Business Briefs: Big Sale on North Fork, Suffolk Bancorp. Results, Scott Joins Elliman

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Debra Scott
Debra Scott

Debra Scott Joins Douglas Elliman

East End-based journalist, Debra Scott has joined the East Hampton Douglas Elliman office. The veteran writer has contributed to many newspapers and magazines and written extensively about real estate and interior design.

Ms. Scott co-authored the best-selling book “The Nouveaux Pauvres: A Guide to Downward Nobility” and worked as a copywriter for the prestigious “J. Peterman” catalog.

As a public relations executive, she has overseen strategy for brands like the 21 Club, and in her marketing career she has worked to promote brands at such venues as the Grammys.

Ms. Scott is also a graduate of Peter Kump’s School of Culinary Arts and has worked professionally as a chef and written extensively about food. For more information, reach out to her at (631) 237-1040.

Daniel Gale Sotheby’s International Realty Closes Highest Residential Sale on North Fork

Daniel Gale Sotheby’s International Realty, one of the nation’s leading realtors closed on Glendalough, a 15-acre waterfront property on Nassau Point. This transaction represents the highest residential sale on the North Fork, according to a press release issued by the first late last week.

Glendalough has been an iconic North Fork family compound that dates from 1926 and has passed through three generations of one family hosting holidays, vacations, reunions and lazy summer days of swimming, sunning and boating.

There is a main house and guest cottage on the property with 1,000 feet of sandy beachfront on Peconic Bay, and a private boat basin on Wunneweta Pond that leads to Peconic Bay.

Glendalough was listed for $9.2 million by Carol Syznaka and Mariah Mills of Daniel Gale Sotheby’s International Realty. “The longest stretch of bay beach fetches the highest sales price on the North Fork,” Ms. Syznaka said.

For more information, please visit danielgale.com or call (800) 942-5334.

Suffolk Bancorp Fourth Quarter and 2016 Results

Suffolk Bancorp, the parent company of Suffolk County National Bank has released the results of the fourth quarter and full year 2016 earnings.

Highlights of the report include that net income increased by 12.1% to $19.8 million in 2016 versus full year 2015, core net income increased by 20.3% to $21.5 million in 2016 versus full year 2015.

Net income in the fourth quarter of $3.7 million, including merger-related charges, increased by 2.6% versus fourth quarter 2015, core net income in the fourth quarter increased by 6.4% to $5.0 million versus fourth quarter 2015.

Demand deposits, representing 47% of total deposits at December 31, 2016, increased by 10.1% versus fourth quarter 2015, and fourth quarter 2016 total cost of funds was an extraordinarily low 0.18%.

Return on average assets (ROA) and return on average stockholders’ equity (ROE) for full year 2016 improved to 0.90% and 9.54%. Core ROA and core ROE improved to 0.98% and 10.32% for full year 2016.

Tangible book value per share grew by 8.6% to $17.88 per share from $16.47 per share at December 31, 2015.

For the year ending December 31, 2016, the Company recorded net income of $19.8 million, or $1.66 per diluted common share, versus $17.7 million, or $1.49 per diluted common share for the comparable 2015 full year period. Excluding merger-related charges, net non-accrual interest received and other real estate owned (“OREO”) expenses incurred in 2016, core net income was $5.0 million and $21.5 million in the fourth quarter and full year 2016 periods, respectively.

The 2.6% increase in fourth quarter 2016 earnings versus the comparable 2015 period resulted from a $239 thousand increase in net interest income and a $400 thousand reduction in the provision for loan losses. Based upon consideration of many factors, including credit risk grades and economic conditions, in its evaluation of the various classes of the loan portfolio, the Company recorded in total a $400 thousand credit to the provision for loan losses in the fourth quarter of 2016. No provision expense was recorded in the comparable 2015 period. Partially offsetting these improvements was a $378 thousand increase in total operating expenses in 2016 when compared to the fourth quarter of 2015.

The Office of the Comptroller of the Currency has approved the merger of the Bank with People’s United Bank, N.A., the bank subsidiary of People’s United Financial, Inc., in connection with the previously announced merger of the Company and People’s United Financial, Inc. The merger transaction, which was previously approved by the Company’s shareholders, remains subject to the approval of the Board of Governors of the Federal Reserve System and other customary conditions to closing, and is currently expected to be completed during the first quarter.

“I am pleased to report a strong fourth quarter. Most importantly, we made significant progress during the quarter toward ensuring a smooth and successful integration in connection with our pending merger with People’s United Financial. When the merger was announced on June 27, 2016, I stated my belief that we could leverage the strengths of our combined institutions for the benefit of all our current and future stakeholders. After seeing how closely and cooperatively our respective teams have worked together over the past seven months, I am even more confident today that we will hit the ground running on day one. It is also gratifying to see that our continued Company-wide focus on high quality execution has not been compromised as a result of the pending merger,” President and CEO, Howard Bluver said.

For more information, please visit scnb.com or call (631) 208-2200.

Nicole La Bella

Hamptons Dealmaker Nicole LaBella Joins Town & Country Real Estate

Nicole LaBella has moved to Town & Country Real Estate from Corcoran, where she was a top producer and market leader for a decade.

“I make my clients feel like they’re my ‘only’ clients,” Ms. LaBella says. “Town & Country has the cachet and boutique feel for buyers and sellers that I absolutely love. Business is personal here at T&C. I like to know the owner of the company and can speak to the executives for support and information whenever I need to. That access helps me service my clients and give them exactly what they want.”

“Having watched Nicole LaBella excel as a real estate professional over the years has made it clear that she would excel even further with the exceptional support staff we have here at T&C,” Judi Desiderio, CEO of Town & Country Real Estate said.

Ms. LaBella earned a B.S. degree in Business Administration from St. John’s University and received her Master’s Degree in Education from Adelphi University. She taught elementary school while managing a physical fitness training business and pursuing studies towards her degree in physiology.

For more information, please contact Nicole LaBella at NLabella@TownAndCountryHamptons.com or call (631) 283-5800.

Suffolk Federal President & Chief Executive Officer Ralph D. Spencer, Jr.

Suffolk Federal Announces Ralph D. Spencer Jr. As President & CEO

Suffolk Federal has announced Ralph D. Spencer, Jr. of Coram as its new President & Chief Executive Officer. With more than 37 years of lending and retail banking experience, Mr. Spencer provides the leadership and overall direction of operations within the credit union consistent with its vision and mission statements.

He will also work with all support teams to ensure personal service is delivered to the credit union’s membership. Prior to this promotion, Mr. Spencer served as the credit union’s Executive Vice President, Chief Operating Officer and Chief Lending Officer.

“The Board of Directors is extremely confident in Ralph’s expertise and ability to lead the credit union,” Chairman of the Board of Directors at Suffolk Federal, James J. Maggio, Jr. said. “He brings a wealth of banking knowledge to Suffolk Federal and we are certain that his extensive experience will help to escalate Suffolk Federal’s products, services and member relationships to the next level. He is an invaluable member of the credit union team and we look forward to our continued future growth under his leadership.”

Mr. Spencer earned his Bachelor of Science degree in Business from Friends University in Kansas, graduated from the Graduate School of Banking at University of Wisconsin and is a veteran of the United States Air Force.

For more information, please visit suffolkfcu.org, call (631) 924-8000 or visit any Suffolk Federal branch today.

Yoga Shanti Workshop with Heidi Fokine

Yoga Shanti in Sag Harbor will hold a yoga and shamanism workshop on February 18 with Heidi Fokine from 2 to 4:30 p.m.

This workshop is open to all student levels and will cost $60. The workshop will examine the intersecting principles of two ancient mystical paths toward self-realization, yoga and shamanism.

The eight limbs of Yoga remind us “we are in Union with the Divine.” Shamanism, from the high Andes of Peru, offers a direct experience with spirit. During the workshop, participants will run fingers through sacred texts and use movement, ritual and ceremony to open the way for a deeper connection with the gift of our lives.

Yoga Shanti Sag Harbor is located at 32 Bridge Street in Sag Harbor. For more information, please call, (631) 725-6424 and sign up for this workshop at Yogashanti.com.

 

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