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 March 31, 2003

                         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:  3,023,609 Shares of Common
Stock ($1.25 Par Value) Outstanding as of April 29, 2003.

<PAGE>

                                SMITHTOWN BANCORP

                                      INDEX

Part I - FINANCIAL INFORMATION

Item 1.  Financial Statements

     Consolidated Balance Sheets
         March 31, 2003 and December 31, 2002

     Consolidated Statements of Income
         Three months ended March 31, 2003 and 2002

     Consolidated Statements of Comprehensive Income
         Three months ended March 31, 2003 and 2002

     Consolidated Statements of Changes in Stockholders' Equity
         Three months ended March 31, 2003 and 2002

     Consolidated Statements of Cash Flows
         Three months ended March 31, 2003 and 2002

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

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

Item 4.  Controls and Procedures


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 Item 601 of
               Regulation S-K                 Description of Exhibit

               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
                                                                                               As of                    As of
                                                                                          March 31, 2003         December 31, 2002
                                                                                           (Unaudited)               (Audited)
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                  <C>                <C>
Assets
Cash and Due from Banks ......................................................................       $ 11,017,890       $  8,169,673
Investment Securities:
   Investment Securities Held to Maturity:
     Mortgage - Backed Securities ............................................................            495,307            579,622
     Obligations of State and Political Subdivisions .........................................          2,420,586          2,381,890
                                                                                                     ------------       ------------
       Total Investment Securities Held to Maturity ..........................................          2,915,893          2,961,512
                                                                                                     ------------       ------------
          (Estimated Fair Value $3,063,541 and $3,118,644
             at March 31, 2003 and December 31, 2002, respectively)

   Investment Securities Available for Sale:
     Obligations of U.S. Government Agencies .................................................         11,120,439         11,226,328
     Mortgage - Backed Securities ............................................................         13,660,570         15,905,791
     Obligations of State and Political Subdivisions..........................................         18,674,961         20,893,082
     Other Securities ........................................................................          7,375,140          7,222,864
                                                                                                      ------------      ------------
       Total Investment Securities Available for Sale (At Estimated Fair Value) ..............         50,831,110         55,248,065
                                                                                                      ------------      ------------
     Total Investment Securities .............................................................         53,747,003         58,209,577
                                                                                                      -----------       ------------
Federal Funds Sold ...........................................................................         18,228,894          2,522,578
                                                                                                      -----------       ------------
Loans ........................................................................................        363,640,882        358,171,477
     Less: Unearned Discount .................................................................             99,249            121,456
           Reserve for Possible Loan Losses ..................................................          4,008,180          3,945,593
                                                                                                     ------------       ------------
Loans, Net ...................................................................................        359,533,453        354,104,428
Equity Investment in SMTB ....................................................................             19,700              2,623
Bank Premises and Equipment ..................................................................          9,364,238          8,780,182
Other Assets .................................................................................         20,281,612         20,014,176
                                                                                                     ------------       ------------
Total Assets .................................................................................       $472,192,790       $451,803,237
                                                                                                     ============       ============
Liabilities
Deposits:
     Demand ..................................................................................       $ 73,309,467       $ 72,417,182
     Money Market ............................................................................        140,402,192        126,707,767
     NOW .....................................................................................         28,094,837         25,516,385
     Savings .................................................................................         45,983,311         45,852,116
     Time Deposits ...........................................................................        108,588,884        107,426,224
                                                                                                     ------------       ------------
       Total Deposits ........................................................................        396,378,691        377,919,674
           (Estimated Fair Value $396,378,691 and $377,919,674
                at March 31, 2003 and December 31, 2002, respectively)
Dividend Payable .............................................................................            272,412            229,251
Other Borrowed Funds .........................................................................         38,000,000         38,000,000
Other Liabilities ............................................................................          2,519,139          1,710,026
                                                                                                     ------------       ------------
     Total Liabilities .......................................................................        437,170,242        417,858,951
                                                                                                    ------------       ------------
Stockholders' Equity
Common Stock - $1.25 Par Value: ..............................................................          2,239,775          2,239,775
     (7,000,000 Shares Authorized; 1,791,820 Shares Issued)
Retained Earnings ............................................................................         37,603,451         35,887,008
Additional Paid in Capital ...................................................................          1,993,574          1,993,574
Accumulated Other Comprehensive Income .......................................................            757,986            733,640
                                                                                                     ------------       ------------
     Total ...................................................................................         42,594,786         40,853,997
     Less: Treasury Stock ....................................................................          7,572,238          6,909,711
                                                                                                     ------------       ------------
            (280,115 and 268,071 Shares at Cost at March 31, 2003 and
                     December 31, 2002, respectively)
     Total Stockholders' Equity ..............................................................         35,022,548         33,944,286
                                                                                                     ------------       ------------
Total Liabilities and Stockholders' Equity ...................................................       $472,192,790       $451,803,237
                                                                                                     ============       ============
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS of Income
(unaudited)
                                                                                                      For Three Months Ended
                                                                                               March 31, 2003        March 31, 2002
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                              <C>                  <C>
Interest Income
Interest and Fees on Loans .............................................................         6,293,394             5,491,554
Interest and Dividends on:
     Obligations of U.S. Government Agencies ...........................................            93,322               115,938
     Mortgage - Backed Securities ......................................................           187,358               375,024
     Obligations of State & Political Subdivisions .....................................           247,484               274,004
     Other Securities ..................................................................           125,993                77,650
Interest on Federal Funds Sold .........................................................            23,682                28,651
Interest on Balances Due From Depository Institutions ..................................               263                   285
Other Interest Income ..................................................................            28,600                26,708
                                                                                                ----------             ---------
     Total Interest Income .............................................................         7,000,096             6,389,814
                                                                                                ----------             ---------
Interest Expense
Money Market Accounts ..................................................................           406,953               445,506
Savings ................................................................................            70,353                74,999
Time  Deposits $100,000 and Over .......................................................           375,830               337,276
Other Time Deposits ....................................................................           636,931               451,419
Interest on Other Borrowed Money .......................................................           355,770               441,821
                                                                                                ----------             ---------
     Total Interest Expense ............................................................         1,845,837             1,751,021
                                                                                                ----------             ---------
Net Interest Income ....................................................................         5,154,259             4,638,793
Provision for Possible Loan Losses .....................................................            80,000               210,000
                                                                                                ----------             ---------
Net Interest Income After Provision for Possible Loan Losses ...........................         5,074,259             4,428,793
                                                                                                 ---------             ---------
Other Non-Interest Income
Trust Department Income ................................................................           100,760               110,063
Service Charges on Deposit Accounts ....................................................           455,275               424,834
Other Income ...........................................................................           655,510               772,817
Net Gain on Sale of Investment Securities ..............................................            10,133                     0
Net Income from Equity Investment ......................................................            17,078                 9,265
                                                                                                ----------             ---------
     Total Other Non - Interest Income .................................................         1,238,756             1,316,979
                                                                                                ----------             ---------
Other Operating Expenses
Salaries ...............................................................................         1,488,171             1,276,028
Pension and Other Employee Benefits ....................................................           332,663               263,937
Net Occupancy Expense of Bank Premises .................................................           376,855               236,738
Furniture and Equipment Expense ........................................................           249,409               222,713
Miscellaneous Operating Expense ........................................................           755,383               789,055
                                                                                                ----------             ---------
     Total Other Operating Expense .....................................................         3,202,481             2,788,471
                                                                                                ----------             ---------
Income Before Income Taxes .............................................................         3,110,534             2,957,301
Provision for Income Taxes .............................................................         1,121,679             1,059,051
                                                                                                ----------             ---------
Net Income .............................................................................         1,988,855             1,898,250
                                                                                                ==========             =========
Earnings Per Share
Net Income .............................................................................              1.31                  1.23
Cash Dividends Declared ................................................................              0.18                  0.15
Weighted Average Shares Outstanding ....................................................         1,517,488             1,538,170
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
                                                                                                   For Three Months Ended March 31,
                                                                                                     2003                  2002
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                 <C>                  <C>
Net Income ................................................................................         $ 1,988,855          $ 1,898,250
                                                                                                    -----------          -----------
Other Comprehensive Income, Before Tax:
     Unrealized Holding Gain Arising During the Period ....................................              41,204               58,824
     Less:  Reclassification Adjustment for Gains Included in Net Income ..................                   0                    0
                                                                                                    ------------         -----------
                                                                                                         41,204               58,824
     Income Tax Related to Other Comprehensive Income .....................................              16,858               24,706
                                                                                                    -----------          -----------
     Other Comprehensive Income, Net of Tax ...............................................              24,346               34,118
                                                                                                    ------------         -----------
        Total Comprehensive Income ........................................................         $ 2,013,201          $ 1,932,368
                                                                                                    ============         ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

SMITHTOWN BANCORP
CONSOLIDATED STATEMENT 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 12/31/2001 .........     1,539,257    $ 2,239,775  $ 1,993,574  $ 28,765,704  $ (6,095,915)  $   95,645     $ 26,998,783
Comprehensive Income:
   Net Income .................                                               1,898,250                                   1,898,250
   Other Comprehensive Income,
     Net of Tax ...............                                                                             34,118           34,118
                                                                                                                       ------------
     Total Comprehensive Income                                                                                           1,932,368
   Cash Dividends  Declared ...                                                (230,581)                                   (230,581)
Treasury Stock Purchases ......        (3,490)                                              (146,950)                      (146,950)
                                    ------------------------------------------------------------------------------------------------
Balance at 3/31/2002 ..........     1,535,767    $ 2,239,775  $ 1,993,574  $ 30,433,373  $(6,242,865)   $  129,763     $ 28,553,620
                                    ================================================================================================

Balance at 12/31/2002 .........     1,523,749    $ 2,239,775  $ 1,993,574  $ 35,887,008  $(6,909,711)   $  733,640     $ 33,944,286
Comprehensive Income:
   Net Income .................                                               1,988,855                                   1,988,855
   Other Comprehensive Income,
     Net of Tax ...............                                                                             24,346           24,346
                                                                                                                       -------------
     Total Comprehensive Income                                                                                           2,013,201
   Cash Dividends  Declared ...                                                (272,412)                                   (272,412)
Treasury Stock Purchases ......       (12,044)                                              (662,527)                      (662,527)
                                    ------------------------------------------------------------------------------------------------
Balance at 3/31/2003 ..........     1,511,705    $ 2,239,775  $ 1,993,574  $ 37,603,451  $(7,572,238)   $  757,986     $ 35,022,548
                                   =================================================================================================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SMITHTOWN BANCORP
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
                                                                                                  For Three Months Ended March 31,
                                                                                                        2003                2002
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                <C>                 <C>
Cash Flows from Operating Activities
Net Income .................................................................................       $  1,988,855        $  1,898,250
Adjustments to reconcile net income to net cash
    provided by operating activities:
      Depreciation on Premises and Equipment ...............................................            153,555             117,128
      Provision for Possible Loan Losses ...................................................             80,000             210,000
      Net Gain on Sale of Investment Securities ............................................            (10,133)                  0
      Amortization of Transition Obligation ................................................               (597)                  0
      Increase in Interest Payable .........................................................            106,813             112,969
      Increase in Miscellaneous Payables and Accrued Expenses ..............................             90,537              96,864
      Increase in Fees and Commissions Receivable ..........................................             (9,676)            (13,290)
      Increase in Interest Receivable ......................................................           (209,538)           (318,968)
      Increase in Prepaid Expenses .........................................................           (633,633)           (612,757)
      (Increase) Decrease in Miscellaneous Receivable ......................................            413,539            (332,154)
      Decrease in Income Taxes Receivable ..................................................            935,109             960,443
      Increase in Deferred Taxes ...........................................................            (48,619)           (114,187)
      Decrease in Accumulated Post Retirement Benefit Obligation ...........................              3,229               6,528
      Amortization of Investment Security Premiums and Accretion of Discounts ..............             41,322             (61,844)
      Net Gain on Investment in SMTB Financial Group, LLC ..................................            (17,078)             (9,265)
                                                                                                   ------------        ------------
      Cash Provided by Operating Activities ................................................          2,883,685           1,939,717
                                                                                                   ------------        ------------
Cash Flows from Investing Activities
      Proceeds from Disposition of Mortgage-Backed Securities:
        Held to Maturity ...................................................................             84,316             110,607
        Available for Sale .................................................................          2,153,349           2,855,884
      Proceeds from Disposition of Other Investment Securities:
        Held to Maturity ...................................................................                  0              35,911
        Available for Sale .................................................................          2,694,190           2,581,750
      Purchase of Other Investment Securities:
        Held to Maturity ...................................................................            (40,000)                  0
        Available for Sale .................................................................           (419,264)           (193,096)
      Federal Funds Sold, Net ..............................................................        (15,706,316)        (10,634,388)
      Loans Made to Customers, Net .........................................................         (5,509,024)        (18,855,062)
      Distribution from SMTB Financial Group, LLC ..........................................                  0              30,000
      Purchase of Premises and Equipment ...................................................           (737,612)         (1,915,273)
      Increase in Cash Surrender Value of Officer's Life Insurance Policies ................           (122,346)           (153,266)
                                                                                                   ------------        ------------
      Cash Used by Investing Activities ....................................................        (17,602,707)        (26,136,933)
                                                                                                   ------------        ------------
Cash Flows from Financing Activities
      Net Increase in Demand Deposits, NOW and Savings Accounts ............................         17,296,357          15,717,118
      Net Increase (Decrease) in Time Accounts .............................................          1,162,660          (3,716,732)
      Cash Dividends Paid ..................................................................           (229,251)           (200,103)
      Securities Sold Under Agreements to Repurchase and Other Borrowings, Net .............                  0          13,250,000
      Purchase of Treasury Stock ...........................................................           (662,527)           (146,950)
                                                                                                   ------------        ------------
      Cash Provided by Financing Activities ................................................         17,567,239          24,903,333
                                                                                                   ------------        ------------
      Net Increase in Cash and Due from Banks ..............................................          2,848,217             706,117
      Cash and Due from Banks, Beginning of Period .........................................          8,169,673          10,911,762
                                                                                                   ------------        ------------
      Cash and Due from Banks, End of Period ...............................................       $ 11,017,890        $ 11,617,879
                                                                                                   ============        ============
Supplemental Disclosures of Cash Flow Information
    Cash Paid During Period for:
      Interest .............................................................................       $    263,170        $    282,472
      Income Taxes .........................................................................            223,913             212,525

Schedule of Noncash Investing Activities
    Unrealized Gain on Securities Available for Sale .......................................             41,204              58,824

</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
March 31, 2003 and December 31, 2002 and its results of operations for the three
months  ended  March 31,  2003 and 2002 and its cash flows for the three  months
ended  March  31,  2003  and  2002.  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, 2002.

     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:

                March 31, 2003                                $53,894,651
                December 31, 2002                             $58,366,709

<PAGE>

Management's Discussion and Analysis of Financial Condition and Results of
Operation

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 continued to grow throughout the first quarter of 2003.
Total assets grew by 4.51% from  $451,708,581 to $472,192,790  during the period
from  January 1, 2003 to March 31, 2003.  During the first  quarter of 2003 loan
growth increased by 1.53% to $363,640,882 at March 31, 2003. This performance is
attributable to the post-holiday lull, locally poor weather conditions,  and the
impending war with Iraq. Loans represent 77.0% of total assets at March 31, 2003
as compared to 79.3% at December 31, 2002.  Real estate loans continue to be the
largest component of the loan portfolio, representing 90.76% of total loans. Due
to the continued  pressure of low market rates,  the yields on interest  earning
assets fell during the first  quarter of 2003.  The yield on loans was 7.01% and
7.35% at March  31,  2003 and  December  31,  2002,  respectively.  The yield on
investments  was  5.81%  and  5.94% at March 31,  2003 and  December  31,  2002,
respectively.  The yield on Federal  Funds Sold was 1.19% and 1.56% at March 31,
2003 and December 31, 2002, respectively. The bank's net interest margin through
the first three  months of 2003 was 5.00% down from 5.14% at December  31, 2002.
The overall yield on interest earning assets was 6.74% through the first quarter
of 2003,  as  compared  to 7.17% for the same  period in 2002.  During the first
three  months  of  2003,  premises  and  equipment  increased  by  approximately
$584,000.  This  change is  attributable  to the  opening  of a new store  front
branch. From the period January 1, 2003 to March 31, 2003, the liability side of
the  Balance  Sheet  increased  by  approximately  $19,300,000.  Deposit  growth
accounted for approximately  $18,500,000 of this increase which was attributable
to the competitive  pricing of deposit products and successful sales efforts put
forth by the retail staff. The Bank's overall cost of funds for the three months
ended March 31, 2003 was 2.11%,  as compared to 2.29% at December 31, 2002.  The
change in  stockholders'  equity  was the  result of net  income of  $1,988,855,
dividends  declared of $272,412,  treasury stock purchases of $662,527 and other
comprehensive  income of $24,346.  All ratios remain very strong.  The Return on
Average  Assets was 1.79% for the first quarter of 2003 as compared to 1.93% for
the first quarter of 2002. The Return on Average Equity was 24.73% for the first
quarter of 2003 compared to 27.34% for the same period in 2002. Leverage capital
at March 31, 2003 and 2002 was 7.90% and 7.24%,  respectively.  Total Risk Based
Capital was 10.61% and 10.31% at the end of the first  quarter of 2003 and 2002,
respectively.
<PAGE>
Smithtown  Bancorp's most recent  two-for-one stock split was completed on April
18,  2003.  It was the third  two-for-one  stock split of the  company's  shares
during the past five  years.  The shares are traded on the OTC  Bulletin  Board,
which is an electronic market owned by and operated by NASDAQ.

Net income for the first quarter 2003 was $1,988,855 compared to $1,898,250, for
the three months ended March 31, 2003, an increase of 4.77%.  Earnings per share
for the first  quarter was $1.31,  as compared to $1.23 for the same  quarter in
2002.  Interest  income  on loans  increased  by 9.55% as  compared  to the same
quarter in 2002. The level of interest  bearing  deposits was greater during the
first quarter of 2003 than that of the first quarter of 2002.  This caused total
interest  expense to  increase  by 5.41% over that of the same  quarter of 2002.
Non-interest  income  decreased  by $78,223 or 5.94% for the three  months ended
March 31, 2003  compared to the same period in 2002.  This decrease is primarily
the result of reduction in loan fees collected  during the first quarter of 2003
verses that of the same period in 2002.  The Provision for Possible Loan Losses,
a direct  charge to earnings,  decreased to $80,000 for the  three-month  period
ending March 31, 2003, as compared to $210,000 for the same  three-month  period
in 2002.  The level of the Reserve for Possible Loan Losses at March 31, 2003 is
considered adequate since it surpasses  management's  estimate of potential loss
on internally classified loans plus allocations to provide for components of the
loan portfolio that were not  classified.  At March 31, 2003,  loans  internally
classified as Sub-Standard totaled $1,919,451.  During April 2003, approximately
$1,000,000  of that  balance  has been  recovered  along with  related  expenses
associated with the recovery  efforts.  Management also considered the following
factors in  determining  the adequacy of the Reserve for Possible Loan Losses at
March 31, 2003: (a) Reserves  against all classified loans at March 31, 2003 now
stands at 209%,  up from 183% at December  31,  2002;  (b)  Reserve  coverage of
Non-Performing  loans at March  31,  2003  increased  to 312%,  up from  208% at
December 31, 2002; (c) Non-performing loans totaled approximately  $1,285,000 at
March 31, 2003,  down 32% from  December 31, 2002;  (d) As a percentage of total
loans,  non-performing loans at March 31, 2003 has decreased to 0.35% from 0.53%
at December 31, 2002; and (e)  Delinquency of accruing  loans,  30 to 89 days at
March  31,  2003 has  decreased  to  approximately  $88,000  from  approximately
$1,342,000 at December 31, 2002.  Management  is confidant  that the reserve for
loan loss account  provides  adequate  coverage for any known losses in the loan
portfolio.  Other operating expenses increased by 14.85% 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 second quarter,  management  remains very  optimistic  about the
bank's  performance during 2003.
<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 March 31, 2003 and 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>
AS of March 31, 2003                                              Expected Maturity Between

                                           4/1/03 - 12/31/03       1/1/04 - 12/31/04       1/1/05 - 12/31/05       1/1/06 - 12/31/06
------------------------------------------------------------------------------------------------------------------------------------
                                                     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)     $ 15,545      5.84        $1,832      4.49       $ 3,622        4.64     $   573     4.33
    Held to Maturity (Book Value)            880      4.88           262      5.04           437        3.15         671     5.17
Federal Funds Sold                        18,229      1.13             0      0.00             0        0.00           0     0.00
Loans:
    Fixed Rate
      Real Estate Loans, Construction          0      0.00           175      9.50             0        0.00           0     0.00
      Real Estate Loans, Other
        Commercial                            27     11.00            99      8.70         1,541        7.99          58     9.50
        Residential                           10     11.55            14      8.91           242        8.74         209     7.78
      Commercial and Industrial Loans      2,956      6.48         2,211      7.17           828       10.03         954     8.72
      Loans to Individuals for             1,484      5.90           541      8.54           267       12.00         236    11.24
        Household, Family and
        Other Personal Expenditures
    Variable Rate
      Real Estate Loans, Construction     64,245      5.90             0      0.00             0        0.00           0     0.00
      Real Estate Loans, Other
        Commercial                        12,291      7.46        20,276      7.62        13,063        8.43      35,608     8.09
        Residential                       20,427      4.45         2,215      7.77         1,560        8.21       2,467     7.95
      Commercial and Industrial Loans     15,130      5.51           850      6.23         2,301        5.40         346     6.62
      Loans to Individuals for                 0      0.00            33      5.25             0        0.00           0     0.00
        Household, Family and
        Other Personal Expenditures
                                       ----------                --------                -------                --------
        Total Interest Earning Assets   $151,224                 $28,508                 $23,861                $ 41,122
                                       ==========                ========                =======                =========

SMITHTOWN BANCORP
INTEREST RATE SENSITIVITY GAP REPORT (continued)

                                                       Expected Maturity Between

                                           1/1/07 - 12/31/07              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)             $      0      0.00        $ 29,259      5.72      $50,831
    Held to Maturity (Book Value)                    126      5.50             540      6.45        3,064
Federal Funds Sold                                     0      0.00               0      0.00       18,229
Loans:
    Fixed Rate
      Real Estate Loans, Construction                  0      0.00               0      0.00          175
      Real Estate Loans, Other
        Commercial                                   159      7.00          20,569      7.50       22,564
        Residential                                   64      8.08          33,832      7.01       34,375
      Commercial and Industrial Loans              1,282      7.18             877      8.36        9,153
      Loans to Individuals for                       312     11.42             220     16.85        3,082
        Household, Family and
        Other Personal Expenditures
     Variable Rate
      Real Estate Loans, Construction                  0      0.00               0      0.00       64,245
      Real Estate Loans, Other
        Commercial                                56,458      7.57          25,057      7.65      163,865
        Residential                                9,700      7.27           9,587      6.06       46,038
      Commercial and Industrial Loans              1,291      5.70           1,425      6.69       21,343
      Loans to Individuals for                         0      0.00              33      8.25           67
        Household, Family and
        Other Personal Expenditures
                                              ----------                 ---------
        Total Interest Earning Assets           $ 69,392                  $121,399
                                              ==========                 =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SMITHTOWN BANCORP
INTEREST RATE SENSITIVITY GAP REPORT


                                                                  Expected Maturity Between

                                           4/1/03 - 12/31/03     1/1/04 - 12/31/04    1/1/05 - 12/31/05    1/1/06 - 12/31/06
------------------------------------------------------------------------------------------------------------------------------------
                                                     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                             $   6,897      0.54     $  9,197     0.54     $  9,197    0.54      $  9,197    0.54
    Money Market                           52,651      1.23       70,201     1.23       17,550    1.23             0    0.00
    NOW                                     4,214      0.15        5,619     0.15        5,619    0.15         5,619    0.15
    Time Deposits of 100,000 or more       11,429      1.64        9,602     3.89        6,174    6.60         1,123    4.76
    Other Time Deposits                    17,263      2.84       28,431     3.91       11,686    6.27         3,304    4.32
Other Borrowings                            7,000      6.40       21,000     3.10        5,000    2.89             0    0.00
                                          --------              --------             ----------             ---------
    Total Interest Bearing Liabilities  $  99,454               $144,050              $ 55,226              $ 19,243
                                         =========              ========             ==========             =========

SMITHTOWN BANCORP
INTEREST RATE SENSITIVITY GAP REPORT (continued)

                                                       Expected Maturity Between

                                           1/1/07 - 12/31/07              Thereafter
------------------------------------------------------------------------------------------------------------------------------------
                                                      Weighted               Weighted
                                                      Average                Average     Fair
                                        Balance       Rate (%)   Balance     Rate (%)    Value
-----------------------------------------------------------------------------------------------------------------------------------
Interest Bearing Liabilities
<CAPTION>
<S>                                     <C>            <C>      <C>          <C>      <C>

Deposits
    Savings                             $   9,197      0.54     $  2,298     0.54     $ 45,983
    Money Market                                0      0.00            0     0.00      140,402
    NOW                                     5,619      0.15        1,405     0.15       28,095
    Time Deposits of 100,000 or more        7,400      4.65            0     0.00       35,728
    Other Time Deposits                    10,830      4.48          727     3.67       72,241
Other Borrowings                                0      0.00        5,000     3.67       38,000
                                          --------              --------
    Total Interest Bearing Liabilities  $  33,046               $  9,430
                                         =========              ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
AS of March 31, 2002                                              Expected Maturity Between

                                           4/1/02 - 12/31/02       1/1/03 - 12/31/03       1/1/04 - 12/31/05       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)     $ 11,104      5.34        $  463      4.00       $ 1,679        4.61     $ 3,480     5.19
    Held to Maturity (Book Value)          1,384      5.67           735      5.40           252        5.11         427     5.09
Federal Funds Sold                            40      1.65             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                             6     10.50           400      9.10           172        8.77       5,970     8.51
        Residential                           33     10.05            35     11.54           293        8.49         349     8.76
      Commercial and Industrial Loans      4,058      8.04           449      9.08           759        9.43       1,301    10.15
      Loans to Individuals for
        Household, Family and
        Other Personal Expenditures          131      9.80           263     10.82           531       10.95         406    11.47
    Variable Rate
      Real Estate Loans, Construction     45,353      6.21             0      0.00             0        0.00           0     0.00
      Real Estate Loans, Other
        Commercial                         7,139      8.22        12,718      7.94        21,395        7.95      24,044     8.47
        Residential                       15,050      4.97         1,102      7.96         3,750        7.96         438     8.10
      Commercial and Industrial Loans     12,276      5.98           210      8.34         1,329        6.55         592     7.42
      Loans to Individuals for                 0      0.00             0      0.00             0        0.00           0     0.00
        Household, Family and
        Other Personal Expenditures
                                       ----------                --------                -------                --------
        Total Interest Earning Assets   $ 96,574                 $16,375                 $30,335                $ 37,007
                                       ==========                ========                =======                ========

SMITHTOWN BANCORP
INTEREST RATE SENSITIVITY GAP REPORT (continued)
                                                       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>
Investments
    Available for Sale (Fair Value)             $    573      4.33        $ 40,298      5.45      $57,598
    Held to Maturity (Book Value)                    661      5.19             983      6.35        4,596
Federal Funds Sold                                     0      0.00               0      0.00           40
Loans:
    Fixed Rate
      Real Estate Loans, Construction                  0      0.00              21      8.75          198
      Real Estate Loans, Other
        Commercial                                   294     11.70          15,364      8.03       22,498
        Residential                                3,359      7.75          38,193      7.60       42,851
      Commercial and Industrial Loans              1,283      9.43             715      9.12        4,557
      Loans to Individuals for
        Household, Family and
        Other Personal Expenditures                  267     11.37             805      9.40        2,309
     Variable Rate
      Real Estate Loans, Construction                  0      0.00               0      0.00       45,353
      Real Estate Loans, Other
        Commercial                                37,528      8.11          31,232      7.93      127,840
        Residential                                5,757      8.29           3,408      7.00       14,550
      Commercial and Industrial Loans                406      7.66           1,099      8.07        3,665
      Loans to Individuals for                         0      0.00              42      8.75           42
        Household, Family and
        Other Personal Expenditures
                                              ----------                 ---------
        Total Interest Earning Assets           $ 50,128                  $132,160
                                              ==========                 =========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
SMITHTOWN BANCORP
INTEREST RATE SENSITIVITY GAP REPORT

                                                                  Expected Maturity Between

                                           4/1/02 - 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                             $   5,897      0.62     $  7,863     0.62     $  7,863    0.62      $  7,863    0.62
    Money Market                           40,987      1.73       68,311     1.73            0    0.00             0    0.00
    NOW                                     4,023      0.30        5,364     0.30        5,364    0.30         5,364    0.30
    Time Deposits of 100,000 or more       25,615      2.50        1,756     2.14        2,005    6.22         5,378    6.81
    Other Time Deposits                    21,988      3.27        5,527     2.48        4,568    4.46         9,099    6.72
Other Borrowings                           27,000      2.56        7,000     6.40       19,000    3.40             0    0.00
                                          --------              --------             ----------             ---------
    Total Interest Bearing Liabilities  $ 125,510               $ 95,821              $ 38,800              $ 27,704
                                         =========              ========             ==========             =========

SMITHTOWN BANCORP
INTEREST RATE SENSITIVITY GAP REPORT (continued)

                                                       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                             $   7,863      0.62     $  1,966     0.62     $ 39,315
    Money Market                                0      0.00            0     0.00      109,298
    NOW                                     5,364      0.30        1,342     0.30       26,821
    Time Deposits of 100,000 or more        1,080      5.07          442     4.31       36,276
    Other Time Deposits                     2,365      4.81          835     4.16       44,382
Other Borrowings                                0      0.00            0     0.00       53,000
                                          --------              --------
    Total Interest Bearing Liabilities  $  16,672               $  4,585
                                         =========              ========
</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

May 15, 2003                           /s/ Bradley E. Rock
                                       ________________________________________
                                       Bradley E. Rock, Chairman, President and
                                         Chief Executive Officer


May 15, 2003                           /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 we 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.

May 15, 2003                                /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 we 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.

May 15, 2003                                /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 March 31, 2003 (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: May 15, 2003

                                        /s/ Bradley E. Rock
                                        ________________________________________
                                        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 March 31, 2003 (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: May 15, 2003

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