EXHIBIT 99
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Sussex Bancorp
399 Route 23
Franklin, NJ 07416 Contact: Candace Leatham
Executive Vice President
/Treasurer
(973) 827-2914
SUSSEX BANCORP ANNOUNCES INCREASED 2003 EARNINGS
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FRANKLIN, NEW JERSEY - January 22, 2004- Sussex Bancorp (AMEX:"SBB") today
announced net income $1,441,000 for the year ended December 31, 2003, or $0.80
per basic share compared to net income of $1,156,000, or $0.66 per basic share,
for the prior year.
2003 highlights include:
o Net income growth of 24.7%
o Earnings per share increased 21.2%
o Non-interest income increased by $811,000
For the year ended December 31, 2003, the Company earned net income of
$1,441,000 an increase of approximately 24.7 percent over net income of
$1,156,000 for the same period last year. Basic and diluted earnings per share
for the year ended December 31, 2003 were $0.80 and $0.78 respectively, compared
to $0.66 and $0.64 respectively, in the year ago period, as adjusted for 5%
stock dividend declared in October 2003.
The Company's total interest income decreased to $10,771,000 for the year
ended December 31, 2003 from $10,860,000 for the same period last year,
reflecting lower yields on the investment portfolio. For the year ended December
31, 2003, the Company's non-interest income increased by $811,000 or 24.6%, to
$4.1 million from $3.3 million for the same period last year. The increase in
non-interest income reflects the contribution of Tri-State Insurance Agency,
Inc. which produced $2.1 million in commission revenue for the year ended
December 31, 2003 compared to $1.7 million for the same period last year.
The Company's interest expense decreased to $2,860,000 for the year ended
December 31, 2003 from $3,536,000 for the same period last year, reflecting
reduced market rates of interest. The Company's total non-interest expense
increased by $1.0 million, reflecting increases associated with the Company's
growth. The loan loss provision for the year ended December 31, 2003 increased
to $405,000 from $300,000 for the same period last year. At December 31, 2003
the Company had total loans $134.4 million, compared to total loans of $113.5
million at December 31, 2002.
At December 31, 2003 the Company had total assets of $240.6 million,
compared to total assets of $226.0 million at December 31, 2002. In addition,
the Company had total deposits of $207.7 million, compared to total deposits of
$189.9 million at December 31, 2002.
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.
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SUSSEX BANCORP
CONSOLIDATED STATEMENTS OF INCOME
For the Year
Ended December 31,
(In thousands, except
share and per share data) 2003 2002
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Interest income $ 10,771 $ 10,860
Interest expense 2,860 3,536
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Net interest income 7,911 7,324
Provision for loan losses 405 300
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Net interest income after
provision for loan losses 7,506 7,024
Non-interest income 4,103 3,292
Non-interest expense 9,663 8,634
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Income before tax expense 1,946 1,682
Tax expense 505 526
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Net income $ 1,441 $ 1,156
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Basic earnings per share
(as adjusted for 5% stock dividend) $ 0.80 $ 0.66
Diluted earnings per share 0.78 0.64
Shares outstanding:
Basic 1,790,142 1,748,102
Diluted 1,859,409 1,820,724
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SUSSEX BANCORP
CONSOLIDATED BALANCE SHEETS
Balances as of
December 31,
(In thousands) 2003 2002
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Cash and due from banks $ 11,301 $ 9,186
Federal funds sold 4,195 16,910
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Cash and cash equivalents 15,496 26,096
Interest bearing time deposits with other banks 3,500 3,600
Securities available for sale, at fair value 76,545 72,720
Federal Home Loan Bank stock, at cost 760 750
Loans 134,374 113,455
Allowance for loan losses (1,734) (1,386)
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Net loans 132,640 112,069
Accrued interest receivable 1,241 1,144
Premises and equipment, net 4,650 4,634
Goodwill, net 2,124 1,932
Other assets 3,661 2,959
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Total assets $ 240,617 $ 225,904
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Deposits 207,657 189,858
Borrowings 11,000 15,000
Other liabilities 2,056 2,366
Mandatory redeemable capital debentures 5,000 5,000
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Total liabilities 225,713 212,224
Total shareholders' equity 14,904 13,680
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Total liabilities and shareholders' equity $ 240,617 $ 225,904
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