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Sussex Bancorp Issues Correction to Second Quarter Results for 2014

Sussex Bancorp Logo

FRANKLIN, N.J., Aug. 8, 2014 (GLOBE NEWSWIRE) -- Sussex Bancorp (the "Company") (Nasdaq:SBBX), the holding company for Sussex Bank (the "Bank") today issued a correction to its previously released second quarter earnings announcement, which corrects errors contained in its net interest income disclosure. For completeness, the Company has included all previously announced financial performance and financial condition disclosure and related tables with this press release.

Financial Performance

Net Income. For the quarter ended June 30, 2014, the Company reported net income of $607 thousand, or $0.13 per basic and diluted share, as compared to net income of $134 thousand, or $0.04 per basic and diluted share, for the same period last year. The increase in net income for the quarter ended June 30, 2014 was largely due to a decrease in credit quality costs of $683 thousand or 48.3%, and increases in net interest income of $367 thousand and gain on securities transactions of $65 thousand.

For the six months ended June 30, 2014, the Company reported net income of $1.3 million, or $0.28 per basic and diluted share, as compared to net income of $232 thousand, or $0.07 per basic and diluted share, for the same period last year. The increase in net income for the six months ended June 30, 2014 was largely due to a decrease in credit quality costs of $1.7 million or 55.6%, and an increase in net interest income of $830 thousand, which were partially offset by a decrease in gain on securities transactions of $305 thousand.

Net Interest Income. Net interest income on a fully tax equivalent basis increased $369 thousand, or 8.8%, to $4.6 million for the second quarter of 2014 as compared to $4.2 million for same period in 2013. The increase in net interest income was largely due to a $34.4 million, or 7.0%, increase in average interest earning assets, principally loans receivable, which increased $56.5 million, or 15.5%, and was partially offset by a decrease in the average balance on the securities portfolio of $27.3 million, or 22.1%. The aforementioned increase also benefited from a 6 basis point increase in the net interest margin to 3.50% for the second quarter of 2014 as compared to the same period last year. The increase in the net interest margin was mostly due to an increase in the average rate paid on interest earning assets, which increased 5 basis points to 4.13% for the second quarter of 2014 from 4.08% for the same period in 2013.

Net interest income on a fully tax equivalent basis increased $830 thousand, or 10.1%, to $9.0 million for the first six months of 2014 as compared to $8.2 million for same period in 2013. The increase in net interest income was largely due to a $27.4 million, or 5.6%, increase in average interest earning assets, principally loans receivable, which increased $54.9 million, or 15.4%, and was partially offset by a decrease in the average balance on the securities portfolio of $28.8 million, or 22.6%. The aforementioned increase also benefited from a 14 basis point increase in the net interest margin to 3.51% for the first six months of 2014 as compared to the same period last year. The increase in the net interest margin was mostly due to an increase in the average rate paid on interest earning assets, which increased 11 basis points to 4.15% for the first six months of 2014 from 4.04% for the same period in 2013.

Provision for Loan Losses. Provision for loan losses decreased $300 thousand, or 42.9%, to $400 thousand for the second quarter of 2014, as compared to $700 thousand for the same period in 2013.

Provision for loan losses decreased $989 thousand, or 53.7%, to $853 thousand for the first six months of 2014, as compared to $1.8 million for the same period in 2013.

Non-interest Income. The Company reported an increase in non-interest income of $95 thousand, or 7.0%, to $1.5 million for the second quarter of 2014 as compared to the same period last year. The increase in non-interest income was largely due to an increase in gains on securities transactions of $65 thousand and increases in insurance commissions and fees of $49 thousand, or 7.6%, which were partially offset by a decrease in investment brokerage fees of $17 thousand, or 31.5%.

The Company reported a decrease in non-interest income of $199 thousand, or 6.1%, to $3.0 million for the first six months of 2014 as compared to the same period last year. The decrease in non-interest income was largely due to a decrease in gains on securities transactions of $305 thousand, which was partially offset by increases in insurance commissions and fees of $180 thousand, or 12.1%.

Non-interest Expense. The Company's non-interest expenses increased $48 thousand, or 1.0%, to $4.7 million for the second quarter of 2014 as compared to the same period last year. The increase for the second quarter of 2014 as compared to the same period in 2013 was largely due to increases in salaries and employee benefits expense of $120 thousand, director fees of $118 thousand and data processing fees of $94 thousand, which were partially offset by a decrease in expenses and write-downs related to foreclosed real estate of $436 thousand. The increase in director fees was principally related to a deferred compensation plan that is tied to the performance of the Company's stock. The increase in data processing fees was principally due to de-conversion charges related to a planned technology upgrade scheduled for the third quarter of 2014.

The Company's non-interest expenses decreased $62 thousand, or 0.7%, to $9.2 million for the first six months of 2014 as compared to the same period last year. The decrease for the first six months of 2014 as compared to the same period in 2013 was largely due to a decrease in expenses and write-downs related to foreclosed real estate of $747 thousand, which was partly offset by increases in salaries and employee benefits expense of $303 thousand, data processing fees of $145 thousand and occupancy of $109 thousand. The increase in data processing fees was principally due to de-conversion charges related to a planned technology upgrade scheduled for the third quarter of 2014.

Financial Condition

At June 30, 2014, the Company's total assets were $557.2 million, an increase of $23.3 million, or 4.4%, as compared to total assets of $533.9 million at December 31, 2013. The increase in total assets was largely driven by net growth in total loans of $35.9 million, or 9.2%, which was partially offset by declines in the securities portfolio of $9.4 million, or 9.7% and cash and cash equivalents of $2.1 million, or 16.1%.

The Company saw strong loan growth as total loans receivable, net of unearned income, increased $35.9 million, or 9.2%, to $428.3 million at June 30, 2014, as compared to $392.4 million at December 31, 2013. The increase in loans was primarily in the commercial real estate portfolio, which increased $32.0 million, or 12.3%, to $292.6 million at June 30, 2014, as compared to $260.7 million at December 31, 2013 and in the commercial and industrial portfolio, which increased $3.9 million, or 25.4%, to $19.1 million at June 30, 2014, as compared to $15.2 million at December 31, 2013.

The Company's total deposits increased $14.0 million, or 3.3%, to $444.3 million at June 30, 2014, from $430.3 million at December 31, 2013. The increase in deposits was due to an increase in non-interest bearing deposits of $9.5 million, or 16.4%, and interest bearing deposits of $4.5 million, or 1.2%, for June 30, 2014, as compared to December 31, 2013.

At June 30, 2014, the Company's total stockholders' equity was $49.7 million, an increase of $3.3 million when compared to December 31, 2013. The increase was largely due to net income for the six months ended June 30, 2014 and an improvement in accumulated other comprehensive income relating to a reduction in the net unrealized losses on available for sale securities. At June 30, 2014, the leverage, Tier I risk-based capital and total risk-based capital ratios for the Bank were 10.31%, 13.60% and 14.85%, respectively, all in excess of the ratios required to be deemed "well-capitalized."

Asset and Credit Quality

The Company continued to improve its asset credit quality as total problem assets and non-performing assets ("NPAs") continued to decline. Overall problem assets (foreclosed real estate, criticized assets and classified assets) are down 13.4% from December 31, 2013, and the ratio of NPAs to total assets improved to 2.63% at June 30, 2014 from 3.10% at December 31, 2013. Non-accrual loans to total loans fell to 2.38% at June 30, 2014, which is the lowest level this ratio has been since 2007.

NPAs, which include non-accrual loans, loans 90 days past due and still accruing, troubled debt restructured loans currently performing in accordance with renegotiated terms and foreclosed real estate, decreased $1.9 million, or 11.5%, to $14.7 million at June 30, 2014, as compared to $16.6 million at December 31, 2013. Non-accrual loans decreased $1.7 million, or 14.2%, to $10.2 million at June 30, 2014, as compared to $11.9 million at December 31, 2013. The top five non-accrual loan relationships total $6.4 million, or 61.1%, of total non-accrual loans and 43.9% of total NPAs at June 30, 2014. The remaining non-accrual loans have an average loan balance of $111 thousand. Loans past due 30 to 89 days decreased $698 thousand, or 19.0%, to $3.0 million at June 30, 2014, as compared to $3.7 million at December 31, 2013.

The Company continues to actively market its foreclosed real estate properties, which decreased $72 thousand to $2.9 million at June 30, 2014, as compared to $2.9 million at December 31, 2013. The decrease was primarily due to the sale of foreclosed real estate properties for $683 thousand and write downs of $110 thousand, which were partially offset by additions of $715 thousand in new foreclosed real estate properties during 2014. At June 30, 2014, the Company's foreclosed real estate properties had an average value of approximately $317 thousand per property.

The allowance for loan losses increased $433 thousand, or 8.0%, to $5.9 million, or 1.37% of total loans, at June 30, 2014, compared to $5.4 million, or 1.38% of total loans, at December 31, 2013. The Company recorded $853 thousand in provision for loan losses, which was partly offset by $420 thousand in net charge-offs for 2014. The allowance for loan losses as a percentage of non-accrual loans increased to 57.4% at June 30, 2014 from 45.6% at December 31, 2013.

About Sussex Bancorp

Sussex Bancorp is the holding company for Sussex Bank, which operates through its regional offices and corporate centers in Wantage and Rockaway, New Jersey and through its nine branch offices located in Andover, Augusta, Franklin, Newton, Montague, Sparta, Vernon and Wantage, New Jersey, Port Jervis, 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 website at www.sussexbank.com.

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, 2013, 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)
6/30/2014 VS.
6/30/2014 12/31/2013 6/30/2013 6/30/2013 12/31/2013
BALANCE SHEET HIGHLIGHTS - Period End Balances
Total securities $ 87,338 $ 96,750 $ 110,436 (20.9)% (9.7)%
Total loans 428,339 392,402 376,183 13.9% 9.2%
Allowance for loan losses (5,854) (5,421) (5,647) 3.7% 8.0%
Total assets 557,173 533,911 526,757 5.8% 4.4%
Total deposits 444,346 430,297 429,282 3.5% 3.3%
Total borrowings and junior subordinated debt 58,887 53,887 56,387 4.4% 9.3%
Total shareholders' equity 49,681 46,425 38,225 30.0% 7.0%
FINANCIAL DATA - QUARTER ENDED:
Net interest income (tax equivalent) (a) $ 4,574 $ 4,430 $ 4,205 8.8% 3.3%
Provision for loan losses 400 403 700 (42.9)% (0.7)%
Total other income 1,458 1,411 1,363 7.0% 3.3%
Total other expenses 4,737 4,527 4,689 1.0% 4.6%
Income before provision for income taxes (tax equivalent) 895 911 179 400.0% (1.8)%
Provision for income taxes 159 162 (82) (293.9)% (1.9)%
Taxable equivalent adjustment (a) 129 129 127 1.6% -- %
Net income $ 607 $ 620 $ 134 353.0% (2.1)%
Net income per common share - Basic $ 0.13 $ 0.14 $ 0.04 225.0% (7.1)%
Net income per common share - Diluted $ 0.13 $ 0.14 $ 0.04 225.0% (7.1)%
Return on average assets 0.44% 0.46% 0.10% 326.3% (5.3)%
Return on average equity 4.95% 5.33% 1.35% 267.9% (7.1)%
Net interest margin (tax equivalent) 3.50% 3.46% 3.44% 1.7% 1.2%
FINANCIAL DATA - YEAR TO DATE:
Net interest income (tax equivalent) (a) $ 9,009 $ 8,179 10.1%
Provision for loan losses 853 1,842 (53.7)%
Total other income 3,049 3,248 (6.1)%
Total other expenses 9,205 9,267 (0.7)%
Income before provision for income taxes (tax equivalent) 2,000 318 528.9%
Provision for income taxes 457 (172) (365.7)%
Taxable equivalent adjustment (a) 258 258 -- %
Net income $ 1,285 $ 232 453.9%
Net income per common share - Basic $ 0.28 $ 0.07 300.0%
Net income per common share - Diluted $ 0.28 $ 0.07 300.0%
Return on average assets 0.47% 0.09% 429.6%
Return on average equity 5.34% 1.16% 361.6%
Net interest margin (tax equivalent) 3.51% 3.37% 4.2%
SHARE INFORMATION:
Book value per common share $ 10.65 $ 10.03 $ 11.14 (4.4)% 6.2%
Outstanding shares- period ending 4,664,856 4,629,113 3,430,813 36.0% 0.8%
Average diluted shares outstanding (year to date) 4,569,105 3,816,904 3,319,538 37.6% 19.7%
CAPITAL RATIOS:
Total equity to total assets 8.92% 8.70% 7.26% 22.9% 2.5%
Leverage ratio (b) 10.31% 10.38% 9.12% 13.0% (0.7)%
Tier 1 risk-based capital ratio (b) 13.60% 14.21% 12.13% 12.1% (4.3)%
Total risk-based capital ratio (b) 14.85% 15.47% 13.38% 11.0% (4.0)%
ASSET QUALITY:
Non-accrual loans $ 10,200 $ 11,892 $ 14,394 (29.1)% (14.2)%
Loans 90 days past due and still accruing -- 123 -- -- % (100.0)%
Troubled debt restructured loans ("TDRs") (c) 1,611 1,628 614 162.4% (1.0)%
Foreclosed real estate 2,854 2,926 3,392 (15.9)% (2.5)%
Non-performing assets ("NPAs") $ 14,665 $ 16,569 $ 18,400 (20.3)% (11.5)%
Foreclosed real estate, criticized and classified assets $ 23,523 $ 27,148 $ 26,133 (10.0)% (13.4)%
Loans past due 30 to 89 days $ 2,979 $ 3,677 $ 1,711 74.1% (19.0)%
Charge-offs, net (quarterly) $ (17) $ 637 $ 358 (104.7)% (102.7)%
Charge-offs, net as a % of average loans (annualized) (0.02)% 0.65% 0.39% (104.1)% (102.5)%
Non-accrual loans to total loans 2.38% 3.03% 3.83% (37.8)% (21.4)%
NPAs to total assets 2.63% 3.10% 3.49% (24.6)% (15.2)%
NPAs excluding TDR loans (c) to total assets 2.34% 2.80% 3.38% (30.6)% (16.3)%
Non-accrual loans to total assets 1.83% 2.23% 2.73% (33.0)% (17.8)%
Allowance for loan losses as a % of non-accrual loans 57.39% 45.59% 39.23% 46.3% 25.9%
Allowance for loan losses to total loans 1.37% 1.38% 1.50% (9.0)% (1.1)%
(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) Sussex Bank capital ratios
(c) Troubled debt restructured loans currently performing in accordance with renegotiated terms
SUSSEX BANCORP
CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)
ASSETS June 30, 2014 December 31, 2013
(Unaudited)
Cash and due from banks $ 7,985 $ 5,521
Interest-bearing deposits with other banks 3,126 7,725
Cash and cash equivalents 11,111 13,246
Interest bearing time deposits with other banks 100 100
Securities available for sale, at fair value 81,283 90,676
Securities held to maturity 6,055 6,074
Federal Home Loan Bank Stock, at cost 2,960 2,705
Loans receivable, net of unearned income 428,339 392,402
Less: allowance for loan losses 5,854 5,421
Net loans receivable 422,485 386,981
Foreclosed real estate 2,854 2,926
Premises and equipment, net 7,698 6,892
Accrued interest receivable 1,698 1,642
Goodwill 2,820 2,820
Bank-owned life insurance 12,054 11,889
Other assets 6,055 7,960
Total Assets $ 557,173 $ 533,911
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits:
Non-interest bearing $ 67,743 $ 58,210
Interest bearing 376,603 372,087
Total Deposits 444,346 430,297
Borrowings 46,000 41,000
Accrued interest payable and other liabilities 4,259 3,302
Junior subordinated debentures 12,887 12,887
Total Liabilities 507,492 487,486
Total Stockholders' Equity 49,681 46,425
Total Liabilities and Stockholders' Equity $ 557,173 $ 533,911
SUSSEX BANCORP
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Dollars In Thousands Except Per Share Data)
(Unaudited)
Three Months Ended June 30, Six Months Ended June 30,
2014 2013 2014 2013
INTEREST INCOME
Loans receivable, including fees $ 4,800 $ 4,485 $ 9,423 $ 8,761
Securities:
Taxable 214 126 431 280
Tax-exempt 255 246 509 508
Interest bearing deposits 4 2 7 7
Total Interest Income 5,273 4,859 10,370 9,556
INTEREST EXPENSE
Deposits 415 453 805 991
Borrowings 361 273 709 535
Junior subordinated debentures 52 55 105 109
Total Interest Expense 828 781 1,619 1,635
Net Interest Income 4,445 4,078 8,751 7,921
PROVISION FOR LOAN LOSSES 400 700 853 1,842
Net Interest Income after Provision for Loan Losses 4,045 3,378 7,898 6,079
OTHER INCOME
Service fees on deposit accounts 265 271 529 557
ATM and debit card fees 185 178 352 338
Bank owned life insurance 83 90 166 182
Insurance commissions and fees 696 647 1,669 1,489
Investment brokerage fees 37 54 68 99
Gain on securities transactions 94 29 94 399
Other 98 94 171 184
Total Other Income 1,458 1,363 3,049 3,248
OTHER EXPENSES
Salaries and employee benefits 2,441 2,321 4,859 4,556
Occupancy, net 397 347 850 741
Furniture and equipment 112 145 276 297
Advertising and promotion 78 95 122 135
Professional fees 211 198 364 383
Director fees 105 (13) 242 193
FDIC assessment 175 178 351 347
Insurance 72 63 148 139
Stationary and supplies 52 51 107 100
Loan collection costs 169 116 246 214
Data processing 432 338 812 667
Expenses and write-downs related to foreclosed real estate 161 597 261 1,008
Amortization of intangible assets -- -- -- 1
Other 332 253 567 486
Total Other Expenses 4,737 4,689 9,205 9,267
Income before Income Taxes 766 52 1,742 60
INCOME TAX EXPENSE (BENEFIT) 159 (82) 457 (172)
Net Income $ 607 $ 134 $ 1,285 $ 232
OTHER COMPREHENSIVE INCOME (LOSS):
Unrealized gains (losses) on available for sale securities arising during the period $ 1,636 $ (3,113) $ 3,353 $ (3,757)
Reclassification adjustment for net gain on securities transactions included in net income (94) (29) (94) (399)
Income tax (expense) benefit related to items of other comprehensive income (loss) (617) 1,258 (1,304) 1,663
Other comprehensive income (loss), net of income taxes 925 (1,884) 1,955 (2,493)
Comprehensive income (loss) $ 1,532 $ (1,750) $ 3,240 $ (2,261)
EARNINGS PER SHARE
Basic $ 0.13 $ 0.04 $ 0.28 $ 0.07
Diluted $ 0.13 $ 0.04 $ 0.28 $ 0.07
SUSSEX BANCORP
COMPARATIVE AVERAGE BALANCES AND AVERAGE INTEREST RATES
(Dollars In Thousands)
(Unaudited)
Three Months Ended June 30,
2014 2013
Average Average Average Average
Balance Interest Rate (2) Balance Interest Rate (2)
Earning Assets:
Securities:
Tax exempt (3) $ 33,764 $ 384 4.56% $ 29,579 $ 373 5.06%
Taxable 62,775 214 1.37% 94,286 126 0.54%
Total securities 96,539 598 2.48% 123,865 499 1.62%
Total loans receivable (1) (4) 420,506 4,800 4.58% 363,996 4,485 4.94%
Other interest-earning assets 7,368 4 0.22% 2,122 2 0.38%
Total earning assets 524,413 5,402 4.13% 489,983 4,986 4.08%
Non-interest earning assets 37,675 39,409
Allowance for loan losses (5,653) (5,777)
Total Assets $ 556,435 $ 523,615
Sources of Funds:
Interest bearing deposits:
NOW $ 115,065 $ 43 0.15% $ 108,523 $ 35 0.13%
Money market 11,146 4 0.14% 13,950 6 0.17%
Savings 144,942 74 0.20% 155,156 83 0.21%
Time 108,133 294 1.09% 98,482 329 1.34%
Total interest bearing deposits 379,286 415 0.44% 376,111 453 0.48%
Borrowed funds 49,244 361 2.94% 34,549 273 3.17%
Junior subordinated debentures 12,887 52 1.62% 12,887 55 1.71%
Total interest bearing liabilities 441,417 828 0.75% 423,547 781 0.74%
Non-interest bearing liabilities:
Demand deposits 63,239 58,411
Other liabilities 2,713 1,806
Total non-interest bearing liabilities 65,952 60,217
Stockholders' equity 49,066 39,851
Total Liabilities and Stockholders' Equity $ 556,435 $ 523,615
Net Interest Income and Margin (5) 4,574 3.50% 4,205 3.44%
Tax-equivalent basis adjustment (129) (127)
Net Interest Income $ 4,445 $ 4,078
(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)
Six Months Ended June 30,
2014 2013
Average Average Average Average
Balance Interest Rate (2) Balance Interest Rate (2)
Earning Assets:
Securities:
Tax exempt (3) $ 33,747 $ 767 4.58% $ 30,881 $ 766 5.00%
Taxable 65,119 431 1.33% 96,824 280 0.58%
Total securities 98,866 1,198 2.44% 127,705 1,046 1.65%
Total loans receivable (1) (4) 411,681 9,423 4.62% 356,778 8,761 4.95%
Other interest-earning assets 6,399 7 0.22% 5,033 7 0.28%
Total earning assets 516,946 10,628 4.15% 489,516 9,814 4.04%
Non-interest earning assets 36,647 39,932
Allowance for loan losses (5,651) (5,541)
Total Assets $ 547,942 $ 523,907
Sources of Funds:
Interest bearing deposits:
NOW $ 115,361 $ 82 0.14% $ 110,410 $ 71 0.13%
Money market 11,855 8 0.14% 14,424 15 0.21%
Savings 145,509 149 0.21% 156,524 194 0.25%
Time 103,557 566 1.10% 100,967 711 1.42%
Total interest bearing deposits 376,282 805 0.43% 382,325 991 0.52%
Borrowed funds 47,741 709 2.99% 30,597 535 3.53%
Junior subordinated debentures 12,887 105 1.64% 12,887 109 1.71%
Total interest bearing liabilities 436,910 1,619 0.75% 425,809 1,635 0.77%
Non-interest bearing liabilities:
Demand deposits 60,405 54,158
Other liabilities 2,458 3,796
Total non-interest bearing liabilities 62,863 57,954
Stockholders' equity 48,169 40,144
Total Liabilities and Stockholders' Equity $ 547,942 $ 523,907
Net Interest Income and Margin (5) 9,009 3.51% 8,179 3.37%
Tax-equivalent basis adjustment (258) (258)
Net Interest Income $ 8,751 $ 7,921
(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, SEVP/CFO 844-256-7328

Source:Sussex Bancorp