Sussex Bancorp (the "Company") (Nasdaq:SBBX), the holding company
for Sussex Bank (the "Bank") today announced a 23.8% increase in
net income to $2.0 million, or $0.59 per diluted share, for the
nine months ended September 30, 2011 as compared to $1.6 million,
or $0.48 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
last year. For the quarter ended September 30, 2011, the Company
reported net income of $534 thousand, or $0.16 per basic and
diluted share, as compared to $631 thousand, or $0.19 per basic and
diluted share, for the same period last year. Third quarter results
reflected an increase in non-interest expenses largely attributed
to higher salaries and employee benefits expenses due in part to
the expansion of our commercial lending group. Management continues
to focus on strengthening the Company's core operations as well as
resolving and mitigating the Company's credit exposures.
"Despite a difficult economic environment and the high credit
costs related to our nonperforming assets, we continue to have
positive momentum as evidenced by our reported earnings for the
first nine months of 2011," said Anthony Labozzetta, President and
Chief Executive Officer. "Improved sales and synergies among our
business lines are having a positive impact on our earnings. While
our non-performing assets remain high, we are encouraged by the
18.6% improvement in our overall problem assets from their
historical peak," noted Mr. Labozzetta.
Mr. Labozzetta also stated that, "We continue to build our
business and improve our lending capabilities by opening a regional
loan office and by adding new seasoned lenders to our Team. In
addition to providing enhanced service to our existing clients,
this will allow us to expand our presence and more easily grow and
service our borrowing customers in Sussex, Bergen, Hudson, Morris
and Essex counties."
Third Quarter and Year to Date 2011
Highlights
- Diluted earnings per share growth of 22.9% for
the nine months ended September 30, 2011 and a 15.8% decline for
the quarter ended September 30, 2011 over the same periods last
year.
- Return on average assets increased to 0.55%
for the nine months ended September 30, 2011 from 0.44% for the
same period in 2010 and declined to 0.44% for the quarter ended
September 30, 2011 from 0.52% for the quarter ended September 30,
2010.
- Net interest income on a tax equivalent basis
increased for the three and nine months ended September 30, 2011 by
1.6% and 6.5%, respectively, as compared to the same periods last
year driven by a stronger net interest margin.
- Net interest margin on a tax equivalent basis
for the three and nine months ended September 30, 2011 were 3.80%
and 3.97%, respectively, an increase from 3.78% 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 $75
thousand, or 11.3%, in the third quarter of 2011, as compared to
the third quarter of 2010 and increased $324 thousand, or 13.7%,
for the nine months ended September 30, 2011 as compared to the
same period one year earlier.
- Non-interest income increased $30 thousand, or
2.5%, and $462 thousand, or 13.2%, for the three and nine months
ended September 30, 2011, respectively over the same period last
year. The increase for the nine month period was driven by an
increase in a gain on sale of securities of $216 thousand, a
decline in impairment write-downs of $171 thousand and an increase
in insurance commissions and fees of $102 thousand.
- Non-interest expense increased $181 thousand,
or 4.7%, to $4.0 million in the third quarter of 2011 and $376
thousand, or 3.4%, to $11.6 million for the nine months ended
September 30, 2011 compared to the same periods in 2010. The
increases were largely attributed to salaries and benefits
resulting from to the expansion of our commercial lending group and
increases in medical benefit costs.
- Segment reporting
- Our insurance subsidiary, Tri-state Insurance Agency, Inc.
("Tri-State"), reported net income before taxes of $154 thousand
for the first nine months of 2011 as compared to a $4 thousand net
loss before taxes for the same period last year.
- Total assets increased on a linked quarter basis by 4.8% and
2.4% as compared to last year.
- Gross loans are up 1.3% over last year and declined 0.5% on a
linked quarter basis.
- Total deposits increased $29.1 million, or 7.5%, as core
deposits and time deposits increased $13.0 million, or 4.4%, and
$16.1 million, or 17.4%, respectively, since year-end.
- Non-performing assets increased $7.0 million, or 26.3%, for
September 30, 2011 as compared to December 31, 2010 largely due to
three loan relationships. Non-performing assets as a percent
of total assets were 6.7% and 5.6% at September 30, 2011 and
December 31, 2010, respectively.
- The allowance for loan losses totaled $7.4 million at September
30, 2011, or 2.19% of total loans, as compared to $6.4 million, or
1.89% of total loans, at December 31, 2010.
- Total classified/criticized/foreclosed assets declined 12.5% to
$51.1 million at September 30, 2011 from $58.4 million at December
31, 2010 and have declined 18.6% from a historical high of $62.8
million at March 31, 2010.
- At September 30 2011, the leverage, Tier I risk-based capital
and total risk based capital ratios for the Bank were 9.42%, 13.11%
and 14.37%, respectively, all in excess of the ratios required to
be deemed "well-capitalized."
Third Quarter 2011 Financial Results
Net Interest Income
Net interest income, on a fully tax equivalent basis, increased
$66 thousand, or 1.6%, to $4.3 million for the quarter ended
September 30, 2011, as compared to the same period in
2010. The increase in net interest income was largely due to a
$4.3 million increase in average earning assets for the third
quarter of 2011 as compared to the same period last
year. Contributing to the increase in net interest income was
an improvement in the Company's net interest margin, which expanded
2 basis points to 3.80% for the third quarter of 2011. The
improvement in the net interest margin was primarily due to a 22
basis point decrease in the average rate paid on interest bearing
liabilities, which was partly offset by a 20 basis point decline in
the average rate earned on total earning assets for the third
quarter of 2011 versus the same period in 2010.
Provision for Loan Losses
Provision for loan losses increased $75 thousand, or 11.3%, to
$737 thousand for the quarter ended September 30, 2011, as compared
to $662 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 $30
thousand, or 2.5%, to $1.2 million for the quarter ended September
30, 2011. The increase in non-interest income was largely due
to a $60 thousand, or 12.4%, increase in insurance commissions and
fees from Tri-State and a $12 thousand increase in ATM and debit
card fees. The aforementioned increases were partly offset by
a $51 thousand decline in service fees on deposit
accounts.
Non-interest Expense
The Company's non-interest expenses increased $181 thousand, or
4.7%, to $4.0 million for the quarter ended September 30,
2011. The increase for the third quarter of 2011 versus the
same period in 2010 was largely due to a $334 thousand increase in
salaries and employee benefits and higher loan collection costs of
$170 thousand. The increase in salaries and employee benefits
was mostly attributed to an increase in commercial lenders, an
adjustment in 2010 to reduce incentive compensation and higher
medical premium expenses for the third quarter of 2011 as compared
to the same quarter in 2010. The aforementioned increase was
partly offset by declines in write-downs on foreclosed real estate,
FDIC assessments, and director's fees of $182 thousand, $79
thousand, and $60 thousand, respectively.
Year to Date 2011 Financial Results
Net Interest Income
Net interest income, on a fully taxable equivalent basis,
increased $806 thousand, or 6.5%, to $13.3 million for the nine
months ended September 30, 2011, as compared to $12.5 million for
same period in 2010. The Company's net interest margin
improved 21 basis points to 3.97% for the first nine months of
2011, compared to 3.76% for the same period last year. The
improvement was mostly attributed to a 36 basis point decline in
the average rate paid on interest bearing liabilities to 1.11%,
which was partly offset by a 12 basis point decrease in the average
rate on earning assets to 4.96% for the nine month periods ended
September 30, 2011 as compared to the same period last year. The
average balance of earning assets grew $3.3 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 $324 thousand, or 13.7%, to
$2.7 million for the first nine months of 2011, as compared to $2.4
million for the same period in 2010.
Non-interest Income
The Company reported an increase in non-interest income of $462
thousand, or 13.2%, to $4.0 million for the nine months ended
September 30, 2011. The increase in non-interest income was
largely due to a $216 thousand gain on sale of securities and a
decrease in an impairment write-down on equity securities recorded
in 2010. Contributing to the growth in non-interest income
were increases in bank-owned life insurance income of $105
thousand, or 50.2%, and higher insurance commissions and fees of
$102 thousand, or 6.3%, from Tri-State as compared to the same
period last year.
Non-interest Expense
The Company's non-interest expenses increased $376 thousand, or
3.4%, to $11.6 million for the nine months ended September 30,
2011. The increase for the first nine months of 2011 compared
to the same period in 2010 was largely due to an increase in
salaries and benefits and loan collection costs of $347 thousand,
or 5.9%, and $299 thousand, or 97.4%, respectively. The
increase was partly offset by a $146 thousand decline in FDIC
assessment costs. The increase in salary and benefits expenses
was largely due to higher medical benefits expenses and 401k
costs. Total salary expense, excluding benefits, increased
1.8% for the first nine months of 2011 compared to the same period
in 2010.
Financial Condition Comparison
At September 30, 2011, the Company's total assets were $495.9
million, an increase of $21.9 million, or 4.6%, as compared to
total assets of $474.0 million at December 31, 2010. The
increase in total assets was largely driven by increases in total
deposits which increased interest-bearing deposits with other
banks, offset by a decline in the securities portfolio. The
Company's total deposits increased 7.5% to $415.1 million at
September 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 $13.0 million and higher time deposits of $16.1
million, for September 30, 2011 as compared to December 31,
2010.
Total loans receivable, net of unearned income, decreased $440
thousand, or 0.1%, to $337.8 million at September 30, 2011 from
$338.2 million at year-end 2010. The Company's
security portfolio, which includes securities available for sale
and securities held to maturity, decreased $8.5 million, or 9.4%,
to $81.9 million at September 30, 2011, as compared to $90.4
million at December 31, 2010.
At September 30, 2011, the Company's total stockholders' equity
was $39.4 million, an increase of $2.7 million, or 7.4%, as
compared to $36.7 million at December 31, 2010.
Asset and Credit Quality
Non-performing assets, which include non-accrual loans,
performing troubled debt restructured loans and foreclosed assets,
increased $7.0 million, or 26.3%, to $33.4 million at September 30,
2011, as compared to $26.4 million at December 31, 2010. The
increase in non-performing assets was largely attributed to three
loan relationships totaling $6.5 million that were placed on
non-accrual status during the last twelve months. The increase
was partly offset by a $1.5 million loan relationship that was
restored to accrual status. The ratio of non-performing assets
to total assets for September 30, 2011 and December 31, 2010 were
8.1% and 6.7%, respectively. The allowance for loan losses was $7.4
million, or 2.19% of total loans, at September 30, 2011 as compared
to $6.4 million, or 1.89% of total loans at December 31,
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 12.5% to $51.1 million at September 30, 2011 from $58.4
million at December 31, 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 9/30/11
VS. |
|
9/30/2011 |
6/30/2011 |
12/31/2010 |
9/30/2010 |
Q/E 9/30/10 |
Q/E 6/30/11 |
BALANCE SHEET HIGHLIGHTS -
Period End Balances |
|
|
|
|
|
|
Total securities |
$83,737 |
$75,692 |
$92,615 |
$87,779 |
(4.6)% |
10.6% |
Total loans |
337,794 |
339,564 |
338,234 |
333,607 |
1.3% |
(0.5)% |
Allowance for loan losses |
(7,401) |
(7,536) |
(6,397) |
(6,097) |
21.4% |
(1.8)% |
Total assets |
495,884 |
473,164 |
474,024 |
484,195 |
2.4% |
4.8% |
Total deposits |
415,050 |
392,914 |
385,967 |
398,737 |
4.1% |
5.6% |
Total borrowings and junior subordinated
debt |
38,887 |
38,887 |
48,887 |
45,933 |
(15.3)% |
-- % |
Total shareholders' equity |
39,388 |
38,615 |
36,666 |
36,959 |
6.6% |
2.0% |
|
|
|
|
|
|
|
FINANCIAL DATA - QUARTER
ENDED: |
|
|
|
|
|
|
Net interest income (tax equivalent)
(a) |
$4,339 |
$4,416 |
$4,511 |
$4,273 |
1.5% |
(1.7)% |
Provision for loan losses |
737 |
1,112 |
916 |
662 |
11.3% |
(33.7)% |
Total other income |
1,206 |
1,501 |
1,111 |
1,176 |
2.5% |
(19.7)% |
Total other expenses |
4,025 |
3,699 |
3,810 |
3,844 |
4.7% |
8.8% |
Provision for income taxes |
97 |
229 |
154 |
168 |
(42.3)% |
(57.6)% |
Taxable equivalent adjustment (a) |
152 |
150 |
145 |
144 |
5.9% |
1.5% |
Net income |
$534 |
$727 |
$597 |
$631 |
(15.4)% |
(26.6)% |
|
|
|
|
|
|
|
Net income per common share -
Basic |
$0.16 |
$0.22 |
$0.18 |
$0.19 |
(15.8)% |
(27.3)% |
Net income per common share -
Diluted |
$0.16 |
$0.22 |
$0.18 |
$0.19 |
(15.8)% |
(27.3)% |
|
|
|
|
|
|
|
Return on average assets |
0.44% |
0.61% |
0.49% |
0.52% |
(16.1)% |
(28.6)% |
Return on average equity |
5.49% |
7.63% |
6.44% |
6.96% |
(21.1)% |
(28.0)% |
Efficiency ratio (b) |
74.64% |
64.14% |
69.56% |
72.46% |
3.0% |
16.4% |
Net interest margin (tax
equivalent) |
3.80% |
3.98% |
3.95% |
3.78% |
0.6% |
(4.5)% |
|
|
|
|
|
|
|
FINANCIAL DATA - YEAR TO
DATE: |
|
|
|
|
|
|
Net interest income (tax equivalent)
(a) |
$13,263 |
$8,923 |
|
$12,457 |
6.5% |
|
Provision for loan losses |
2,688 |
1,951 |
|
2,364 |
13.7% |
|
Total other income |
3,952 |
2,746 |
|
3,490 |
13.2% |
|
Total other expenses |
11,584 |
7,559 |
|
11,208 |
3.4% |
|
Income before provision for income taxes (tax
equivalent) |
2,943 |
2,159 |
|
2,375 |
23.9% |
|
Provision for income taxes |
535 |
438 |
|
388 |
37.9% |
|
Taxable equivalent adjustment (a) |
453 |
300 |
|
408 |
11.1% |
|
Net income |
$1,955 |
$1,421 |
|
$1,579 |
23.8% |
|
|
|
|
|
|
|
|
Net income per common share -
Basic |
$0.60 |
$0.44 |
|
$0.49 |
22.4% |
|
Net income per common share -
Diluted |
$0.59 |
$0.43 |
|
$0.48 |
22.9% |
|
|
|
|
|
|
|
|
Return on average assets |
0.55% |
0.60% |
|
0.44 |
23.3% |
|
Return on average equity |
6.86% |
7.57% |
|
5.91 |
16.2% |
|
Efficiency ratio (b) |
69.11% |
66.49% |
|
72.15 |
(4.2)% |
|
Net interest margin (tax
equivalent) |
3.97% |
4.06% |
|
3.76 |
5.6% |
|
|
|
|
|
|
|
|
SHARE
INFORMATION: |
|
|
|
|
|
|
Book value per common share |
$11.68 |
$11.45 |
$10.94 |
$11.03 |
5.9% |
2.0% |
Outstanding shares- period ending |
3,373 |
3,373 |
3,352 |
3,352 |
0.6% |
-- % |
Average diluted shares outstanding (Year to
date) |
3,326 |
3,323 |
3,300 |
3,294 |
1.0% |
0.1% |
|
|
|
|
|
|
|
CAPITAL
RATIOS: |
|
|
|
|
|
|
Total equity to total assets |
7.94% |
8.16% |
7.74% |
7.63% |
4.1% |
(2.7)% |
Leverage ratio (c) |
9.42% |
9.56% |
9.04% |
8.94% |
5.4% |
(1.5)% |
Tier 1 risk-based capital ratio
(c) |
13.11% |
12.84% |
12.37% |
12.29% |
6.7% |
2.1% |
Total risk-based capital ratio (c) |
14.37% |
14.10% |
13.63% |
13.55% |
6.1% |
1.9% |
|
|
|
|
|
|
|
ASSET QUALITY AND
RATIOS: |
|
|
|
|
|
|
Non-accrual loans |
$27,493 |
$25,062 |
$22,682 |
$22,403 |
22.7% |
9.7% |
Troubled debt restructured loans
(d) |
1,313 |
1,314 |
1,318 |
2,537 |
(48.2)% |
(0.1)% |
Foreclosed real estate |
4,545 |
4,545 |
2,397 |
2,095 |
116.9% |
-- % |
Non-performing assets |
$33,351 |
$30,921 |
$26,397 |
$27,035 |
23.4% |
7.9% |
|
|
|
|
|
|
|
Loans 90 days past due and still
accruing |
$998 |
$1,029 |
$49 |
$330 |
202.4% |
(3.0)% |
Charge-offs, net (quarterly) |
$872 |
$802 |
$616 |
$14 |
6,128.6% |
8.7% |
Charge-offs, net as a % of average loans
(annualized) |
1.03% |
0.93% |
0.74% |
0.02% |
5,961.1% |
10.3% |
Non-accrual loans to total loans |
8.14% |
7.38% |
6.71% |
6.72% |
21.20% |
10.27% |
Non-performing assets to total
assets |
6.73% |
6.53% |
5.57% |
5.58% |
20.5% |
2.9% |
Allowance for loan losses as a % of
non-performing loans |
25.69% |
28.57% |
26.65% |
24.45% |
5.10% |
(10.08)% |
Allowance for loan losses to total
loans |
2.19% |
2.22% |
1.89% |
1.83% |
19.9% |
(1.3)% |
|
|
|
|
|
|
|
(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) Troubled debt restructured
loans currently performing in accordance with renegotiated
terms |
SUSSEX
BANCORP |
CONSOLIDATED BALANCE
SHEETS |
(Dollars In Thousands) |
(Unaudited) |
|
|
|
|
ASSETS |
September 30,
2011 |
December 31,
2010 |
September 30,
2010 |
|
|
|
|
Cash and due from banks |
$ 5,280 |
$ 4,672 |
$ 32,644 |
Interest-bearing deposits with other
banks |
43,117 |
10,077 |
3,000 |
Federal funds sold |
-- |
3,000 |
-- |
Cash and cash equivalents |
48,397 |
17,749 |
35,644 |
|
|
|
|
Interest bearing time deposits with other
banks |
100 |
600 |
600 |
Securities available for sale, at fair
value |
78,613 |
89,380 |
85,677 |
Securities held to maturity |
3,287 |
1,000 |
-- |
Federal Home Loan Bank Stock, at cost |
1,837 |
2,235 |
2,102 |
|
|
|
|
Loans receivable, net of unearned income |
337,794 |
338,234 |
333,607 |
Less: allowance for loan losses |
7,401 |
6,397 |
6,097 |
Net loans receivable |
330,393 |
331,837 |
327,510 |
|
|
|
|
Foreclosed real estate |
4,545 |
2,397 |
2,095 |
Premises and equipment, net |
6,422 |
6,749 |
6,868 |
Accrued interest receivable |
1,602 |
1,916 |
1,925 |
Goodwill |
2,820 |
2,820 |
2,820 |
Bank owned life insurance |
11,037 |
10,173 |
10,069 |
Other assets |
6,831 |
7,168 |
8,885 |
|
|
|
|
Total Assets |
$ 495,884 |
$ 474,024 |
$ 484,195 |
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
Deposits: |
|
|
|
Non-interest bearing |
$ 39,613 |
$ 35,362 |
$ 37,765 |
Interest bearing |
375,437 |
350,605 |
360,972 |
Total Deposits |
415,050 |
385,967 |
398,737 |
|
|
|
|
Borrowings |
26,000 |
36,000 |
33,046 |
Accrued interest payable and other
liabilities |
2,559 |
2,504 |
2,566 |
Junior subordinated debentures |
12,887 |
12,887 |
12,887 |
|
|
|
|
Total Liabilities |
456,496 |
437,358 |
447,236 |
|
|
|
|
Total Stockholders'
Equity |
39,388 |
36,666 |
36,959 |
|
|
|
|
Total Liabilities and Stockholders'
Equity |
$ 495,884 |
$ 474,024 |
$ 484,195 |
|
|
|
|
SUSSEX
BANCORP |
CONSOLIDATED STATEMENTS
OF INCOME |
(Dollars In Thousands Except
Per Share Data) |
(Unaudited) |
|
|
|
|
|
|
Three Months
Ended September 30, |
Nine Months Ended
September 30, |
|
2011 |
2010 |
2011 |
2010 |
INTEREST INCOME |
|
|
|
|
Loans receivable, including fees |
$ 4,687 |
$ 4,765 |
$ 14,210 |
$ 14,194 |
Securities: |
|
|
|
|
Taxable |
313 |
412 |
989 |
1,378 |
Tax-exempt |
296 |
292 |
879 |
820 |
Federal funds sold |
-- |
3 |
3 |
20 |
Interest bearing deposits |
20 |
20 |
32 |
30 |
Total Interest
Income |
5,316 |
5,492 |
16,113 |
16,442 |
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
Deposits |
806 |
943 |
2,342 |
3,158 |
Borrowings |
268 |
358 |
797 |
1,065 |
Junior subordinated debentures |
55 |
62 |
164 |
170 |
Total Interest
Expense |
1,129 |
1,363 |
3,303 |
4,393 |
|
|
|
|
|
Net Interest Income |
4,187 |
4,129 |
12,810 |
12,049 |
PROVISION FOR LOAN
LOSSES |
737 |
662 |
2,688 |
2,364 |
Net Interest Income after
Provision for Loan Losses |
3,450 |
3,467 |
10,122 |
9,685 |
|
|
|
|
|
OTHER INCOME |
|
|
|
|
Service fees on deposit accounts |
324 |
375 |
968 |
1,049 |
ATM and debit card fees |
140 |
128 |
400 |
370 |
Bank owned life insurance |
105 |
100 |
314 |
209 |
Insurance commissions and fees |
545 |
485 |
1,724 |
1,622 |
Investment brokerage fees |
33 |
24 |
103 |
133 |
Realized holding gains on trading
securities |
-- |
-- |
-- |
7 |
Gain (loss) on sale of securities,
available for sale |
(1) |
(2) |
268 |
52 |
Gain (loss) on sale of foreclosed real
estate |
2 |
12 |
(2) |
17 |
Impairment write-downs on equity
securities |
-- |
-- |
-- |
(171) |
Other |
58 |
52 |
177 |
200 |
Total Other Income |
1,206 |
1,176 |
3,952 |
3,490 |
|
|
|
|
|
OTHER EXPENSES |
|
|
|
|
Salaries and employee benefits |
2,219 |
1,885 |
6,212 |
5,865 |
Occupancy, net |
338 |
336 |
1,055 |
1,011 |
Furniture, equipment and data
processing |
283 |
325 |
871 |
919 |
Advertising and promotion |
52 |
36 |
141 |
138 |
Professional fees |
163 |
130 |
439 |
398 |
Director Fees |
5 |
65 |
144 |
183 |
FDIC assessment |
153 |
232 |
535 |
681 |
Insurance |
53 |
56 |
163 |
167 |
Stationary and supplies |
39 |
53 |
122 |
147 |
Loan collection costs |
314 |
144 |
606 |
307 |
Write-down on foreclosed real estate |
-- |
182 |
145 |
209 |
Expenses related to foreclosed real
estate |
74 |
82 |
177 |
222 |
Amortization of intangible assets |
3 |
3 |
8 |
11 |
Other |
329 |
315 |
966 |
950 |
Total Other
Expenses |
4,025 |
3,844 |
11,584 |
11,208 |
|
|
|
|
|
Income before Income
Taxes |
631 |
799 |
2,490 |
1,967 |
PROVISION FOR INCOME
TAXES |
97 |
168 |
535 |
388 |
Net Income |
$ 534 |
$ 631 |
$ 1,955 |
$ 1,579 |
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
Basic |
$ 0.16 |
$ 0.19 |
$ 0.60 |
$ 0.49 |
Diluted |
$ 0.16 |
$ 0.19 |
$ 0.59 |
$ 0.48 |
|
|
|
|
|
SUSSEX
BANCORP |
COMPARATIVE AVERAGE
BALANCES AND AVERAGE INTEREST RATES |
(Dollars In
Thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
2011 |
2010 |
|
Average |
|
Average |
Average |
|
Average |
Earning Assets: |
Balance |
Interest (1) |
Rate (2) |
Balance |
Interest (1) |
Rate (2) |
Securities: |
|
|
|
|
|
|
Tax exempt (3) |
$ 30,059 |
$ 449 |
5.92% |
$ 30,669 |
$ 436 |
5.64% |
Taxable |
48,890 |
313 |
2.54% |
49,501 |
412 |
3.30% |
Total securities |
78,949 |
762 |
3.83% |
80,170 |
848 |
4.20% |
Total loans receivable (4) |
338,393 |
4,687 |
5.49% |
329,294 |
4,765 |
5.74% |
Other interest-earning assets |
35,530 |
20 |
0.22% |
39,071 |
23 |
0.23% |
Total earning assets |
452,872 |
$ 5,468 |
4.79% |
448,535 |
$ 5,636 |
4.99% |
|
|
|
|
|
|
|
Non-interest earning assets |
41,159 |
|
|
39,847 |
|
|
Allowance for loan losses |
(7,261) |
|
|
(5,809) |
|
|
Total Assets |
$ 486,770 |
|
|
$ 482,573 |
|
|
|
|
|
|
|
|
|
Sources of Funds: |
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
NOW |
$ 77,676 |
$ 85 |
0.44% |
$ 67,306 |
$ 109 |
0.64% |
Money market |
16,564 |
23 |
0.54% |
13,735 |
25 |
0.72% |
Savings |
168,419 |
287 |
0.68% |
178,833 |
398 |
0.88% |
Time |
102,725 |
411 |
1.59% |
100,517 |
411 |
1.62% |
Total interest bearing deposits |
365,384 |
806 |
0.88% |
360,391 |
943 |
1.04% |
Borrowed funds |
26,000 |
268 |
4.03% |
33,051 |
358 |
4.24% |
Junior subordinated debentures |
12,887 |
55 |
1.65% |
12,887 |
62 |
1.88% |
Total interest bearing liabilities |
404,271 |
$ 1,129 |
1.11% |
406,329 |
$ 1,363 |
1.33% |
|
|
|
|
|
|
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
Demand deposits |
41,012 |
|
|
38,721 |
|
|
Other liabilities |
2,613 |
|
|
1,266 |
|
|
Total non-interest bearing liabilities |
43,625 |
|
|
39,987 |
|
|
Stockholders' equity |
38,874 |
|
|
36,257 |
|
|
Total Liabilities and Stockholders'
Equity |
$ 486,770 |
|
|
$ 482,573 |
|
|
|
|
|
|
|
|
|
Net Interest Income and Margin (5) |
|
$ 4,339 |
3.80% |
|
$ 4,273 |
3.78% |
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
|
2011 |
2010 |
|
Average |
|
Average |
Average |
|
Average |
Earning Assets: |
Balance |
Interest (1) |
Rate (2) |
Balance |
Interest (1) |
Rate (2) |
Securities: |
|
|
|
|
|
|
Tax exempt (3) |
$ 29,962 |
$ 1,332 |
5.94% |
$ 28,432 |
$ 1,228 |
5.77% |
Taxable |
52,398 |
989 |
2.52% |
49,820 |
1,378 |
3.70% |
Total securities |
82,360 |
2,321 |
3.77% |
78,252 |
2,606 |
4.45% |
Total loans receivable (4) |
341,123 |
14,210 |
5.57% |
330,340 |
14,194 |
5.74% |
Other interest-earning assets |
23,318 |
35 |
0.20% |
34,914 |
50 |
0.19% |
Total earning assets |
446,802 |
$ 16,566 |
4.96% |
443,506 |
$ 16,850 |
5.08% |
|
|
|
|
|
|
|
Non-interest earning assets |
38,020 |
|
|
38,058 |
|
|
Allowance for loan losses |
(7,227) |
|
|
(5,991) |
|
|
Total Assets |
$ 477,595 |
|
|
$ 475,573 |
|
|
|
|
|
|
|
|
|
Sources of Funds: |
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
NOW |
$ 78,923 |
$ 305 |
0.52% |
$ 64,342 |
$ 386 |
0.80% |
Money market |
14,838 |
61 |
0.55% |
12,857 |
74 |
0.77% |
Savings |
169,360 |
881 |
0.70% |
174,285 |
1,398 |
1.07% |
Time |
94,898 |
1,095 |
1.54% |
102,586 |
1,300 |
1.69% |
Total interest bearing deposits |
358,019 |
2,342 |
0.87% |
354,070 |
3,158 |
1.19% |
Borrowed funds |
26,859 |
797 |
3.91% |
33,065 |
1,065 |
4.25% |
Junior subordinated debentures |
12,887 |
164 |
1.68% |
12,887 |
170 |
1.74% |
Total interest bearing liabilities |
397,765 |
$ 3,303 |
1.11% |
400,022 |
$ 4,393 |
1.47% |
|
|
|
|
|
|
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
Demand deposits |
39,423 |
|
|
38,474 |
|
|
Other liabilities |
2,427 |
|
|
1,436 |
|
|
Total non-interest bearing liabilities |
41,850 |
|
|
39,910 |
|
|
Stockholders' equity |
37,980 |
|
|
35,641 |
|
|
Total Liabilities and Stockholders'
Equity |
$ 477,595 |
|
|
$ 475,573 |
|
|
|
|
|
|
|
|
|
Net Interest Income and Margin (5) |
|
$ 13,263 |
3.97% |
|
$ 12,457 |
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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