Time Deposits 4,805 7,301
Federal Funds Purchased 1 98
Interest on Other Borrowings -- 548
----------- -----------
Total Interest Expense 8,700 12,939
Net-interest Income 30,482 26,927
Provision for Possible Loan Losses 660 810
----------- -----------
Net-interest Income After Provision 29,822 26,117
OTHER INCOME
Service Charges on Deposit Accounts 2,751 2,623
Other Service Charges, Commissions & Fees 796 692
Fiduciary Fees 578 478
Other Operating Income 410 441
Net Gain on Sale of Securities -- 395
----------- -----------
Total Other Income 4,535 4,629
OTHER EXPENSE
Salaries & Employee Benefits 10,072 8,974
Net Occupancy Expense 1,349 1,430
Equipment Expense 1,221 1,148
Other Real Estate Expense -- 10
Other Operating Expense 4,519 4,045
----------- -----------
Total Other Expense 17,161 15,607
Income Before Provision for Income Taxes 17,196 15,139
Provision for Income Taxes 6,841 5,908
----------- -----------
NET INCOME $ 10,355 $ 9,231
=========== ===========
Average: Common Shares Outstanding 11,740,791 11,860,394
Dilutive Stock Options 43,410 13,902
----------- -----------
Average Total Common Shares and Dilutive Options 11,784,201 11,874,296
EARNINGS PER COMMON SHARE Basic $ 0.88 $ 0.78
Diluted $ 0.88 $ 0.78
See accompanying notes to consolidated financial statements.
6
SUFFOLK BANCORP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands of dollars)
For the Six Months Ended
June 30, 2002 June 30, 2001
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME $ 10,355 $ 9,231
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH
Provision for Possible Loan Losses 660 810
Depreciation & Amortization 1,069 992
Amortization of Excess Cost Over Fair Value of Net Assets Acquired -- 181
Accretion of Discounts (352) (453)
Amortization of Premiums 906 218
Decrease in Accrued Interest Receivable 43 677
Increase in Other Assets (1,466) (2,620)
Decrease in Accrued Interest Payable (1,004) (715)
Decrease in Other Liabilities (169) (2,821)
Net Security Gains -- (395)
------------ ------------
Net Cash Provided by Operating Activities 10,042 5,105
CASH FLOWS FROM INVESTING ACTIVITIES
Principal Payments on Investment Securities 12,089 1,083
Proceeds from Sale of Investment Securities, Available for Sale -- 1,005
Maturities of Investment Securities; Available for Sale 6,000 79,899
Purchases of Investment Securities; Available for Sale (58,048) (67,632)
Maturities of Investment Securities; Held to Maturity 3,285 9,490
Purchases of Investment Securities; Held to Maturity (3,481) (2,100)
Loan Disbursements & Repayments, Net (11,112) (20,970)
Purchases of Premises & Equipment, Net (5,117) (913)
Disposition of Other Real Estate Owned -- 175
------------ ------------
Net Cash (Used in) Provided by Investing Activities (56,384) 37
CASH FLOWS FROM FINANCING ACTIVITIES
Net Increase in Deposit Accounts 81,716 23,811
Dividends Paid to Shareholders (3,413) (3,037)
Treasury Shares Acquired (2,617) (3,415)
Stock Options Exercised -- 795
------------ ------------
Net Cash Provided by Financing Activities 75,686 18,154
Net Increase in Cash & Cash Equivalents 29,344 23,296
Cash & Cash Equivalents Beginning of Period 78,526 73,284
------------ ------------
Cash & Cash Equivalents End of Period $ 107,870 $ 96,580
============ ============
See accompanying notes to consolidated financial statements.
7
SUFFOLK BANCORP AND SUBSIDIARIES
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(1) General
In the opinion of management, the accompanying unaudited consolidated
financial statements of Suffolk Bancorp (Suffolk) and its consolidated
subsidiaries have been prepared to reflect all adjustments (consisting solely of
normally recurring accruals) necessary for a fair presentation of the financial
condition and results of operations for the periods presented. Certain
information and footnotes normally included in consolidated financial statements
prepared in accordance with generally accepted accounting principles ("GAAP")
have been condensed or omitted. Notwithstanding, management believes that the
disclosures are adequate to prevent the information from misleading the reader,
particularly when the accompanying consolidated financial statements are read in
conjunction with the audited consolidated financial statements and notes thereto
included in the Registrant's annual report and on Form 10-K, for the year ended
December 31, 2001.
The results of operations for the three months ended June 30 , 2002 are
not necessarily indicative of the results of operations to be expected for the
remainder of the year.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
for the Three-Month Periods ended June 30, 2002 and 2001
Net Income
Net income was $5,294,000 for the quarter, ahead 9.7 percent from
$4,828,000 posted during the same period last year. Earnings per share for the
quarter were $0.45 versus $0.41, a gain of 9.8 percent.
Interest Income
Interest income was $19,722,000 for the second quarter of 2002, down 1.3
percent from $19,973,000 posted for the same quarter in 2001. Average net loans
during the second quarter of 2002 totaled $793,906,000 compared to $784,498,000
for the same period of 2001. During the second quarter of 2002, the yield was
7.11 percent (taxable-equivalent) on average earning assets of $1,114,219,000
down from 8.39 percent on average earning assets of $956,401,000 during the
second quarter of 2001. Decreases in interest income were attributable primarily
to decrease in interest income on loans, offset by increases in investment
income as a result of a change in the composition of the investment portfolio
emphasizing high-quality, higher-yielding collateralized mortgage obligations.
Interest Expense
Interest expense for the second quarter of 2002 was $4,235,000, down 33.8
percent from $6,396,000 for the same period of 2001. During the second quarter
of 2002, the cost of funds was 2.14 percent (taxable-equivalent) on average
interest-bearing liabilities of $791,392,000 down from 3.80 percent on average
interest-bearing liabilities of $672,784,000 during the second quarter of 2001.
Interest expense decreased primarily as a result of decreases in market rates of
interest, and as average demand deposits comprised 27.8 percent of total
deposits.
Each of the Bank's demand deposit accounts has a related
non-interest-bearing sweep account. The sole purpose of the sweep accounts is to
reduce the non-interest-bearing reserve balances that the Bank is required to
maintain with the Federal Reserve Bank, and thereby increase funds available for
investment. Although the sweep accounts are classified as savings accounts for
regulatory purposes, they are included in demand deposits in the accompanying
consolidated statements of condition.
8
Net Interest Income
Net interest income, net of the provision for possible loan losses, is the
largest component of Suffolk's earnings. Net interest income for the second
quarter of 2002 was $15,487,000, up 14.1 percent from $13,577,000 during the
same period of 2001. The net interest margin for the quarter, on a fully
taxable-equivalent basis, was 5.59 percent compared to 5.72 percent for the same
period of 2001.
The following table details the components of Suffolk's net interest income on a
taxable-equivalent basis: (dollars in thousands)
- -------------------------------------------------------------------------------------------------------------------------------
June 30, 2002 2001
- -------------------------------------------------------------------------------------------------------------------------------
Average Average Average Average
Balance Interest Rate Balance Interest Rate
- -------------------------------------------------------------------------------------------------------------------------------
INTEREST-EARNING ASSETS
- -------------------------------------------------------------------------------------------------------------------------------
U.S. treasury securities $ 10,314 $ 126 4.91% $ 22,823 $ 334 5.85%
Collateralized mortgage obligations 204,011 2,875 5.64 82,788 1,435 6.94
Mortgage backed securities 8,981 122 5.42 -- -- --
Obligations of states and political
subdivisions 14,844 222 5.99 13,157 250 7.59
U.S. govt. agency obligations 49,004 653 5.33 33,327 446 5.35
Corporate bonds and other securities 2,099 32 6.03 3,468 57 6.57
Federal funds sold and securities purchased
under agreements to resell 31,060 137 1.77 16,340 166 4.06
Loans, including non-accrual loans
Commercial, financial agricultural loans 142,223 2,224 6.25 146,825 3,279 8.93
Commercial real estate mortgages 174,482 3,657 8.38 157,865 3,564 9.03
Real estate construction loans 34,135 789 9.25 30,799 840 10.92
Residential mortgages (1st and 2nd liens) 88,113 1,859 8.44 90,003 1,948 8.66
Home equity loans 34,162 503 5.89 23,029 495 8.60
Consumer loans 315,517 6,601 8.37 333,623 7,251 8.69
Other loans (overdrafts) 5,274 -- -- 2,354 -- --
- -------------------------------------------------------------------------------------------------------------------------------
Total interest-earning assets $1,114,219 $ 19,800 7.11% $ 956,401 $ 20,065 8.39%
===============================================================================================================================
Cash and due from banks $ 55,429 $ 56,652
Other non-interest-earning assets 71,285 38,840
- -------------------------------------------------------------------------------------------------------------------------------
Total assets $1,240,933 $1,051,893
- -------------------------------------------------------------------------------------------------------------------------------
INTEREST-BEARING LIABILITIES
- -------------------------------------------------------------------------------------------------------------------------------
Savings, N.O.W.'s and money market deposits $ 506,851 $ 1,825 1.44% $ 365,229 $ 2,146 2.35%
Time deposits 284,498 2,409 3.39 291,167 4,049 5.56
- -------------------------------------------------------------------------------------------------------------------------------
Total savings and time deposits 791,349 4,234 2.14 656,396 6,195 3.78
Federal funds purchased and securities
sold under agreement to repurchase 43 -- 2.20 2,394 24 4.03
Other borrowings -- -- -- 13,994 177 5.05
- -------------------------------------------------------------------------------------------------------------------------------
Total interest-bearing liabilities $ 791,392 $ 4,234 2.14% $ 672,784 $ 6,396 3.80%
===============================================================================================================================
Rate spread 4.91% 4.59%
Non-interest-bearing deposits $ 304,528 $ 267,318
Other non-interest-bearing liabilities 49,432 22,942
- -------------------------------------------------------------------------------------------------------------------------------
Total liabilities $1,145,352 $ 963,044
Stockholders' equity 95,581 88,849
- -------------------------------------------------------------------------------------------------------------------------------
Total liabilities and stockholders' equity $1,240,933 $1,051,893
Net-interest income (taxable-equivalent
basis) and effective interest rate
differential $ 15,566 5.59% $ 13,669 5.72%
Less: taxable-equivalent basis adjustment (79) (92)
- -------------------------------------------------------------------------------------------------------------------------------
Net-interest income $ 15,487 $ 13,577
===============================================================================================================================
9
Other Income
Other income decreased to $2,315,000 for the three months compared to
$2,456,000 the previous year. Service charges on deposits were up 6.0 percent.
Service charges, including commissions and fees other than for deposits,
increased by 24.4 percent. Trust revenue was up 23.1 percent. Other operating
income decreased by 49.2 percent. There were no net gains on the sale of
securities for the second quarter of 2002. Net gains on the sale of securities
of $247,000 were recognized in the comparable period last year.
Other Expense
Other expense for the second quarter of 2002 was $8,647,000, up 12.6
percent from $7,679,000 for the comparable period in 2001. Employee compensation
increased by 16.4 percent, net occupancy decreased by 5.2 percent, equipment
expense increased by 6.7 percent, while other operating expense increased by
12.6 percent.
Capital Resources
Stockholders' equity totaled $103,659,000 on June 30, 2002, an increase of
7.0 percent from $96,837,000 on December 31, 2001. The ratio of equity to assets
was 8.3 percent at June 30, 2002 and 8.3 percent at December 31, 2001. The
following table details amounts and ratios of Suffolk's regulatory capital: (in
thousands of dollars except ratios)
- --------------------------------------------------------------------------------------------------------------
To be well capitalized
For capital under prompt corrective
Actual adequacy action provisions
Amount Ratio Amount Ratio Amount Ratio
- --------------------------------------------------------------------------------------------------------------
As of June 30, 2002
Total capital (to risk-weighted assets) $107,730 11.89% $ 72,511 8.00% $ 90,639 10.00%
Tier 1 capital (to risk-weighted assets) 98,773 10.90% 36,256 4.00% 54,383 6.00%
Tier 1 capital (to average assets) 98,773 7.97% 49,599 4.00% 61,999 5.00%
- --------------------------------------------------------------------------------------------------------------
As of December 31, 2001
Total capital (to risk-weighted assets) $105,136 11.91% $ 70,641 8.00% $ 88,301 10.00%
Tier 1 capital (to risk-weighted assets) 96,311 10.91% 35,320 4.00% 52,980 6.00%
Tier 1 capital (to average assets) 96,311 8.92% 43,194 4.00% 53,992 5.00%
==============================================================================================================
Credit Risk
Suffolk makes loans based on the best evaluation possible of the
creditworthiness of the borrower. Even with careful underwriting, some loans may
not be repaid as originally agreed. To provide for this possibility, Suffolk
maintains an allowance for possible loan losses, based on an analysis of the
performance of the loans in its portfolio. The analysis includes subjective
factors based on management's judgment as well as quantitative evaluation.
Prudent, conservative estimates should produce an allowance that will provide
for a range of losses. According to generally accepted accounting principles
("GAAP") a financial institution should record its best estimate. Appropriate
factors contributing to the estimate may include changes in the composition of
the institution's assets, or potential economic slowdowns or downturns. Also
important is the geographical or political environment in which the institution
operates. Suffolk's management considers all of these factors when determining
the provision for possible loan losses.
10
The following table presents information about the allowance for possible loan
losses: (in thousands of dollars except for ratios)
- -----------------------------------------------------------------------------------------------------------------
For the For the three months ended
last 12 June 30 Mar. 31 Dec. 31 Sept. 30
months 2002 2002 2001 2001
- -----------------------------------------------------------------------------------------------------------------
Allowance for possible loan losses
Beginning balance $ 8,446 $ 8,834 $ 8,825 $ 8,750 $ 8,446
Total charge-offs 1,153 307 386 291 169
Total recoveries 270 70 95 37 68
Provision for possible loan losses 1,394 360 300 329 405
- -----------------------------------------------------------------------------------------------------------------
Ending balance $ 8,957 $ 8,957 $ 8,834 $ 8,825 $ 8,750
=================================================================================================================
Coverage ratios
Loans, net of discounts: average $788,742 $802,794 $790,472 $784,435 $777,266
at end of period 796,271 806,694 792,588 796,110 789,692
Non-performing assets 2,391 2,987 2,319 1,968 2,290
Non-performing assets/total loans (net of discount) 0.30% 0.37% 0.29% 0.25% 0.29%
Net charge-offs/average net loans (annualized) 0.11% 0.12% 0.15% 0.13% 0.05%
Allowance/non-accrual, restructured, & OREO 377.83% 299.87% 380.94% 448.42% 382.10%
Allowance for loan losses/net loans 1.11% 1.11% 1.11% 1.11% 1.11%
- -----------------------------------------------------------------------------------------------------------------
Market Risk
Suffolk originates and invests in interest-earning assets and solicits
interest-bearing deposit accounts. Suffolk's operations are subject to market
risk resulting from fluctuations in interest rates to the extent that there is a
difference between the amounts of interest-earning assets and interest-bearing
liabilities that are prepaid, withdrawn, mature, or repriced in any given period
of time. Suffolk's earnings or the net value of its portfolio (the present value
of expected cash flows from liabilities) will change when interest rates change.
The principal objective of Suffolk's asset/liability management program is to
maximize net interest income while keeping risks acceptable. These risks include
both the effect of changes in interest rates, and risks to liquidity. The
program also provides guidance to management in funding Suffolk's investment in
loans and securities. Suffolk's exposure to interest-rate risk has not changed
substantially since December 31, 2001.
Business Risks and Uncertainties
This report contains some statements that look to the future. These may include
remarks about Suffolk Bancorp, the banking industry, and the economy in general.
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. 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 operation. Each of the factors may change in ways that management
does not now foresee. 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.
Recent Accounting Pronouncements
Suffolk implemented SFAS No. 142, "Goodwill and Other Intangible Assets" on
January 1, 2002. As of June 30 , 2002, the balance of excess cost over the fair
value of net assets acquired recorded on Suffolk's statement of condition was
$814,000. During the second quarter of 2002, Suffolk determined that there was
no impairment of the goodwill recorded on its books and no expense was recorded.
Suffolk recorded expense of $90,483 to amortize goodwill during the second
quarter of 2001.
11
PART II
Item 6. Exhibits and Reports on Form 8-K.
Form 8-K dated June 25, 2002 "Suffolk Bancorp Elects James E. Danowski
Director"
Form 8-K dated July 22, 2002 Change in Certifying Accountant
99.1 Certification of Periodic Report - Thomas S. Kohlmann, President &
Chief Executive Officer
99.1 Certification of Periodic Report - J. Gordon Huszagh, Executive
Vice President & Chief Financial Officer
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SUFFOLK BANCORP
Date: August 14, 2002 /s/ Thomas S. Kohlmann
---------------------------------------------------
Thomas S. Kohlmann
President & Chief Executive Officer
Date: August 14, 2002 /s/ J. Gordon Huszagh
---------------------------------------------------
J. Gordon Huszagh
Executive Vice President & Chief Financial Officer
12