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Sussex Bancorp Announces Increased Second Quarter 2004 Earnings Declares Quarterly Cash Dividend of $.07 Per Share FRANKLIN, N.J., July 22 /PRNewswire-FirstCall/ -- Sussex Bancorp (AMEX:SBB) today announced its financial results for the second quarter ending June 30, 2004. Second Quarter Highlights Include: * Quarterly net income growth of 8.6% from same quarter in 2003 * Growth in quarterly non-interest income of $145 thousand or 14.2% over same quarter in 2003 * Declares cash dividend For the quarter ended June 30, 2004, the Company earned net income of $391,000, an increase of 8.6% over net income of $360,000 reported for the second quarter of 2003. For the six months ended June 30, 2004, the Company earned net income of $762,000, an increase of $89,000 from the $673,000 earned for the same period last year. Basic earnings per share for the three and six months ended June 30, 2004 were $0.21 and $0.42 respectively, compared to $0.20 and $0.38 for the respective comparable periods of 2003. Diluted earnings per share were $0.20 and $0.40 respectively for the three and six months ended June 30, 2004, compared to $0.20 and $0.37 in the respective comparable periods of 2003. The Company's net interest income increased to $2,123,000 for the quarter ended June 30, 2004 from $1,951,000 for the second quarter of 2003. The Company's interest expense decreased to $686,000 for the three months ended June 30, 2004 from $744,000 for the second quarter of 2003. The Company's interest income increased to $2,809,000 for the quarter ended June 30, 2004 from $2,695,000 for the second quarter of 2003. For the six months ended June 30, 2004, the Company's net interest income increased to $4,255,000 from the $3,864,000 earned for the same period last year. For the six months ended June 30, 2004, the Company's interest income increased to $5,608,000 from $5,380,000 for the period ended June 30, 2003. The Company's total deposits increased to $217.4 million at June 30, 2004 from $200.4 million at June 30, 2003. At June 30, 2004 the Company had total assets of $251.1 million, compared to total assets of $235.4 million at June 30, 2003. The loan loss provision for the second quarter was $105,000 compared to $120,000 for the same period last year. The Company's total loans increased $18.6 million to $144.3 million at June 30, 2004 from $125.7 million at June 30, 2003. The Company also experienced increases in non-interest income in both the current quarter and year to date periods compared to 2003. The Company reported non-interest income of $1,167,000 and $2,317,000 for the current three and six month periods, respectively, compared to non-interest income of $1,022,000 and $2,017,000 for the three and six month periods ending June 30, 2003. For the three and six month periods ending June 30, 2004, $604,000 and $1,170,000 of the non-interest income was commission income from the Company's Tri-State Insurance Agency, Inc. subsidiary. Sussex Bancorp also announced that its Board of Directors declared a cash dividend of $0. 07 per share, payable on August 23, 2004 to shareholders of record as of August 2, 2004. Sussex Bancorp is the holding company for Sussex Bank, which operates through its main office in Franklin, New Jersey and branch offices in Andover, Augusta, Newton, Montague, Sparta, Vernon and Wantage, New Jersey, and for the Tri-State Insurance Agency, Inc., a full service insurance agency located in Sussex County, New Jersey. SUSSEX BANCORP CONSOLIDATED STATEMENTS OF INCOME For the Six Months Ended June 30, (In thousands, except share and per share data) 2004 2003 Interest income $5,608 $5,380 Interest expense 1,353 1,516 Net interest income 4,255 3,864 Provision for loan losses 253 245 Net interest income after provision for loan losses 4,002 3,619 Non-interest income 2,317 2,017 Non-interest expense 5,270 4,723 Income before tax expense 1,049 913 Tax expense 287 240 Net income $762 $673 Basic earnings per share $0.42 $0.38 Diluted earnings per share $0.40 $0.37 Shares outstanding: Basic 1,825,862 1,780,344 Diluted 1,921,038 1,837,643 SUSSEX BANCORP CONSOLIDATED BALANCE SHEETS Balances as of June 30, (In thousands) 2004 2003 Cash and due from banks $12,287 $12,238 Federal funds sold 4,990 9,140 Cash and cash equivalents 17,377 22,378 Interest bearing time deposits with other banks 500 3,500 Securities available for sale, at fair value 74,759 74,709 Federal Home Loan Bank stock, at cost 760 690 Loans 144,275 125,702 Allowance for loan losses (1,958) (1,590) Net loans 142,317 124,112 Premises and equipment, net 5,470 4,469 Accrued interest receivable 1,209 1208 Goodwill, net 2,124 1,932 Other assets 6,669 3,331 Total assets $251,115 $235,399 Deposits 217,399 200,427 Borrowings 11,000 13,000 Other liabilities 2,520 2,546 Junior subordinated debentures 5,155 - Mandatory redeemable capital debentures - 5,000 Total liabilities 236,074 220,973 Total shareholders' equity 15,041 14,426 Total liabilities and shareholders' equity $251,115 $235,399 DATASOURCE: Sussex Bancorp CONTACT: Candace Leatham, Executive Vice President & Treasurer of Sussex Bancorp, +1-973-827-2914 Web site: http://www.sussexbank.com/

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