This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Sussex Bancorp Announces Fourth Quarter And Full Year Results For 2010

FRANKLIN, N.J., Jan. 31, 2011 (GLOBE NEWSWIRE) -- Sussex Bancorp (the "Company") (Nasdaq:SBBX), the holding company for Sussex Bank (the "Bank") today announced net income available to shareholders of $2.2 million, or $0.66 per diluted share, for the year ended December 31, 2010, which amounted to an 8.2% increase in net income over the same period in 2009. The Company attributed the increase in net income to a 9.4% increase in net interest income, which was largely due to a stronger net interest margin.

For the quarter ended December 31, 2010, the Company reported net income of $597 thousand, an increase of $331 thousand, or 124.7%, as compared to the same period in 2009. Basic and diluted earnings per share were $0.18 in the fourth quarter of 2010 compared to $0.08 for same period in 2009. The Company attributed the increase in net income to a $905 thousand decrease in provision for loan losses and a 9.3% increase in net interest income.

Mr. Anthony Labozzetta, Sussex's President and Chief Executive Officer, commented that "In what can be described as a transition year, I am pleased with the advancements that our Company has made in 2010. I am encouraged with the progress in identifying and resolving our non-performing assets, which have shown signs of stabilization. We have also made substantial enhancements to our credit and risk management culture and improved our operational effectiveness. Simultaneously, we have implemented a sales and performance culture to improve and build each of our lines of business, which will improve our core operating performance."

Mr. Labozzetta also stated that "despite the resources and effort used to enhance our culture and operations as well as the efforts and costs to work through our non-performing assets, the Company reported an 8.2% increase in earnings and a return on average assets of 0.46%." 

1 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs