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Earnings-per-share for explains charlette bobcats the year arena bobcat ticket draws todate were $2.58, an increase of 15.2 percent from $2.24 during the comparableperiod of 2007. Net income for the year to date was $24,688,000, up 11 Charlotte Bobcats tickets – nba .6 percentfrom the same period last year. A detailed financial summary follows the text ofthis release Acting President and Chief Executive Officer, J. Gordon Huszagh remarked, “Thereis nothing I can add to reports in the news media that would better explain whatan unfortunately remarkable period of time this is for our economy. History isbeing written as political leaders in the United States and around the worldwrestle with policy to minimize the depth of the current recession and speedrecovery from it Charlotte Bobcats . But once again, I want to reassure our investors, customers,and employees about Suffolk Bancorp`s condition and prospects.
We have beenalert to developments in the economy and in our market, and conservative anddisciplined in our lending and investing charlote bobcats . That attention to the details of ourbusiness is evident in the numbers we report this quarter which remainconsistent with our past performance, with return on average equity remaining atapproximately 20 percent for both the quarter and year, exclusive of theproceeds of VISA, Inc.’s initial public offering during the first quarter, andat 22 percent for the year when that transaction is included basketball . While ourshareholders certainly benefited from this transaction, we believe the moreimportant numbers are those achieved through our core business basketball tickets . These numberssecure our place among the high performing banks in our region and in thenation bickerstaff Bobcats .
Going forward, we cannot assure that we will remain unaffected by theturmoil in the broader economy, but we are focused sharply on mitigating theeffects of a continued or deepened downturn, and hopeful that we can preserveour traditional ranking in the industry, if not our traditional performanceratios.” He continued, “There are several items of which I would like to make specificmention charlotte bobcats hotel Bobcats tickets . First, loan balances increased by 14.2 percent from year to year blairsville bobcats . Weattribute this in part to good, solid borrowers whose former banks have not beenin a position to lend to them as the credit crisis developed bob crosby bobcats Bobcats tickets – nba . This led to asubstantial increase in real estate construction loans which have beenunderwritten on the basis of reasonable ratios of loan-to-value, conservativeevaluations of projected cash flows, and guarantees for permanent financing inplace prior to granting the interim credit bobcat arena . We are optimistic that we will beable to develop many of these credits into well-rounded, long-standingrelationships with stable customers of the sort who have always been our breadand butter bobcats.com .” He went on to say, “We evaluate our allowance for possible loan losses on anongoing basis to ensure its adequacy. Accordingly, our provision has beenincreased by 444 percent for both the quarter and the year in comparison to2007, to account for growth in the portfolio and for upheaval in the markets.
Webelieve this is the prudent response to current disorder in the economy, anduncertainty about how quickly it will recover.” He further commented, “In keeping with broader tumult in the markets, there hasbeen a substantial decline in the market value of Suffolk`s general employeepension plan assets charlotte bobcats payroll . At the same time there has been a reduction in the rate atwhich the plan liability is discounted that resulted in an increase in thatliability bobcat arena tickets . While the plan was fully funded as of September 30, 2008, these twodevelopments have resulted in a net under-funded position of $11,616,000 thatwas recorded as a liability as of December 31, 2008 bobcat basketball . There was no effect on netincome or earnings per share for 2008, although absent a decline in theliability, or an increase in the value of plan assets, additional expense willbe incurred in the future to restore the plan to full funding bobcat basketball tickets .
Full details ofthese calculations will be available in the 10-K currently scheduled to be filedearly in March.” He then remarked, “Finally, members of the media and the investing public, aswell as a number of our customers have been interested to know how we respondedto the Capital Purchase Program of the United States Treasury`s Troubled AssetRelief Program which has gained increasing notoriety since its implementation.We want all of our constituents to know that from the start we analyzed itcarefully and at length, and being a strong and profitable bank in the firstplace, we did not see it as being in the best interests of our commonshareholders, customers, employees, or the communities we serve . Accordingly, weneither applied for nor accepted funds from the program bobcats . We believe that ourcurrent capital structure provides us with the best and most stable means ofpreserving and increasing our shareholders investment over the long term.” He concluded, “Having been in business now for 119 years, our Board, mycolleagues, and I all feel a sense of stewardship for Suffolk Bancorp and itsfuture bobcats arena . We cannot, of course, guarantee that we will not be affected as thecurrent, deep recession runs its course, but we are unified and determined inour resolve to see our bank through these times to brighter ones ahead with bothour capital and our relationships with our customers intact nba.com – bobcats .” Suffolk Bancorp is a one-bank holding company engaged in the commercial bankingbusiness through Suffolk County National Bank, a full service commercial bankheadquartered in Riverhead, New York . Organized in 1890, Suffolk County NationalBank has 29 offices in Suffolk County, New York.
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