Sussex Bancorp Announces 11.8% Growth In Year To Date 2010 Earnings
FRANKLIN, N.J., July 27, 2010 (GLOBE NEWSWIRE) -- Sussex Bancorp ("Company") (Nasdaq:SBBX) today announced its financial results for the three and six months ended June 30, 2010. For the six months ended June 30, 2010, the Company's net income increased $100 thousand, or 11.8%, to $948 thousand from the $848 thousand earned for the same period last year driven by a 16.4% increase in net interest income. Diluted earnings per share were $0.29 for the six months ended June 30, 2010 compared to $0.26 for the same period in 2009. For the quarter ended June 30, 2010, the Company earned net income of $305 thousand, a decrease of $290 thousand from net income of $595 thousand for the second quarter of 2009. Basic and diluted earnings per share were $0.09 in the second quarter of 2010 compared to $0.18 for the second quarter of 2009.
The decline for the second quarter of 2010 was largely attributed to severance costs that resulted in higher salary and employee benefits expense and an other-than-temporary impairment ("OTTI") charge both during the second quarter of 2010. The severance and OTTI charges of $217 thousand and $171 thousand, respectively, or combined amounted to an equivalent earnings per share decrease of $0.07. For the three and six months ended June 30, 2010 the provision for loan losses increased by $541 thousand and $639 thousand, respectively, over the same periods last year, which was largely offset by a decline in write-downs on foreclosed real estate expense for the three and six months ended June 30, 2010 of $456 thousand and $429 thousand, respectively, over the same periods last year. At June 30, 2010, non-performing assets to total assets remained flat on a linked quarter basis.
"We continue to focus on proactively managing and resolving the Company's troubled assets as well as taking steps to strengthen the Company's operating results by executing our community bank strategy of delivering an extraordinary experience for our customers while assisting with their financial needs," stated Mr. Anthony Labozzetta, Sussex's President and Chief Executive Officer.
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