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SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549



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FORM 10-Q/A



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AMENDMENT NO. 1



QUARTERLY REPORT UNDER SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934



For the quarter ended March 31, 2004



Commission file number 2-91511



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SMITHTOWN BANCORP

Incorporated pursuant to the laws of New York State



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Internal Revenue Service  Employer Identification No. 11-2695037



One East Main Street, Smithtown, New York 11787-2801



631-360-9300



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Indicate by check mark whether the
registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days.    Yes  x    No ̈



Check whether the registrant is an accelerated filer.    Yes  x    No ̈



Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date: 2,970,949 Shares of Common Stock ($.01 Par Value) Outstanding as of April 30, 2004.



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This amendment to the Form 10-Q originally filed on May 6, 2004, for the quarter ended March 31, 2004, amends the
Unaudited Consolidated Statements of Income, to correct a typographical error in comprehensive income for the three month period ended March 31, 2004. The entire page of the Unaudited Consolidated Statements of Income follows.



SMITHTOWN BANCORP

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(in thousands, except share and per share data)



|                                                    |  |                                     |           |      |   |          
|--------------------------------------------------- |  | ----------------------------------- | --------- | ---- | - | ---------
|                                                    |  | For the Three Months EndedMarch 31,
|                                                    |  | 2004                                |           | 2003
|Interest Income                                     |  |                                     |           |      |   |          
|Interest on loans                                   |  | $                                   | 7,754     |      | $ | 6,209    
|Interest on federal funds sold                      |  |                                     | 49        |      |   | 24       
|Interest and dividends on investment securities:    |  |                                     |           |      |   |          
|Taxable:                                            |  |                                     |           |      |   |          
|Obligations of U.S. government agencies             |  |                                     | 154       |      |   | 93       
|Mortgage - backed securities                        |  |                                     | 86        |      |   | 187      
|Other securities                                    |  |                                     | 79        |      |   | 126      
|                                                    |  |                                     |           |      |   |          
|Subtotal                                            |  |                                     | 319       |      |   | 406      
|Exempt from federal income taxes                    |  |                                     |           |      |   |          
|Obligations of state & political subdivisions       |  |                                     | 191       |      |   | 248      
|Other interest income                               |  |                                     | 21        |      |   | 29       
|                                                    |  |                                     |           |      |   |          
|Total interest income                               |  |                                     | 8,334     |      |   | 6,916    
|                                                    |  |                                     |           |      |   |          
|Interest Expense                                    |  |                                     |           |      |   |          
|Money market accounts (including savings)           |  |                                     | 610       |      |   | 477      
|Time deposits $100,000 and over                     |  |                                     | 496       |      |   | 376      
|Other time deposits                                 |  |                                     | 884       |      |   | 637      
|Other borrowings                                    |  |                                     | 489       |      |   | 356      
|                                                    |  |                                     |           |      |   |          
|Total interest expense                              |  |                                     | 2,479     |      |   | 1,846    
|                                                    |  |                                     |           |      |   |          
|Net interest income                                 |  |                                     | 5,855     |      |   | 5,070    
|Provision for loan losses                           |  |                                     |          |      |   | 80       
|                                                    |  |                                     |           |      |   |          
|Net interest income after provision for loan losses |  |                                     | 5,855     |      |   | 4,990    
|                                                    |  |                                     |           |      |   |          
|Other Non - Interest Income                         |  |                                     |           |      |   |          
|Trust department income                             |  |                                     | 110       |      |   | 101      
|Service charges on deposit accounts                 |  |                                     | 426       |      |   | 455      
|Other income                                        |  |                                     | 388       |      |   | 382      
|Net gain on sales of investment securities          |  |                                     | 94        |      |   | 10       
|                                                    |  |                                     |           |      |   |          
|Total other non - interest income                   |  |                                     | 1,018     |      |   | 948      
|                                                    |  |                                     |           |      |   |          
|Other Operating Expenses                            |  |                                     |           |      |   |          
|Salaries                                            |  |                                     | 1,776     |      |   | 1,183    
|Pension and other employee benefits                 |  |                                     | 335       |      |   | 333      
|Net occupancy expense of bank premises              |  |                                     | 414       |      |   | 377      
|Furniture and equipment expense                     |  |                                     | 284       |      |   | 249      
|Other operating expense                             |  |                                     | 721       |      |   | 685      
|                                                    |  |                                     |           |      |   |          
|Total other operating expense                       |  |                                     | 3,530     |      |   | 2,827    
|                                                    |  |                                     |           |      |   |          
|Income before income taxes                          |  |                                     | 3,343     |      |   | 3,111    
|Provision for income taxes                          |  |                                     | 1,213     |      |   | 1,122    
|                                                    |  |                                     |           |      |   |          
|Net Income                                          |  | $                                   | 2,130     |      | $ | 1,989    
|                                                    |  |                                     |           |      |   |          
|Earnings per share                                  |  |                                     |           |      |   |          
|Net income                                          |  | $                                   | 0.72      |      | $ | 0.66     
|Cash dividends declared                             |  | $                                   | 0.10      |      | $ | 0.09     
|Weighted average shares outstanding                 |  |                                     | 2,970,949 |      |   | 3,034,488
|Comprehensive income                                |  | $                                   | 2,301     |      | $ | 2,013    



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SIGNATURES



Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



|            |  |                                              
|----------- |  | ---------------------------------------------
|            |  | SMITHTOWN BANCORP                            
|            | 
|            |  | May 7, 2004                                  
|            | 
|            |  | /s/ Bradley E. Rock                          
|            |  | Bradley E. Rock, Chairman, President and     
|            |  | Chief Executive Officer                      
|            | 
|May 7, 2004 |  |                                              
|            |  | /s/ Anita M. Florek                          
|            |  | Anita M. Florek, Executive Vice President and
|            |  | Treasurer