Sussex Bancorp Announces Increased First Quarter 2005 Earnings

Sussex Bancorp Announces Increased First Quarter 2005 Earnings
-Declares Quarterly Cash Dividend of $0.07 Per Share 


FRANKLIN, N.J., April 28  /PRNewswire-FirstCall/ -- Sussex Bancorp (AMEX:SBB)
today announced its financial results for the first quarter ending March 31,
2005.

  First Quarter Highlights Include:
   * Quarterly net income growth of 40% from the first quarter of 2004
   * Quarterly interest income growth of 22% from same quarter in 2004
   * Cash dividend of $0.07 per share



For the quarter ended March 31, 2005, the Company earned net income of
$520,000, an increase of approximately 40 percent over net income of $371,000
for the first quarter of 2004. Basic earnings per share for the two periods
were $0.17 and $0.20 respectively. Diluted earnings per share were $0.17 and
$0.19 for the two periods. 2005 earnings per share were also effected by the
1,131,150 shares issued by the Company in December of 2004.

The Company's net interest income increased to $2,636,000 for the quarter ended
March 31, 2005 from $2,132,000 for the first quarter of 2004. The Company's
interest income increased to $3,423,000 for the three months ended March 31,
2005 from $2,799,000 for the first quarter of 2004. The Company's interest
expense increased to $787,000 for the first quarter of 2005 from $667,000 for
the first quarter of 2004. The Company's total deposits increased to $228.0
million at March 31, 2005 from $212.8 million at March 31, 2004. At March 31,
2005 the Company had total assets of $280.2 million, compared to total assets
of $247.2 million at March 31, 2004.

The loan loss provision for the first quarter was $135,000 compared to $148,000
for the same period last year. The Company's total loans increased $27.7
million to $166.6 million at March 31, 2005 from $138.9 million at March 31,
2004.

Sussex Bancorp also announced that its Board of Directors declared a cash
dividend of $0.07 per share, payable on May 31, 2005 to shareholders of record
as of May 9, 2005.

Sussex Bancorp is the holding company for Sussex Bank, which operates through
its main office in Franklin, New Jersey and branch offices in Andover, Augusta,
Newton, Montague, Sparta, Vernon and Wantage, New Jersey, and for the Tri-State
Insurance Agency, Inc., a full service insurance agency located in Sussex
County, New Jersey.

                              SUSSEX BANCORP
                    CONSOLIDATED STATEMENTS OF INCOME

                                                        For the Three Months
                                                           Ended March 31,
  (In thousands, except
   share and per share data)                            2005           2004

  Interest income                                      $3,423         $2,799
  Interest expense                                        787            667
  Net interest income                                   2,636          2,132
  Provision for loan losses                               135            148
  Net interest income after
   provision for loan losses                            2,501          1,984
  Non-interest income                                   1,101          1,150
  Non-interest expense                                  2,903          2,628
  Income before tax expense                               699            506
  Tax expense                                             179            135
  Net income                                             $520           $371

  Basic earnings per share                              $0.17          $0.20
  Diluted earnings per share                            $0.17          $0.19

  Shares outstanding:
  Basic                                             3,007,408      1,819,382
  Diluted                                           3,049,590      1,921,271



                              SUSSEX BANCORP
                       CONSOLIDATED BALANCE SHEETS

                                                           Balances as of
                                                              March 31,

  (In thousands)                                        2005           2004

  Cash and due from banks                              $9,922        $10,027
  Federal funds sold                                   12,800          5,965
   Cash and cash equivalents                           22,722         15,992

  Interest bearing time deposits with other banks         500          3,500
  Securities available for sale, at fair value         75,509         76,056
  Federal Home Loan Bank stock, at cost                   700            760

  Loans                                               166,639        138,945
  Allowance for loan losses                           (1,828)        (1,853)
  Net loans                                           164,811        137,092

  Premises and equipment, net                           5,952          4,970
  Accrued interest receivable                           1,409          1,221
  Goodwill, net                                         2,334          2,124
  Other assets                                          6,282          5,511
   Total assets                                      $280,219       $247,226

  Deposits                                            227,954        212,845
  Borrowings                                           14,000         11,000
  Other liabilities                                     1,569          2,435
  Mandatory redeemable capital debentures               5,155          5,155
  Total liabilities                                   248,678        231,435

  Total shareholders' equity                           31,541         15,791

   Total liabilities and shareholders' equity        $280,219       $247,226


DATASOURCE: Sussex Bancorp



CONTACT:  Candace Leatham, CFO, Sussex Bancorp [phone]



Web site:  http://www.sussexbank.com/ 

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