April 27, 2010 (FinancialWire) — Suffolk Bancorp (NASDAQ: SUBK) said that Suffolk County National Bank, its banking subsidiary, has revised the provision for loan losses for the first quarter of 2010. In consultation with the bank’s primary regulator subsequent to the release of earnings for the first quarter on April 13, 2010, management and the company’s board have agreed that the allowance for loan losses be increased to 1.80 percent of loans for the quarter from 1.27 percent of loans.

As a result, the allowance for loan losses was increased to $21.132 million from a previously reported $14.944 million, the provision was increased to $8.837 million from a previously reported $2.649 million, earnings per share were decreased to $0.16 per share from a previously reported $0.54 per share, and net income was reduced to $1.532 million from $5.207 million, as previously reported.

Suffolk said that this additional provision was not made in response to any increase in actual, realized losses from those previously reported, nor any material changes in the quality of specific credits within Suffolk’s loan portfolio.

New York-based Suffolk Bancorp is a one-bank holding company engaged in the commercial banking business through Suffolk County National Bank, a full service commercial bank with 29 offices in Suffolk County, New York.

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