Business Beat: Suffolk Bancorp report
• Suffolk Bancorp posted a loss per share of $1.33 for this year’s first quarter, compared to earnings of 16 cents for the first three months of 2010, the company said this week.
The net loss was $12,899,000. Last year the company reported first quarter net income of $1,532,000. Suffolk Bancorp, the parent company of Suffolk County National Bank, attributes the decline to a loan loss provision of $29.7 million, a jump of 236.1 percent from the $8.83 million provision for 2010’s first quarter.