Suffolk Bancorp in Riverhead, N.Y., said Tuesday that fourth-quarter and 2007 earnings were basically flat when compared with the year earlier.
The $1.5 billion-asset company earned $5.6 million in the quarter, up 0.1%, and $22.1 million for the year, down 2.2%. Quarterly earnings per share rose 5.5%, to 58 cents, and 1.8% for the year, to $2.24.
The company reported modest loan growth in the quarter, but its gain in interest income was offset by higher deposit costs and a bigger provision for loan losses. Its net interest income after a $225,000 provision for loan losses was $15.6 million, down 5.5% from the year earlier.
Still, the company managed to maintain a return on equity that has consistently been above the industry average. Its ROE for the quarter that ended Dec. 31 was 21.6%, up 79 basis points from the year earlier.
