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Suffolk Bancorp in Riverhead, N.Y., has announced that it may need to restate earnings for several quarter after identifying weaknesses in its methodology for calculating loan losses.
May 13
Stacy L. Moran has resigned as chief financial officer at Suffolk Bancorp, just weeks after the Riverhead, N.Y., company announced that it may have to restate earnings for several quarters.
The $1.6 billion-asset Suffolk said in a Securities and Exchange Commission filing last week that Moran submitted her resignation on June 13 and that her last day will be June 24. Chief Executive Officer J. Gordon Huszagh, a former CFO with the company, will serve as CFO until a permanent successor is named.
Suffolk announced in April that it lost $12.9 million in the first quarter after taking a $29.7 million provision for loan losses. A month later it said that it may need to revise earnings for the first quarter and several other quarters after it identified weaknesses in its methodology for calculating loan losses and that it has hired outside consultants to review its loan portfolio.
The company has delayed filing its first-quarter earnings report with the SEC until the review is complete.
