EXHIBIT 99.1
Sussex Bancorp Candace Leatham
200 Munsonhurst Road, Rt. 517 Executive Vice President
Franklin, NJ 07416 & Treasurer
973-827-2914
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FOR IMMEDIATE RELEASE
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SUSSEX BANCORP ANNOUNCES INCREASED THIRD QUARTER AND NINE
MONTHS EARNINGS
DECLARES QUARTERLY CASH DIVIDEND OF $0. 07 PER SHARE
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FRANKLIN, NEW JERSEY - October 21, 2004- Sussex Bancorp ( AMEX: "SBB")
today announced its financial results for the quarter ending September 30, 2004.
Highlights Include:
o Quarterly net income growth of 27.5% from same quarter in 2003
o Nine month net income growth of 17.8% over 2003
o Growth in quarterly non-interest income of 21.3% over same quarter in
2003
o Declaration of third quarter cash dividend
For the quarter ended September 30, 2004, the Company earned net income of
$403,000, an increase of 27.5% over net income of $316,000 reported for the
third quarter of 2003. For the nine months ended September 30, 2004, the Company
earned net income of $1,165,000, an increase of $176,000, or 17.8% from the
$989,000 earned for the same period last year. Basic earnings per share for the
three and nine months ended September 30, 2004 were $0.22 and $0.64
respectively, compared to $0.18 and $0.55 for the respective comparable periods
of 2003. Diluted earnings per share were $0.21 and $0.61 respectively for the
three and nine months ended September 30, 2004, compared to $0.17 and $0.54 the
respective comparable periods of 2003.
The Company's net interest income increased to $2,298,000 for the quarter
ended September 30, 2004 from $1,938,000 for the third quarter of 2003. The
Company's interest income increased to $2,987,000 for the quarter ended
September 30, 2004 from $2,619,000 for the third quarter of 2003, while the
Company's interest expense also increased marginally, to $689,000 for the three
months ended September 30, 2004 from $681,000 for the third quarter of 2003. For
the nine months ended September 30, 2004, the Company's net interest income
increased to $6,553,000 from $5,802,000 for the same period last year. For the
nine months ended September 30, 2004, the Company's interest income increased to
$8,595,000 from $7,999,000 for the period ended September 30, 2003, while the
Company's interest expense declined to $2,042,000 from $2,197,000 in the prior
year period.
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The Company's total deposits increased to $223.7 million at September 30,
2004 from $201.8 million at September 30, 2003. At September 30, 2004 the
Company had total assets of $259.7 million, compared to total assets of $235.1
million at September 30, 2003.
The loan loss provision for the third quarter was $120,000 compared to
$70,000 for the same period last year. The Company's total loans increased $19.2
million, or 14.9%, to $149.0 million at September 30, 2004 from $129.8 million
at September 30, 2003.
The Company also experienced increases in non-interest income in both the
current quarter and year to date periods compared to 2003. The Company reported
non-interest income of $1,109,000 and $3,426,000 for the current three and nine
month periods, respectively, compared to non- interest income of $914,000 and
$2,931,000 for the three and nine month periods ending September 30, 2003. For
the three and nine month periods ending September 30, 2004, $526,000 and
$1,696,000 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 November 22, 2004 to shareholders of
record as of November 5, 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 Nine Months
Ended September 30,
(In thousands, except
share and per share data) 2004 2003
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Interest income $ 8,595 $ 7,999
Interest expense 2,042 2,197
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Net interest income 6,553 5,802
Provision for loan losses 373 315
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Net interest income after
provision for loan losses 6,180 5,487
Non-interest income 3,426 2,931
Non-interest expense 8,011 7,098
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Income before tax expense 1,595 1,320
Tax expense 430 331
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Net income $ 1,165 $ 989
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Basic earnings per share $ 0.64 $ 0.55
Diluted earnings per share $ 0.61 $ 0.54
Shares outstanding:
Basic 1,830,203 1,782,929
Diluted 1,917,746 1,849,197
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SUSSEX BANCORP
CONSOLIDATED BALANCE SHEETS
Balances as of September 30,
(In thousands) 2004 2003
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Cash and due from banks $ 13,090 $ 11,023
Federal funds sold -- 4,740
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Cash and cash equivalents 13,090 15,763
Interest bearing time deposits with other banks 10,900 3,500
Securities available for sale, at fair value 72,612 75,730
Federal Home Loan Bank stock, at cost 690 760
Loans 149,042 129,767
Allowance for loan losses (2,078) (1,652)
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Net loans 146,964 128,115
Premises and equipment, net 5,667 4,334
Accrued interest receivable 1,265 1,248
Goodwill, net 2,124 1,932
Other assets 6,389 3,679
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Total assets $ 259,701 $ 235,061
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Deposits 223,730 201,806
Federal funds purchased 2,385 --
Borrowings 10,000 12,000
Other liabilities 2,245 2,218
Junior subordinated debentures 5,155 --
Mandatory redeemable capital debentures -- 5,000
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Total liabilities 243,515 221,024
Total shareholders' equity 16,186 14,037
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Total liabilities and shareholders' equity $ 259,701 $ 235,061
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