Sussex Bancorp Announces Third Quarter Results For 2010
FRANKLIN, N. J., Oct. 28, 2010 (GLOBE NEWSWIRE) -- Sussex Bancorp ("Company") (Nasdaq:SBBX) today announced its financial results for the three and nine months ended September 30, 2010.
For the quarter ended September 30, 2010, the Company reported net income of $631 thousand, a decrease of $266 thousand as compared to the third quarter of 2009. Basic and diluted earnings per share were $0.19 in the third quarter of 2010 compared to $0.28 for the third quarter of 2009. For the nine months ended September 30, 2010, the Company's net income decreased $166 thousand, or 9.5%, to $1.6 million from the $1.7 million earned for the same period last year. Diluted earnings per share were $0.48 for the nine months ended September 30, 2010 compared to $0.54 for the same period in 2009.
Highlights for the quarter and nine months ended September 30, 2010 include:
- For the nine months ended September 30, 2010, net interest income (tax equivalent) increased 8.7% over the same period last year driven by a higher net interest margin.
- Net interest margin was 3.76% for the nine months ended September 30, 2010, a 25 basis point increase from 3.51% for the same period last year. This increase was attributed to lower cost of funds.
- Provision for loan losses increased $781 thousand, or 49.3%, for the nine months ended September 30, 2010 as compared to the same period last year, which resulted in a 20.4% growth in the allowance for loan losses. The allowance for loan losses totaled $6.1 million at September 30, 2010, or 1.83% of total loans as compared to $5.5 million, or 1.65% of total loans at December 31, 2009.
- Non-accrual loans remain unchanged at approximately $22 million for the last three quarters.
- Nonperforming assets have declined by $3.6 million, or 11.8%, since June 30, 2010 to $27.0 million at September 30, 2010.
- Return on Average Assets of 0.52% for the third quarter and 0.44% for the nine months.
- At September 30, 2010, the leverage, Tier I and Total Risk Based Capital ratios for Sussex Bank were 8.94%, 12.29% and 13.55%, respectively, all in excess of the ratios required to be deemed "well-capitalized."
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