Suffolk Bancorp in Riverhead, N.Y., said Monday that its second-quarter earnings rose 5.9% from a year earlier, to $5.64 million.
Thomas S. Kohlmann, Suffolk's president and chief executive officer, called the results "reasonably good," given the flat yield curve.
Earnings per share rose 10%, to 55 cents.
The $1.4 billion-asset Suffolk's net interest margin expanded 17 basis points, to 5.15%. In a press release, Mr. Kohlmann attributed the increase to higher rates on variable loans, new commercial relationships that proved profitable, and the efficient use of wholesale funding sources.
Suffolk reported charging off a large loan that is in litigation, with no effect on earnings. The allowance for losses - which is more than 1,000% of nonperforming assets - was five times the industry average at the end of the quarter. Still, as a percentage of total loans, the allowance decreased 0.77%.
