SuffolkFirst reporting asset growth

Published 12:00 am Monday, May 2, 2005

Staff Report

SuffolkFirst Bank (NASDAQ: SUFB), a Virginia state-chartered bank headquartered in Suffolk, on Friday reported 66 percent asset growth and 81 percent improvement in operating loss for first quarter 2005 compared to first quarter 2004.

Darrell G. Swanigan, president and CEO, said he was pleased to report that the bank continues to enjoy increased franchise value through improved earnings and solid asset growth. As of April 28, the market value for SuffolkFirst Bank (SUFB) stock, as reported by NASDAQ, closed at $10.66, up $1.31 per share or an increase of 14.01 percent from the Dec. 31, 2004 closing price of $9.35 per share.

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Assets grew $35 million or 66 percent to $87.9 million at quarter end March 31 as compared to $52.9 million one year ago, and increased by $7 million or 8.6 percent Dec. 31.

Swanigan reports strong loan , 77.4 percent

to $47.9 million from $27 million over the March 2004 quarter end as compared to the March 2005 quarter end.

Loans grew $6.4 million or 15 percent for the three month period Dec. 31 2004 to March 31, 2005.

Growth in loans, combined with a $16.4 million or 92 percent increase in investments for March 2004 compared to this year was funded by an equally solid 67 percent increase or $29 million in deposits, while total investments declined by $1.6 million for the three month period from December to March.