EXHIBIT 99
Press Release
- -------------
SUSSEX BANCORP ANNOUNCES
SECOND QUARTER RESULTS
AND CASH DIVIDEND
FRANKLIN, NEW JERSEY - July 19, 2001- Sussex Bancorp (AMEX:"SBB")
announced today that for the second quarter ended June 30, 2001, the
Company earned net income of $240,000, an increase over net income of
$184,000 for the second quarter of 2000. The Company's total interest
income increased to $2,964,000 for the quarter ended June 30, 2001,
primarily due to an increase in earning assets, as the Company's portfolio
of loans increased to $99.5 million at June 30, 2001 from $94.7 million at
June 30, 2000. The loan loss provision for the second quarter of each of
2001 and 2000 was $63,000. Basic earnings per share for the two periods
were $.15 and $.13 respectively. Diluted earnings per share for the two
periods were $.14 and $.12. Weighted average number of basic shares
outstanding was 1,645,443 for 2001 and 1,494,298 for 2000. Weighted average
number of diluted shares was 1,633,374 for 2001 and 1,504,241 for 2000.
The Company's interest expense increased to $1,481,000 for the
quarter ended June 30, 2001 from $1,140,000 for the second quarter of 2000.
This increase reflects the increase in the Company's total deposits to
$162.5 million at June 30, 2001 from $140.9million at June 30, 2000. At
June 30, 2001 the Company had total assets of $185.3 million, compared to
total assets of $161.6 million at June 30, 2000.
For the six months ended June 30, 2001, the Company earned net
income of $450,000, an increase of $66,000 from the $384,000 earned for the
same period last year. The Company's total interest income increased to
$5,909,000 for the six months ended June 30, 2001. Basic earnings per share
for the six months ended were $.28 for 2001 and $.27 for 2000. Diluted
earnings per share for the six months ended were $.27 and $.26 for 2000.
Weighted average basic shares were 1,631,521 and 1,494,037. Weighted
average diluted shares were 1,649,512 and 1,504,286.
Sussex Bancorp also announced that its Board of Directors declared a
cash dividend of $0.07 per share, payable on August 27, 2001 to
shareholders of record as of August 6, 2001.
Chairman and Chief Executive Officer Donald L. Kovach stated, "Our
quarterly results show the continued hard work by our staff in increasing
our base of earning assets through new loan originations. Our continued
performance has permitted the Board to declare a quarterly cash dividend
for the forty-second straight quarter. We continue to be committed to
enhancing the value of our shareholders' "investment."
Sussex Bancorp is the holding company for the Sussex County State
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.