Sussex Bancorp Announces Increased Third Quarter 2005 Earnings

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ProShares Short SmallCap600	AMEX:SBB	AMEX	Exchange Traded Fund

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Declares Quarterly 5% Stock Dividend FRANKLIN, N.J., Oct. 19 /PRNewswire-FirstCall/ -- Sussex Bancorp (AMEX:SBB) today announced its financial results for the third quarter ending September 30, 2005. Highlights Include: * Quarterly net income growth of 86.6% from the same quarter of 2004 * Nine month net income growth of 66.4% over 2004 * Growth in quarterly non-interest income of $158 thousand, or 14.2%, over same quarter in 2004 * Declaration of 5% stock dividend For the quarter ended September 30, 2005, the Company earned net income of $752,000, an increase of 86.6% over net income of $403,000 reported for the third quarter of 2004. For the nine months ended September 30, 2005, the Company earned net income of $1,938,000, an increase of $773,000 from the $1,165,000 earned for the same period last year. Basic earnings per share for the three and nine months ended September 30, 2005, as adjusted for the 5% stock dividend, were $0.24 and $0.61 respectively, compared to $0.21 and $0.61 for the respective comparable periods of 2004, as the weighted number of basic shares increased by 1,238,861 shares, or 64.2%, and 1,241,364 shares, or 64.6%, respectively for the three and nine month periods between 2004 and 2005. Diluted earnings per share, as adjusted for the 5% stock dividend, were $0.23 and $0.61 respectively for the three and nine months ended September 30, 2005, compared to $0.20 and $0.58 for the respective comparable periods of 2004, as the weighted number of diluted shares increased by 1,194,572 shares, or 59.5%, and 1,187,026 shares, or 58.9%, respectively for the three and nine month periods between 2004 and 2005. The Company's net interest income increased to $2,885,000 for the quarter ended September 30, 2005 from $2,298,000 for the third quarter of 2004. The Company's interest income increased to $4,023,000 for the quarter ended September 30, 2005 from $2,987,000 for the third quarter of 2004. The Company's interest expense increased to $1,138,000 for the three months ended September 30, 2005 from $689,000 for the third quarter of 2004. For the nine months ended September 30, 2005, the Company's net interest income increased to $8,263,000 from the $6,553,000 earned for the same period last year. For the nine months ended September 30, 2005, the Company's interest income increased to $11,130,000 from $8,595,000 for the period ended September 30, 2004. The Company's total deposits increased to $245.1 million at September 30, 2005 from $223.7 million at September 30, 2004. At September 30, 2005 the Company had total assets of $304.0 million, compared to total assets of $259.7 million at September 30, 2004. The loan loss provision for the third quarter was $206,000 compared to $120,000 for the same period last year. The Company's total loans increased $54.6 million to $203.6 million at September 30, 2005 from $149.0 million at September 30, 2004. The Company also experienced increases in non-interest income in both the current quarter and year to date periods compared to 2004. The Company reported non-interest income of $1,267,000 and $3,692,000 for the current three and nine month periods, respectively, compared to non-interest income of $1,109,000 and $3,426,000 for the three and nine month periods ending September 30, 2004. For the three and nine month periods ending September 30, 2005, $334,000 and $885,000 was from service charges on deposit accounts. Sussex Bancorp also announced that it's Board of Directors declared a 5% stock dividend payable on November 29, 2005 to shareholders of record as of November 3, 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 BALANCE SHEETS (Dollars In Thousands) ASSETS September 30, September 30, December 31, 2005 2004 2004 Cash and due from banks $9,800 $13,090 $10,434 Federal funds sold 8,900 - 18,860 Cash and cash equivalents 18,700 13,090 29,294 Interest bearing time deposits with other banks 500 10,900 3,900 Securities available for sale 66,203 72,612 74,736 Federal Home Loan Bank Stock, at cost 900 690 690 Loans receivable, net of unearned income 203,653 149,042 156,916 Less: allowance for loan losses 2,394 2,078 2,274 Net loans receivable 201,259 146,964 154,642 Premises and equipment, net 5,806 5,667 5,618 Accrued interest receivable 1,523 1,265 1,330 Goodwill 2,334 2,124 2,334 Other assets 6,728 6,389 5,731 Total Assets $303,953 $259,701 $278,275 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits: Non-interest bearing $37,355 $36,868 $34,451 Interest bearing 207,767 186,862 195,376 Total Deposits 245,122 223,730 229,827 Borrowings 18,000 12,385 10,000 Accrued interest payable and other liabilities 2,652 2,245 1,641 Junior subordinated debentures 5,155 5,155 5,155 Total Liabilities 270,929 243,515 246,623 Total Stockholders' Equity 33,024 16,186 31,652 Total Liabilities and Stockholders' Equity $303,953 $259,701 $278,275 SUSSEX BANCORP CONSOLIDATED STATEMENTS OF INCOME (In Thousands, Except Share Data) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2005 2004 2005 2004 INTEREST INCOME Loans receivable, including fees $3,259 $2,260 $8,748 $6,522 Securities: Taxable 400 483 1,280 1,368 Tax-exempt 285 221 877 634 Federal funds sold 65 10 184 41 Interest bearing deposits 14 13 41 30 Total Interest Income 4,023 2,987 11,130 8,595 INTEREST EXPENSE Deposits 877 493 2,150 1,460 Borrowings 169 130 461 395 Junior subordinated debentures 92 66 256 187 Total Interest Expense 1,138 689 2,867 2,042 Net Interest Income 2,885 2,298 8,263 6,553 PROVISION FOR LOAN LOSSES 206 120 547 373 Net Interest Income after Provision for Loan Losses 2,679 2,178 7,716 6,180 OTHER INCOME Service fees on deposit accounts 334 175 885 557 ATM and debit card fees 90 87 259 237 Insurance commissions and fees 536 526 1,753 1,696 Mortgage banking fees 48 130 209 456 Investment brokerage fees 104 96 234 217 Net gain on sale of securities, available for sale 42 11 42 11 Net gain on sale of assets 12 - 12 - Other 101 84 298 252 Total Other Income 1,267 1,109 3,692 3,426 OTHER EXPENSES Salaries and employee benefits 1,610 1,564 4,813 4,654 Occupancy, net 246 225 734 639 Furniture, equipment and data processing 267 247 789 659 Stationary and supplies 43 43 131 126 Professional fees 136 81 385 238 Advertising and promotion 108 96 374 279 Insurance 33 41 121 126 Postage and freight 41 39 131 130 Amortization of intangible assets 61 51 188 145 Other 311 354 1,015 1,015 Total Other Expenses 2,856 2,741 8,681 8,011 Income before Income Taxes 1,090 546 2,727 1,595 PROVISION FOR INCOME TAXES 338 143 789 430 Net Income $752 $403 $1,938 $1,165 SUSSEX BANCORP COMPARATIVE AVERAGE BALANCES AND AVERAGE INTEREST RATES (In Thousands) (Unaudited) Nine Months Ended September 30, (dollars in thousands) 2005 2004 Average Average Average Average Earning Assets: Balance Interest(1) Rate(2) Balance Interest(1) Rate(2) Securities: Tax exempt(3) $27,326 $1,245 6.09% $22,109 $905 5.47% Taxable 46,527 1,280 3.68% 52,691 1,368 3.47% Total securities 73,853 2,525 4.57% 74,800 2,273 4.06% Total loans receivable(4) 177,891 8,748 6.57% 140,980 6,522 6.18% Other interest- earning assets 10,427 225 2.89% 8,044 71 1.17% Total earning assets 262,171 $11,498 5.86% 223,824 $8,866 5.29% Non-interest earning assets 23,982 25,012 Allowance for loan losses (2,118) (1,899) Total Assets $284,035 $246,937 Sources of Funds: Interest bearing deposits: NOW $43,028 $200 0.62% $45,671 $152 0.45% Money market 20,746 326 2.10% 11,392 93 1.09% Savings 64,110 345 0.72% 66,505 324 0.65% Time 66,419 1,279 2.57% 57,051 891 2.09% Total interest bearing deposits 194,303 2,150 1.48% 180,619 1,460 1.08% Borrowed funds 13,189 461 4.61% 10,832 395 4.79% Junior Subordinated debentures 5,155 256 6.55% 5,155 187 4.78% Total interest bearing liabilities 212,647 $2,867 1.80% 196,606 $2,042 1.39% Non-interest bearing liabilities: Demand deposits 37,545 32,923 Other liabilities 1,682 2,100 Total non-interest bearing liabilities 39,227 35,023 Stockholders' equity 32,161 15,308 Total Liabilities and Stockholders' Equity $284,035 $246,937 Net Interest Income and Margin(5) $8,631 4.40% $6,824 4.07% (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 DATASOURCE: Sussex Bancorp CONTACT: Candace Leatham, Executive Vice President & Treasurer of Sussex Bancorp, +1-973-827-2914 Web site: http://www.sussexbank.com/

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