Suffolk Bancorp, the parent company of Riverhead-based Suffolk County National Bank (SCNB), announced Monday that it has been named one of the Sandler O’Neill + Partners Sm-All Stars Class of 2015. This is the second consecutive year that Suffolk Bancorp has received this honor.
The Sm-All Stars designation was established to identify the United States’ top performing small-cap banks and thrifts with exceptional performance metrics that exceed industry metrics. Companies were selected based on various financial screening criteria, including growth, profitability, credit quality and capital strength. Sm-All Star institutions also maintained a net charge-off ratio of less than 25 basis points over the last 12 months, and a tangible common equity ratio exceeding 7% at June 30, 2015.
Suffolk Bancorp was one of 34 publicly traded banks and thrifts selected among 435 depository institutions from across the country with a market capitalization of less than $2.5 billion.
“We are pleased to be recognized, for the second consecutive year, among top-performing publicly traded small-cap banks and thrifts nationwide,” Suffolk Bancorp President and CEO Howard C. Bluver says. “The Sm-All Star designation acknowledges the successful execution of our key growth strategies and our strong financial performance, including attention to credit quality and risk.”
Suffolk Bancorp is a one-bank holding company engaged in the commercial banking business through SCNB, a full service commercial bank headquartered in Riverhead and Suffolk Bancorp’s wholly owned subsidiary. Organized in 1890, SCNB has 27 branch offices in Nassau, Suffolk and Queens counties, including banks in East Hampton, Montauk, Sag Harbor, Southampton, Hampton Bays, Westhampton Beach, Riverhead and Cutchogue on the East End.
In July, the company reported net income of $5.1 million, or $0.43 per diluted common share, for the second quarter of 2015. That was a significant improvement compared to their net income of $3.8 million, or $0.32 per diluted common share, at the same time in 2014.
For more information about Suffolk County National Bank and its products and services, visit scnb.com.