SB One Bancorp (SBBX) 8-K Amendment 1 to Director Deferred Compnesation Agreement

Exhibit 99.3

Sussex Bancorp	Contact:	Donald L. Kovach
399 Route 23		President/CEO
Franklin, NJ  07416		973-827-2914

SUSSEX BANCORP ANNOUNCES FIRST QUARTER 2008 EARNINGS

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FRANKLIN, NEW JERSEY – April 17, 2008– Sussex Bancorp (NASDAQ: “SBBX”) today announced its financial results for the first quarter ended March 31, 2008.

For the quarter ended March 31, 2008, the Company earned net income of $637,000, a decrease of approximately 12.0 percent from net income of $724,000 for the first quarter of 2007.   Basic earnings per share for the two periods were $0.21 and $0.23, respectively.  Diluted earnings per share were $0.20 and $0.23 for the first quarter of 2008 and 2007, respectively.  The Company’s first quarter 2008 performance reflects increases in net interest income and non-interest income, offset by increased provision for loan losses and non-interest expense.

The Company’s net interest income increased $42 thousand, to $2.9 million for the quarter ended March 31, 2008 from $2.8 million for the first quarter of 2007. The Company’s interest income increased $204 thousand, or 3.8%, to $5.6 million for the three months ended March 31, 2008 from $5.4 million for the first quarter of 2007. However, the Company’s interest expense increased $162 thousand, or 6.4%, to $2.7 million for the first quarter of 2008 from $2.5 million for the first quarter of 2007.  The increase in interest expense reflects the continued competitive marketplace for cost effective deposits in the Company’s trade area, as well as an increase in the Company’s outstanding junior subordinated debentures related to the Company’s trust preferred securities. The Company’s outstanding junior subordinated debentures increased from $5.2 million at March 31, 2007 to $12.9 million at March 31, 2008. The Company believes that additional trust preferred securities have provided a cost efficient funding source for the continued growth in the Company’s loan portfolio.

The Company’s non-interest income increased to $1.7 million for the quarter ended March 31, 2008 from $1.6 million for the first quarter of 2007.  The increase in non-interest income is attributable to holding gains on trading securities, gains on sales of securities and increases in service fees on deposit accounts and ATM fees.  The Company’s non-interest expense increased to $3.5 million for the quarter ended March 31, 2008 from $3.2 million for the first quarter of 2007.  Salary and employee benefits increased by $97 thousand, occupancy expense increased $45 thousand attributable to increases in fuel costs, furniture, fixtures and equipment and data processing increased $35 thousand and FDIC insurance increased $86 thousand.

The Company’s total deposits increased to $319.2 million at March 31, 2008 from $293.9 million at March 31, 2007. The Company’s gross loans, net of unearned income increased $31.7 million to $302.4 million at March 31, 2008 from $270.7 million at March 31, 2007.  At March 31, 2008 the Company had total assets of $405.5 million, compared to total assets of $357.2 million at March 31, 2007.   The loan loss provision for the first quarter of 2008 was $173 thousand compared to $108 thousand for the same period last year.

Sussex Bancorp also announced that its Board of Directors declared a cash dividend of $0.07 per share, payable on May 15, 2008 to shareholders of record as of May 1, 2008.

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, Port Jervis and Warwick, New York and for the Tri-State Insurance Agency, Inc., a full service insurance agency located in Sussex County, New Jersey.

SUSSEX BANCORP
CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)
(Unaudited)
ASSETS	March 31, 2008		March 31, 2007		December 31, 2007
Cash and due from banks	$	11,934	$	7,783	$	7,985
Federal funds sold		10,350		2,665		3,790
Cash and cash equivalents		22,284		10,448		11,775
Interest bearing time deposits with other banks		100		100		100
Trading securities		13,834		13,476		14,259
Securities available for sale		48,997		44,945		48,397
Federal Home Loan Bank Stock, at cost		2,077		1,277		2,032
Loans receivable, net of unearned income		302,402		270,740		300,646
Less:  allowance for loan losses		5,309		3,428		5,140
Net loans receivable		297,093		267,312		295,506
Premises and equipment, net		8,941		8,172		9,112
Accrued interest receivable		1,944		1,685		2,035
Goodwill		2,820		2,820		2,820
Other assets		7,435		7,017		7,496
Total Assets	$	405,525	$	357,252	$	393,532
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing	$	42,621	$	37,215	$	36,625
Interest bearing		276,626		256,696		271,913
Total Deposits		319,247		293,911		308,538
Borrowings		36,187		20,239		35,200
Accrued interest payable and other liabilities		2,336		2,708		2,467
Junior subordinated debentures		12,887		5,155		12,887
Total Liabilities		370,657		322,013		359,092
Total Stockholders' Equity		34,868		35,239		34,440
Total Liabilities and Stockholders' Equity	$	405,525	$	357,252	$	393,532

SUSSEX BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(Dollars In Thousands)
(Unaudited)
	Three Months Ended March 31,
	2008		2007
INTEREST INCOME
Loans receivable, including fees	$	4,811	$	4,653
Securities:
Taxable		524		396
Tax-exempt		236		250
Federal funds sold		24		92
Interest bearing deposits		1		1
Total Interest Income		5,596		5,392
INTEREST EXPENSE
Deposits		2,130		2,208
Borrowings		382		222
Junior subordinated debentures		193		113
Total Interest Expense		2,705		2,543
Net Interest Income		2,891		2,849
PROVISION FOR LOAN LOSSES		173		108
Net Interest Income after Provision for Loan Losses		2,718		2,741
OTHER INCOME
Service fees on deposit accounts		351		319
ATM fees		105		87
Insurance commissions and fees		743		854
Investment brokerage fees		47		157
Holding gains on trading securities		217		46
Gain on sale of securities, available for sale		84		-
Other		132		123
Total Other Income		1,679		1,586
OTHER EXPENSES
Salaries and employee benefits		1,879		1,782
Occupancy, net		358		313
Furniture, equipment and data processing		373		338
Stationary and supplies		43		46
Professional fees		109		139
Advertising and promotion		126		104
Insurance		38		46
Postage and freight		38		40
Amortization of intangible assets		15		37
Other		494		395
Total Other Expenses		3,473		3,240
Income before Income Taxes		924		1,087
PROVISION FOR INCOME TAXES		287		363
Net Income	$	637	$	724

SUSSEX BANCORP
COMPARATIVE AVERAGE BALANCES AND AVERAGE INTEREST RATES
(Unaudited)
	Three Months Ended March 31,
(Dollars in thousands)	2008								2007
	Average					Average			Average					Average
Interest earning assets:	Balance			Interest (1)		Rate (2)			Balance			Interest (1)		Rate (2)
Securities:
Tax exempt  (3)	$	22,643		$	352		6.25	%	$	23,640		$	328		5.63	%
Taxable		40,389			524		5.22	%		34,149			396		4.70	%
Total securities		63,032			876		5.59	%		57,789			724		5.08	%
Total loans receivable (4)		300,024			4,811		6.45	%		266,252			4,653		7.09	%
Other interest-earning assets		2,941			25		3.42	%		6,819			93		5.53	%
Total interest earning assets		365,997		$	5,712		6.28	%		330,860		$	5,470		6.70	%
Non-interest earning assets		29,437								27,298
Allowance for loan losses		(5,226	)							(3,385	)
Total Assets	$	390,208							$	354,773
Interest bearing liabilities:
Interest bearing deposits:
NOW	$	59,235		$	244		1.66	%	$	57,140		$	314		2.23	%
Money market		32,716			215		2.65	%		35,400			343		3.92	%
Savings		38,504			112		1.17	%		39,884			90		0.91	%
Time		136,092			1,559		4.61	%		124,130			1,462		4.78	%
Total interest bearing deposits		266,547			2,130		3.21	%		256,554			2,208		3.49	%
Borrowed funds		35,650			382		4.24	%		18,777			222		4.72	%
Junior subordinated debentures		12,887			193		5.91	%		5,155			113		8.74	%
Total interest bearing liabilities		315,084		$	2,705		3.45	%		280,486		$	2,543		3.68	%
Non-interest bearing liabilities:
Demand deposits		38,653								37,294
Other liabilities		1,844								2,159
Total non-interest bearing liabilities		40,497								39,453
Stockholders' equity		34,627								34,834
Total Liabilities and Stockholders' Equity	$	390,208							$	354,773
Net Interest Income and Margin (5)				$	3,007		3.30	%				$	2,927		3.59	%
(1) Includes loan fee income
(2) Average rates on securities are calculated on amortized costs
(3) Full taxable equivalent basis, using a 39% effective tax rate and adjusted for TEFRA (Tax and Equity Fiscal Responsibility Act) interest expense disallowance
(4) Loans outstanding include non-accrual loans
(5) Represents the difference between interest earned and interest paid, divided by average total interest-earning assets