Sussex Bancorp (the "Company") (Nasdaq:SBBX), the holding company
for Sussex Bank (the "Bank"), today announced net income of $727
thousand, or $0.22 per basic and diluted share, for the quarter
ended June 30, 2011 as compared to $305 thousand, or $0.09 per
basic and diluted share, for the same period last year. For the six
months ended June 30, 2011, the Company reported net income of $1.4
million, or $0.43 per diluted share, as compared to $948 thousand,
or $0.29 per diluted share, for the same period last year. The
Company attributed the increase in net income to a stronger net
interest margin and higher non-interest income as compared to the
second quarter last year as management continues to focus on
strengthening its core operations as well as resolving and
mitigating the Company's credit exposures.
"We continue to build positive momentum as evidenced by our
reported earnings performance for the first half of 2011, despite
the high credit costs associated with addressing our nonperforming
assets," said Anthony Labozzetta, President and Chief Executive
Officer. "Even in this soft economy, our earnings are benefitting
from accelerated sales performance and synergies among our business
lines, which is demonstrated by the enhanced performance of our
insurance subsidiary and an improved margin. While we see signs of
stabilization in our credit portfolio, we remain focused on
resolving our problem assets." Mr. Labozzetta also stated that, "we
have added a number of talented officers to our management team,
which will enhance our capabilities and build shareholder
value."
Second Quarter and Year to Date 2011
Highlights
- Diluted earnings per share growth of 144.4%
and 48.3% for the quarter and six months ended June 30, 2011,
respectively, over the same periods last year.
- Return on average assets increased to 0.60%
for the six months ended June 30, 2011 from 0.40% for the same
period in 2010.
- Net interest income on a tax equivalent basis
increased for the second quarter and six months ended June 30, 2011
by 7.8% and 9.0%, respectively, as compared to the same periods
last year.
- Net interest margin on a tax equivalent basis
increased for the second quarter and six months ended June 30, 2011
were 3.98% and 4.06%, respectively, as compared to 3.69% and 3.76%
for the same periods last year. The improvements for 2011 were
mostly due to a decline in funding costs.
- Provision for loan losses increased $147
thousand, or 15.2%, in the second quarter of 2011, as compared to
the second quarter of 2010, and increased $249 thousand, or 14.6%,
for the six month period ended June 30, 2011 as compared to the
same period one year earlier.
- Non-interest income increased $363 thousand,
or 31.9%, to $1.5 million in the second quarter of 2011 over the
prior year. The increase was driven by an increase in the gain on
sale of securities of $215 thousand between the two second quarter
periods.
- Non-interest expense decreased $134 thousand
to $3.7 million in the second quarter of 2011, compared to the same
period in 2010. The decline was largely attributed to a $153
thousand, or 7.2%, decrease in salaries and employee benefits as a
result of severance payments made in the second quarter of 2010.
- Segment reporting
-- Our insurance subsidiary, Tri-state Insurance Agency,
Inc., reported a 276% increase in net income before taxes of $158
thousand for the first half of 2011 as compared to $42 thousand for
the same period last year.
For the second quarter of 2011, net income before taxes was $43
thousand, which was an increase of $19 thousand, or 78.7%, over the
same period last year.
-- Total assets increased on a linked quarter basis by
0.9% and decreased 2.4% as compared to last year.
-- Loans are up 2.8% over last year and declined 1.1% on a
linked quarter basis.
-- Total deposits increased $6.9 million, or 1.8%, as core
deposits and time deposits increased $4.9 million, or 1.7%, and
$2.0 million, or 2.3%, respectively, since year-end. The growth in
core deposits was driven by a
17.6%
increase in non-interest bearing deposits.
-- Nonperforming assets increased 0.9% for June 30, 2011
as compared to June 30, 2010. Nonperforming assets as a percent of
total assets were 6.5% and 6.3% at June 30, 2011 and June 30, 2010,
respectively.
-- The allowance for loan losses totaled $7.5 million at
June 30, 2011, or 2.22% of total loans, as compared to $5.4
million, or 1.65% of total loans, at June 30, 2010.
-- Total classified/criticized/foreclosed assets declined
10.3% to $53.4 million at June 30, 2011 from $59.6 million at June
30, 2010.
-- At June 30 2011, the leverage, Tier I risk-based
capital and total risk based capital ratios for the Bank were
9.56%, 12.84% and 14.10%, respectively, all in excess of the ratios
required to be deemed "well-
capitalized."
Second Quarter 2011 Financial Results
Net Interest Income
Net interest income, on a fully tax equivalent basis, increased
$321 thousand, or 7.8%, to $4.4 million for the quarter ended June
30, 2011, as compared to $4.1 million for same period in 2010. The
increase in net interest income was largely due to the Company's
net interest margin improving 29 basis points to 3.98% for the
second quarter of 2011 primarily due to a 40 basis point decrease
in the average rate paid on interest bearing liabilities. This
improvement in net interest income was partially offset by a
decline in the average rate earned on total earning assets, which
decreased 9 basis points to 4.96% for the second quarter of 2011
from 5.05% for the same period in 2010. Total earning assets
declined $982 thousand while total interest bearing liabilities
fell $10.2 million between the two second quarter periods ended
June 30, 2011 and 2010.
Provision for Loan Losses
Provision for loan losses increased $147 thousand to $1.1
million for the quarter ended June 30, 2011, as compared to $965
thousand for the same period in 2010. The increase in the provision
for loan losses reflects the changes to non-performing asset levels
as compared to the same period last year, which are discussed below
under the caption "Asset and Credit Quality."
Non-interest Income
The Company reported an increase in non-interest income of $363
thousand, or 31.9%, to $1.5 million for the quarter ended June 30,
2011. The increase in non-interest income was largely due to a $215
thousand increase in gain on the sale of securities and a $171
thousand decrease in an impairment write-down on equity securities
in the second quarter of 2011, compared to the same period in
2010.
Non-interest Expense
The Company's non-interest expenses decreased $134 thousand, or
3.5%, to $3.7 million for the quarter ended June 30, 2011. The
decline for the second quarter of 2011 versus the same period in
2010 was largely due to a decrease of $153 thousand in salaries and
employee benefits. The decrease was mostly attributed to severance
payments in the second quarter of 2010. In addition, FDIC
assessments declined $99 thousand, which was partly offset by an
increase in loan collection costs of $91 thousand between the two
second quarter periods.
Year to Date 2011 Financial Results
Net Interest Income
Net interest income, on a fully taxable equivalent basis,
increased $740 thousand, or 9.0%, to $8.9 million for the six
months ended June 30, 2011, as compared to $8.2 million for same
period in 2010. The Company's net interest margin improved 30 basis
points to 4.06% for the first half of 2011, compared to 3.76% for
the first half of 2010. The improvement was mostly attributed to a
43 basis point decline in the average rate paid on interest bearing
liabilities to 1.11%, which was partly offset by an 11 basis point
decrease in the average rate on earning assets to 5.04% for the six
month periods ended June 30, 2011 as compared to the same period
last year. The average balance of earning assets grew $4.7 million
and as the balance sheet mix shifted to higher yielding loans and
securities from lower yielding other interest-earning assets.
Provision for Loan Losses
Provision for loan losses increased $249 thousand to $2.0
million for the first half of 2011, as compared to $1.7 million for
the same period in 2010.
Non-interest Income
The Company reported an increase in non-interest income of $432
thousand, or 18.7%, to $2.7 million for the six months ended June
30, 2011. The increase in non-interest income was largely due to a
$100 thousand increase in bank-owned life insurance and a $215
thousand gain on sale of securities and a decrease in an impairment
write-down on equity securities originally recorded in the first
half of 2010
Non-interest Expense
The Company's non-interest expenses increased $195 thousand, or
2.6%, to $7.6 million for the six months ended June 30, 2011. The
increase in the first half of 2011 compared to the same period in
2010 was largely due to an increase in loan collection costs of
$129 thousand, or 79.1%, and an increase of $116 thousand on
write-downs on foreclosed real estate between the two first six
months of 2011 and 2010.
Financial Condition Comparison
At June 30, 2011, the Company's total assets were $473.2
million, a decrease of $860 thousand, or 0.2%, as compared to total
assets of $474.0 million at December 31, 2010. The decrease in
assets was largely driven by a decline in the securities portfolio.
The Company's total deposits increased 1.8% to $392.9 million at
June 30, 2011 from $386.0 million at December 31, 2010. The
increase in deposits was driven by growth in core deposits
(non-interest bearing deposits, NOW, savings and money market
accounts) of $4.9 million and higher time deposits of $2.0 million,
at June 30, 2011 as compared to December 31, 2010. The growth in
core deposits occurred in non-interest bearing deposits, which
increased $6.2 million, or 17.6%, at June 30, 2011 to $41.6 million
from $35.4 million at December 31, 2010.
Total loans receivable, net of unearned income, increased $1.3
million, or 0.4%, to $339.5 million at June 30, 2011 from $338.2
million at year-end 2010. The growth in deposits was used to fund
this loan growth. The Company's security portfolio, which includes
securities available for sale, securities held to maturity and
Federal Home Loan Bank stock, decreased $16.9 million, or 18.3%, to
$75.7 million at June 30, 2011, as compared to $92.6 million at
December 31, 2010.
At June 30, 2011, the Company's total stockholders' equity was
$38.6 million, an increase of $1.9 million, or 5.3%, as compared to
$36.7 million at December 31, 2010.
Asset and Credit Quality
Non-performing assets, which include non-accrual loans,
renegotiated loans and foreclosed assets, increased $277 thousand,
or 0.9%, to $30.9 million at June 30, 2011, as compared to $30.6
million at June 30, 2010. The ratio of non-performing assets to
total assets for June 30, 2011 and June 30, 2010 were 6.5% and
6.3%, respectively. The allowance for loan losses was $7.5 million,
or 2.22% of total loans at June 30, 2011 as compared to $5.4
million, or 1.65% of total loans at June 30, 2010. Our loans are
internally risk-rated and such risk ratings are consistent with the
system used by regulatory agencies and are consistent with industry
practices. Loans rated "Substandard," "Doubtful" or "Loss" are
considered classified assets, while loans rated as "Special
Mention" are considered criticized. Our total
classified/criticized/foreclosed assets declined 10.3% to $53.4
million at June 30, 2011 from $59.6 million at June 30, 2010.
About Sussex Bancorp
Sussex Bancorp is the holding company for Sussex Bank, which
operates through its main office in Franklin, New Jersey and
through its nine branch offices located in Andover, Augusta,
Newton, Montague, Sparta, Vernon and Wantage, New Jersey, Port
Jervis and Warwick, New York, and for the Tri-State Insurance
Agency, Inc., a full service insurance agency located in Sussex
County, New Jersey. For additional information, please visit the
company's Web site at www.sussexbank.com.
The Sussex Bancorp logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=9580
Forward-Looking Statements
This press release contains statements that are forward-looking
and are made pursuant to the "safe-harbor" provisions of the
Private Securities Litigation Reform Act of 1995 (the "Reform
Act"). Such statements may be identified by the use of words such
as "expect," "estimate," "assume," "believe," "anticipate," "will,"
"forecast," "plan," "project," or similar words. Such statements
are based on the Company's current expectations and are subject to
certain risks and uncertainties that could cause actual results to
differ materially from those projected. Factors that may cause
actual results to differ materially from those contemplated by such
forward-looking statements include, among others, changes to
interest rates, the ability to control costs and expenses, general
economic conditions, the success of the Company's efforts to
diversify its revenue base by developing additional sources of
non-interest income while continuing to manage its existing fee
based business, risks associated with the quality of the Company's
assets and the ability of its borrowers to comply with repayment
terms. Further information about these and other relevant risks and
uncertainties may be found in the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2010, and in subsequent
filings with the Securities and Exchange Commission. The Company
undertakes no obligation to publicly release the results of any
revisions to those forward looking statements that may be made to
reflect events or circumstances after this date or to reflect the
occurrence of unanticipated events.
|
|
SUSSEX
BANCORP |
SUMMARY FINANCIAL
HIGHLIGHTS |
(In Thousands, Except
Percentages and Per Share Data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Q/E 6/30/11
VS. |
|
6/30/2011 |
6/30/2010 |
3/31/2011 |
Q/E 6/30/10 |
Q/E 3/31/11 |
BALANCE SHEET HIGHLIGHTS
- Period End Balances |
|
|
|
|
|
Total securities |
$ 75,692 |
$ 79,421 |
$ 83,503 |
(4.7)% |
(9.4)% |
Total loans |
339,564 |
330,179 |
343,474 |
2.8% |
(1.1)% |
Allowance for loan losses |
(7,536) |
(5,449) |
(7,226) |
38.3% |
4.3% |
Total assets |
473,164 |
484,626 |
468,892 |
(2.4)% |
0.9% |
Total deposits |
392,914 |
400,051 |
390,231 |
(1.8)% |
0.7% |
Total borrowings and junior
subordinated debt |
38,887 |
45,947 |
38,887 |
(15.4)% |
--% |
Total shareholders' equity |
38,615 |
35,895 |
37,511 |
7.6% |
2.9% |
|
|
|
|
|
|
FINANCIAL DATA - QUARTER
ENDED: |
|
|
|
|
|
Net interest income (tax equivalent)
(a) |
$ 4,416 |
$ 4,096 |
$ 4,507 |
7.8% |
(2.0)% |
Provision for loan losses |
1,112 |
965 |
839 |
15.2% |
32.5% |
Total other income |
1,501 |
1,138 |
1,245 |
31.9% |
20.5% |
Total other expenses |
3,699 |
3,833 |
3,860 |
(3.5)% |
(4.2)% |
Provision (benefit) for income
taxes |
229 |
(2) |
209 |
(11,550.0)% |
9.4% |
Taxable equivalent adjustment
(a) |
150 |
133 |
150 |
13.0% |
(0.1)% |
Net income |
$ 727 |
$ 305 |
$ 694 |
138.4% |
4.8% |
|
|
|
|
|
|
Net income per common share -
Basic |
$ 0.22 |
$ 0.09 |
$ 0.21 |
144.4% |
4.8% |
Net income per common share -
Diluted |
$ 0.22 |
$ 0.09 |
$ 0.21 |
144.4% |
4.8% |
|
|
|
|
|
|
Return on average assets |
0.61% |
0.25% |
0.59% |
141.5% |
4.5% |
Return on average equity |
7.63% |
3.42% |
7.52% |
123.2% |
1.5% |
Efficiency ratio (b) |
64.14% |
73.23% |
68.91% |
(12.4)% |
(6.9)% |
Net interest margin (tax
equivalent) |
3.98% |
3.69% |
4.13% |
7.9% |
(3.6)% |
|
|
|
|
|
|
FINANCIAL DATA - YEAR TO
DATE: |
|
|
|
|
|
Net interest income (tax equivalent)
(a) |
$ 8,923 |
$ 8,183 |
|
9.0% |
|
Provision for loan losses |
1,951 |
1,702 |
|
14.6% |
|
Total other income |
2,746 |
2,314 |
|
18.7% |
|
Total other expenses |
7,559 |
7,364 |
|
2.6% |
|
Income before provision for income
taxes (tax equivalent) |
2,159 |
1,431 |
|
50.9% |
|
Provision for income taxes |
438 |
220 |
|
99.1% |
|
Taxable equivalent adjustment
(a) |
300 |
263 |
|
14.1% |
|
Net income |
$ 1,421 |
$ 948 |
|
49.9% |
|
|
|
|
|
|
|
Net income per common share -
Basic |
$ 0.44 |
$ 0.29 |
|
51.7% |
|
Net income per common share -
Diluted |
$ 0.43 |
$ 0.29 |
|
48.3% |
|
|
|
|
|
|
|
Return on average assets |
0.60% |
0.40% |
|
49.6% |
|
Return on average equity |
7.57% |
5.37% |
|
41.1% |
|
Efficiency ratio (b) |
66.49% |
71.96% |
|
(7.6)% |
|
Net interest margin (tax
equivalent) |
4.06% |
3.76% |
|
7.9% |
|
|
|
|
|
|
|
SHARE
INFORMATION: |
|
|
|
|
|
Book value per common share |
$ 11.45 |
$ 10.71 |
$ 11.16 |
6.9% |
2.6% |
Outstanding shares- period ending |
3,373 |
3,352 |
3,362 |
0.7% |
0.3% |
Average diluted shares outstanding (Year to
date) |
3,323 |
3,287 |
3,318 |
1.1% |
0.1% |
|
|
|
|
|
|
CAPITAL
RATIOS: |
|
|
|
|
|
Total equity to total assets |
8.16% |
7.41% |
8.00% |
10.2% |
2.0% |
Leverage ratio (c) |
9.56% |
8.84% |
9.41% |
8.1% |
1.6% |
Tier 1 risk-based capital ratio
(c) |
12.84% |
11.94% |
12.55% |
7.5% |
2.3% |
Total risk-based capital ratio
(c) |
14.10% |
13.19% |
13.81% |
6.9% |
2.1% |
|
|
|
|
|
|
ASSET QUALITY AND
RATIOS: |
|
|
|
|
|
Non-accrual loans |
$ 25,062 |
$ 22,529 |
$ 25,086 |
11.2% |
(0.1)% |
Renegotiated loans (d) |
1,314 |
3,551 |
1,316 |
(63.0)% |
(0.2)% |
Foreclosed real estate |
4,545 |
4,564 |
2,080 |
(0.4)% |
118.5% |
Non-performing assets |
$ 30,921 |
$ 30,644 |
$ 28,482 |
0.9% |
8.6% |
|
|
|
|
|
|
Loans 90 days past due and still
accruing |
$ 1,029 |
$ 1,262 |
$ 136 |
(18.5)% |
656.6% |
Charge-offs,
net (quarterly) |
$ 802 |
$ 1,741 |
$ 10 |
(53.9)% |
7,920.0% |
Charge-offs, net as a % of average
loans (annualized) |
0.93% |
1.45% |
0.01% |
(35.6)% |
7,881.4% |
Non-accrual loans to total
loans |
7.38% |
6.82% |
7.30% |
8.17% |
1.05% |
Non-performing assets to total
assets |
6.53% |
6.32% |
6.07% |
3.3% |
7.6% |
Allowance for loan losses as a % of
non-performing loans |
28.57% |
20.89% |
27.37% |
36.75% |
4.40% |
Allowance for loan losses to total
loans |
2.22% |
1.65% |
2.10% |
34.5% |
5.5% |
|
|
|
|
|
|
(a) Full taxable equivalent
basis, using a 39% effective tax rate and adjusted for TEFRA (Tax
and Equity Fiscal Responsibility Act) interest expense
disallowance |
(b) Efficiency ratio
calculated non-interest expense divided by net interest income plus
non-interest income |
(c) Sussex Bank capital
ratios |
(d) Renegotiated loans
currently performing in accordance with renegotiated
terms |
|
|
SUSSEX
BANCORP |
CONSOLIDATED BALANCE
SHEETS |
(Dollars In Thousands) |
(Unaudited) |
|
|
|
|
ASSETS |
June 30, 2011 |
June 30, 2010 |
December 31,
2010 |
|
|
|
|
Cash and due from banks |
$ 5,973 |
$ 5,814 |
$ 4,672 |
Interest-bearing deposits with other
banks |
19,319 |
9,231 |
10,077 |
Federal funds sold |
3,000 |
29,980 |
3,000 |
Cash and cash equivalents |
28,292 |
45,025 |
17,749 |
|
|
|
|
Interest bearing time deposits with other
banks |
600 |
600 |
600 |
Securities available for sale, at fair
value |
71,889 |
77,318 |
89,380 |
Securities held to maturity |
1,966 |
-- |
1,000 |
Federal Home Loan Bank Stock, at cost |
1,837 |
2,103 |
2,235 |
|
|
|
|
Loans receivable, net of unearned income |
339,564 |
330,179 |
338,234 |
Less: allowance for loan
losses |
7,536 |
5,449 |
6,397 |
Net loans receivable |
332,028 |
324,730 |
331,837 |
|
|
|
|
Foreclosed real estate |
4,545 |
4,564 |
2,397 |
Premises and equipment, net |
6,516 |
6,969 |
6,749 |
Accrued interest receivable |
1,781 |
1,802 |
1,916 |
Goodwill |
2,820 |
2,820 |
2,820 |
Bank owned life insurance |
10,382 |
9,968 |
10,173 |
Other assets |
10,508 |
8,727 |
7,168 |
|
|
|
|
Total Assets |
$ 473,164 |
$ 484,626 |
$ 474,024 |
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
Deposits: |
|
|
|
Non-interest bearing |
$ 41,601 |
$ 39,570 |
$ 35,362 |
Interest bearing |
351,313 |
360,481 |
350,605 |
Total Deposits |
392,914 |
400,051 |
385,967 |
|
|
|
|
Borrowings |
26,000 |
33,060 |
36,000 |
Accrued interest payable and other
liabilities |
2,748 |
2,733 |
2,504 |
Junior subordinated debentures |
12,887 |
12,887 |
12,887 |
|
|
|
|
Total Liabilities |
434,549 |
448,731 |
437,358 |
Total Stockholders'
Equity |
38,615 |
35,895 |
36,666 |
Total Liabilities and Stockholders'
Equity |
$ 473,164 |
$ 484,626 |
$ 474,024 |
|
|
SUSSEX
BANCORP |
CONSOLIDATED STATEMENTS
OF INCOME |
(Dollars In Thousands Except
Per Share Data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months
Ended June 30, |
|
Six Months
Ended June 30, |
|
2011 |
|
2010 |
|
2011 |
|
2010 |
INTEREST INCOME |
|
|
|
|
|
|
|
Loans receivable, including
fees |
$ 4,739 |
|
$ 4,749 |
|
$ 9,523 |
|
$ 9,429 |
Securities: |
|
|
|
|
|
|
|
Taxable |
310 |
|
452 |
|
675 |
|
966 |
Tax-exempt |
291 |
|
265 |
|
583 |
|
528 |
Federal funds sold |
2 |
|
10 |
|
3 |
|
17 |
Interest bearing deposits |
10 |
|
8 |
|
13 |
|
10 |
Total Interest
Income |
5,352 |
|
5,484 |
|
10,797 |
|
10,950 |
|
|
|
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
|
|
|
Deposits |
767 |
|
1,111 |
|
1,536 |
|
2,215 |
Borrowings |
264 |
|
355 |
|
529 |
|
707 |
Junior subordinated
debentures |
55 |
|
55 |
|
109 |
|
108 |
Total Interest
Expense |
1,086 |
|
1,521 |
|
2,174 |
|
3,030 |
|
|
|
|
|
|
|
|
Net Interest
Income |
4,266 |
|
3,963 |
|
8,623 |
|
7,920 |
PROVISION FOR LOAN
LOSSES |
1,112 |
|
965 |
|
1,951 |
|
1,702 |
Net Interest Income
after Provision for Loan Losses |
3,154 |
|
2,998 |
|
6,672 |
|
6,218 |
|
|
|
|
|
|
|
|
OTHER INCOME |
|
|
|
|
|
|
|
Service fees on deposit
accounts |
328 |
|
340 |
|
644 |
|
674 |
ATM and debit card fees |
138 |
|
127 |
|
260 |
|
242 |
Bank owned life insurance |
105 |
|
73 |
|
209 |
|
109 |
Insurance commissions and
fees |
564 |
|
590 |
|
1,179 |
|
1,137 |
Investment brokerage fees |
39 |
|
49 |
|
70 |
|
109 |
Realized holding gains (losses)
on trading securities |
-- |
|
(4) |
|
-- |
|
7 |
Gain on sale of securities,
available for sale |
269 |
|
54 |
|
269 |
|
54 |
Gain (loss) on sale of
foreclosed real estate |
7 |
|
1 |
|
(4) |
|
5 |
Impairment write-downs on
equity securities |
-- |
|
(171) |
|
-- |
|
(171) |
Other |
51 |
|
79 |
|
119 |
|
148 |
Total Other
Income |
1,501 |
|
1,138 |
|
2,746 |
|
2,314 |
|
|
|
|
|
|
|
|
OTHER EXPENSES |
|
|
|
|
|
|
|
Salaries and employee
benefits |
1,986 |
|
2,139 |
|
3,993 |
|
3,980 |
Occupancy, net |
336 |
|
331 |
|
717 |
|
675 |
Furniture, equipment and data
processing |
288 |
|
295 |
|
588 |
|
594 |
Advertising and promotion |
46 |
|
51 |
|
89 |
|
102 |
Professional fees |
149 |
|
135 |
|
276 |
|
268 |
Director Fees |
72 |
|
60 |
|
139 |
|
118 |
FDIC assessment |
126 |
|
225 |
|
382 |
|
449 |
Insurance |
54 |
|
55 |
|
110 |
|
111 |
Stationary and supplies |
40 |
|
50 |
|
83 |
|
94 |
Loan collection costs |
177 |
|
86 |
|
292 |
|
163 |
Write-down on foreclosed real
estate |
-- |
|
-- |
|
145 |
|
29 |
Expenses related to foreclosed
real estate |
79 |
|
110 |
|
103 |
|
138 |
Amortization of intangible
assets |
2 |
|
4 |
|
5 |
|
8 |
Other |
344 |
|
292 |
|
637 |
|
635 |
Total Other
Expenses |
3,699 |
|
3,833 |
|
7,559 |
|
7,364 |
|
|
|
|
|
|
|
|
Income before Income
Taxes |
956 |
|
303 |
|
1,859 |
|
1,168 |
PROVISION (BENEFIT) FOR INCOME
TAXES |
229 |
|
(2) |
|
438 |
|
220 |
Net
Income |
$ 727 |
|
$ 305 |
|
$ 1,421 |
|
$ 948 |
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
Basic |
$ 0.22 |
|
$ 0.09 |
|
$ 0.44 |
|
$ 0.29 |
Diluted |
$ 0.22 |
|
$ 0.09 |
|
$ 0.43 |
|
$ 0.29 |
|
|
SUSSEX
BANCORP |
COMPARATIVE AVERAGE
BALANCES AND AVERAGE INTEREST RATES |
(Dollars In
Thousands) |
(Unaudited) |
|
|
Three Months Ended June
30, |
|
2011 |
2010 |
Earning Assets: |
Average Balance |
Interest (1) |
Average Rate (2) |
Average Balance |
Interest (1) |
Average Rate (2) |
Securities: |
|
|
|
|
|
|
Tax exempt (3) |
$ 29,805 |
$ 441 |
5.94% |
$ 27,768 |
$ 398 |
5.74% |
Taxable |
48,992 |
310 |
2.54% |
51,004 |
452 |
3.56% |
Total securities |
78,797 |
751 |
3.83% |
78,772 |
850 |
4.33% |
Total loans receivable (4) |
343,333 |
4,739 |
5.54% |
331,033 |
4,749 |
5.75% |
Other interest-earning assets |
22,674 |
12 |
0.20% |
35,981 |
18 |
0.20% |
Total earning assets |
444,804 |
$ 5,502 |
4.96% |
445,786 |
$ 5,617 |
5.05% |
|
|
|
|
|
|
|
Non-interest earning assets |
36,421 |
|
|
40,353 |
|
|
Allowance for loan losses |
(7,602) |
|
|
(6,355) |
|
|
Total Assets |
$ 473,623 |
|
|
$ 479,784 |
|
|
|
|
|
|
|
|
|
Sources of Funds: |
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
NOW |
$ 78,439 |
$ 106 |
0.54% |
$ 64,034 |
$ 134 |
0.84% |
Money market |
14,504 |
20 |
0.55% |
12,385 |
25 |
0.82% |
Savings |
169,086 |
296 |
0.70% |
176,352 |
506 |
1.15% |
Time |
91,804 |
345 |
1.51% |
104,174 |
446 |
1.72% |
Total interest bearing deposits |
353,833 |
767 |
0.87% |
356,945 |
1,111 |
1.25% |
Borrowed funds |
26,000 |
264 |
4.03% |
33,066 |
355 |
4.25% |
Junior subordinated
debentures |
12,887 |
55 |
1.69% |
12,887 |
55 |
1.69% |
Total interest bearing liabilities |
392,720 |
$ 1,086 |
1.11% |
402,898 |
$ 1,521 |
1.51% |
|
|
|
|
|
|
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
Demand deposits |
40,402 |
|
|
39,841 |
|
|
Other liabilities |
2,370 |
|
|
1,341 |
|
|
Total non-interest bearing liabilities |
42,772 |
|
|
41,182 |
|
|
Stockholders' equity |
38,131 |
|
|
35,704 |
|
|
Total Liabilities and Stockholders'
Equity |
$ 473,623 |
|
|
$ 479,784 |
|
|
|
|
|
|
|
|
|
Net Interest Income and Margin (5) |
|
$ 4,416 |
3.98% |
|
$ 4,096 |
3.69% |
|
|
|
|
|
|
|
(1) Includes loan fee income |
(2) Average rates on securities
are calculated on amortized costs |
(3) Full taxable equivalent
basis, using a 39% effective tax rate and adjusted for TEFRA (Tax
and Equity Fiscal Responsibility Act) interest expense
disallowance |
(4) Loans outstanding include
non-accrual loans |
(5) Represents the difference
between interest earned and interest paid, divided by average total
interest-earning assets |
|
|
SUSSEX
BANCORP |
COMPARATIVE AVERAGE
BALANCES AND AVERAGE INTEREST RATES |
(Dollars In
Thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Six Months Ended June
30, |
|
2011 |
|
2010 |
Earning Assets: |
Average Balance |
Interest (1) |
Average Rate (2) |
|
Average Balance |
Interest (1) |
Average Rate (2) |
Securities: |
|
|
|
|
|
|
|
Tax exempt (3) |
$ 29,913 |
$ 883 |
5.95% |
|
$ 27,295 |
$ 791 |
5.85% |
Taxable |
54,181 |
675 |
2.51% |
|
49,982 |
966 |
3.90% |
Total securities |
84,094 |
1,558 |
3.74% |
|
77,277 |
1,757 |
4.59% |
Total loans receivable (4) |
342,511 |
9,523 |
5.61% |
|
330,872 |
9,429 |
5.75% |
Other interest-earning assets |
17,111 |
16 |
0.19% |
|
30,847 |
27 |
0.18% |
Total earning assets |
443,716 |
$ 11,097 |
5.04% |
|
438,996 |
$ 11,213 |
5.15% |
|
|
|
|
|
|
|
|
Non-interest earning assets |
36,425 |
|
|
|
39,102 |
|
|
Allowance for loan losses |
(7,209) |
|
|
|
(6,083) |
|
|
Total Assets |
$ 472,932 |
|
|
|
$ 472,015 |
|
|
|
|
|
|
|
|
|
|
Sources of Funds: |
|
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
|
NOW |
$ 79,558 |
$ 220 |
0.56% |
|
$ 62,835 |
$ 277 |
0.89% |
Money market |
13,960 |
38 |
0.56% |
|
12,410 |
49 |
0.80% |
Savings |
169,839 |
594 |
0.71% |
|
171,973 |
1,000 |
1.17% |
Time |
90,919 |
684 |
1.52% |
|
103,638 |
889 |
1.73% |
Total interest bearing deposits |
354,276 |
1,536 |
0.87% |
|
350,856 |
2,215 |
1.27% |
Borrowed funds |
27,295 |
529 |
3.86% |
|
33,073 |
707 |
4.25% |
Junior subordinated
debentures |
12,887 |
109 |
1.69% |
|
12,887 |
108 |
1.67% |
Total interest bearing liabilities |
394,458 |
$ 2,174 |
1.11% |
|
396,816 |
$ 3,030 |
1.54% |
|
|
|
|
|
|
|
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
|
Demand deposits |
38,616 |
|
|
|
38,349 |
|
|
Other liabilities |
2,332 |
|
|
|
1,522 |
|
|
Total non-interest bearing liabilities |
40,948 |
|
|
|
39,871 |
|
|
Stockholders' equity |
37,526 |
|
|
|
35,328 |
|
|
Total Liabilities and Stockholders'
Equity |
$ 472,932 |
|
|
|
$ 472,015 |
|
|
|
|
|
|
|
|
|
|
Net Interest Income and Margin (5) |
|
$ 8,923 |
4.06% |
|
|
$ 8,183 |
3.76% |
|
|
|
|
|
|
|
|
(1) Includes loan fee income |
(2) Average rates on securities
are calculated on amortized costs |
(3) Full taxable equivalent
basis, using a 39% effective tax rate and adjusted for TEFRA (Tax
and Equity Fiscal Responsibility Act) interest expense
disallowance |
(4) Loans outstanding include
non-accrual loans |
(5) Represents the difference
between interest earned and interest paid, divided by average total
interest-earning assets |
CONTACT: Anthony Labozzetta, President/CEO
Steven Fusco, SVP/CFO
973-827-2914
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