-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HqI8lzBZ+PoqIwhXFmPFb1xNBWZXACqGWM/3WBuyoSjfFBnztJpbf/IMjOBFd2tH klpGpBf/BxZxmudPwGIKAg== 0000914317-02-000777.txt : 20020806 0000914317-02-000777.hdr.sgml : 20020806 20020805151948 ACCESSION NUMBER: 0000914317-02-000777 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020716 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SUSSEX BANCORP CENTRAL INDEX KEY: 0001028954 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] IRS NUMBER: 223475473 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12569 FILM NUMBER: 02719624 BUSINESS ADDRESS: STREET 1: 399 RTE 23 CITY: FRANKLIN STATE: NJ ZIP: 07416 BUSINESS PHONE: 9738272914 MAIL ADDRESS: STREET 1: 399 RTE 23 CITY: FRANKLIN STATE: NJ ZIP: 07416 8-K 1 form8k-46289_8102.txt ================================================================================ SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July16, 2002 SUSSEX BANCORP -------------- (Exact name of registrant as specified in its charter) New Jersey 0-29030 22-3475473 ---------- ------- ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 399 Route 23 Franklin, New Jersey 07416 -------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (973) 827-2914 ================================================================================ 1 Item 5. Other events. ------------ The Registrant issued a press release on July 16, 2002 announcing the completion of its offering of trust preferred securities. On July 18, 2002, the Registrant issued a press release announcing the Registrant's results for the second quarter of 2002 and further announcing the declaration of a $0.06 per share cash dividend payable on August 26, 2002 to shareholders of record as of August 5, 2002. Item 7. Exhibits. --------- The following exhibit is filed with this Current Report on Form 8-K. Exhibit No. Description ----------- ----------- 99a Press release announcing completion of offering of trust preferred securities. 99b Press release announcing second quarter 2002 results and cash dividend. 2 SIGNATURES ---------- Pursuant to the requirements of the Securities Exchange Act of 1934, Sussex Bancorp, has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. SUSSEX BANCORP -------------- (Registrant) Dated: August 1, 2002 By: /s/ Candace A. Leatham ---------------------- CANDACE A. LEATHAM Chief Financial Officer 3 EXHIBIT INDEX ------------- CURRENT REPORT ON FORM 8-K -------------------------- Exhibit No. Description Page No. - ----------- ----------- -------- 99a Press release announcing completion of 5 offering of trust preferred securities. 99b Press release announcing second quarter 6 2002 results and cash dividend. 4 EX-99 3 exhibit99-a.txt EXHIBIT 99a - ----------- Press Release - ------------- Contact: Donald L. Kovach, Chairman, President & CEO (973) 827-2914 SUSSEX BANCORP RAISES $4.8 MILLION THROUGH POOLED TRUST PREFERRED OFFERING FRANKLIN, NEW JERSEY -- Sussex Bancorp (AMEX: "SBB") announced today that it had completed an offering of trust preferred securities to a pooled investment vehicle sponsored by Salomon Smith Barney, Inc. The Company, through its Sussex Capital Trust I subsidiary, sold $5.0 million in the trust preferred securities and received proceeds, net offering expenses, of approximately $4.8 million. These securities have a floating interest rate equal to three month LIBOR plus 365 basis points, which resets quarterly. The initial interest rate is 5.51%. The variable interest rate is caped at 12.5% through October 7, 2007. The securities mature on October 7, 2032, and may be called at par by the Company any time after October 7, 2007. The securities were placed in a private transaction exempted from registration under the Securities Act of 1933, as amended. Sussex Bancorp intends to use the proceeds from the sale of these securities for general corporate purposes and to bolster the regulatory capital ratios of its subsidiary, Sussex Bank, and to fund its continued growth. Sussex Bancorp is the holding company for Sussex Bank, a New Jersey chartered commercial bank operating though eight offices located in Sussex County, New Jersey, and of Tri-State Insurance Agency, Inc., a full service insurance agency located in Augusta, New Jersey. EX-99 4 exhibit99-b.txt EXHIBIT 99b - ----------- Sussex Bancorp Contact: Candace Leatham 399 Route 23 Senior Vice President/Treasurer Franklin, NJ 07416 (973) 827-2914 FOR IMMEDIATE RELEASE - -------------------------------------------------------------------------------- SUSSEX BANCORP ANNOUNCES SECOND QUARTER RESULTS AND STOCK DIVIDEND FRANKLIN, NEW JERSEY - July 18, 2002- Sussex Bancorp (AMEX:"SBB") announced today that for the quarter ended June 30, 2002, the Company earned net income of $331,000, an increase over net income of $240,000 for the second quarter of 2001. Basic earnings per share for the two periods were $0.20 and $0.15 respectively. Diluted earnings per share were $0.19 and $0.14 respectively or the two periods. Weighted average number of basic shares outstanding were 1,654,857 for 2002 and 1,645,443 for 2001. Weighted average number of diluted shares were1,729,920 for 2002 and 1,633,374 for 2001. The Company's net interest income increased to $1,825,000 for the quarter ended June 30, 2002 from $1,483,000 for the second quarter of 2001. The Company's interest expense decreased to $835,000 for the quarter ended June 30, 2002 from $1,483,000 for the second quarter of 2001,reflecting reduced market rates of interest. The Company's total deposits increased to $185.9 million at June 30, 2002 from $178.6 million at June 30, 2001. At June 30, 2002 the Company had total assets of $211.2 million, compared to total assets of $185.3 million at June 30, 2001. The loan loss provision for the second quarter was $75,000 compared with $63,000 for the same period last year. The Company also experienced substantial increases in non interest income over both the current quarter and year to date periods compared to 2001. The Company reported non interest income of $832,000 and $1,597,000 for the current three and six month periods, respectively, compared to non interest income of $345,000 and $594,000 for the three and six month periods ending June 30, 2001. The increase primarily reflects the Company's acquisition of Tri-State Insurance Agency, Inc in October, 2001. For the three and six month periods ending June 30, 2002, $434,000 and $862,000 of the non interest income represents commission income from Tri-State. For the six months ended June 30, 2002, the Company earned net income of $562,000, an increase of $112,000 from the $450,000 earned for the same period last year. Basic earnings per share for the six months ended were $0.34 And $0.28 for 2002 and 2001. Diluted earnings per share for the six months ended were $0.33 And $0.27 Weighted average basic shares were 1,656,788 and 1,631,521 .. Weighted average diluted shares were 1,730,683 and 1,649,512 . Sussex Bancorp also announced that its Board of Directors declared a $0.06 per share cash dividend payable on August 26, 2002 to shareholders of record as of August 5, 2002. This dividend is the third cash dividend paid in 2002, after cash dividends of $0.06 paid in March, 2002 and $0.06 paid in May, 2002 Sussex Bancorp is the holding company for the 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 Tri-State insurance, Inc, a full service insurance agency located in Augusta, New Jersey. -----END PRIVACY-ENHANCED MESSAGE-----