Home Business Business Briefs Suffolk Bancorp releases 4th quarter and 2016 year-end results

Suffolk Bancorp releases 4th quarter and 2016 year-end results

Suffolk County National Bank's headquarters on East Second Street in downtown Riverhead. (Photo: Peter Blasl)
File photo: Peter Blasl

Suffolk Bancorp, the parent company of Suffolk County National Bank released its fourth quarter and 2016 year-end results. Highlights of the report show the following results:

• Net income increased by 12.1% to $19.8 million in 2016 versus full year 2015
• Core net income increased by 20.3% to $21.5 million in 2016 versus full year 2015
• Net income in the fourth quarter of $3.7 million, including merger-related charges, increased by 2.6% versus fourth quarter 2015; core net income in
the fourth quarter increased by 6.4% to $5.0 million versus fourth quarter 2015
• Demand deposits, representing 47% of total deposits at December 31, 2016,increased by 10.1% versus fourth quarter 2015
• Fourth quarter 2016 total cost of funds was an extraordinarily low 0.18%
• Return on average assets (ROA) and return on average stockholders’ equity (ROE) for full year 2016 improved to 0.90% and 9.54%; core ROA and core ROE improved to 0.98% and 10.32% for full year 2016
• Tangible book value per share grew by 8.6% to $17.88 per share from $16.47 per share at December 31, 2015

Click here to see the report in its entirety.

Source: Press release issued by Suffolk Bancorp dated Feb. 7, 2017.