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 SECOND QUARTER 2004 EARNINGS
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DECLARES QUARTERLY CASH DIVIDEND OF $. 07 PER SHARE
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FRANKLIN, NEW JERSEY - July 22, 2004- Sussex Bancorp ( AMEX: "SBB") today
announced its financial results for the second quarter ending June 30, 2004.
Second Quarter Highlights Include:
o Quarterly net income growth of 8.6% from same quarter in 2003
o Growth in quarterly non-interest income of $145 thousand or 14.2% over
same quarter in 2003
o Declares cash dividend
For the quarter ended June 30, 2004, the Company earned net income of
$391,000, an increase of 8.6% over net income of $360,000 reported for the
second quarter of 2003. For the six months ended June 30, 2004, the Company
earned net income of $762,000, an increase of $89,000 from the $673,000 earned
for the same period last year. Basic earnings per share for the three and six
months ended June 30, 2004 were $0.21 and $0.42 respectively, compared to $0.20
and $0.38 for the respective comparable periods of 2003. Diluted earnings per
share were $0.20 and $0.40 respectively for the three and six months ended June
30, 2004, compared to $0.20 and $0.37 in the respective comparable periods of
2003.
The Company's net interest income increased to $2,123,000 for the quarter
ended June 30, 2004 from $1,951,000 for the second quarter of 2003. The
Company's interest expense decreased to $686,000 for the three months ended June
30, 2004 from $744,000 for the second quarter of 2003. The Company's interest
income increased to $2,809,000 for the quarter ended June 30, 2004 from
$2,695,000 for the second quarter of 2003. For the six months ended June 30,
2004, the Company's net interest income increased to $4,255,000 from the
$3,864,000 earned for the same period last year. For the six months ended June
30, 2004, the Company's interest income increased to $5,608,000 from $5,380,000
for the period ended June 30, 2003. The Company's total deposits increased to
$217.4 million at June 30, 2004 from $200.4 million at June 30, 2003. At June
30, 2004 the Company had total assets of $251.1 million, compared to total
assets of $235.4 million at June 30, 2003.
The loan loss provision for the second quarter was $105,000 compared to
$120,000 for the same period last year. The Company's total loans increased
$18.6 million to $144.3 million at June 30, 2004 from $125.7 million at June 30,
2003.
The Company also experienced increases in non-interest income in both the
current quarter and year to date
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periods compared to 2003. The Company reported non-interest income of $1,167,000
and $2,317,000 for the current three and six month periods, respectively,
compared to non- interest income of $1,022,000 and $2,017,000 for the three and
six month periods ending June 30, 2003. For the three and six month periods
ending June 30, 2004, $604,000 and $1,170,000 of the non-interest income was
commission income from the Company's Tri-State Insurance Agency, Inc.
subsidiary.
Sussex Bancorp also announced that its Board of Directors declared a cash
dividend of $0.07 per share, payable on August 23, 2004 to shareholders of
record as of August 2, 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.
SUSSEX BANCORP
CONSOLIDATED STATEMENTS OF INCOME
For the Six Months
Ended June 30,
(In thousands, except
share and per share data) 2004 2003
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Interest income $ 5,608 $ 5,380
Interest expense 1,353 1,516
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Net interest income 4,255 3,864
Provision for loan losses 253 245
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Net interest income after
provision for loan losses 4,002 3,619
Non-interest income 2,317 2,017
Non-interest expense 5,270 4,723
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Income before tax expense 1,049 913
Tax expense 287 240
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Net income $ 762 $ 673
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Basic earnings per share $ 0.42 $ 0.38
Diluted earnings per share $ 0.40 $ 0.37
Shares outstanding:
Basic 1,825,862 1,780,344
Diluted 1,921,038 1,837,643
SUSSEX BANCORP
CONSOLIDATED BALANCE SHEETS
Balances as of June 30,
(In thousands) 2004 2003
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Cash and due from banks $ 12,387 $ 12,238
Federal funds sold 4,990 9,140
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Cash and cash equivalents 17,377 21,378
Interest bearing time deposits with other banks 500 3,500
Securities available for sale, at fair value 74,759 74,709
Federal Home Loan Bank stock, at cost 690 760
Loans 144,275 125,702
Allowance for loan losses (1,958) (1,590)
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Net loans 142,317 124,112
Premises and equipment, net 5,470 4,469
Accrued interest receivable 1,209 1,208
Goodwill, net 2,124 1,932
Other assets 6,669 3,331
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Total assets $ 251,115 $ 235,399
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Deposits 217,399 200,427
Borrowings 11,000 13,000
Other liabilities 2,520 2,546
Junior subordinated debentures 5,155 --
Mandatory redeemable capital debentures -- 5,000
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Total liabilities 236,074 220,973
Total shareholders' equity 15,041 14,426
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Total liabilities and shareholders' equity $ 251,115 $ 235,399
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