News Column

Sussex Bancorp Issues Correction to Second Quarter Results for 2014

August 8, 2014

FRANKLIN, N.J., Aug. 8, 2014 (GLOBE NEWSWIRE) -- Sussex Bancorp (the "Company") (Nasdaq:SBBX), the holding company for Sussex Bank (the "Bank") today issued a correction to its previously released second quarter earnings announcement, which corrects errors contained in its net interest income disclosure. For completeness, the Company has included all previously announced financial performance and financial condition disclosure and related tables with this press release.

Financial Performance

Net Income. For the quarter ended June 30, 2014, the Company reported net income of $607 thousand, or $0.13 per basic and diluted share, as compared to net income of $134 thousand, or $0.04 per basic and diluted share, for the same period last year. The increase in net income for the quarter ended June 30, 2014 was largely due to a decrease in credit quality costs of $683 thousand or 48.3%, and increases in net interest income of $367 thousand and gain on securities transactions of $65 thousand.

For the six months ended June 30, 2014, the Company reported net income of $1.3 million, or $0.28 per basic and diluted share, as compared to net income of $232 thousand, or $0.07 per basic and diluted share, for the same period last year. The increase in net income for the six months ended June 30, 2014 was largely due to a decrease in credit quality costs of $1.7 million or 55.6%, and an increase in net interest income of $830 thousand, which were partially offset by a decrease in gain on securities transactions of $305 thousand.

Net Interest Income. Net interest income on a fully tax equivalent basis increased $369 thousand, or 8.8%, to $4.6 million for the second quarter of 2014 as compared to $4.2 million for same period in 2013. The increase in net interest income was largely due to a $34.4 million, or 7.0%, increase in average interest earning assets, principally loans receivable, which increased $56.5 million, or 15.5%, and was partially offset by a decrease in the average balance on the securities portfolio of $27.3 million, or 22.1%. The aforementioned increase also benefited from a 6 basis point increase in the net interest margin to 3.50% for the second quarter of 2014 as compared to the same period last year. The increase in the net interest margin was mostly due to an increase in the average rate paid on interest earning assets, which increased 5 basis points to 4.13% for the second quarter of 2014 from 4.08% for the same period in 2013.

Net interest income on a fully tax equivalent basis increased $830 thousand, or 10.1%, to $9.0 million for the first six months of 2014 as compared to $8.2 million for same period in 2013. The increase in net interest income was largely due to a $27.4 million, or 5.6%, increase in average interest earning assets, principally loans receivable, which increased $54.9 million, or 15.4%, and was partially offset by a decrease in the average balance on the securities portfolio of $28.8 million, or 22.6%. The aforementioned increase also benefited from a 14 basis point increase in the net interest margin to 3.51% for the first six months of 2014 as compared to the same period last year. The increase in the net interest margin was mostly due to an increase in the average rate paid on interest earning assets, which increased 11 basis points to 4.15% for the first six months of 2014 from 4.04% for the same period in 2013.

Provision for Loan Losses. Provision for loan losses decreased $300 thousand, or 42.9%, to $400 thousand for the second quarter of 2014, as compared to $700 thousand for the same period in 2013.

Provision for loan losses decreased $989 thousand, or 53.7%, to $853 thousand for the first six months of 2014, as compared to $1.8 million for the same period in 2013.

Non-interest Income. The Company reported an increase in non-interest income of $95 thousand, or 7.0%, to $1.5 million for the second quarter of 2014 as compared to the same period last year. The increase in non-interest income was largely due to an increase in gains on securities transactions of $65 thousand and increases in insurance commissions and fees of $49 thousand, or 7.6%, which were partially offset by a decrease in investment brokerage fees of $17 thousand, or 31.5%.

The Company reported a decrease in non-interest income of $199 thousand, or 6.1%, to $3.0 million for the first six months of 2014 as compared to the same period last year. The decrease in non-interest income was largely due to a decrease in gains on securities transactions of $305 thousand, which was partially offset by increases in insurance commissions and fees of $180 thousand, or 12.1%.

Non-interest Expense. The Company's non-interest expenses increased $48 thousand, or 1.0%, to $4.7 million for the second quarter of 2014 as compared to the same period last year. The increase for the second quarter of 2014 as compared to the same period in 2013 was largely due to increases in salaries and employee benefits expense of $120 thousand, director fees of $118 thousand and data processing fees of $94 thousand, which were partially offset by a decrease in expenses and write-downs related to foreclosed real estate of $436 thousand. The increase in director fees was principally related to a deferred compensation plan that is tied to the performance of the Company's stock. The increase in data processing fees was principally due to de-conversion charges related to a planned technology upgrade scheduled for the third quarter of 2014.

The Company's non-interest expenses decreased $62 thousand, or 0.7%, to $9.2 million for the first six months of 2014 as compared to the same period last year. The decrease for the first six months of 2014 as compared to the same period in 2013 was largely due to a decrease in expenses and write-downs related to foreclosed real estate of $747 thousand, which was partly offset by increases in salaries and employee benefits expense of $303 thousand, data processing fees of $145 thousand and occupancy of $109 thousand. The increase in data processing fees was principally due to de-conversion charges related to a planned technology upgrade scheduled for the third quarter of 2014.

Financial Condition

At June 30, 2014, the Company's total assets were $557.2 million, an increase of $23.3 million, or 4.4%, as compared to total assets of $533.9 million at December 31, 2013. The increase in total assets was largely driven by net growth in total loans of $35.9 million, or 9.2%, which was partially offset by declines in the securities portfolio of $9.4 million, or 9.7% and cash and cash equivalents of $2.1 million, or 16.1%. 

The Company saw strong loan growth as total loans receivable, net of unearned income, increased $35.9 million, or 9.2%, to $428.3 million at June 30, 2014, as compared to $392.4 million at December 31, 2013. The increase in loans was primarily in the commercial real estate portfolio, which increased $32.0 million, or 12.3%, to $292.6 million at June 30, 2014, as compared to $260.7 million at December 31, 2013 and in the commercial and industrial portfolio, which increased $3.9 million, or 25.4%, to $19.1 million at June 30, 2014, as compared to $15.2 million at December 31, 2013.

The Company's total deposits increased $14.0 million, or 3.3%, to $444.3 million at June 30, 2014, from $430.3 million at December 31, 2013. The increase in deposits was due to an increase in non-interest bearing deposits of $9.5 million, or 16.4%, and interest bearing deposits of $4.5 million, or 1.2%, for June 30, 2014, as compared to December 31, 2013. 

At June 30, 2014, the Company's total stockholders' equity was $49.7 million, an increase of $3.3 million when compared to December 31, 2013. The increase was largely due to net income for the six months ended June 30, 2014 and an improvement in accumulated other comprehensive income relating to a reduction in the net unrealized losses on available for sale securities. At June 30, 2014, the leverage, Tier I risk-based capital and total risk-based capital ratios for the Bank were 10.31%, 13.60% and 14.85%, respectively, all in excess of the ratios required to be deemed "well-capitalized."

Asset and Credit Quality

The Company continued to improve its asset credit quality as total problem assets and non-performing assets ("NPAs") continued to decline. Overall problem assets (foreclosed real estate, criticized assets and classified assets) are down 13.4% from December 31, 2013, and the ratio of NPAs to total assets improved to 2.63% at June 30, 2014 from 3.10% at December 31, 2013. Non-accrual loans to total loans fell to 2.38% at June 30, 2014, which is the lowest level this ratio has been since 2007.

NPAs, which include non-accrual loans, loans 90 days past due and still accruing, troubled debt restructured loans currently performing in accordance with renegotiated terms and foreclosed real estate, decreased $1.9 million, or 11.5%, to $14.7 million at June 30, 2014, as compared to $16.6 million at December 31, 2013. Non-accrual loans decreased $1.7 million, or 14.2%, to $10.2 million at June 30, 2014, as compared to $11.9 million at December 31, 2013. The top five non-accrual loan relationships total $6.4 million, or 61.1%, of total non-accrual loans and 43.9% of total NPAs at June 30, 2014. The remaining non-accrual loans have an average loan balance of $111 thousand. Loans past due 30 to 89 days decreased $698 thousand, or 19.0%, to $3.0 million at June 30, 2014, as compared to $3.7 million at December 31, 2013.

The Company continues to actively market its foreclosed real estate properties, which decreased $72 thousand to $2.9 million at June 30, 2014, as compared to $2.9 million at December 31, 2013. The decrease was primarily due to the sale of foreclosed real estate properties for $683 thousand and write downs of $110 thousand, which were partially offset by additions of $715 thousand in new foreclosed real estate properties during 2014. At June 30, 2014, the Company's foreclosed real estate properties had an average value of approximately $317 thousand per property.

The allowance for loan losses increased $433 thousand, or 8.0%, to $5.9 million, or 1.37% of total loans, at June 30, 2014, compared to $5.4 million, or 1.38% of total loans, at December 31, 2013. The Company recorded $853 thousand in provision for loan losses, which was partly offset by $420 thousand in net charge-offs for 2014. The allowance for loan losses as a percentage of non-accrual loans increased to 57.4% at June 30, 2014 from 45.6% at December 31, 2013.

About Sussex Bancorp

Sussex Bancorp is the holding company for Sussex Bank, which operates through its regional offices and corporate centers in Wantage and Rockaway, New Jersey and through its nine branch offices located in Andover, Augusta, Franklin, Newton, Montague, Sparta, Vernon and Wantage, New Jersey, Port Jervis, New York; a loan production office in Rochelle Park, New Jersey and for the Tri-State Insurance Agency, Inc., a full service insurance agency with locations in Augusta and Rochelle Park, New Jersey. For additional information, please visit the Company's website at www.sussexbank.com.

Forward-Looking Statements

This press release contains statements that are forward looking and are made pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Such statements may be identified by the use of words such as "expect," "estimate," "assume," "believe," "anticipate," "will," "forecast," "plan," "project," or similar words. Such statements are based on the Company's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, changes to interest rates, the ability to control costs and expenses, general economic conditions, the success of the Company's efforts to diversify its revenue base by developing additional sources of non-interest income while continuing to manage its existing fee based business, risks associated with the quality of the Company's assets and the ability of its borrowers to comply with repayment terms.  Further information about these and other relevant risks and uncertainties may be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, and in subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to those forward looking statements that may be made to reflect events or circumstances after this date or to reflect the occurrence of unanticipated events.

SUSSEX BANCORP
SUMMARY FINANCIAL HIGHLIGHTS
(In Thousands, Except Percentages and Per Share Data)
(Unaudited)
           
       6/30/2014 VS.
 6/30/201412/31/20136/30/20136/30/201312/31/2013
 BALANCE SHEET HIGHLIGHTS - Period End Balances           
 Total securities   $ 87,338  $ 96,750  $ 110,436  (20.9)%  (9.7)%
 Total loans  428,339 392,402 376,183  13.9%  9.2%
 Allowance for loan losses   (5,854)  (5,421)  (5,647)  3.7%  8.0%
 Total assets  557,173 533,911 526,757  5.8%  4.4%
 Total deposits  444,346 430,297 429,282  3.5%  3.3%
 Total borrowings and junior subordinated debt   58,887  53,887  56,387  4.4%  9.3%
 Total shareholders' equity   49,681  46,425  38,225  30.0%  7.0%
           
 FINANCIAL DATA - QUARTER ENDED:          
 Net interest income (tax equivalent) (a)   $ 4,574  $ 4,430  $ 4,205  8.8%  3.3%
 Provision for loan losses  400 403 700  (42.9)%  (0.7)%
 Total other income  1,458 1,411 1,363  7.0%  3.3%
 Total other expenses  4,737 4,527 4,689  1.0%  4.6%
 Income before provision for income taxes (tax equivalent)   895  911  179  400.0%  (1.8)%
 Provision for income taxes  159 162 (82)  (293.9)%  (1.9)%
 Taxable equivalent adjustment (a)  129 129 127  1.6%  -- %
 Net income   $ 607  $ 620  $ 134  353.0%  (2.1)%
             
 Net income per common share - Basic   $ 0.13  $ 0.14  $ 0.04  225.0%  (7.1)%
 Net income per common share - Diluted   $ 0.13  $ 0.14  $ 0.04  225.0%  (7.1)%
             
 Return on average assets   0.44%  0.46%  0.10%  326.3%  (5.3)%
 Return on average equity   4.95%  5.33%  1.35%  267.9%  (7.1)%
 Net interest margin (tax equivalent)   3.50%  3.46%  3.44%  1.7%  1.2%
             
 FINANCIAL DATA - YEAR TO DATE:          
 Net interest income (tax equivalent) (a)   $ 9,009    $ 8,179  10.1%  
 Provision for loan losses  853   1,842  (53.7)%  
 Total other income   3,049    3,248  (6.1)%  
 Total other expenses  9,205   9,267  (0.7)%  
 Income before provision for income taxes (tax equivalent)   2,000    318  528.9%  
 Provision for income taxes   457    (172)  (365.7)%  
 Taxable equivalent adjustment (a)   258    258  -- %  
 Net income   $ 1,285    $ 232  453.9%  
             
 Net income per common share - Basic   $ 0.28    $ 0.07  300.0%  
 Net income per common share - Diluted   $ 0.28    $ 0.07  300.0%  
             
 Return on average assets   0.47%    0.09%  429.6%  
 Return on average equity   5.34%    1.16%  361.6%  
 Net interest margin (tax equivalent)   3.51%    3.37%  4.2%  
             
 SHARE INFORMATION:           
 Book value per common share   $ 10.65  $ 10.03  $ 11.14  (4.4)%  6.2%
Outstanding shares- period ending 4,664,856 4,629,113 3,430,813  36.0%  0.8%
Average diluted shares outstanding (year to date) 4,569,105 3,816,904 3,319,538  37.6%  19.7%
             
 CAPITAL RATIOS:           
 Total equity to total assets   8.92%  8.70%  7.26%  22.9%  2.5%
 Leverage ratio (b)  10.31% 10.38% 9.12%  13.0%  (0.7)%
 Tier 1 risk-based capital ratio (b)  13.60% 14.21% 12.13%  12.1%  (4.3)%
 Total risk-based capital ratio (b)  14.85% 15.47% 13.38%  11.0%  (4.0)%
             
 ASSET QUALITY:           
 Non-accrual loans   $ 10,200  $ 11,892  $ 14,394  (29.1)%  (14.2)%
 Loans 90 days past due and still accruing   --   123  --   -- %  (100.0)%
 Troubled debt restructured loans ("TDRs") (c)   1,611  1,628 614  162.4%  (1.0)%
 Foreclosed real estate   2,854  2,926  3,392  (15.9)%  (2.5)%
 Non-performing assets ("NPAs")   $ 14,665  $ 16,569  $ 18,400  (20.3)%  (11.5)%
           
 Foreclosed real estate, criticized and classified assets   $ 23,523  $ 27,148  $ 26,133  (10.0)%  (13.4)%
 Loans past due 30 to 89 days   $ 2,979  $ 3,677  $ 1,711  74.1%  (19.0)%
 Charge-offs, net (quarterly)  $ (17)  $ 637  $ 358  (104.7)%  (102.7)%
 Charge-offs, net as a % of average loans (annualized)   (0.02)%  0.65%  0.39%  (104.1)%  (102.5)%
 Non-accrual loans to total loans   2.38%  3.03%  3.83%  (37.8)%  (21.4)%
 NPAs to total assets   2.63%  3.10%  3.49%  (24.6)%  (15.2)%
 NPAs excluding TDR loans (c) to total assets   2.34%  2.80%  3.38%  (30.6)%  (16.3)%
 Non-accrual loans to total assets   1.83%  2.23%  2.73%  (33.0)%  (17.8)%
 Allowance for loan losses as a % of non-accrual loans   57.39%  45.59%  39.23%  46.3%  25.9%
 Allowance for loan losses to total loans   1.37%  1.38%  1.50%  (9.0)%  (1.1)%
           
(a) Full taxable equivalent basis, using a 39% effective tax rate and adjusted for TEFRA (Tax and Equity Fiscal Responsibility Act) interest expense disallowance          
(b) Sussex Bank capital ratios           
(c) Troubled debt restructured loans currently performing in accordance with renegotiated terms          
           
           
SUSSEX BANCORP
CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)
     
     
ASSETSJune 30, 2014December 31, 2013
   (Unaudited)   
Cash and due from banks  $ 7,985  $ 5,521
Interest-bearing deposits with other banks  3,126  7,725
 Cash and cash equivalents  11,111  13,246
     
Interest bearing time deposits with other banks  100  100
Securities available for sale, at fair value  81,283  90,676
Securities held to maturity  6,055  6,074
Federal Home Loan Bank Stock, at cost  2,960  2,705
     
Loans receivable, net of unearned income  428,339  392,402
 Less: allowance for loan losses  5,854  5,421
 Net loans receivable  422,485  386,981
     
Foreclosed real estate  2,854  2,926
Premises and equipment, net  7,698  6,892
Accrued interest receivable  1,698  1,642
Goodwill  2,820  2,820
Bank-owned life insurance  12,054  11,889
Other assets  6,055  7,960
     
Total Assets  $ 557,173  $ 533,911
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
     
Liabilities:    
 Deposits:    
 Non-interest bearing   $ 67,743  $ 58,210
 Interest bearing   376,603  372,087
 Total Deposits  444,346  430,297
     
Borrowings  46,000  41,000
Accrued interest payable and other liabilities  4,259  3,302
Junior subordinated debentures  12,887  12,887
     
Total Liabilities  507,492  487,486
     
Total Stockholders' Equity  49,681  46,425
     
Total Liabilities and Stockholders' Equity  $ 557,173  $ 533,911
     
     
SUSSEX BANCORP
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Dollars In Thousands Except Per Share Data)
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2014201320142013
INTEREST INCOME        
Loans receivable, including fees  $ 4,800  $ 4,485  $ 9,423  $ 8,761
Securities:        
Taxable  214  126  431  280
Tax-exempt  255  246  509  508
Interest bearing deposits  4  2  7  7
Total Interest Income  5,273  4,859  10,370  9,556
         
INTEREST EXPENSE        
Deposits  415  453  805  991
Borrowings  361  273  709  535
Junior subordinated debentures  52  55  105  109
Total Interest Expense  828  781  1,619  1,635
         
Net Interest Income  4,445  4,078  8,751  7,921
PROVISION FOR LOAN LOSSES  400  700  853  1,842
Net Interest Income after Provision for Loan Losses  4,045  3,378  7,898  6,079
         
OTHER INCOME        
Service fees on deposit accounts  265  271  529  557
ATM and debit card fees  185  178  352  338
Bank owned life insurance  83  90  166  182
Insurance commissions and fees  696  647  1,669  1,489
Investment brokerage fees  37  54  68  99
Gain on securities transactions  94  29  94  399
Other  98  94  171  184
Total Other Income  1,458  1,363  3,049  3,248
         
OTHER EXPENSES        
Salaries and employee benefits  2,441  2,321  4,859  4,556
Occupancy, net  397  347  850  741
Furniture and equipment  112  145  276  297
Advertising and promotion  78  95  122  135
Professional fees  211  198  364  383
Director fees  105  (13)  242  193
FDIC assessment  175  178  351  347
Insurance  72  63  148  139
Stationary and supplies  52  51  107  100
Loan collection costs  169  116  246  214
Data processing  432  338  812  667
Expenses and write-downs related to foreclosed real estate  161  597  261  1,008
Amortization of intangible assets  --  --  --  1
Other  332  253  567  486
Total Other Expenses  4,737  4,689  9,205  9,267
         
Income before Income Taxes  766  52  1,742  60
INCOME TAX EXPENSE (BENEFIT)  159  (82)  457  (172)
Net Income  $ 607  $ 134  $ 1,285  $ 232
         
OTHER COMPREHENSIVE INCOME (LOSS):        
Unrealized gains (losses) on available for sale securities arising during the period  $ 1,636  $ (3,113)  $ 3,353  $ (3,757)
Reclassification adjustment for net gain on securities transactions included in net income  (94)  (29)  (94)  (399)
Income tax (expense) benefit related to items of other comprehensive income (loss)  (617)  1,258  (1,304)  1,663
Other comprehensive income (loss), net of income taxes  925  (1,884)  1,955  (2,493)
Comprehensive income (loss)  $ 1,532  $ (1,750)  $ 3,240  $ (2,261)
         
EARNINGS PER SHARE        
Basic  $ 0.13  $ 0.04  $ 0.28  $ 0.07
Diluted  $ 0.13  $ 0.04  $ 0.28  $ 0.07
         
         
SUSSEX BANCORP
COMPARATIVE AVERAGE BALANCES AND AVERAGE INTEREST RATES
(Dollars In Thousands)
(Unaudited)
             
 Three Months Ended June 30,
 20142013
 Average  AverageAverage  Average
 BalanceInterestRate (2)BalanceInterestRate (2)
Earning Assets:            
Securities:            
Tax exempt (3)  $ 33,764  $ 384 4.56%  $ 29,579  $ 373 5.06%
Taxable  62,775  214 1.37%  94,286  126 0.54%
Total securities  96,539  598 2.48%  123,865  499 1.62%
Total loans receivable (1) (4)  420,506  4,800 4.58%  363,996  4,485 4.94%
Other interest-earning assets  7,368  4 0.22%  2,122  2 0.38%
Total earning assets 524,413  5,402 4.13% 489,983  4,986 4.08%
             
Non-interest earning assets  37,675      39,409    
Allowance for loan losses  (5,653)      (5,777)    
Total Assets  $ 556,435      $ 523,615    
             
Sources of Funds:            
Interest bearing deposits:            
NOW  $ 115,065  $ 43 0.15%  $ 108,523  $ 35 0.13%
Money market  11,146  4 0.14%  13,950  6 0.17%
Savings  144,942  74 0.20%  155,156  83 0.21%
Time  108,133  294 1.09%  98,482  329 1.34%
Total interest bearing deposits 379,286  415 0.44% 376,111  453 0.48%
Borrowed funds 49,244  361 2.94% 34,549  273 3.17%
Junior subordinated debentures 12,887  52 1.62% 12,887  55 1.71%
Total interest bearing liabilities 441,417  828 0.75% 423,547  781 0.74%
           
Non-interest bearing liabilities:            
Demand deposits  63,239      58,411    
Other liabilities  2,713      1,806    
Total non-interest bearing liabilities  65,952      60,217    
Stockholders' equity  49,066      39,851    
Total Liabilities and Stockholders' Equity  $ 556,435      $ 523,615    
             
Net Interest Income and Margin (5)    4,574 3.50%    4,205 3.44%
Tax-equivalent basis adjustment    (129)      (127)  
Net Interest Income    $ 4,445      $ 4,078  
            
(1) Includes loan fee income
(2) Average rates on securities are calculated on amortized costs
(3) Full taxable equivalent basis, using a 39% effective tax rate and adjusted for TEFRA (Tax and Equity Fiscal Responsibility Act) interest expense disallowance
(4) Loans outstanding include non-accrual loans
(5) Represents the difference between interest earned and interest paid, divided by average total interest-earning assets
             
 
SUSSEX BANCORP
COMPARATIVE AVERAGE BALANCES AND AVERAGE INTEREST RATES
(Dollars In Thousands)
(Unaudited)
             
 Six Months Ended June 30,
 20142013
 Average  AverageAverage  Average
 BalanceInterestRate (2)BalanceInterestRate (2)
Earning Assets:            
Securities:            
Tax exempt (3)  $ 33,747  $ 767 4.58%  $ 30,881  $ 766 5.00%
Taxable  65,119  431 1.33%  96,824  280 0.58%
Total securities  98,866  1,198 2.44%  127,705  1,046 1.65%
Total loans receivable (1) (4)  411,681  9,423 4.62%  356,778  8,761 4.95%
Other interest-earning assets  6,399  7 0.22%  5,033  7 0.28%
Total earning assets 516,946  10,628 4.15% 489,516  9,814 4.04%
             
Non-interest earning assets  36,647      39,932    
Allowance for loan losses  (5,651)      (5,541)    
Total Assets  $ 547,942      $ 523,907    
             
Sources of Funds:            
Interest bearing deposits:            
NOW  $ 115,361  $ 82 0.14%  $ 110,410  $ 71 0.13%
Money market  11,855  8 0.14%  14,424  15 0.21%
Savings  145,509  149 0.21%  156,524  194 0.25%
Time  103,557  566 1.10%  100,967  711 1.42%
Total interest bearing deposits 376,282  805 0.43% 382,325  991 0.52%
Borrowed funds 47,741  709 2.99% 30,597  535 3.53%
Junior subordinated debentures 12,887  105 1.64% 12,887  109 1.71%
Total interest bearing liabilities 436,910  1,619 0.75% 425,809  1,635 0.77%
           
Non-interest bearing liabilities:            
Demand deposits  60,405      54,158   
Other liabilities  2,458      3,796    
Total non-interest bearing liabilities  62,863      57,954   
Stockholders' equity  48,169      40,144    
Total Liabilities and Stockholders' Equity  $ 547,942      $ 523,907   
           
Net Interest Income and Margin (5)    9,009 3.51%   8,179 3.37%
Tax-equivalent basis adjustment    (258)      (258)  
Net Interest Income    $ 8,751      $ 7,921  
             
(1) Includes loan fee income
(2) Average rates on securities are calculated on amortized costs
(3) Full taxable equivalent basis, using a 39% effective tax rate and adjusted for TEFRA (Tax and Equity Fiscal Responsibility Act) interest expense disallowance
(4) Loans outstanding include non-accrual loans
(5) Represents the difference between interest earned and interest paid, divided by average total interest-earning assets
             

CONTACT: Anthony Labozzetta, President/CEO Steven Fusco, SEVP/CFO 844-256-7328



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Source: Sussex Bancorp


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