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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| SB One Bancorp | NASDAQ:SBBX | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 18.51 | 17.50 | 18.58 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
"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
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 | |||||||
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CONTACT: Anthony Labozzetta, President/CEO
Steven Fusco, SVP/CFO
973-827-2914
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