Suffolk Bancorp, the parent company of Suffolk County National Bank, has announced its figures for the second quarter of 2014, reporting net income of $3.8 million, up from the $2.8 million it posted for the same period last year.
“I am very pleased with our results in the second quarter, as we experienced both strong financial results and accelerating momentum,” said president and CEO Howard C. Bulver in a release. “The expansion strategies we have consistently articulated for both our lending and deposit businesses are working as envisioned.”
The second quarter result follows on the heels of a successful first quarter. For six-month period ending June 30, the company reported net income of $7.5 million, up from $5.5 million posted for the comparable period in 2013.
Elsewhere, there were increases in both total loans outstanding and total demand deposits rising from the second quarter of 2013 by 33.5 percent and 13.2 percent respectively.