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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."

Mr. Anthony Labozzetta, Sussex's President and Chief Executive Officer, commented, "During the quarter, we made progress from our efforts in addressing problem assets as we sold off our largest foreclosed asset with a carrying value of $2.0 million and have seen stabilization in our non-accrual loans during the past six months." 

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