Sussex Bancorp (the "Company") (Nasdaq:SBBX), the holding company
for Sussex Bank (the "Bank") today announced a 13.5% increase in
net income to $2.5 million, or $0.74 per diluted share, for the
year ended December 31, 2011, over the same period in 2010. The
Company attributed the increase in net income to growth in
non-interest income and net interest income, which was partly
offset by higher non-interest expenses. During the fourth quarter
of 2011, the Company opened a commercial loan production office and
a satellite office for Tri-State Insurance, our insurance
subsidiary, in Rochelle Park, New Jersey. The Company's overall
asset credit quality continues to exhibit signs of improvement as
total classified/criticized/foreclosed assets have declined 21.0%
from a historical high at March 31, 2010. Non-performing assets
were slightly down on a linked quarter basis, however increased in
2011 as compared to 2010. Management continues to focus on
strengthening the Company's core operations as well as resolving
and mitigating the Company's credit exposures.
"We continued to enhance our Companies capabilities in 2011,
with the addition of talented and successful bankers to our team;
which has helped build our business, produce double digit earnings
growth, manage risk and reduce our overall problem credits 15% in
2011 and 21%, from a historic high in 2010," said Anthony
Labozzetta, President and Chief Executive Officer of Sussex
Bank.
"While the economic environment remains uncertain and we
continue to have high credit costs related to our nonperforming
assets; I am encouraged by the productivity of our diverse business
lines. Particularly our commercial lending division, which
has experienced a substantial lift in new loans that had begun to
close during the final months of the year," noted Mr.
Labozzetta.
Mr. Labozzetta added, "While we made significant progress in a
number of areas this year, reducing our problem assets will remain
our primary focus in 2012."
2011 Highlights
- Net interest income (tax equivalent basis)
increased $548 thousand, or 3.2%, to $17.5 million in 2011.
- Net interest margin (tax equivalent basis) was
3.87% for 2011, up from 3.81% in 2010. The improvement was
driven by a 30 basis points reduction in funding costs for
2011.
- Provision for loan losses increased $26
thousand, or 0.8%, to $3.3 million for 2011 as compared to
2010.
- Non-interest income increased $672 thousand,
or 14.6%, to $5.3 million for 2011. The increase was driven by
higher gains on the sales of securities and insurance commissions
and fees, which grew by $593 thousand and $199 thousand,
respectively, for 2011 as compared to 2010. Lower service
charges on deposits of $116 thousand for 2011 partly offset the
aforementioned increases.
- Non-interest expense increased $755 thousand,
or 5.0% to $15.8 million for 2011. The increase was largely
attributed to higher employee related costs of $745 thousand,
resulting from a 6.3% increase in salary expense and a 26.7%
increase in benefit costs, and higher loan collection costs of $322
thousand. The aforementioned increases were in part offset by
a decline in FDIC assessments of $211 thousand.
- Segment reporting
- Our insurance subsidiary, Tri-state Insurance Agency, Inc.
("Tri-State"), reported net income before taxes of $152 thousand
for 2011 as compared to a $68 thousand net loss before taxes for
the same period last year.
- Total assets increased 6.9% as compared to last year.
- Gross loans are up 1.1% over last year.
- Total deposits increased $39.4 million, or 10.2%, as core
deposits increased $20.9 million, or 7.1%, and time deposits grew
by $18.5 million, or 20.0%, over last year.
- Total classified/criticized/foreclosed assets declined $8.8
million, or 15.1%, to $49.6 million at December 31, 2011 from $58.4
million at December 31, 2010 and have declined 21.0% from a
historical high of $62.8 million at March 31, 2010.
- Non-performing assets were slightly down on a linked quarter
basis, however increased $6.8 million, or 25.8%, for December 31,
2011 as compared to December 31, 2010. Non-performing assets
as a percent of total assets were 6.5% and 5.6% at December 31,
2011 and December 31, 2010, respectively.
- The allowance for loan losses totaled $7.2 million at December
31, 2011, or 2.11% of total loans, as compared to $6.4 million, or
1.89% of total loans, at December 31, 2010.
- At December 31, 2011, the leverage, Tier I risk-based capital
and total risk based capital ratios for the Bank were 9.29%, 12.98%
and 14.24%, respectively, all in excess of the ratios required to
be deemed "well-capitalized."
Fourth Quarter 2011 Financial Results
The Company reported net income of $515 thousand for the fourth
quarter of 2011, a decrease of $82 thousand, or 13.7%, from net
income of $597 thousand for the same period in 2010. Basic and
diluted earnings per share for the three months ended December 31,
2011 were $0.16 and $0.15, respectively, compared to the basic and
diluted earnings per share of $0.18 for the comparable period of
2010. The decrease in net income was largely due to an
increase in non-interest expenses of $389 thousand and a decline in
net interest income of $263 thousand, which was in part offset by
lower provision for loan losses of $298 thousand and higher
non-interest income of $220 thousand for the fourth quarter of 2011
as compared to the same period last year. Fourth 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 and an
accrual for an early termination of an employment agreement of $88
thousand. The decline in the net interest income was adversely
impacted by a 36 basis point decline in the net interest margin due
in part to lower loan yields.
Net Interest Income
Net interest income, on a fully tax equivalent basis, decreased
$260 thousand, or 5.8%, to $4.3 million for the quarter ended
December 31, 2011, as compared to the same period in 2010. The
decrease in net interest income was largely due to a decline in the
net interest margin of 36 basis points to 3.59% for the fourth
quarter of 2011 as compared to the same period in 2010. The
decline in the net interest margin was mostly due to lower loan
yields and an increase in cash balances (other interest earning
assets with average rate of 0.22%) resulting from deposit growth
($17.3 million on average) outpacing loan growth ($1.0 million on
average) for the fourth quarter 2011 as compared to the same period
last year. Total average interest earning assets increased
$16.2 million, or 3.6%, for the fourth quarter of 2011 as compared
to the same period last year.
Provision for Loan Losses
Provision for loan losses decreased $298 thousand, or 32.5%, to
$618 thousand for the quarter ended December 31, 2011, as compared
to $916 thousand for the same period in 2010.
Non-interest Income
The Company reported an increase in non-interest income of $220
thousand, or 19.8%, to $1.3 million for the quarter ended December
31, 2011. The increase in non-interest income was largely due
to $377 thousand in security gains and a $97 thousand, or 21.6%,
growth in insurance commissions and fees from Tri-State. The
security gains recognized in the fourth quarter of 2011 was largely
driven by the execution of two security strategies. The
Company sold $5.7 million in municipal securities with long
maturities, which generated $236 thousand in net gains, and also
sold 24 mortgaged backed securities with an average balance of $96
thousand (total $2.3 million) for a net gain of $141
thousand. The aforementioned increases were partly offset by a
$231 thousand impairment write-down on an equity fund and an equity
security during the fourth quarter of 2011.
Non-interest Expense
The Company's non-interest expenses increased $389 thousand, or
10.2%, to $4.2 million for the quarter ended December 31,
2011. The increase for the fourth quarter of 2011 versus the
same period in 2010 was largely due to a $398 thousand increase in
salaries and employee benefits. The increase in salaries and
employee benefits was mostly attributed to the hiring of more
commercial lenders, an accrual for the early termination of an
employment agreement and higher medical premium expenses for the
fourth quarter of 2011 as compared to the same quarter in
2010.
Full Year 2011 Financial Results
The Company reported net income of $2.5 million for 2011, an
increase of $294 thousand, or 13.5%, from net income of $2.2
million for 2010. The increase in net income was largely due to
growth in non-interest income of $672 thousand, or 14.6%, and
higher net interest income (tax equivalent) of $548 thousand, or
3.2%, for 2011 as compared to 2010. The aforementioned
increases were in part offset by higher non-interest
expenses. Full year results for 2011 reflected an increase in
non-interest expenses of $755 thousand, or 5.0%, for 2011 as
compared to 2010, which was largely attributed to higher employee
salaries and benefits expenses resulting in part to the expansion
of our commercial lending group.
Net Interest Income
Net interest income, on a fully taxable equivalent basis,
increased $548 thousand, or 3.2%, to $17.5 million for the year
ended December 31, 2011, as compared to $17.0 million for same
period in 2010. The increase in net interest income was
attributed to a stronger net interest margin, which improved 6
basis points to 3.87%, and a $6.5 million increase in average
interest earning assets for the 2011 as compared to 2010. The
improvement in the net interest margin was mostly attributed to a
30 basis point decline in the average rate paid on interest bearing
liabilities to 1.10%, which was partly offset by a 21 basis point
decrease in the average rate on earning assets to 4.85% for the
year ended December 31, 2011 as compared to the same period last
year.
Provision for Loan Losses
Provision for loan losses increased $26 thousand, or 0.8%, to
$3.3 million for 2011, as compared to 2010. Additional
information is discussed below under the caption "Asset and Credit
Quality."
Non-interest Income
The Company reported an increase in non-interest income of $672
thousand, or 14.6%, to $5.3 million for the year ended December 31,
2011. The increase in non-interest income was largely due to
higher gains on sale of securities, growth in insurance commissions
and fees and bank-owned life insurance income of $593 thousand,
$199 thousand (9.6%), and $106 thousand (33.8%), respectively, as
compared to the same period last year. The security gains
during the fourth quarter of 2011 resulted from the execution of
strategies aimed at improving the Company's interest rate risk
profile and the sales of mortgaged-backed securities that have
significantly paid down since their original purchase
date. The aforementioned increases were partly offset by a
decline in service fees on deposits, which decreased $116 thousand
for 2011 as compared to 2010.
Non-interest Expense
The Company's non-interest expenses increased $755 thousand, or
5.0%, to $15.8 million for 2011 as compared to 2010. The
increase for 2011 was largely due to an increase in salaries and
benefits and loan collection costs of $745 thousand, or 9.6%, and
$322 thousand, or 64.2%, respectively. The increase was partly
offset by a $211 thousand decline in FDIC assessment
costs. The increase in salary and benefits expenses was due in
part to the hiring of more commercial lenders, higher medical
premiums, 401k costs and recruiting costs. Total salary
expense, excluding benefits, increased $414 thousand, or 6.3%,
while benefits increased $331 thousand, or 26.7%, for 2011 compared
to the same period in 2010. The remaining other expenses
declined by 1.7% for 2011 compared to 2010.
Financial Condition Comparison
At December 31, 2011, the Company's total assets were $507.0
million, an increase of $32.9 million, or 6.9%, as compared to
total assets of $474.0 million at December 31, 2010. The
increase in total assets was largely driven by deposit growth
resulting in higher interest-bearing deposits with other
banks. The Company's total deposits increased 10.2% to $425.4
million at December 31, 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 $20.9 million, or 7.1%, and higher time
deposits of $18.5 million, or 20.0%, for December 31, 2011 as
compared to December 31, 2010.
Total loans receivable, net of unearned income, increased $3.4
million, or 1.0%, to $341.6 million at December 31, 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, increased $10.2 million, or 11.3%, to
$100.6 million at December 31, 2011, as compared to $90.4 million
at December 31, 2010.
At December 31, 2011, the Company's total stockholders' equity
was $39.9 million, an increase of $3.2 million, or 8.8%, as
compared to $36.7 million at December 31, 2010.
Asset and Credit Quality
The overall credit quality of the Company is showing signs of
improvement as our classified/criticized/foreclosed assets declined
$8.8 million, or 15.1%, to $49.6 million at December 31, 2011 from
$58.4 million at December 31, 2010 and have declined 21.0% from a
historical high of $62.8 million at March 31, 2010. Loans
internally rated "Substandard," "Doubtful" or "Loss" are considered
classified assets, while loans rated as "Special Mention" are
considered criticized. Such risk ratings are consistent with
the classification system used by regulatory agencies and are
consistent with industry practices.
Non-performing assets were slightly down on a linked quarter
basis, however increased from the prior year largely due to
increases in foreclosed assets and performing troubled debt
restructured loans. Non-performing assets, which include
non-accrual loans, performing troubled debt restructured loans and
foreclosed assets, increased $6.8 million, or 25.8%, to $33.2
million at December 31, 2011, as compared to $26.4 million at
December 31, 2010. The ratio of non-performing assets to total
assets for December 31, 2011 and December 31, 2010 were 6.5% and
5.6%, respectively.
The increase in non-performing assets occurred in:
- non-accrual loans, which increased $1.6 million, or 7.1%, to
$24.3 million at December 31, 2011- the average loan balance was
approximately $357 thousand at December 31, 2011 as compared to
$384 thousand at December 31, 2010.
- performing troubled debt restructured loans increased $2.1
million largely due to one loan of $1.5 million, which has been
performing since the loan was restructured during the second
quarter of 2011.
- foreclosed assets increased $3.1 million and the average
recorded investment for each property is approximately $424
thousand.
The allowance for loan losses was $7.2 million, or 2.11% of
total loans, at December 31, 2011 compared to $6.4 million, or
1.89% of total loans 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; a loan production office in Rochelle
Park, New Jersey and for the Tri-State Insurance Agency, Inc., a
full service insurance agency with locations in Augusta and
Rochelle Park, 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 |
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SUMMARY FINANCIAL
HIGHLIGHTS |
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(In Thousands, Except Percentages and Per
Share Data) |
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(Unaudited) |
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12/31/11
VS. |
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12/31/2011 |
9/30/2011 |
12/31/2010 |
12/31/2010 |
9/30/2011 |
BALANCE SHEET HIGHLIGHTS
- Period End Balances |
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Total securities |
$ 102,418 |
$ 83,737 |
$ 92,615 |
10.6% |
22.3% |
Total loans |
341,632 |
337,794 |
338,234 |
1.0% |
1.1% |
Allowance for loan losses |
(7,210) |
(7,401) |
(6,397) |
12.7% |
(2.6)% |
Total assets |
506,953 |
495,884 |
474,024 |
6.9% |
2.2% |
Total deposits |
425,376 |
415,050 |
385,967 |
10.2% |
2.5% |
Total borrowings and junior
subordinated debt |
38,887 |
38,887 |
48,887 |
(20.5)% |
-- % |
Total shareholders' equity |
39,902 |
39,388 |
36,666 |
8.8% |
1.3% |
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FINANCIAL DATA - QUARTER
ENDED: |
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Net interest income (tax equivalent)
(a) |
$ 4,251 |
$ 4,339 |
$ 4,511 |
(5.8)% |
(2.0)% |
Provision for loan losses |
618 |
737 |
916 |
(32.5)% |
(16.1)% |
Total other income |
1,331 |
1,206 |
1,111 |
19.8% |
10.4% |
Total other expenses |
4,199 |
4,025 |
3,810 |
10.2% |
4.3% |
Provision for income taxes |
102 |
97 |
154 |
(33.9)% |
5.2% |
Taxable equivalent adjustment
(a) |
148 |
152 |
145 |
2.4% |
(2.9)% |
Net income |
$ 515 |
$ 534 |
$ 597 |
(13.7)% |
(3.5)% |
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Net income per common share -
Basic |
$ 0.16 |
$ 0.16 |
$ 0.18 |
(11.1)% |
0.0% |
Net income per common share -
Diluted |
$ 0.15 |
$ 0.16 |
$ 0.18 |
(16.7)% |
(6.2)% |
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Return on average assets |
0.41% |
0.44% |
0.49% |
(16.7)% |
(6.3)% |
Return on average equity |
5.22% |
5.49% |
6.44% |
(19.1)% |
(5.0)% |
Efficiency ratio (b) |
77.27% |
74.64% |
69.56% |
11.1% |
3.5% |
Net interest margin (tax
equivalent) |
3.59% |
3.80% |
3.95% |
(9.0)% |
(5.4)% |
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FINANCIAL DATA - YEAR TO
DATE: |
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Net interest income (tax equivalent)
(a) |
$ 17,515 |
$ 13,263 |
$ 16,967 |
3.2% |
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Provision for loan losses |
3,306 |
2,688 |
3,280 |
0.8% |
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Total other income |
5,283 |
3,952 |
4,611 |
14.6% |
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Total other expenses |
15,783 |
11,584 |
15,028 |
5.0% |
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Income before provision for income
taxes (tax equivalent) |
3,709 |
2,943 |
3,270 |
13.4% |
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Provision for income taxes |
637 |
535 |
542 |
17.5% |
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Taxable equivalent adjustment
(a) |
602 |
453 |
552 |
9.0% |
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Net income |
$ 2,470 |
$ 1,955 |
$ 2,176 |
13.5% |
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Net income per common share -
Basic |
$ 0.76 |
$ 0.60 |
$ 0.67 |
13.4% |
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Net income per common share -
Diluted |
$ 0.74 |
$ 0.59 |
$ 0.66 |
12.1% |
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Return on average assets |
0.51% |
0.55% |
0.46% |
12.1% |
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Return on average equity |
6.44% |
6.86% |
6.04% |
6.5% |
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Efficiency ratio (b) |
71.11% |
69.11% |
71.47% |
(0.5)% |
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Net interest margin (tax
equivalent) |
3.87% |
3.97% |
3.81% |
1.7% |
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SHARE
INFORMATION: |
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Book value per common share |
$ 11.83 |
$ 11.68 |
$ 10.94 |
8.1% |
1.3% |
Outstanding shares- period ending |
3,373 |
3,373 |
3,352 |
0.6% |
-- % |
Average diluted shares outstanding (Year to
date) |
3,326 |
3,326 |
3,300 |
0.8% |
-- % |
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CAPITAL
RATIOS: |
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Total equity to total assets |
7.87% |
7.94% |
7.74% |
1.8% |
(0.9)% |
Leverage ratio (c) |
9.29% |
9.42% |
9.04% |
2.8% |
(1.4)% |
Tier 1 risk-based capital ratio
(c) |
12.98% |
13.11% |
12.37% |
4.9% |
(1.0)% |
Total risk-based capital ratio
(c) |
14.24% |
14.37% |
13.63% |
4.5% |
(0.9)% |
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ASSET QUALITY AND
RATIOS: |
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Non-accrual loans |
$ 24,283 |
$ 27,493 |
$ 22,682 |
7.1% |
(11.7)% |
Troubled debt restructured loans
(d) |
3,411 |
1,313 |
1,318 |
158.8% |
159.8% |
Foreclosed real estate |
5,509 |
4,545 |
2,397 |
129.8% |
21.2% |
Non-performing assets |
$ 33,203 |
$ 33,351 |
$ 26,397 |
25.8% |
(0.4)% |
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Loans 90 days past due and still
accruing |
$ 803 |
$ 998 |
$ 49 |
1,538.8% |
(19.5)% |
Charge-offs,
net (quarterly) |
$ 803 |
$ 872 |
$ 616 |
30.4% |
(7.9)% |
Charge-offs, net as a % of average
loans (annualized) |
0.96% |
1.03% |
0.74% |
30.0% |
(7.2)% |
Non-accrual loans to total
loans |
7.11% |
8.14% |
6.71% |
5.99% |
(12.67)% |
Non-performing assets to total
assets |
6.55% |
6.73% |
5.57% |
17.6% |
(2.6)% |
Allowance for loan losses as a % of
non-performing loans |
26.03% |
25.69% |
26.65% |
(2.33)% |
1.33% |
Allowance for loan losses to total
loans |
2.11% |
2.19% |
1.89% |
11.6% |
(3.7)% |
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(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 |
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(c) Sussex Bank capital
ratios |
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(d) Troubled debt
restructured loans currently performing in accordance with
renegotiated terms |
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SUSSEX
BANCORP |
CONSOLIDATED BALANCE
SHEETS |
(Dollars In Thousands) |
(Unaudited) |
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ASSETS |
December 31,
2011 |
December 31,
2010 |
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Cash and due from banks |
$ 3,903 |
$ 4,672 |
Interest-bearing deposits with other
banks |
31,670 |
10,077 |
Federal funds sold |
-- |
3,000 |
Cash and cash equivalents |
35,573 |
17,749 |
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Interest bearing time deposits with other
banks |
100 |
600 |
Securities available for sale, at fair
value |
96,361 |
89,380 |
Securities held to maturity |
4,220 |
1,000 |
Federal Home Loan Bank Stock, at cost |
1,837 |
2,235 |
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Loans receivable, net of unearned income |
341,632 |
338,234 |
Less: allowance for loan
losses |
7,210 |
6,397 |
Net loans receivable |
334,422 |
331,837 |
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Foreclosed real estate |
5,509 |
2,397 |
Premises and equipment, net |
6,778 |
6,749 |
Accrued interest receivable |
1,735 |
1,916 |
Goodwill |
2,820 |
2,820 |
Bank owned life insurance |
11,142 |
10,173 |
Other assets |
6,456 |
7,168 |
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Total Assets |
$ 506,953 |
$ 474,024 |
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LIABILITIES AND STOCKHOLDERS'
EQUITY |
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Liabilities: |
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Deposits: |
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Non-interest
bearing |
$ 44,762 |
$ 35,362 |
Interest
bearing |
380,614 |
350,605 |
Total Deposits |
425,376 |
385,967 |
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Borrowings |
26,000 |
36,000 |
Accrued interest payable and other
liabilities |
2,788 |
2,504 |
Junior subordinated debentures |
12,887 |
12,887 |
|
|
|
Total Liabilities |
467,051 |
437,358 |
|
|
|
Total Stockholders'
Equity |
39,902 |
36,666 |
|
|
|
Total Liabilities and Stockholders'
Equity |
$ 506,953 |
$ 474,024 |
|
SUSSEX
BANCORP |
CONSOLIDATED STATEMENTS
OF INCOME |
(Dollars In Thousands Except
Per Share Data) |
(Unaudited) |
|
|
|
|
|
|
Three Months
Ended December 31, |
Fiscal Year Ended
December 31, |
|
2011 |
2010 |
2011 |
2010 |
INTEREST INCOME |
|
|
|
|
Loans receivable, including
fees |
$ 4,588 |
$ 4,863 |
$ 18,798 |
$ 19,057 |
Securities: |
|
|
|
|
Taxable |
325 |
418 |
1,314 |
1,796 |
Tax-exempt |
289 |
290 |
1,168 |
1,110 |
Federal funds sold |
1 |
2 |
4 |
22 |
Interest bearing deposits |
24 |
13 |
56 |
43 |
Total Interest
Income |
5,227 |
5,586 |
21,340 |
22,028 |
|
|
|
|
|
INTEREST EXPENSE |
|
|
|
|
Deposits |
799 |
837 |
3,141 |
3,995 |
Borrowings |
267 |
328 |
1,064 |
1,393 |
Junior subordinated debentures |
58 |
55 |
222 |
225 |
Total Interest
Expense |
1,124 |
1,220 |
4,427 |
5,613 |
|
|
|
|
|
Net Interest
Income |
4,103 |
4,366 |
16,913 |
16,415 |
PROVISION FOR LOAN
LOSSES |
618 |
916 |
3,306 |
3,280 |
Net Interest Income after
Provision for Loan Losses |
3,485 |
3,450 |
13,607 |
13,135 |
|
|
|
|
|
OTHER INCOME |
|
|
|
|
Service fees on deposit
accounts |
322 |
357 |
1,290 |
1,406 |
ATM and debit card fees |
145 |
131 |
545 |
501 |
Bank owned life insurance |
105 |
94 |
419 |
313 |
Insurance commissions and fees |
546 |
449 |
2,270 |
2,071 |
Investment brokerage fees |
42 |
33 |
145 |
166 |
Realized holding gains on trading
securities |
-- |
-- |
-- |
7 |
Gain on sale of securities,
available for sale |
377 |
-- |
645 |
52 |
Gain on sale of fixed assets |
-- |
-- |
-- |
2 |
Gain (loss) on sale of foreclosed
real estate |
(36) |
1 |
(38) |
18 |
Impairment write-downs on equity
securities |
(231) |
-- |
(231) |
(171) |
Other |
61 |
46 |
238 |
246 |
Total Other
Income |
1,331 |
1,111 |
5,283 |
4,611 |
|
|
|
|
|
OTHER EXPENSES |
|
|
|
|
Salaries and employee benefits |
2,316 |
1,918 |
8,528 |
7,783 |
Occupancy, net |
357 |
334 |
1,412 |
1,345 |
Furniture, equipment and data
processing |
306 |
315 |
1,177 |
1,234 |
Advertising and promotion |
31 |
40 |
172 |
178 |
Professional fees |
222 |
209 |
661 |
607 |
Director Fees |
32 |
82 |
176 |
265 |
FDIC assessment |
165 |
230 |
700 |
911 |
Insurance |
53 |
55 |
216 |
222 |
Stationary and supplies |
62 |
47 |
184 |
194 |
Loan collection costs |
218 |
195 |
824 |
502 |
Write-down on foreclosed real
estate |
-- |
32 |
145 |
241 |
Expenses related to foreclosed real
estate |
92 |
48 |
269 |
270 |
Amortization of intangible
assets |
2 |
3 |
10 |
14 |
Other |
343 |
302 |
1,309 |
1,262 |
Total Other
Expenses |
4,199 |
3,810 |
15,783 |
15,028 |
|
|
|
|
|
Income before Income
Taxes |
617 |
751 |
3,107 |
2,718 |
PROVISION FOR INCOME
TAXES |
102 |
154 |
637 |
542 |
Net Income |
$ 515 |
$ 597 |
$ 2,470 |
$ 2,176 |
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
Basic |
$ 0.16 |
$ 0.18 |
$ 0.76 |
$ 0.67 |
Diluted |
$ 0.15 |
$ 0.18 |
$ 0.74 |
$ 0.66 |
|
SUSSEX
BANCORP |
COMPARATIVE AVERAGE
BALANCES AND AVERAGE INTEREST RATES |
(Dollars In
Thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
Three Months Ended
December 31, |
|
2011 |
2010 |
Earning Assets: |
Average Balance |
Interest
(1) |
Average Rate (2) |
Average Balance |
Interest
(1) |
Average Rate (2) |
Securities: |
|
|
|
|
|
|
Tax exempt (3) |
$ 28,890 |
$ 439 |
6.02% |
$30,173 |
$435 |
5.72% |
Taxable |
60,439 |
324 |
2.13% |
61,509 |
418 |
2.69% |
Total securities |
89,329 |
763 |
3.39% |
91,682 |
853 |
3.69% |
Total loans receivable (4) |
335,753 |
4,589 |
5.42% |
334,770 |
4,863 |
5.76% |
Other interest-earning assets |
44,064 |
24 |
0.22% |
26,500 |
15 |
0.23% |
Total earning assets |
469,146 |
$ 5,376 |
4.55% |
452,952 |
$5,731 |
5.02% |
|
|
|
|
|
|
|
Non-interest earning assets |
39,951 |
|
|
37,609 |
|
|
Allowance for loan losses |
(7,570) |
|
|
(6,394) |
|
|
Total Assets |
$ 501,527 |
|
|
$484,167 |
|
|
|
|
|
|
|
|
|
Sources of Funds: |
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
NOW |
$ 88,645 |
$ 81 |
0.36% |
$77,782 |
$126 |
0.64% |
Money market |
17,485 |
22 |
0.50% |
14,175 |
19 |
0.54% |
Savings |
164,887 |
241 |
0.58% |
173,981 |
311 |
0.71% |
Time |
109,877 |
454 |
1.64% |
97,696 |
381 |
1.55% |
Total interest bearing deposits |
380,893 |
799 |
0.83% |
363,634 |
837 |
0.91% |
Borrowed funds |
26,000 |
268 |
4.03% |
31,189 |
328 |
4.12% |
Junior subordinated debentures |
12,887 |
58 |
1.77% |
12,887 |
55 |
1.68% |
Total interest bearing liabilities |
419,780 |
$ 1,125 |
1.06% |
407,710 |
$1,220 |
1.19% |
|
|
|
|
|
|
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
Demand deposits |
40,108 |
|
|
37,602 |
|
|
Other liabilities |
2,117 |
|
|
1,791 |
|
|
Total non-interest bearing liabilities |
42,226 |
|
|
39,393 |
|
|
Stockholders' equity |
39,520 |
|
|
37,064 |
|
|
Total Liabilities and Stockholders'
Equity |
$ 501,527 |
|
|
$484,167 |
|
|
|
|
|
|
|
|
|
Net Interest Income and Margin (5) |
|
$ 4,251 |
3.59% |
|
$4,511 |
3.95% |
|
|
|
|
|
|
|
(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) |
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31, |
|
2011 |
2010 |
Earning Assets: |
Average Balance |
Interest
(1) |
Average Rate (2) |
Average Balance |
Interest
(1) |
Average Rate (2) |
Securities: |
|
|
|
|
|
|
Tax exempt (3) |
$ 29,692 |
$ 1,770 |
5.96% |
$28,871 |
$1,662 |
5.76% |
Taxable |
54,425 |
1,314 |
2.41% |
52,766 |
1,796 |
3.40% |
Total securities |
84,117 |
3,084 |
3.67% |
81,637 |
3,458 |
4.24% |
Total loans receivable (4) |
339,770 |
18,798 |
5.53% |
331,457 |
19,057 |
5.75% |
Other interest-earning assets |
28,547 |
60 |
0.21% |
32,793 |
65 |
0.20% |
Total earning assets |
452,434 |
$ 21,942 |
4.85% |
445,887 |
$22,580 |
5.06% |
|
|
|
|
|
|
|
Non-interest earning assets |
38,507 |
|
|
37,945 |
|
|
Allowance for loan losses |
(7,314) |
|
|
(6,093) |
|
|
Total Assets |
$ 483,627 |
|
|
$477,739 |
|
|
|
|
|
|
|
|
|
Sources of Funds: |
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
NOW |
$ 81,374 |
$ 386 |
0.47% |
$67,729 |
$512 |
0.76% |
Money market |
15,505 |
83 |
0.54% |
13,189 |
93 |
0.71% |
Savings |
168,233 |
1,122 |
0.67% |
174,208 |
1,709 |
0.98% |
Time |
98,673 |
1,549 |
1.57% |
101,354 |
1,681 |
1.66% |
Total interest bearing deposits |
363,785 |
3,141 |
0.86% |
356,480 |
3,995 |
1.12% |
Borrowed funds |
26,642 |
1,064 |
3.99% |
32,593 |
1,393 |
4.27% |
Junior subordinated debentures |
12,887 |
222 |
1.72% |
12,887 |
225 |
1.75% |
Total interest bearing liabilities |
403,314 |
$ 4,427 |
1.10% |
401,960 |
$5,613 |
1.40% |
|
|
|
|
|
|
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
Demand deposits |
39,596 |
|
|
38,255 |
|
|
Other liabilities |
2,349 |
|
|
1,525 |
|
|
Total non-interest bearing liabilities |
41,944 |
|
|
39,780 |
|
|
Stockholders' equity |
38,369 |
|
|
35,999 |
|
|
Total Liabilities and Stockholders'
Equity |
$ 483,627 |
|
|
$477,739 |
|
|
|
|
|
|
|
|
|
Net Interest Income and Margin (5) |
|
$ 17,515 |
3.87% |
|
$16,967 |
3.81% |
|
|
|
|
|
|
|
(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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