Exhibit 99.1
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SUSSEX BANCORP ANNOUNCES INCREASED FIRST QUARTER 2005 EARNINGS
DECLARES QUARTERLY CASH DIVIDEND OF $0.07 PER SHARE
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FRANKLIN, NEW JERSEY - April 28, 2005- Sussex Bancorp (AMEX: "SBB") today
announced its financial results for the first quarter ending March 31, 2005.
First Quarter Highlights Include:
o Quarterly net income growth of 40% from the first quarter of 2004
o Quarterly interest income growth of 22% from same quarter in 2004
o Cash dividend of $0.07 per share
For the quarter ended March 31, 2005, the Company earned net income of
$520,000, an increase of approximately 40 percent over net income of $371,000
for the first quarter of 2004. Basic earnings per share for the two periods were
$0.17 and $0.20 respectively. Diluted earnings per share were $0.17 and $0.19
for the two periods. 2005 earnings per share were also effected by the 1,131,150
shares issued by the Company in December of 2004.
The Company's net interest income increased to $2,636,000 for the quarter
ended March 31, 2005 from $2,132,000 for the first quarter of 2004. The
Company's interest income increased to $3,423,000 for the three months ended
March 31, 2005 from $2,799,000 for the first quarter of 2004. The Company's
interest expense increased to $787,000 for the first quarter of 2005 from
$667,000 for the first quarter of 2004. The Company's total deposits increased
to $228.0 million at March 31, 2005 from $212.8 million at March 31, 2004. At
March 31, 2005 the Company had total assets of $280.2 million, compared to total
assets of $247.2 million at March 31, 2004.
The loan loss provision for the first quarter was $135,000 compared to
$148,000 for the same period last year. The Company's total loans increased
$27.7 million to $166.6 million at March 31, 2005 from $138.9 million at March
31, 2004.
Sussex Bancorp also announced that its Board of Directors declared a cash
dividend of $0.07 per share, payable on May 31, 2005 to shareholders of record
as of May 9, 2005.
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) 2005 2004
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Interest income $ 3,423 $ 2,799
Interest expense 787 667
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Net interest income 2,636 2,132
Provision for loan losses 135 148
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Net interest income after
provision for loan losses 2,501 1,984
Non-interest income 1,101 1,150
Non-interest expense 2,903 2,628
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Income before tax expense 699 506
Tax expense 179 135
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Net income $ 520 $ 371
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Basic earnings per share $ 0.17 $ 0.20
Diluted earnings per share $ 0.17 $ 0.19
Shares outstanding:
Basic 3,007,408 1,819,382
Diluted 3,049,590 1,921,271
SUSSEX BANCORP
CONSOLIDATED BALANCE SHEETS
Balances as of
March 31,
(In thousands) 2005 2004
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Cash and due from banks $ 9,922 $ 10,027
Federal funds sold 12,800 5,965
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Cash and cash equivalents 22,722 15,992
Interest bearing time deposits with other banks 500 3,500
Securities available for sale, at fair value 75,509 76,056
Federal Home Loan Bank stock, at cost 700 760
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Loans 166,639 138,945
Allowance for loan losses (1,828) (1,853)
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Net loans 164,811 137,092
Premises and equipment, net 5,952 4,970
Accrued interest receivable 1,409 1,221
Goodwill, net 2,334 2,124
Other assets 6,282 5,511
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Total assets $ 280,219 $ 247,226
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Deposits 227,954 212,845
Borrowings 14,000 11,000
Other liabilities 1,569 2,435
Mandatory redeemable capital debentures 5,155 5,155
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Total liabilities 248,678 231,435
Total shareholders' equity 31,541 15,791
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Total liabilities and shareholders' equity $ 280,219 $ 247,226
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