SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q/A

AMENDMENT NO. 1

QUARTERLY REPORT UNDER SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended March 31, 2004

Commission file number 2-91511

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  ¨

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

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

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

SMITHTOWN BANCORP

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(in thousands, except share and per share data)

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

SIGNATURES

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

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