Sussex Bancorp Announces Increased Third Quarter and Nine Months
Earnings Declares Quarterly Cash Dividend of $0.07 Per Share
FRANKLIN, N.J., Oct. 21 /PRNewswire-FirstCall/ -- Sussex Bancorp
(AMEX: SBB) today announced its financial results for the quarter
ending September 30, 2004. Highlights Include: * Quarterly net
income growth of 27.5% from same quarter in 2003 * Nine month net
income growth of 17.8% over 2003 * Growth in quarterly non-interest
income of 21.3% over same quarter in 2003 * Declaration of third
quarter cash dividend For the quarter ended September 30, 2004, the
Company earned net income of $403,000, an increase of 27.5% over
net income of $316,000 reported for the third quarter of 2003. For
the nine months ended September 30, 2004, the Company earned net
income of $1,165,000, an increase of $176,000, or 17.8% from the
$989,000 earned for the same period last year. Basic earnings per
share for the three and nine months ended September 30, 2004 were
$0.22 and $0.64 respectively, compared to $0.18 and $0.55 for the
respective comparable periods of 2003. Diluted earnings per share
were $0.21 and $0.61 respectively for the three and nine months
ended September 30, 2004, compared to $0.17 and $0.54 the
respective comparable periods of 2003. The Company's net interest
income increased to $2,298,000 for the quarter ended September 30,
2004 from $1,938,000 for the third quarter of 2003. The Company's
interest income increased to $2,987,000 for the quarter ended
September 30, 2004 from $2,619,000 for the third quarter of 2003,
while the Company's interest expense also increased marginally, to
$689,000 for the three months ended September 30, 2004 from
$681,000 for the third quarter of 2003. For the nine months ended
September 30, 2004, the Company's net interest income increased to
$6,553,000 from $5,802,000 for the same period last year. For the
nine months ended September 30, 2004, the Company's interest income
increased to $8,595,000 from $7,999,000 for the period ended
September 30, 2003, while the Company's interest expense declined
to $2,042,000 from $2,197,000 in the prior year period. The
Company's total deposits increased to $223.7 million at September
30, 2004 from $201.8 million at September 30, 2003. At September
30, 2004 the Company had total assets of $259.7 million, compared
to total assets of $235.1 million at September 30, 2003. The loan
loss provision for the third quarter was $120,000 compared to
$70,000 for the same period last year. The Company's total loans
increased $19.2 million, or 14.9%, to $149.0 million at September
30, 2004 from $129.8 million at September 30, 2003. The Company
also experienced increases in non-interest income in both the
current quarter and year to date periods compared to 2003. The
Company reported non-interest income of $1,109,000 and $3,426,000
for the current three and nine month periods, respectively,
compared to non- interest income of $914,000 and $2,931,000 for the
three and nine month periods ending September 30, 2003. For the
three and nine month periods ending September 30, 2004, $526,000
and $1,696,000 of the non-interest income was commission income
from the Company's Tri-State Insurance Agency, Inc. subsidiary.
Sussex Bancorp also announced that its Board of Directors declared
a cash dividend of $0.07 per share, payable on November 22, 2004 to
shareholders of record as of November 5, 2004. Sussex Bancorp is
the holding company for Sussex Bank, which operates through its
main office in Franklin, New Jersey and branch offices in Andover,
Augusta, Newton, Montague, Sparta, Vernon and Wantage, New Jersey,
and for the Tri-State Insurance Agency, Inc., a full service
insurance agency located in Sussex County, New Jersey. SUSSEX
BANCORP CONSOLIDATED STATEMENTS OF INCOME For the Nine Months Ended
September 30, (In thousands, except share and per share data) 2004
2003 Interest income $8,595 $7,999 Interest expense 2,042 2,197 Net
interest income 6,553 5,802 Provision for loan losses 373 315 Net
interest income after provision for loan losses 6,180 5,487
Non-interest income 3,426 2,931 Non-interest expense 8,011 7,098
Income before tax expense 1,595 1,320 Tax expense 430 331 Net
income $1,165 $989 Basic earnings per share $0.64 $0.55 Diluted
earnings per share $0.61 $0.54 Shares outstanding: Basic 1,830,203
1,782,929 Diluted 1,917,746 1,849,197 SUSSEX BANCORP CONSOLIDATED
BALANCE SHEETS Balances as of September 30, (In thousands) 2004
2003 Cash and due from banks $13,090 $11,023 Federal funds sold -
4,740 Cash and cash equivalents 13,090 15,763 Interest bearing time
deposits with other banks 10,900 3,500 Securities available for
sale, at fair value 72,612 75,730 Federal Home Loan Bank stock, at
cost 690 760 Loans 149,042 129,767 Allowance for loan losses
(2,078) (1,652) Net loans 146,964 128,115 Premises and equipment,
net 5,667 4,334 Accrued interest receivable 1,265 1,248 Goodwill,
net 2,124 1,932 Other assets 6,389 3,679 Total assets $259,701
$235,061 Deposits 223,730 201,806 Federal funds purchased 2,385 -
Borrowings 10,000 12,000 Other liabilities 2,245 2,218 Junior
subordinated debentures 5,155 - Mandatory redeemable capital
debentures - 5,000 Total liabilities 243,515 221,024 Total
shareholders' equity 16,186 14,037 Total liabilities and
shareholders' equity $259,701 $235,061 DATASOURCE: Sussex Bancorp
CONTACT: Candace Leatham, Executive Vice President & Treasurer,
Sussex Bancorp, +1-973-827-2914 Web site:
http://www.sussexbank.com/
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