EXHIBIT 99
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Sussex Bancorp
399 Route 23 Contact: Candace Leatham
Franklin, NJ 07416 Executive Vice President
/Treasurer
(973) 827-2914
FOR IMMEDIATE RELEASE
SUSSEX BANCORP ANNOUNCES INCREASED FIRST QUARTER 2004 EARNINGS
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DECLARES QUARTERLY CASH DIVIDEND OF $0.07 PER SHARE
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FRANKLIN, NEW JERSEY - April 22, 2004- Sussex Bancorp (AMEX: "SBB") today
announced its financial results for the first quarter ending March 31, 2004.
First Quarter Highlights Include:
o Quarterly net income growth of 19% from same quarter in 2003
o Quarterly non-interest income increases approximately 16% over same
quarter in 2003
o Cash dividend of $.07 per share
For the quarter ended March 31, 2004, the Company earned net income of
$371,000, an increase of approximately 19 percent over net income of $313,000
for the first quarter of 2003. Basic earnings per share for the two periods were
$0.20 and $0.18 respectively. Diluted earnings per share were $0.19 and $0.17
for the two periods.
The Company's net interest income increased to $2,132,000 for the quarter
ended March 31, 2004 from $1,913,000 for the first quarter of 2003. The
Company's interest income increased to $2,799,000 for the three months ended
March 31, 2004 from $2,685,000 for the first quarter of 2003. The Company's
interest expense decreased to $667,000 for the three months from $772,000 for
the first quarter of 2003. The Company's total deposits increased to $212.8
million at March 31, 2004 from $195.4 million at March 31, 2003. At March 31,
2004 the Company had total assets of $247.1 million, compared to total assets of
$230.7 million at March 31, 2003.
The loan loss provision for the first quarter was $148,000 compared to
$125,000 for the same period last year. The Company's total loans increased
$20.4 million to $138.9 million at March 31, 2004 from $118.5 million at March
31, 2003. The Company's increase in its loan loss provision is primarily due to
continued growth in the portfolio.
The Company's non-interest income increased in the first quarter, year over
year, by $155,000. The Company reported non-interest income of $1,150,000 for
the current first quarter compared to $995,000 for the first quarter of 2003.
The increase primarily reflects fees earned by the residential lending division
of the bank.
Sussex Bancorp also announced that its Board of Directors declared a cash
dividend of $0.07 per share, payable on May 24, 2004 to shareholders of record
as of May 3, 2004.
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, and for the
Tri-State Insurance Agency, Inc., a full service insurance agency located in
Sussex County, New Jersey.
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SUSSEX BANCORP
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months
Ended March 31,
(In thousands, except
share and per share data) 2004 2003
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Interest income $ 2,799 $ 2,685
Interest expense 667 772
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Net interest income 2,132 1,913
Provision for loan losses 148 125
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Net interest income after
provision for loan losses 1,984 1,788
Non-interest income 1,150 995
Non-interest expense 2,628 2,357
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Income before tax expense 506 426
Tax expense 135 113
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Net income $ 371 $ 313
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Basic earnings per share $ 0.20 $ 0.18
Diluted earnings per share $ 0.19 $ 0.17
Shares outstanding:
Basic 1,819,382 1,777,155
Diluted 1,921,272 1,832,661
SUSSEX BANCORP
CONSOLIDATED BALANCE SHEETS
Balances as of
March 31,
(In thousands) 2004 2003
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Cash and due from banks $ 10,027 $ 9,521
Federal funds sold 5,965 13,200
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Cash and cash equivalents 15,992 22,721
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Interest bearing time deposits with other banks 3,500 3,600
Securities available for sale, at fair value 76,056 75,566
Federal Home Loan Bank stock, at cost 760 700
Loans 138,945 118,531
Allowance for loan losses (1,853) (1,496)
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Net loans 137,092 117,035
Premises and equipment, net 4,970 4,575
Accrued interest receivable 1,221 1,228
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Goodwill, net 2,124 1,932
Other assets 5,356 3,361
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Total assets $ 247,071 $ 230,718
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Deposits 212,845 195,350
Borrowings 11,000 14,000
Other liabilities 2,435 2,598
Mandatory redeemable capital debentures 5,000 5,000
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Total liabilities 231,280 211,948
Total shareholders' equity 15,791 13,770
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Total liabilities and shareholders' equity $ 247,071 $ 230,718
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