Sussex Bancorp Announces Increased 2004 Earnings FRANKLIN, N.J., Jan. 20 /PRNewswire-FirstCall/ -- Sussex Bancorp (Amex: "SBB") today announced net income $1,591,000 for the year ended December 31, 2004, or $0.85 per basic share compared to net income of $1,441,000, or $0.80 per basic share, for the prior year. 2004 highlights include: -- Net income growth of 10.4% -- Earnings per share increased 6.3% -- Non-interest income increased by $439,000 -- Increased capital of $15.2 million through public offering of common stock For the year ended December 31, 2004, the Company earned net income of $1,591,000 an increase of approximately 10.4 percent over net income of $1,441,000 for the same period last year. Basic and diluted earnings per share for the year ended December 31, 2004 were $0.85 and $0.82 respectively, compared to $0.80 and $0.78 respectively, in the year ago period. The Company's total interest income increased to $11,791,000 for the year ended December 31, 2004 from $10,771,000 for the same period last year, reflecting the increase in the yields for both the loan and investment portfolios. For the year ended December 31, 2004, the Company's non-interest income increased by $439,000 or 10.7%, to $4.5 million from $4.1 million for the same period last year. The Company's interest expense decreased to $2,814,000 for the year ended December 31, 2004 from $2,860,000 for the same period last year, despite a year over year increase in total deposits of $22.2 million. The Company's total non-interest expense increased by $1.1 million, reflecting increases associated with the Company's growth. The loan loss provision for the year ended December 31, 2004 increased to $558,000 from $405,000 for the same period last year. At December 31, 2004 the Company had total loans of $157 million, compared to total loans of $134.4 million at December 31, 2003. At December 31, 2004 the Company had total assets of $278.3 million, compared to total assets of $240.7 million at December 31, 2003. In addition, the Company had total deposits of $230 million, compared to total deposits of $207.7 million at December 31, 2003. On December 21, 2004, the Company completed a public offering of shares of its common stock. As part of the offering, the Company sold 1,131,150 shares of common stock, and raised net proceeds of $15.2 million. Sussex Bancorp is the holding company for the 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 Tri- State Insurance Agency, Inc, Augusta, New Jersey. SUSSEX BANCORP CONSOLIDATED STATEMENTS OF INCOME For the Year Ended December 31, (In thousands, except share and per share data) 2004 2003 Interest income $11,791 $10,771 Interest expense 2,814 2,860 Net interest income 8,977 7,911 Provision for loan losses 558 405 Net interest income after provision for loan losses 8,419 7,506 Non-interest income 4,542 4,103 Non-interest expense 10,789 9,663 Income before tax expense 2,172 1,946 Tax expense 581 505 Net income $1,591 $1,441 Basic earnings per share (as adjusted for 5% stock dividend) $0.85 $0.80 Diluted earnings per share 0.82 0.78 Shares outstanding: Basic 1,872,138 1,790,142 Diluted 1,949,112 1,859,407 SUSSEX BANCORP CONSOLIDATED BALANCE SHEETS Balances as of December 31, (In thousands) 2004 2003 Cash and due from banks $10,434 $11,301 Federal funds sold 18,860 4,195 Cash and cash equivalents 29,294 15,496 Interest bearing time deposits with other banks 3,900 3,500 Securities available for sale, at fair value 74,736 76,545 Federal Home Loan Bank stock, at cost 690 760 Loans 156,916 134,374 Allowance for loan losses (2,274) (1,734) Net loans 154,642 132,640 Accrued interest receivable 1,330 1,241 Premises and equipment, net 5,618 4,650 Goodwill, net 2,334 2,124 Other assets 5,731 3,661 Total assets $278,275 $240,617 Deposits 229,827 207,657 Borrowings 10,000 11,000 Other liabilities 1,641 2,056 Mandatory redeemable capital debentures 5,155 5,000 Total liabilities 246,623 225,713 Total shareholders' equity 31,652 14,904 Total liabilities and shareholders' equity $278,275 $240,617 DATASOURCE: Sussex Bancorp CONTACT: Candace Leatham, Executive Vice President / Treasurer of Sussex Bancorp, +1-973-827-2914 Web site: http://www.sussexbank.com/

Copyright