Declares Quarterly Cash Dividend of $0.07 Per Share FRANKLIN, N.J., July 20 /PRNewswire-FirstCall/ -- Sussex Bancorp (AMEX:SBB) today announced its financial results for the second quarter ending June 30, 2006. For the quarter ended June 30, 2006, the Company earned net income of $652,000 compared to net income of $666,000 reported for the second quarter of 2005. For the six months ended June 30, 2006, the Company earned net income of $1,248,000, an increase of $62,000, or 5.2%, from the $1,186,000 earned for the same period last year. Basic earnings per share for the three and six months ended June 30, 2006 were $0.21 and $0.40 respectively, compared to $0.21 and $0.38 for the respective comparable periods of 2005. Diluted earnings per share were $0.20 and $0.39 respectively for the three and six months ended June 30, 2006, compared to $0.21 and $0.37 in the respective comparable periods of 2005. While the Company's net interest income and other income both increased in the three and six month periods ended June 30, 2006 compared to the prior year, the Company incurred increases in its other expenses related to its acquisition of a new office in Port Jervis, New York on March 24 and additional consulting fees and other expenses associated with preparing for compliance with Sarbanes-Oxley section 404. The Company's net interest income increased to $3,051,000 for the quarter ended June 30, 2006 from $2,742,000 for the second quarter of 2005. The Company's interest income increased to $4,876,000 for the quarter ended June 30, 2006 from $3,684,000 for the second quarter of 2005. The Company's interest expense increased to $1,825,000 for the three months ended June 30, 2006 from $942,000 for the second quarter of 2005. For the six months ended June 30, 2006, the Company's net interest income increased to $5,966,000 from the $5,378,000 earned for the same period last year. For the six months ended June 30, 2006, the Company's interest income increased to $9,457,000 from $7,107,000 for the period ended June 30, 2005. The Company's total deposits increased to $277.3 million at June 30, 2006 from $236.3 million at June 30, 2005. At June 30, 2006 the Company had total assets of $331.3 million, compared to total assets of $290.4 million at June 30, 2005. The loan loss provision for the second quarter was $229,000 compared to $206,000 for the same period last year. The Company's total loans increased $57.8 million to $244.1 million at June 30, 2006 from $186.3 million at June 30, 2005. The Company also experienced increases in non-interest income in both the current quarter and year to date periods compared to 2005. The Company reported non-interest income of $1,369,000 and $2,660,000 for the current three and six month periods, respectively, compared to non-interest income of $1,324,000 and $2,425,000 for the three and six month periods ending June 30, 2005. For the three and six month periods ending June 30, 2006, $348,000 and $668,000, respectively, of the non-interest income represented service charges on deposit accounts. Insurance commissions for the three and six month periods ended June 30, 2006 were $688,000 and $1,421,000, respectively. The Company's other expenses increased in the three and six month periods of 2006 compared to the prior year periods. For the three month period ending June 30, other expenses increased by $307 thousand, or 10.5%, while other expenses increased by $533 thousand, or 9.2%, for the six months ended June 30, 2006 compared to the prior year periods. On March 24th the bank purchased a branch of NBT Bank in Port Jervis, New York. The increases in other expenses related to increases in salaries and employee benefits, occupancy expenses from the addition of Port Jervis branch and professional fees increased in relations to cost attributable to Sarbanes Oxley 404. Sussex Bancorp also announced that its Board of Directors declared a cash dividend of $0.07 per share, payable on August 28, 2006 to shareholders of record as of August 4, 2006. 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, Port Jervis, New York and for the Tri-State Insurance Agency, Inc., a full service insurance agency located in Sussex County, New Jersey. SUSSEX BANCORP CONSOLIDATED BALANCE SHEETS (Dollars In Thousands) June 30, June 30, December 31, ASSETS 2006 2005 2005 (unaudited) (unaudited) Cash and due from banks $10,442 $14,186 $11,395 Federal funds sold 2,670 2,195 13,385 Cash and cash equivalents 13,112 16,381 24,780 Interest bearing time deposits with other banks 100 500 500 Securities available for sale 57,814 72,652 61,180 Federal Home Loan Bank Stock, at cost 964 700 1,025 Loans receivable, net of unearned income 244,061 186,278 211,335 Less: allowance for loan losses 3,040 2,158 2,615 Net loans receivable 241,021 184,120 208,720 Premises and equipment, net 6,909 5,830 6,619 Accrued interest receivable 1,497 1,567 1,778 Other assets 9,842 8,696 8,580 Total Assets $331,259 $290,446 $313,182 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Non-interest bearing $34,234 $36,719 $39,148 Interest bearing 243,063 199,613 217,699 Total Deposits 277,297 236,332 256,847 Borrowings 13,276 14,000 16,300 Accrued interest payable and other liabilities 2,077 2,365 1,956 Junior subordinated debentures 5,155 5,155 5,155 Total Liabilities 297,805 257,852 280,258 Total Stockholders' Equity 33,454 32,594 32,924 Total Liabilities and Stockholders' Equity $331,259 $290,446 $313,182 SUSSEX BANCORP CONSOLIDATED STATEMENTS OF INCOME (Dollars In Thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2006 2005 2006 2005 INTEREST INCOME Loans receivable, including fees $4,217 $2,869 $8,030 $5,489 Securities: Taxable 349 433 702 880 Tax-exempt 259 299 520 592 Federal funds sold 46 79 195 119 Interest bearing deposits 5 4 10 27 Total Interest Income 4,876 3,684 9,457 7,107 INTEREST EXPENSE Deposits 1,548 695 2,920 1,273 Borrowings 168 161 359 292 Junior subordinated debentures 109 86 212 164 Total Interest Expense 1,825 942 3,491 1,729 Net Interest Income 3,051 2,742 5,966 5,378 PROVISION FOR LOAN LOSSES 229 206 445 341 Net Interest Income after Provision for Loan Losses 2,822 2,536 5,521 5,037 OTHER INCOME Service fees on deposit accounts 348 315 668 551 ATM and debit card fees 97 86 179 169 Insurance commissions and fees 688 622 1,421 1,217 Investment brokerage fees 88 66 140 130 Other 148 235 252 358 Total Other Income 1,369 1,324 2,660 2,425 OTHER EXPENSES Salaries and employee benefits 1,756 1,609 3,395 3,203 Occupancy, net 259 233 530 488 Furniture, equipment and data processing 297 271 575 522 Stationary and supplies 45 40 96 88 Professional fees 167 134 345 249 Advertising and promotion 145 150 330 266 Insurance 46 46 104 88 Postage and freight 60 45 112 90 Amortization of intangible assets 40 63 73 127 Other 414 331 798 704 Total Other Expenses 3,229 2,922 6,358 5,825 Income before Income Taxes 962 938 1,823 1,637 PROVISION FOR INCOME TAXES 310 272 575 451 Net Income $652 $666 $1,248 $1,186 SUSSEX BANCORP COMPARATIVE AVERAGE BALANCES AND AVERAGE INTEREST RATES Six Months Ended June 30, 2006 and 2005 (Dollars In Thousands) (dollars in thousands) 2006 2005 Average Interest Average Average Interest Average Earning Assets: Balance (1) Rate (2) Balance (1) Rate (2) Securities: Tax exempt(3) $24,171 $708 5.91 % $27,749 $845 6.14 % Taxable 35,752 702 3.96 % 47,954 880 3.70 % Total securities 59,923 1,410 4.74 % 75,703 1,725 4.60 % Total loans receivable (4) 227,472 8,030 7.12 % 169,676 5,489 6.52 % Other interest- earning assets 9,083 205 4.55 % 11,098 146 2.64 % Total earning assets 296,478 $9,645 6.56 % 256,477 $7,360 5.79 % Non-interest earning assets 25,213 23,813 Allowance for loan losses (2,804) (2,051) Total Assets $318,887 $278,239 Sources of Funds: Interest bearing deposits: NOW $52,470 $500 1.92 % $42,573 $124 0.59 % Money market 27,873 511 3.70 % 21,143 199 1.90 % Savings 49,171 206 0.84 % 65,214 226 0.70 % Time 91,556 1,703 3.75 % 62,039 724 2.35 % Total interest bearing deposits 221,070 2,920 2.66 % 190,969 1,273 1.34 % Borrowed funds 14,786 359 4.83 % 12,484 292 4.65 % Junior subordinated debentures 5,155 213 8.20 % 5,155 164 6.32 % Total interest bearing liabilities 241,011 $3,491 2.92 % 208,608 $1,729 1.67 % Non-interest bearing liabilities: Demand deposits 42,561 36,295 Other liabilities 1,965 1,451 Total non-interest bearing liabilities 44,526 37,746 Stockholders' equity 33,351 31,885 Total Liabilities and Stockholders' Equity $318,887 $278,239 Net Interest Income and Margin (5) $6,154 4.19 % $5,631 4.43 % (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 DATASOURCE: Sussex Bancorp CONTACT: Candace Leatham, Executive Vice President & Treasurer, +1-973-827-2914 Web site: http://www.sussexbank.com/

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