Business Beat: Suffolk Bancorp reports drop in earnings

01/19/2011 10:49 AM |

BARBARAELLEN KOCH PHOTO | Charles Scheer Jr. - president of Cornell Cooperative Extension board of directors.

• Suffolk Bancorp, the parent company of Suffolk County National Bank, has reported a drop in earnings for the fourth quarter of 2010 and for the entire year. The company’s fourth quarter net income fell 22.2 percent, from $5.15 million during the same period in 2009 to $4 million. For the full year, income declined by 33.4 percent, from $22,548,000 to $15,020,000. In both cases, the results reflect an increase in the company’s loan loss reserves.
“We believe that economic improvement on ‘Main Street’ will be at a pace slower than we had all hoped for,” said J. Gordon Huszagh, president and CEO. Although 2010 was a “challenging year,” Mr. Huszagh added, “We feel rewarded in our efforts to remain profitable in difficult times.”

• Mattituck resident Charles Scheer Jr. is the new president of the board for Cornell Cooperative Extension of Suffolk. He previously served as the organization’s vice president and treasurer. A former production manager and currently a consultant for Half Hollow Nursery in Laurel, Mr. Scheer is a past president of the Long Island Farm Bureau’s board of directors.