EXHIBIT 99
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Sussex Bancorp
399 Route 23
Franklin, NJ 07416 Contact: Candace Leatham
Executive Vice President
/Treasurer
(973) 827-2914
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SUSSEX BANCORP ANNOUNCES INCREASED THIRD QUARTER 2003 EARNINGS
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DECLARES 5% STOCK DIVIDEND
FRANKLIN, NEW JERSEY - October 16, 2003- Sussex Bancorp (AMEX:"SBB") today
announced its financial results for the third quarter of 2003 ending September
30, 2003.
Third Quarter 2003 highlights include:
o Quarterly net income growth of 10% from the prior year's third quarter
o Quarterly non-interest income increases by approximately 15% over the
prior year's third quarter
o Quarterly 5% Stock Dividend
For the quarter ended September 30, 2003, the Company earned net income of
$316,000, an increase of approximately 10 percent over net income of $287,000
reported for the third quarter of 2002. For the nine months ended September 30,
2003, the Company earned net income of $989,000, an increase of $140,000, or
approximately 16.5 percent, from the $849,000 earned for the same period last
year. Basic earnings per share for the three and nine months ended September 30,
2003 were $0.18 and $0.55 respectively, compared to $0.16 and $0.49 for the
respective comparable periods of 2002. Diluted earnings per share were $0.17 and
$0.54, respectively, for the three and nine months ended September 30, 2003,
compared to $0.16 and $0.47 in the respective periods of 2002.
The Company's net interest income was $1,938,000 for the quarter ended
September 30, 2003 compared to $1,929,000 for the third quarter of 2002. The
Company's interest expense decreased to $681,000 for the quarter ended September
30, 2003 from $884,000 for the third quarter of 2002, reflecting reduced market
rates of interest. The Company's total deposits increased to $201.8 million at
September 30, 2003 from $190.5 million at September 30, 2002. At September 30,
2003, the Company had total assets of $235.1 million, compared to total assets
of $226.3 million at September 30, 2002. The loan loss provision for the third
quarter was $70,000 compared with $75,000 for the same period last year.
The Company also experienced substantial increases in non-interest income
in both the current quarter and year to date periods compared to 2002. The
Company reported non interest income of $914,000 and $2,931,000 for the current
three and nine month periods, respectively, compared to non- interest income of
$794,000 and $2,391,000 for the three and nine month periods ended September 30,
2002. For the three and nine month periods ended September 30, 2003, $512,000
and $1,599,000 of the non-interest income was commission income from the
Company's subsidiary, Tri-State Insurance Agency, Inc.
Sussex Bancorp also announced that its Board of Directors declared a 5%
stock dividend payable on November 24, 2003 to shareholders of record as of
November 3, 2003. All weighted average shares and per share information have
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been adjusted
retroactively for the effect of this stock dividend.
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, a full service insurance agency located in
Augusta, New Jersey.
SUSSEX BANCORP
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
(In thousands, except
share and per share data) 2003 2002 2003 2002
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Interest income $ 2,619 $ 2,813 $ 7,999 $ 8,080
Interest expense 681 884 2,197 2,672
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Net interest income 1,938 1,929 5,802 5,408
Provision for loan losses 70 75 315 225
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Net interest income after
provision for loan losses 1,868 1,854 5,487 5,183
Non-interest income 914 794 2,931 2,391
Non-interest expense 2,375 2,248 7,098 6,375
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Income before tax expense 407 400 1,320 1,199
Tax expense 91 113 331 350
Net income $ 316 $ 287 $ 989 $ 849
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Basic earnings per share $ 0.18 $ 0.16 $ 0.55 $ 0.49
Diluted earnings per share 0.17 0.16 0.54 0.47
Shares outstanding:
Basic 1,788,004 1,743,978 1,782,929 1,741,093
Diluted 1,871,929 1,823,043 1,849,197 1,819,734
SUSSEX BANCORP
CONSOLIDATED BALANCE SHEETS
Balances as of
September 30,
(In thousands) 2003 2002
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Cash and due from banks $ 11,023 $ 9,680
Federal funds sold 4,740 21,795
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Cash and cash equivalents 15,763 31,475
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Interest bearing time deposits with other banks 3,500 6,100
Securities available for sale, at fair value 75,730 68,412
Federal Home Loan Bank stock, at cost 760 750
Loans 129,767 110,008
Allowance for loan losses (1,652) (1,353)
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Net loans 128,115 108,655
Accrued interest receivable 1,248 1,160
Premises and equipment, net 4,334 4,703
Goodwill, net 1,932 1,757
Other assets 3,679 3,288
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Total assets $ 235,061 $ 226,300
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Deposits 201,806 190,544
Borrowings 12,000 15,000
Other liabilities 2,218 2,551
Mandatory redeemable capital debentures 5,000 5,000
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Total liabilities 221,024 213,095
Total shareholders' equity 14,037 13,205
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Total liabilities and shareholders' equity $ 235,061 $ 226,300
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