SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                                    FORM 10-Q

                   QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                    For the quarter ended September 30, 2002

                         Commission file number 2-91511

                                SMITHTOWN BANCORP
               Incorporated pursuant to the laws of New York State

        Internal Revenue Service - Employer Identification No. 11-2695037

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

                                  631-360-9300

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 __

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock,  as of the latest  practicable  date:  1,529,338  Shares of Common
Stock ($1.25 Par Value) Outstanding as of November 4, 2002.

<PAGE>

                                SMITHTOWN BANCORP

                                      INDEX

Part I - FINANCIAL INFORMATION                                        Page

Item 1. Financial Statements

        Consolidated Balance Sheets
           September 30, 2002 and December 31, 2001 ...............     3

        Consolidated Statements of Income
           Three months ended September 30, 2002 and 2001 .........     4

        Consolidated Statements of Income
           Nine months ended September 30, 2002 and 2001 ..........     5

        Consolidated Statements of Comprehensive Income
           Three months ended September 30, 2002 and 2001 .........     6

        Consolidated Statements of Comprehensive Income
           Nine months ended September 30, 2002 and 2001 ..........     7

        Consolidated Statements of Changes in Stockholders' Equity
           Three months ended September 30, 2002 and 2001 .........     8

        Consolidated Statements of Changes in Stockholders' Equity
           Nine months ended September 30, 2002 and 2001 ..........     9

        Consolidated Statements of Cash Flows
           Three months ended September 30, 2002 and 2001 .........    10

        Consolidated Statements of Cash Flows
           Nine months ended September 30, 2002 and 2001 ..........    11

Item 2. Management's Discussion and Analysis of Financial Condition
                  and Results of Operations. ......................    13-14

Item 3. Quantitative and Qualitative Disclosures About Market Risk ..  15-17

Item 4. Controls and Procedures                                        18

Part II - OTHER INFORMATION

Item 1. Legal Proceedings - None

Item 2. Change in Securities and Use of Proceeds - Not Applicable

Item 3. Defaults upon Senior Securities - None

Item 4. Submission of Matters to a Vote of Security Holders - None

Item 5. Other Information - None

Item 6. Exhibits and Reports on Form 8-K

       (1) Exhibits

        Exhibit Number Referred to      Description of Exhibit
        Item 601 of Regulation S-K

             99.1                       Certification of Chief Executive
                                        Officer pursuant to 18 U.S.C.
                                        Section 1350

             99.2                       Certification of Chief Financial
                                        Officer pursuant to 18 U.S.C.
                                        Section 1350
Signatures

Certifications
<PAGE>
<TABLE>
<CAPTION>

SMITHTOWN BANCORP
CONSOLIDATED BALANCE SHEETS
(unaudited)
                                                                                                 As of                   As of
                                                                                        September 30, 2002       December 31, 2001
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                            <C>                    <C>
Revenue
Assets
Cash and Due from Banks ..............................................................           $ 10,651,216           $ 10,911,762
Investment Securities:
   Investment Securities Held to Maturity
     Mortgage - Backed Securities ....................................................                667,529                922,879
     Obligations of State and Political Subdivisions .................................              2,943,294              3,667,584
                                                                                                 ------------           ------------
       Total(Estimated Fair Value $3,792,120 and $4,738,416 ..........................              3,610,823              4,590,463
           at 9/30/02 and 12/31/01)                                                              ------------           -----------
   Investment Securities Available for Sale
     Obligations of U.S. Government Agencies .........................................             13,343,965             12,258,138
     Mortgage - Backed Securities ....................................................             18,190,530             26,053,874
     Oligations of State and Political Subdivisions ..................................             20,976,125             20,399,573
     Other Securities ................................................................              5,090,300              4,007,500
                                                                                                 ------------           ------------
       Total (At Estimated Fair Value) ...............................................             57,600,920             62,719,085
                                                                                                 ------------           ------------
     Total Investment Securities .....................................................             61,211,743             67,309,548
                                                                                                 ------------           ------------
         (Estimated Fair Value $61,393,040 and  $67,457,501 at 9/30/02 and 12/31/01)
Federal Funds Sold ...................................................................             10,401,243                 40,327
Loans ................................................................................            344,663,805            282,090,123
     Less: Unearned Discount .........................................................                163,339                350,885
              Reserve for Possible Loan Losses .......................................              3,794,160              3,091,585
                                                                                                 ------------           ------------
Loans, Net ...........................................................................            340,706,306            278,647,653
                                                                                                 ------------           ------------
Equity Investment in SMTB Financial Group, LLC. ......................................                 44,054                 35,207
Bank Premises and Equipment ..........................................................              8,201,231              5,001,407
Other Assets
     Other Real Estate Owned .........................................................                730,353                730,353
     Other ...........................................................................             19,762,435             17,544,644
                                                                                                 ------------           ------------

Total Assets .........................................................................           $451,708,581           $380,220,901
                                                                                                 ===========            ============
Liabilities
Deposits:
     Demand ..........................................................................           $ 70,408,865           $ 67,011,152
     Money Market ....................................................................            124,172,148            100,499,126
     NOW .............................................................................             23,380,273             23,091,022
     Savings .........................................................................             43,175,598             36,965,936
     Time Deposits ...................................................................            106,061,735             84,374,808
                                                                                                 ------------           ------------
       Total .........................................................................            367,198,619            311,942,044
Dividend Payable .....................................................................                230,365                200,103
Other Borrowed Funds .................................................................             50,000,000             39,750,000
Other Liabilities ....................................................................              1,701,283              1,329,971
                                                                                                 ------------           ------------
     Total ...........................................................................            419,130,267            353,222,118
                                                                                                 ------------           ------------
Stockholders' Equity
Common Stock - $1.25 Par Value, 7,000,000 Shares .....................................              2,239,775              2,239,775
     Authorized; 1,791,820 Shares Issued
Accumulated Other Comprehensive Income ...............................................                611,774                 95,645
Surplus ..............................................................................              1,993,574              1,993,574
Retained Earnings ....................................................................             33,976,056             28,765,704
                                                                                                 ------------           ------------
     Total ...........................................................................             38,821,179             33,094,698
     Less: Treasury Stock (256,053 and 252,563 shares at cost) .......................              6,242,865              6,095,915
                                                                                                 ------------           ------------
     Total ...........................................................................             32,578,314             26,998,783
                                                                                                 ------------           ------------
Total Liabilities and Capital ........................................................           $451,708,581           $380,220,901
                                                                                                 ============           ============
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
                                                                                                    For Three Months Ended
                                                                                          September 30, 2002      September 30, 2001
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                               <C>                     <C>
Interest Income
Interest on Loans ....................................................................             $6,183,040             $5,427,974
Interest and Dividends on:
     Obligations of U.S. Government Agencies .........................................                154,006                153,922
     Mortgage - Backed Securities ....................................................                277,031                462,820
     Obligations of State & Political Subdivisions ...................................                264,313                239,285
     Other Debt Securities ...........................................................                 98,211                 40,150
Interest on Federal Funds Sold .......................................................                 22,073                 58,656
Interest on Balances Due From Depository Institutions ................................                    481                    579
Other Interest Income ................................................................                 17,675                 59,838
                                                                                                   ----------             ----------
     Total Interest Income ...........................................................              7,016,830              6,443,224
                                                                                                   ----------             ----------
Interest Expense
Money Market Accounts ................................................................                455,843                636,726
Savings ..............................................................................                 78,713                111,297
Time  Deposits $100,000 and Over .....................................................                344,798                536,944
Other Time Deposits ..................................................................                594,574                634,731
Interest on Other Borrowed Money .....................................................                440,951                422,091
                                                                                                   ----------             ----------
     Total Interest Expense ..........................................................              1,914,879              2,341,789
                                                                                                   ----------             ----------
Net Interest Income ..................................................................              5,101,951              4,101,435
Provision for Possible Loan Losses ...................................................                330,000                210,000
                                                                                                   ----------             ----------
Net Interest Income After Provision for Possible Loan Losses .........................              4,771,951              3,891,435
                                                                                                   ----------             ----------
Other Non - Interest Income
Trust Department Income ..............................................................                 98,354                122,604
Service Charges on Deposit Accounts ..................................................                499,935                399,466
Other Income .........................................................................                676,020                532,404
Net Securities Transactions ..........................................................                 76,865                      0
                                                                                                   ----------             ----------
     Total Other Non - Interest Income ...............................................              1,351,174              1,054,474
                                                                                                   ----------             ----------
Other Operating Expenses
Salaries .............................................................................              1,342,280              1,161,760
Pension and Other Employee Benefits ..................................................                283,441                206,366
Net Occupancy Expense of Bank Premises ...............................................                310,942                250,985
Furniture and Equipment Expense ......................................................                271,795                208,969
Miscellaneous Operating Expense ......................................................                986,068                623,435
                                                                                                   ----------             ----------
     Total Other Operating Expense ...................................................              3,194,526              2,451,515
                                                                                                   ----------             ----------
Income Before Income Taxes ...........................................................              2,928,599              2,494,394
Provision for Income Taxes ...........................................................              1,005,550                884,237
                                                                                                   ----------             ----------
Income Before Net Income from Equity Investment ......................................              1,923,049              1,610,157
Net Income from Equity Investment ....................................................                 16,632                      0
                                                                                                   ----------             ----------
Net Income ...........................................................................             $1,939,681             $1,610,157
                                                                                                   ==========             ==========
Earnings Per Share
Net Income ...........................................................................             $     1.26             $     1.04
Cash Dividends Declared ..............................................................             $     0.15             $     0.13
Weighted Average Shares Outstanding ..................................................              1,535,767              1,547,798
</TABLE>
<PAGE>

<TABLE>
<CAPTION>

SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
                                                                                                  For Nine Months Ended
                                                                                         September 30, 2002      September 30, 2001
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                               <C>                     <C>
Interest Income
Interest on Loans ....................................................................            $17,484,584            $15,793,881
Interest and Dividends on:
     Obligations of U.S. Government Agencies .........................................                405,648                462,314
     Mortgage - Backed Securities ....................................................                973,777              1,336,809
     Obligations of State & Political Subdivisions ...................................                805,469                615,267
     Other Debt Securities ...........................................................                253,511                 83,951
Interest on Federal Funds Sold .......................................................                 79,638                269,353
Interest on Balances Due From Depository Institutions ................................                    993                  2,717
Other Interest Income ................................................................                 76,127                208,560
                                                                                                  -----------            -----------
     Total Interest Income ...........................................................             20,079,747             18,772,852
                                                                                                  -----------            -----------
Interest Expense
Money Market Accounts ................................................................              1,368,614              2,206,506
Savings ..............................................................................                230,647                338,117
Time  Deposits $100,000 and Over .....................................................                956,985              1,325,008
Other Time Deposits ..................................................................              1,561,414              2,139,412
Interest on Other Borrowed Money .....................................................              1,328,322              1,362,376
                                                                                                  -----------            -----------
     Total Interest Expense ..........................................................              5,445,982              7,371,419
                                                                                                  -----------            -----------
Net Interest Income ..................................................................             14,633,765             11,401,433
Provision for Possible Loan Losses ...................................................                690,000                630,000
                                                                                                  -----------            -----------
Net Interest Income After Provision for Possible Loan Losses .........................             13,943,765             10,771,433
                                                                                                  -----------            -----------
Other Non - Interest Income
Trust Department Income ..............................................................                300,645                349,658
Service Charges on Deposit Accounts ..................................................              1,412,864              1,252,085
Other Income .........................................................................              2,311,533              1,561,612
Net Securities Transactions ..........................................................                 76,865                 14,037
                                                                                                  -----------            -----------
     Total Other Non - Interest Income ...............................................              4,101,907              3,177,392
                                                                                                  -----------            -----------

Other Operating Expenses
Salaries .............................................................................              4,071,098              3,379,355
Pension and Other Employee Benefits ..................................................                808,826                647,935
Net Occupancy Expense of Bank Premises ...............................................                827,568                751,504
Furniture and Equipment Expense ......................................................                749,465                649,026
Miscellaneous Operating Expense ......................................................              2,551,853              1,820,086
                                                                                                  -----------            -----------
     Total Other Operating Expense ...................................................              9,008,810              7,247,906
                                                                                                  -----------            -----------
Income Before Income Taxes ...........................................................              9,036,862              6,700,919
Provision for Income Taxes ...........................................................              3,174,045              2,390,417
                                                                                                  -----------            -----------
Income Before Net Income from Equity Investment ......................................              5,862,817              4,310,502
Net Income from Equity Investment ....................................................                 38,847                      0
                                                                                                  -----------            -----------
Net Income ...........................................................................            $ 5,901,664            $ 4,310,502
                                                                                                  ===========            ===========
Earnings Per Share
Net Income ...........................................................................            $      3.84            $      2.77
Cash Dividends Declared ..............................................................            $      0.45            $      0.39
Weighted Average Shares Outstanding ..................................................              1,536,559              1,557,702
</TABLE>
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<TABLE>
<CAPTION>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
                                                                                              For Three Months Ended September 30,
                                                                                                     2002               2001
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                               <C>                     <C>
Net Income .........................................................................              $1,939,681              $1,610,157
                                                                                                  ----------              ----------
Other Comprehensive Income, Before Tax:
     Unrealized Holding Gain Arising During the Period .............................                 194,462                 632,417
                                                                                                  ----------              ----------
                                                                                                     194,462                 632,417
     Income Tax Related to Other Comprehensive Income ..............................                  81,675                 265,616
                                                                                                  ----------              ----------
     Other Comprehensive Income, Net of Tax ........................................                 112,787                 366,801
                                                                                                  ----------              ----------
           Total Comprehensive Income ...............................................             $2,052,468              $1,976,958
                                                                                                  ==========              ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
                                                                                               For Nine Months Ended September 30,
                                                                                                        2002              2001
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                               <C>                     <C>
Net Income .........................................................................              $5,901,664              $4,310,502
                                                                                                  ----------              ----------
Other Comprehensive Income, Before Tax:
     Unrealized Holding Gain Arising During the Period .............................                 889,878               1,331,105
                                                                                                  ----------              ----------
                                                                                                     889,878               1,331,105
     Income Tax Related to Other Comprehensive Income ..............................                 373,749                 559,064
                                                                                                  ----------              ----------
     Other Comprehensive Income, Net of Tax ........................................                 516,129                 772,041
                                                                                                  ----------              ----------
          Total Comprehensive Income ...............................................              $6,417,793              $5,082,543
                                                                                                  ==========              ==========
</TABLE>
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<TABLE>
<CAPTION>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(unaudited)


                                                                                            Cost of     Accumulated
                                          Common Stock                                      Common         Other           Total
                                       Shares                     Capital      Retained     Stock in    Comprehensive  Stockholders'
                                     Outstanding   Amount         Surplus      Earnings     Treasury    Income              Equity
------------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>       <C>           <C>           <C>           <C>           <C>            <C>

Balance at 6/30/01 ............     1,550,620   $ 2,239,775   $ 1,993,574   $25,795,181   $(5,685,342)  $  209,123     $24,552,311
Comprehensive Income:
   Net Income .................                                               1,610,157                                  1,610,157
   Other Comprehensive Income,
     Net of Tax ...............                                                                            366,801         366,801
                                                                                                                       ------------
     Total Comprehensive Income                                                                                          1,976,958
   Cash Dividends  Declared ...                                                (201,291)                                  (201,291)
Treasury Stock Purchases ......        (7,387)                                               (266,080)                    (266,080)
                                    ------------------------------------------------------------------------------------------------
Balance at 9/30/01 ............     1,543,233   $ 2,239,775   $ 1,993,574   $27,204,047   $(5,951,422)  $  575,924     $26,061,898
                                    ================================================================================================

Balance at 6/30/02 ............     1,535,767   $ 2,239,775   $ 1,993,574   $32,266,740   $(6,242,865)  $  498,987     $30,756,211
Comprehensive Income:
   Net Income .................                                               1,939,681                                  1,939,681
   Other Comprehensive Income,
     Net of Tax ...............                                                                             112,787        112,787
                                                                                                                       -------------
     Total Comprehensive Income                                                                                          2,052,468
   Cash Dividends  Declared ...                                                (230,365)                                  (230,365)
                                    -----------------------------------------------------------------------------------------------
Balance at 9/30/02 ............     1,535,767    $ 2,239,775  $ 1,993,574   $33,976,056   $(6,242,865)  $   611,774    $32,578,314
                                    ================================================================================================
</TABLE>
<page>

<TABLE>
<CAPTION>

SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(unaudited)


                                                                                            Cost of     Accumulated
                                         Common Stock                                       Common         Other           Total
                                      Shares                       Capital     Retained     Stock in    Comprehensive  Stockholders'
                                    Outstanding    Amount         Surplus      Earnings     Treasury    Income (Loss)      Equity
------------------------------------------------------------------------------------------------------------------------------------
<S>                                   <C>        <C>            <C>          <C>           <C>            <C>           <C>


Balance at 1/1/01 ..............    1,567,214    $ 2,239,775    $ 1,993,574  $23,498,921   $(5,144,873)   $(196,117)    $22,391,280
Comprehensive Income:
   Net Income ..................                                               4,310,502                                  4,310,502
   Other Comprehensive Income,
     Net of Tax ................                                                                           772,041          772,041
                                                                                                                        ------------
     Total Comprehensive Income                                                                                           5,082,543
   Cash Dividends  Declared ....                                                (605,376)                                  (605,376)
Treasury Stock Purchases .......      (16,594)                                                (806,549)                    (806,549)
                                   -------------------------------------------------------------------------------------------------
Balance at 9/30/01 .............    1,550,620   $ 2,239,775    $ 1,993,574   $27,204,047   $(5,951,422)   $ 575,924     $26,061,898
                                   =================================================================================================

Balance at 1/1/02 ..............    1,539,257   $ 2,239,775    $ 1,993,574    $28,765,704  $(6,095,915)   $  95,645     $26,998.783
Comprehensive Income:
   Net Income ..................                                                5,901,664                                 5,901,664
   Other Comprehensive Income,
     Net of Tax ................                                                                            516,129         516,129
                                                                                                                        ------------
     Total Comprehensive Income                                                                                           6,417,793
   Cash Dividends  Declared ....                                                 (691,312)                                 (691,312)
Treasury Stock Purchases .......       (3,490)                                                (146,950)                    (146,950)
                                    ------------------------------------------------------------------------------------------------
Balance at 9/30/02 .............    1,535,767   $ 2,239,775    $ 1,993,574    $33,976,056  $(6,242,865)   $ 611,774     $32,578,314
                                    ================================================================================================
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
Smithtown Bancorp
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
                                                                                             For Three Months Ended September 30 ,
                                                                                                    2002                  2001
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                <C>                 <C>
Cash Flows from Operating Activities
Net Income .................................................................................       $  1,939,681        $  1,610,157
Adjustments to reconcile net income to net cash
    provided by operating activities:
      Depreciation on Premises and Equipment ...............................................            172,257             132,741
      Provision for Possible Loan Losses ...................................................            330,000             210,000
      Net Gain on Sale of Investment Securities ............................................            (76,865)                  0
      Amortization of Transition Obligation ................................................               (597)                  0
      Increase in Interest Payable .........................................................             75,084              83,741
      Increase in Miscellaneous Payables and Accrued Expenses ..............................             56,739              80,118
      Increase in Fees and Commissions Receivable ..........................................            (13,290)            (32,112)
      Increase in Interest Receivable ......................................................           (464,069)           (546,597)
      Decrease in Prepaid Expenses .........................................................            237,076             505,923
      Decrease in Miscellaneous Receivable .................................................            266,357           5,354,562
      Increase in Income Taxes Receivable ..................................................            189,459             149,797
      Increase in Deferred Taxes ...........................................................           (213,659)           (115,560)
      Increase in Accumulated Post Retirement Benefit Obligation ...........................              5,109               6,195
      Amortization of Investment Security Premiums and Accretion of Discounts ..............            (50,240)            (84,044)
      Net Gain on Investment in SMTB Financial Group, LLC ..................................            (16,632)             (7,653)
      Increase in Cash Surrender Value of Officer's Life Insurance Policies ................           (474,222)           (125,259)
                                                                                                      ----------       -------------
      Cash Provided by Operating Activities ................................................          1,962,188           7,222,009
                                                                                                      ----------       -------------
Cash Flows from Investing Activities
      Proceeds from Disposition of Mortgage-Backed Securities:
        Held to Maturity ...................................................................             67,431              97,571
        Available for Sale .................................................................          2,478,488           2,802,701
      Proceeds from Disposition of Other Investment Securities:
        Held to Maturity ...................................................................            384,045              85,000
        Available for Sale .................................................................          7,021,406           4,082,210
      Purchase of Mortgage-Backed Securities
        Available for Sale .................................................................                  0          (3,999,604)
      Purchase of Other Investment Securities:
        Held to Maturity ...................................................................                  0             (44,000)
        Available for Sale .................................................................         (8,921,811)        (10,216,946)
      Federal Funds Sold, Net ..............................................................            584,874          12,386,727
      Loans Made to Customers, Net .........................................................        (16,648,129)        (15,839,816)
      Purchase of Premises and Equipment ...................................................           (998,883)           (280,224)
                                                                                                    ------------       -------------
      Cash Used by Investing Activities ....................................................        (16,032,579)        (10,926,381)
                                                                                                    ------------       -------------
Cash Flows from Financing Activities
      Net Increase in Demand Deposits, NOW and Savings Accounts ............................          5,458,520           2,447,342
      Net Increase (Decrease) in Time Accounts .............................................         13,143,981          (3,760,613)
      Cash Dividends Paid ..................................................................           (230,365)           (201,581)
      Securities Sold Under Agreements to Repurchase and Other Borrowings, Net .............         (3,000,000)          6,800,000
      Purchase of Treasury Stock ...........................................................                  0            (266,080)
                                                                                                     -----------       -------------
      Cash Provided by Financing Activities ................................................         15,372,136           5,019,068
                                                                                                    -----------        -------------

      Net Increase in Cash and Due from Banks ..............................................          1,301,745           1,314,696
      Cash and Due from Banks, Beginning of Period .........................................          9,349,471           7,293,919
                                                                                                   ------------        -------------
      Cash and Due from Banks, End of Period ...............................................       $ 10,651,216        $  8,608,615
                                                                                                   ============        =============
Supplemental Disclosures of Cash Flow Information
    Cash Paid During Period for:
      Interest .............................................................................       $    431,015        $    379,607
      Income Taxes .........................................................................          1,029,750             850,000

Schedule of Noncash Investing Activities
    Unrealized Gain on Securities Available for Sale .......................................            194,462             632,417
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
                                                                                               For Nine Months Ended September 30
                                                                                                    2002                    2001
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                  <C>               <C>
Cash Flows from Operating Activities
Net Income .....................................................................................     $  5,901,664      $  4,310,502
Adjustments to reconcile net income to net cash
   provided by operating activities:
     Depreciation on Premises and Equipment ....................................................          451,785           402,599
     Provision for Possible Loan Losses ........................................................          690,000           630,000
     Net Gain on Sale of Investment Securities .................................................          (76,865)          (14,037)
     Amortization of Transition Obligation .....................................................           66,825            22,146
     Increase in Interest Payable ..............................................................          209,897            13,122
     Increase in Miscellaneous Payables and Accrued Expenses ...................................          108,608            79,431
     Increase in Fees and Commissions Receivable ...............................................          (39,870)          (68,504)
     Increase in Interest Receivable ...........................................................         (712,544)         (200,781)
     Increase in Prepaid Expenses ..............................................................         (290,243)         (330,581)
     (Increase) Decrease in Miscellaneous Receivable ...........................................         (288,299)        1,176,413
     Decrease in Income Taxes Receivable .......................................................          227,286           209,276
     Increase in Deferred Taxes ................................................................         (423,387)         (354,231)
     Increase in Accumulated Post Retirement Benefit Obligation ................................          (51,529)          (39,166)
     Amortization of Investment Security Premiums and Accretion of Discounts ...................         (157,004)         (385,119)
     Net Gain on Investment in SMTB Financial Group, LLC .......................................          (38,847)          (27,209)
     Increase in Cash Surrender Value of Officer's Life Insurance Policies .....................         (996,710)         (385,527)
                                                                                                        ----------     -------------
     Cash Provided by Operating Activities .....................................................        4,580,767         5,038,334
                                                                                                        ----------     -------------
Cash Flows from Investing Activities
     Proceeds from Disposition of Mortgage-Backed Securities:
       Held to Maturity ........................................................................          255,350           258,645
       Available for Sale ......................................................................        7,873,219         7,736,487
     Proceeds from Disposition of Other Investment Securities:
       Held to Maturity ........................................................................          870,850           294,002
       Available for Sale ......................................................................       10,673,592        22,408,500
     Purchase of Mortgage-Backed Securities
       Available for Sale ......................................................................                0       (14,212,104)
     Purchase of Other Investment Securities:
       Held to Maturity ........................................................................         (140,000)          (44,000)
       Available for Sale ......................................................................      (12,311,458)      (20,300,896)
     Federal Funds Sold, Net ...................................................................      (10,360,915)         (217,117)
     Loans Made to Customers, Net ..............................................................      (62,748,654)      (43,261,756)
     Distribution from SMTB Financial Group, LLC ...............................................           30,000                 0
     Purchase of Premises and Equipment ........................................................       (3,651,609)       (1,030,276)
                                                                                                      ------------     -------------
     Cash Used by Investing Activities .........................................................      (69,509,625)      (48,368,515)
                                                                                                      ------------     -------------
Cash Flows from Financing Activities
     Net Increase in Demand Deposits, NOW and Savings Accounts .................................       33,569,648        30,920,685
     Net Increase in Time Accounts .............................................................       21,686,927        10,163,505
     Cash Dividends Paid .......................................................................         (691,313)         (592,607)
     Securities Sold Under Agreements to Repurchase and Other Borrowings, Net...................       10,250,000         3,300,000
     Purchase of Treasury Stock ................................................................         (146,950)         (806,548)
                                                                                                      ------------     -------------
     Cash Provided by Financing Activities .....................................................       64,668,312        42,985,035
                                                                                                      ------------     -------------
     Net Decrease in Cash and Due from Banks ...................................................         (260,546)         (345,146)
     Cash and Due from Banks, Beginning of Period ..............................................       10,911,762         8,953,761
                                                                                                     ------------      -------------
     Cash and Due from Banks, End of Period ....................................................     $ 10,651,216      $  8,608,615
                                                                                                     ============      =============
Supplemental Disclosures of Cash Flow Information
   Cash Paid During Period for:
     Interest ..................................................................................     $  1,243,340      $  1,343,159
     Income Taxes ..............................................................................        3,369,875         2,535,372

Schedule of Noncash Investing Activities
   Unrealized Gain on Securities Available for Sale ............................................          889,879         1,037,657
</TABLE>
<PAGE>
Notes to Consolidated Financial Statements

Financial Statement Presentation

In the opinion of management,  the accompanying  unaudited interim  consolidated
financial  statements  contain all adjustments  (consisting of normal  recurring
accruals) necessary to present fairly its financial position as of September 30,
2002,  and its  results  of  operations  for the  three  and nine  months  ended
September  30,  2002 and 2001 and its cash  flows for the three and nine  months
ended  September  30,  2002 and  2001.  For  further  information,  refer to the
consolidated  financial  statements and notes thereto  included in the Company's
annual report on Form 10-K for the year ended December 31, 2001.

Certain   reclassifications  have  been  made  to  the  prior  year's  financial
statements   to   conform   to   the   current   period   presentation.    These
reclassifications  had no effect on previously reported results of operations or
retained earnings.

Earnings Per Common Shares

Earnings per share are calculated by dividing Net Income by the weighted average
number of common shares outstanding.


Investment Securities

          Fair Value:

               September 30, 2002    $61,393,040
               December  31, 2001    $67,457,501

<PAGE>
Management's Discussion and Analysis of Financial Condition and Results of
Operations
This report may  contain  forward-looking  statements  within the meaning of the
Private  Securities   Litigation  Reform  Act  of  1995.  These  forward-looking
statements  are based on current  expectations,  but actual  results  may differ
materially from anticipated  future results.  Forward-looking  statements may be
identified by the use of the words 'believe', 'expect', 'anticipate', 'project',
'estimate',  'will  be',  'will  continue',  'will  likely  result',  or similar
expressions.  The Company's  ability to predict  results of the actual effect of
future  strategic  plans is  inherently  uncertain.  Factors  that  could have a
material  adverse  effect  on the  operations  of the  Company  as  well  as its
subsidiaries  include  but are not  limited  to  changes  in:  general  economic
conditions, interest rates, deposit flows, loan demand, competition,  accounting
principals  and  guidelines,  and  governmental,  regulatory  and  technological
factors affecting the Company's operations,  pricing, products and services. The
factors  included  here are not  exhaustive.  Other  sections of this report may
include   additional   factors  that  could   adversely   impact  the  Company's
performance.

Investors  are  cautioned  not  to  place  undue  reliance  on   forward-looking
statements as a prediction of actual  results.  Except as required by applicable
law or regulation,  the Company  undertakes no obligation to republish or revise
forward-looking  statements to reflect  events or  circumstances  after the date
hereof or to reflect the  occurrences of  unanticipated  results.  Investors are
advised,  however,  to consult any  further  disclosures  the  Company  makes on
related subjects in our reports to the Securities Exchange Commission.

Bank of Smithtown is a one-bank  holding  company  formed in 1984. Its income is
derived primarily from the operations of its subsidiary, Bank of Smithtown.

The Bank's  Balance Sheet  remained  strong  during the first three  quarters of
2002. Total assets grew by 18.80% from  $380,220,901 to $451,708,581  during the
period from January 1, 2002 to September  30, 2002.  The majority of this growth
was in the loan  portfolio,  which  increased  in size  during  this  period  by
$62,058,653  or  22.27%.  Loans  now  represent  75.43%  of total  assets,  with
investments  comprising  13.55%.  Real estate  loans  continue to be the largest
component of the loan portfolio,  representing  91.50% of total loans. Yields on
interest  earning assets through  September 30, 2002 remained stable despite the
continued pressure of low market rates. Loans, investment securities and federal
funds  sold  yielded  7.95%,  6.07%,  and  1.69%  through  September  30,  2002,
respectively.  The bank's net interest  margin of 5.65% remains high compared to
peers, and is higher than the margin through the third quarter of 2001 of 5.29%.
The overall yield on interest earning assets was 7.53% through the third quarter
of 2002, as compared to 8.40% for the same period in 2001. During the first nine
months of 2002,  premises and equipment  increased by approximately  $3,200,000.
This  change is  attributable  to the opening of two  branches.  From the period
January 1, 2002 to September 30, 2002,  the liability  side of the Balance Sheet
increased by $65,908,149. Total deposits increased by $55,256,575 or 17.71% with
the  largest   increase  in  Time   Deposits.   The  new  branches   contributed
approximately  $11,000,000  in new  deposits.  The remaining  deposit  growth is
attributable  to time deposits  promotions  and to overall  competitive  deposit
pricing. While promotional rates were higher than other funding sources,  branch
personnel  were afforded the  opportunity  to meet with the customer and discuss
the other products offered by the Bank. The Bank's overall cost of funds for the
nine  months  ended  September  30,  2002  was  2.31%.   The  20.67%  growth  in
stockholders'  equity  was the  result of net  income of  $5,901,664,  dividends
declared  of  $691,312,   treasury   stock   purchases  of  $146,950  and  other
comprehensive  income of $516,129.  All ratios remain very strong. At the end of
the third  quarter  the Return on Average  Assets  was 1.88%  compared  to 1.68%
during the same period in 2001.  Also,  the Return on Average  Equity was 26.48%
compared to 23.83% for the same period in 2001.  Leverage  capital at  September
30, 2002 and 2001 was 7.79% and 7.64%,  respectively.  Total Risk Based  Capital
was  10.51%  and  10.60%  at the end of the  third  quarter  of 2002  and  2001,
respectively.
<PAGE>
The Bank's  Balance Sheet remained very strong during the third quarter of 2002.
Total assets grew by 4.08% from  $434,015,170 to $451,708,581  during the period
from July 1, 2002 to September 30, 2002.  The majority of this growth was in the
loan  portfolio,  which  increased in size during this period by  $16,418,129 or
5.06%.  During the third quarter of 2002,  premises and  equipment  increased by
approximately  $830,000.  This  change is  attributable  to the opening of a new
branch.  The  liability  side of the Balance  Sheet also saw changes  during the
second quarter of 2002.  Total  deposits  increased by $18,602,502 or 5.34% with
the largest  increase in Time Deposits.  This increase is directly  attributable
the opening of a new branch during the third  quarter,  the second branch opened
during 2002,  and to a very  successful  promotion  to acquire time  deposits at
market  rates.  The 5.92% growth in  stockholders'  equity was the result of net
income of $1,939,681,  dividends declared of $230,365,  and other  comprehensive
income increased by $112,787.

Net income for the first  three  quarters  of 2002 was  $5,901,664  compared  to
$4,310,502, for the same period ended September 30, 2001, an increase of 36.91%.
Earnings  per share for the  period  was  $3.84  compared  to $2.77 for the same
period last year.  In line with the  increase in loan volume and lower  interest
rates, interest income on loans increased by 10.70%.  Interest expense decreased
from  $7,371,419 to  $5,445,982,  or 26.12%.  Non-interest  income  increased by
$924,515 or 29.10% for the nine months ended  September 30, 2002 compared to the
same period in 2001.  This large  increase is primarily  the result of increased
fee income on debit cards, ATM transactions,  and account level service charges.
The Provision for Possible Loan Losses,  a direct charge to earnings,  increased
to $690,000 for the nine-month  period ending September 30, 2002, as compared to
$630,000 for the same  nine-month  period in 2001.  Management is confidant that
the reserve  for loan loss  account  provides  adequate  coverage  for any known
losses in the loan  portfolio.  Asset  quality  remains  high.  Other  operating
expenses  increased  by 24.30% due to increased  salary and benefit  expenses as
well as increased  equipment,  advertising,  and business  development  expenses
related to the opening of the new branches.

Net income for the third quarter 2002 was $1,939,681 compared to $1,610,157, for
the three months ended  September 30, 2002, an increase of 20.47%.  Earnings per
share for the  quarter  were $1.26  compared  to $1.04 for the same  period last
year.  In line  with the  increase  in loan  volume,  interest  income  on loans
increased by 13.91%.  Interest expense  decreased from $2,341,789 to $1,914,879,
or 18.23%.  Non-interest  income  increased  by $296,700 or 28.14% for the three
months ended  September 30, 2002 compared to the same period in 2001. This large
increase is  primarily  the result of increased  fee income on debit cards,  ATM
transactions, and account level service charges. The Provision for Possible Loan
Losses,  a direct charge to earnings,  increased to $330,000 for the three-month
period  ending  September  30,  2002,  as  compared  to  $210,000  for the  same
three-month  period in 2001. Other operating expenses increased by 30.30% due to
increased  salary  and  benefit   expenses  as  well  as  increased   equipment,
advertising, and business development expenses related to the opening of the new
branch.

As we enter the forth  quarter,  management  remains very  optimistic  about the
bank's  performance during 2002. Plans continue for increased branch presence on
Long Island this year as well as in future years.
<page>
Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative  Disclosures  About Market Risk Liquidity  provides
the source of funds for anticipated and  unanticipated  deposit outflow and loan
growth. The Bank's primary sources of liquidity include deposits,  repayments of
loan principal,  maturities of investment  securities,  principal  reductions on
Mortgage-Backed Securities, "unpledged" securities available for sale, overnight
federal funds sold,  and  borrowing  potential  from  correspondent  banks.  The
primary  factors  affecting  these  sources  of  liquidity  are their  immediate
availability  if necessary  and their  market rate of interest,  which can cause
fluctuations in levels of deposits and prepayments on loans and securities.  The
method by which the Bank controls its liquidity and interest rate sensitivity is
through asset liability  management.  The goal of asset liability  management is
the combination of maintaining  adequate  liquidity  levels without  sacrificing
earnings.  The Bank matches the maturity of its assets and  liabilities in a way
that takes  advantage of the current and  anticipated  rate  environment.  Asset
liability  management is of great  concern to  management  and is reviewed on an
ongoing basis.  The Chief  Executive  Officer,  Chief Financial  Officer,  Chief
Lending Officer,  Chief Commercial Lending Officer, and the Chief Retail Officer
of the Bank serve on the Asset Liability Management Committee. Reports detailing
current liquidity position and projected  liquidity as well as projected funding
requirements   are  reviewed   monthly,   or  as  often  as  deemed   necessary.
Semi-annually,  the Bank  collects the  necessary  information  to run an income
simulation model, which tests the Bank's sensitivity to fluctuations in interest
rates.  These rate fluctuations are large and immediate and actually reflect the
Bank's earnings under these  simulations.  These income simulations are reviewed
by the Board of  Directors.  The  simulation  performed  during  2002  reflected
minimal  sensitivity to upward or downward rate  fluctuations.  Interest income,
margins,  and net income remain stable  regardless of changes in market interest
rates.  These models then lead to investment,  loan, and deposit  strategies and
decisions for earnings maximization within acceptable risk levels.

The Bank's market risk is primarily its exposure to interest rate risk. Interest
rate risk is the effect that changes in interest rates have in future  earnings.
The  principal  objective  in managing  interest  rate risk is to  maximize  net
interest  income  within  acceptable  levels of risk  that have been  previously
established by policy.

The  following  table sets forth the  amounts  of  estimated  cash flows for the
various  interest  earning  assets and  interest  bearing  liabilities  that are
sensitive to changes in interest  rates at September 30, 2002.  Adjustable  rate
assets are included in the period in which  interest rates are next scheduled to
adjust  rather than in the period in which they are due.  Money  Market  deposit
accounts are assumed to decline over a two-year period.  Savings and NOW deposit
accounts are assumed to decline over a five-year period.

<PAGE>
<Table>
<CAPTION>
                                                                  Expected Maturity Between

                                          10/1/02 - 12/31/02       1/1/03 - 12/31/03       1/1/04 - 12/31/04       1/1/05 - 12/31/05
------------------------------------------------------------------------------------------------------------------------------------
                                                     Weighted                Weighted                Weighted               Weighted
                                                      Average                 Average                 Average                Average
                                          Balance    Rate (%)      Balance   Rate (%)      Balance   Rate (%)      Balance  Rate (%)
------------------------------------------------------------------------------------------------------------------------------------
<S>                                     <C>          <C>          <C>         <C>        <C>           <C>       <C>        <C>
(In Thousands)
Other Financial Instruments
Interest Earning Assets

Investments
    Available for Sale (Fair Value)     $  5,537      5.03        $3,392      4.93       $ 1,851        4.50     $ 3,367     5.01
    Held to Maturity (Book Value)            560      6.14           873      4.90           252        5.10         427     5.09
Federal Funds Sold                        10,401      1.75             0      0.00             0        0.00           0     0.00
Loans:
    Fixed Rate
      Real Estate Loans, Construction          0      0.00             0      0.00           175        9.50           0     0.00
      Real Estate Loans, Other
        Commercial                             0      0.00            48     11.03           138        8.73       2,760     7.99
        Residential                            5     10.75            23     11.54           269        8.50         290     8.73
      Commercial and Industrial Loans      2,906      7.23           493      8.36           680        9.05       1,220     9.63
      Loans to Individuals for
        Household, Family and
        Other Personal Expenditures          952      6.24         1,937      6.57           416       11.03         341    11.76
    Variable Rate
      Real Estate Loans, Construction     58,072      6.26             0      0.00             0        0.00           0     0.00
      Real Estate Loans, Other
        Commercial                         1,750      8.28        15,261      7.28        20,756        7.95      19,460    8.40
        Residential                       17,866      4.83         1,261      7.22         2,309        7.76       1,659    8.21
      Commercial and Industrial Loans      4,151      5.95         9,018      6.09         1,753        5.96       1,159    5.95
      Loans to Individuals for
        Household, Family and
        Other Personal Expenditures            0      0.00             0      0.00             0        0.00           0    0.00
                                       ----------                --------                -------                --------
        Total Interest Earning Assets   $102,200                 $32,306                 $28,599                $ 30,683
                                       ==========                ========                =======                =========

SMITHTOWN BANCORP
INTEREST RATE SENSITIVITY GAP REPORT (continue)

                                                       Expected Maturity Between

                                           1/1/06 - 12/31/06              Thereafter
------------------------------------------------------------------------------------------------------------------------------------
                                                              Weighted                  Weighted
                                                              Average                   Average     Fair
                                                Balance       Rate (%)    Balance       Rate (%)    Value
-----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
(In Thousands)
Other Financial Instruments
Interest Earning Assets
<S>                                            <C>   <C>       <C>        <C>           <C>       <C>
Investments
    Available for Sale (Fair Value)             $    577      4.33        $ 42,877      5.95      $57,601
    Held to Maturity (Book Value)                    661      5.19             838      6.32        3,792
Federal Funds Sold                                     0      0.00               0      0.00       10,401
Loans:
    Fixed Rate
      Real Estate Loans, Construction                  0      0.00              18      8.75          193
      Real Estate Loans, Other
        Commercial                                    58      9.50          17,854      7.79       21,110
        Residential                                  259      7.74          38,208      7.29       39,818
      Commercial and Industrial Loans              1,156      9.26           1,918      7.58        8,427
      Loans to Individuals for
        Household, Family and
        Other Personal Expenditures                  228     11.27             420     14.62        4,305
     Variable Rate
      Real Estate Loans, Construction                  0      0.00               0      0.00       58,128
      Real Estate Loans, Other
        Commercial                                38,647      8.10          56,142      7.83      153,587
        Residential                                3,742      7.79          14,736      7.36       41,865
      Commercial and Industrial Loans                649      6.80           3,082      6.56       19,752
      Loans to Individuals for
        Household, Family and
        Other Personal Expenditures                    0      0.00              40      8.75           40
                                              ----------                 ---------
        Total Interest Earning Assets           $ 45,977                  $176,133
                                              ==========                 =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SMITHTOWN BANCORP
INTEREST RATE SENSITIVITY GAP REPORT


                                                                  Expected Maturity Between

                                          10/1/02 - 12/31/02     1/1/03 - 12/31/03    1/1/04 - 12/31/04    1/1/05 - 12/31/05
------------------------------------------------------------------------------------------------------------------------------------
                                                     Weighted              Weighted             Weighted              Weighted
                                                      Average              Average              Average               Average
                                          Balance    Rate (%)   Balance    Rate (%)  Balance    Rate (%)    Balance   Rate (%)
------------------------------------------------------------------------------------------------------------------------------------
Interest Bearing Liabilities
<S>                                     <C>            <C>       <C>         <C>      <C>         <C>       <C>        <C>
Deposits
    Savings                             $   2,158      0.63     $  8,635     0.63     $  8,635    0.63      $  8,635    0.63
    Money Market                           15,522      1.39       62,086     1.39       46,564    1.39             0    0.00
    NOW                                     1,169      0.20        4,676     0.20        4,676    0.20         4,676    0.20
    Time Deposits of 100,000 or more        8,718      1.88        5,592     2.35        6,592    4.41         5,829    6.59
    Other Time Deposits                     6,724      2.40       17,867     2.54       25,323    3.74        10,846    6.37
Other Borrowings                           21,000      2.79        7,000     6.40       12,000    4.42         5,000    2.89
                                          --------              --------             ----------             ---------
    Total Interest Bearing Liabilities  $  55,291               $105,856              $103,790              $ 34,986
                                         =========              ========             ==========             =========

SMITHTOWN BANCORP
INTEREST RATE SENSITIVITY GAP REPORT (continue)


                                                       Expected Maturity Between

                                           1/1/06 - 12/31/06              Thereafter
------------------------------------------------------------------------------------------------------------------------------------
                                                      Weighted               Weighted
                                                      Average                Average     Fair
                                        Balance       Rate (%)   Balance     Rate (%)    Value
-----------------------------------------------------------------------------------------------------------------------------------
Interest Bearing Liabilities
<CAPTION>
<S>                                     <C>            <C>      <C>          <C>      <C>

Deposits
    Savings                             $   8,635      0.63     $  6,478     0.63     $ 40,102
    Money Market                                0      0.00            0     0.00      124,172
    NOW                                     4,676      0.20        3,507     0.20       23,380
    Time Deposits of 100,000 or more          998      4.96        5,947     4.74       33,676
    Other Time Deposits                     2,338      4.94        9,322     4.56       72,420
Other Borrowings                                0      0.00        5,000     3.67       50,000
                                          --------              --------
    Total Interest Bearing Liabilities  $  16,647               $ 30,254
                                         =========              ========
</TABLE>
<PAGE>
CONTROLS AND PROCEDURES

Under the supervision of and with the participation of the Company's management,
including the Chief Executive Officer and Chief Financial  Officer,  the Company
evaluated  the  effectiveness  of the design  and  operation  of its  disclosure
controls and procedures (as defined in Rule 13a-14(c) under the Exchange Act) as
of a date (the  "Evaluation  Date")  within 90 days prior to the filing  date of
this report.  Based upon that evaluation,  the Chief Executive Officer and Chief
Financial  Officer  concluded that, as of the Evaluation  Date, these disclosure
controls and  procedures  are effective in timely  alerting them to the material
information relating to the Company (or the consolidated  subsidiaries) required
to be included in the Company's periodic SEC filings.

There were no significant  changes in the Company's internal controls during the
period  covered by this  report or in other  factors  that  could  significantly
affect these controls subsequent to the date of the most recent evaluation

<PAGE>
                                   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


November 14, 2002                       /s/ Bradley E. Rock
                                        ________________________________________
                                        Bradley E.Rock, Chairman, President
                                        and Chief Executive Officer


November 14, 2002                       /s/ Anita Florek
                                        ________________________________________
                                        Anita Florek, Executive Vice President,
                                        Treasurer and Chief Financial Officer

<PAGE>

                      CERTIFICATION PURSUANT TO RULE 13a-14
               OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,
                             AS ADOPTED PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Bradley E. Rock, Chairman,President and Chief Executive Officer,certify that:

1. I have reviewed this quarterly report on Form 10-Q of Smithtown Bancorp;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a.  designed  such  disclosure  controls and  procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;

b.  evaluated the  effectiveness  of the  registrant's  disclosure  controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date") ; and

c. presented in this quarterly report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):

a. all significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and

b. any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.

November 14, 2002                              /s/ Bradley E. Rock
                                               _________________________________
                                               Bradley E. Rock
                                               Chairman, President and Chief
                                               Executive Officer

<PAGE>

                      CERTIFICATION PURSUANT TO RULE 13a-14
               OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED,
                             AS ADOPTED PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Anita M. Florek, Executive Vice President, and Treasurer, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Smithtown Bancorp;

2. Based on my  knowledge,  this  quarterly  report  does not contain any untrue
statement of a material fact or omit to state a material fact  necessary to make
the statements made, in light of the  circumstances  under which such statements
were made, not  misleading  with respect to the period covered by this quarterly
report;

3.  Based  on my  knowledge,  the  financial  statements,  and  other  financial
information  included in this quarterly  report,  fairly present in all material
respects the financial  condition,  results of operations  and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4.  The  registrant's  other  certifying  officers  and  I are  responsible  for
establishing and maintaining  disclosure  controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a.  designed  such  disclosure  controls and  procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others  within those  entities,  particularly  during the
period in which this quarterly report is being prepared;

b.  evaluated the  effectiveness  of the  registrant's  disclosure  controls and
procedures  as of a date  within  90  days  prior  to the  filing  date  of this
quarterly report (the "Evaluation Date") ; and

c. presented in this quarterly report our conclusions about the effectiveness of
the  disclosure  controls  and  procedures  based  on our  evaluation  as of the
Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation,  to the registrant's auditors and the audit committee of
registrant's   board  of  directors  (or  persons   performing   the  equivalent
functions):

a. all significant  deficiencies in the design or operation of internal controls
which  could  adversely  affect the  registrant's  ability  to record,  process,
summarize and report  financial data and have  identified  for the  registrant's
auditors any material weaknesses in internal controls; and

b. any  fraud,  whether  or not  material,  that  involves  management  or other
employees who have a significant role in the registrant's internal controls; and

6. The  registrant's  other  certifying  officers  and I have  indicated in this
quarterly  report  whether or not there  were  significant  changes in  internal
controls or in other factors that could  significantly  affect internal controls
subsequent to the date of our most recent  evaluation,  including any corrective
actions with regard to significant deficiencies and material weaknesses.


         November 14, 2002                       /s/ Anita M. Florek
                                                 ___________________________
                                                 Anita M. Florek,
                                                 Executive Vice President, and
                                                 Treasurer
<PAGE>

Exhibit 99.1

                                SMITHTOWN BANCORP
                        Certification of Periodic Report

I, Bradley E. Rock, Chairman, President and Chief Executive Officer of Smithtown
Bancorp (the 'Company'),  certify, pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, 18 U.S.C. Section 1350, that:


(1) the Quarterly  Report on Form 10-Q of the Company for the  quarterly  period
ended September 30, 2002 (the 'report') fully complies with the  requirements of
Section 13(a) or 15(d) of the Securities  Exchange Act of 1934 (15 U.S.C. 78m or
78o(d); and


(2) the  information  contained in the Report fairly  presents,  in all material
respects, the financial condition and results of operations of the Company.

Dated: November 14, 2002


                                         /s/ Bradley E. Rock
                                         _______________________________________
                                         Chairman, President and Chief Executive
                                         Officer of Smithtown Bancorp

Exhibit 99.2


                                SMITHTOWN BANCORP
                        Certification of Periodic Report

I, Anita M. Florek,  Executive Vice President and Treasurer of Smithtown Bancorp
(the 'Company'),  certify,  pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, 18 U.S.C. Section 1350, that:

(1) the Quarterly  Report on Form 10-Q of the Company for the  quarterly  period
ended September 30, 2002 (the 'Report') fully complies with the  requirements of
Section 13(a) or 15(d) of the Securities  Exchange Act of 1934 (15 U.S.C. 78m or
78o(d); and

(2) the  information  contained in the Report fairly  presents,  in all material
respects, the financial condition and results of operations of the Company.

Dated: November 14, 2002

                                       /s/ Anita M. Florek
                                       _________________________________________
                                       Executive Vice President
                                       and Treasurer of Smithtown Bancorp