Suffolk Bancorp (SUBK) in Riverhead, N.Y., made good on a pledge to aggressively address its credit issues, posting a large quarterly loss in the process.

The $1.6 billion-asset company lost $9.1 million in the third quarter, compared to a $3.1 million gain a year earlier. The biggest difference was credit: Suffolk recorded a $12 million loan-loss provision in the third quarter, compared with just $900,000 a year earlier.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.