Effective October 29, 2009, the Board of Directors of Smithtown Bancorp Inc. adopted an amendment to the ByLaws of the company effecting the Audit Committee Charter and the Governance and Nominating Committee Charter. The charter of the Audit Committee was amended to add (i) that all members of the committee must also be 'independent of management' as such term is defined in pertinent legal and/or regulatory standards, (ii) that the determination of whether a committee member is an 'independent director', an 'audit committee financial expert' and 'independent of management' shall be made annually by the Board of Directors based upon the recommendations of the Governance and Nominating Committee, and (iii) that if one or more employees of Bank of Smithtown is performing the internal audit function, the employee(s) shall report to the Audit Committee regarding audit matters and to the Chief Executive Officer of the Bank regarding administrative matters. The charter of the Governance and Nominating Committee of the Board of Directors of the Bancorp was amended to include the responsibilities and authorization of that committee to evaluate on an annual basis whether the directors serving on the Audit Committee or who may serve on that committee are outside directors and are independent of management and the criteria for making those evaluations. The amendments were adopted to comply with recent amendments to regulations of the Federal Deposit Insurance Corporation.

Smithtown Bancorp Inc. announced consolidated financial results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported total interest income of $32,330,000, net interest income of $18,858,000, net interest income after provision for loan losses of $8,858,000, income before income taxes of $856,000, net income of $898,000 or $0.06 per diluted share against total interest income of $24,467,000, net interest income of $13,912,000, net interest income after provision for loan losses of $13,412,000, income before income taxes of $7,270,000, net income of $4,607,000 or $0.47 per diluted share a year ago. Return on Average Equity was 2.32% as compared to 19.35% for the same period a year ago. Return on Average Assets was 0.15% as compared to 1.15% for the same period a year ago. For the nine months, the company reported total interest income of $88,206,000, net interest income of $48,627,000, net interest income after provision for loan losses of $35,627,000, income before income taxes of $11,744,000, net income of $7,927,000 or $0.59 per diluted share against total interest income of $66,265,000, net interest income of $37,031,000, net interest income after provision for loan losses of $35,031,000, income before income taxes of $18,705,000, net income of $12,133,000 or $1.23 per diluted share a year ago. Return on Average Equity was 7.62% as compared to 18.60% for the same period a year ago. Return on Average Assets was 0.47% as compared to 1.15% for the same period a year ago.

Smithtown Bancorp Inc. - Conference Presentation Calls