EXHIBIT 99.1
| Sussex Bancorp 200 Munsonhurst Road, Rt. 517 Franklin, NJ 07416 | Candace Leatham Executive Vice President & Treasurer 973-827-2914 |
| FOR IMMEDIATE RELEASE |
SUSSEX BANCORP ANNOUNCES INCREASED 2004 EARNINGS
FRANKLIN, NEW JERSEY – January 20, 2005– Sussex Bancorp (AMEX:“SBB”) today announced net income $1,591,000 for the year ended December 31, 2004, or $0.85 per basic share compared to net income of $1,441,000, or $0.80 per basic share, for the prior year.
2004 highlights include:
- Net income growth of 10.4%
- Earnings per share increased 6.3%
- Non-interest income increased by $439,000
- Increased capital of $15.2 million through public offering of common stock
For the year ended December 31, 2004, the Company earned net income of $1,591,000 an increase of approximately 10.4 percent over net income of $1,441,000 for the same period last year. Basic and diluted earnings per share for the year ended December 31, 2004 were $0.85 and $0.82 respectively, compared to $0.80 and $0.78 respectively, in the year ago period.
The Company’s total interest income increased to $11,791,000 for the year ended December 31, 2004 from $10,771,000 for the same period last year, reflecting the increase in the yields for both the loan and investment portfolios. For the year ended December 31, 2004, the Company’s non-interest income increased by $439,000 or 10.7%, to $4.5 million from $4.1 million for the same period last year.
The Company’s interest expense decreased to $2,814,000 for the year ended December 31, 2004 from $2,860,000 for the same period last year, despite a year over year increase in total deposits of $22.2 million. The Company’s total non-interest expense increased by $1.1 million, reflecting increases associated with the Company’s growth. The loan loss provision for the year ended December 31, 2004 increased to $558,000 from $405,000 for the same period last year. At December 31, 2004 the Company had total loans of $157 million, compared to total loans of $134.4 million at December 31, 2003.
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At December 31, 2004 the Company had total assets of $278.3 million, compared to total assets of $240.7 million at December 31, 2003. In addition, the Company had total deposits of $230 million, compared to total deposits of $207.7 million at December 31, 2003.
On December 21, 2004, the Company completed a public offering of shares of its common stock. As part of the offering, the Company sold 1,131,150 shares of common stock, and raised net proceeds of $15.2 million.
Sussex Bancorp is the holding company for the 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 Tri-State Insurance Agency, Inc, Augusta, New Jersey.
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SUSSEX BANCORPCONSOLIDATED
STATEMENTS OF INCOME
| For the Year Ended December 31, | ||||||||
| (In thousands, except | ||||||||
| share and per share data) | 2004 | 2003 | ||||||
| Interest income | $ | 11,791 | $ | 10,771 | ||||
| Interest expense | 2,814 | 2,860 | ||||||
| Net interest income | 8,977 | 7,911 | ||||||
| Provision for loan losses | 558 | 405 | ||||||
| Net interest income after | ||||||||
| provision for loan losses | 8,419 | 7,506 | ||||||
| Non-interest income | 4,542 | 4,103 | ||||||
| Non-interest expense | 10,789 | 9,663 | ||||||
| Income before tax expense | 2,172 | 1,946 | ||||||
| Tax expense | 581 | 505 | ||||||
| Net income | $ | 1,591 | $ | 1,441 | ||||
| Basic earnings per share (as adjusted for 5% stock dividend) | $ | 0.85 | $ | 0.80 | ||||
| Diluted earnings per share | 0.82 | 0.78 | ||||||
| Shares outstanding: | ||||||||
| Basic | 1,872,138 | 1,790,142 | ||||||
| Diluted | 1,949,112 | 1,859,407 | ||||||
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SUSSEX BANCORP
CONSOLIDATED BALANCE SHEETS
| Balances as of December 31, | ||||||||
| (In thousands) | 2004 | 2003 | ||||||
| Cash and due from banks | $ | 10,434 | $ | 11,301 | ||||
| Federal funds sold | 18,860 | 4,195 | ||||||
| Cash and cash equivalents | 29,294 | 15,496 | ||||||
| Interest bearing time deposits with other banks | 3,900 | 3,500 | ||||||
| Securities available for sale, at fair value | 74,736 | 76,545 | ||||||
| Federal Home Loan Bank stock, at cost | 690 | 760 | ||||||
| Loans | 156,916 | 134,374 | ||||||
| Allowance for loan losses | (2,274 | ) | (1,734 | ) | ||||
| Net loans | 154,642 | 132,640 | ||||||
| Accrued interest receivable | 1,330 | 1,241 | ||||||
| Premises and equipment, net | 5,618 | 4,650 | ||||||
| Goodwill, net | 2,334 | 2,124 | ||||||
| Other assets | 5,731 | 3,661 | ||||||
| Total assets | $ | 278,275 | $ | 240,617 | ||||
| Deposits | 229,827 | 207,657 | ||||||
| Borrowings | 10,000 | 11,000 | ||||||
| Other liabilities | 1,641 | 2,056 | ||||||
| Mandatory redeemable capital debentures | 5,155 | 5,000 | ||||||
| Total liabilities | 246,623 | 225,713 | ||||||
| Total shareholders' equity | 31,652 | 14,904 | ||||||
| Total liabilities and shareholders' equity | $ | 278,275 | $ | 240,617 | ||||
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