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%."