-----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, NfrchhXSyGhekYCrX3wP+d6UyBy9k3bnGB+TT6ZozBCXCvnl9Q8EGhy//JP/lP37 qXA3zSgRCUEDLbunFdD9cg== 0000914317-03-003023.txt : 20031020 0000914317-03-003023.hdr.sgml : 20031020 20031020093258 ACCESSION NUMBER: 0000914317-03-003023 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030710 ITEM INFORMATION: ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031020 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: 03947086 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-54956_sussex.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) October 16, 2003 ---------------- 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 -------------- - -------------------------------------------------------------------------------- Item 5. Other events. ------------- The Registrant issued a press release on October 16, 2003 announcing the declaration of a 5% stock dividend payable on November 24, 2003 to shareholders of record as of November 3, 2003. Item 7. Financial Statements and Exhibits. --------------------------------- (a) None. (b) None. (c) Exhibits: Exhibit 99 -- Press release announcing third quarter 2003 results and stock dividend. Item 12. Results of Operations and Financial Condition. ---------------------------------------------- The Registrant issued a press release on October 16, 2003 announcing the Registrant's results of operations for the third quarter of 2003. The information furnished in this report, including the exhibit to the Form 8-K, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 ("Exchange Act") or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. Page 2 of 7 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: October 16, 2003 By: /s/ Candace A. Leatham --------------------------------------- CANDACE A. LEATHAM Executive Vice President and Treasurer Page 3 of 7 EXHIBIT INDEX ------------- CURRENT REPORT ON FORM 8-K -------------------------- Exhibit No. Description Page No. - ----------- ----------- -------- 99 Press release announcing the Registrant's 5 - 7 third quarter results for 2003 and the declaration of a 5% stock dividend payable on November 24, 2003 to shareholders of record as of November 3, 2003. Page 4 of 7 EX-99 3 exhibit99.txt EXHIBIT 99 - ---------- Sussex Bancorp 399 Route 23 Franklin, NJ 07416 Contact: Candace Leatham Executive Vice President /Treasurer (973) 827-2914 - -------------------------------------------------------------------------------- SUSSEX BANCORP ANNOUNCES INCREASED THIRD QUARTER 2003 EARNINGS - - - DECLARES 5% STOCK DIVIDEND FRANKLIN, NEW JERSEY - October 16, 2003- Sussex Bancorp (AMEX:"SBB") today announced its financial results for the third quarter of 2003 ending September 30, 2003. Third Quarter 2003 highlights include: o Quarterly net income growth of 10% from the prior year's third quarter o Quarterly non-interest income increases by approximately 15% over the prior year's third quarter o Quarterly 5% Stock Dividend For the quarter ended September 30, 2003, the Company earned net income of $316,000, an increase of approximately 10 percent over net income of $287,000 reported for the third quarter of 2002. For the nine months ended September 30, 2003, the Company earned net income of $989,000, an increase of $140,000, or approximately 16.5 percent, from the $849,000 earned for the same period last year. Basic earnings per share for the three and nine months ended September 30, 2003 were $0.18 and $0.55 respectively, compared to $0.16 and $0.49 for the respective comparable periods of 2002. Diluted earnings per share were $0.17 and $0.54, respectively, for the three and nine months ended September 30, 2003, compared to $0.16 and $0.47 in the respective periods of 2002. The Company's net interest income was $1,938,000 for the quarter ended September 30, 2003 compared to $1,929,000 for the third quarter of 2002. The Company's interest expense decreased to $681,000 for the quarter ended September 30, 2003 from $884,000 for the third quarter of 2002, reflecting reduced market rates of interest. The Company's total deposits increased to $201.8 million at September 30, 2003 from $190.5 million at September 30, 2002. At September 30, 2003, the Company had total assets of $235.1 million, compared to total assets of $226.3 million at September 30, 2002. The loan loss provision for the third quarter was $70,000 compared with $75,000 for the same period last year. The Company also experienced substantial increases in non-interest income in both the current quarter and year to date periods compared to 2002. The Company reported non interest income of $914,000 and $2,931,000 for the current three and nine month periods, respectively, compared to non- interest income of $794,000 and $2,391,000 for the three and nine month periods ended September 30, 2002. For the three and nine month periods ended September 30, 2003, $512,000 and $1,599,000 of the non-interest income was commission income from the Company's subsidiary, Tri-State Insurance Agency, Inc. Sussex Bancorp also announced that its Board of Directors declared a 5% stock dividend payable on November 24, 2003 to shareholders of record as of November 3, 2003. All weighted average shares and per share information have Page 5 of 7 been adjusted retroactively for the effect of this stock dividend. 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 Agency, Inc, a full service insurance agency located in Augusta, New Jersey. SUSSEX BANCORP CONSOLIDATED STATEMENTS OF INCOME
For the Three Months For the Nine Months Ended September 30, Ended September 30, (In thousands, except share and per share data) 2003 2002 2003 2002 - ------------------------- ---- ---- ---- ---- Interest income $ 2,619 $ 2,813 $ 7,999 $ 8,080 Interest expense 681 884 2,197 2,672 ---------- ---------- ---------- ---------- Net interest income 1,938 1,929 5,802 5,408 Provision for loan losses 70 75 315 225 ---------- ---------- ---------- ---------- Net interest income after provision for loan losses 1,868 1,854 5,487 5,183 Non-interest income 914 794 2,931 2,391 Non-interest expense 2,375 2,248 7,098 6,375 ---------- ---------- ---------- ---------- Income before tax expense 407 400 1,320 1,199 Tax expense 91 113 331 350 Net income $ 316 $ 287 $ 989 $ 849 ========== ========== ========== ========== Basic earnings per share $ 0.18 $ 0.16 $ 0.55 $ 0.49 Diluted earnings per share 0.17 0.16 0.54 0.47 Shares outstanding: Basic 1,788,004 1,743,978 1,782,929 1,741,093 Diluted 1,871,929 1,823,043 1,849,197 1,819,734
SUSSEX BANCORP CONSOLIDATED BALANCE SHEETS Balances as of September 30, (In thousands) 2003 2002 ---- ---- Cash and due from banks $ 11,023 $ 9,680 Federal funds sold 4,740 21,795 --------- --------- Page 6 of 7 Cash and cash equivalents 15,763 31,475 --------- --------- Interest bearing time deposits with other banks 3,500 6,100 Securities available for sale, at fair value 75,730 68,412 Federal Home Loan Bank stock, at cost 760 750 Loans 129,767 110,008 Allowance for loan losses (1,652) (1,353) --------- --------- Net loans 128,115 108,655 Accrued interest receivable 1,248 1,160 Premises and equipment, net 4,334 4,703 Goodwill, net 1,932 1,757 Other assets 3,679 3,288 --------- --------- Total assets $ 235,061 $ 226,300 ========= ========= Deposits 201,806 190,544 Borrowings 12,000 15,000 Other liabilities 2,218 2,551 Mandatory redeemable capital debentures 5,000 5,000 --------- --------- Total liabilities 221,024 213,095 Total shareholders' equity 14,037 13,205 --------- --------- Total liabilities and shareholders' equity $ 235,061 $ 226,300 ========= ========= Page 7 of 7
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