Suffolk Bancorp in Riverhead, N.Y., on Tuesday reported lower quarterly earnings as credit costs stayed high.
The $1.62 billion-asset company's said fourth-quarter earnings fell 22.2% from a year earlier, to $4 million, or 41 cents a share. For 2010, earnings fell 33.4% from a year earlier, to $15 million.
The loan-loss provision nearly doubled from a year earlier, to $2.5 million, though it fell slightly from the third quarter.
Suffolk also said it is making progress addressing issues in an October agreement between its Suffolk County National Bank and the Office of the Comptroller of the Currency.
