-----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, Pqk+QpCL/nUgZnk53FFtVenSBOcc5I4eBevROOQlRXkds3rnGGPAbbNsVKujXGgV UcoS6ryVPsV+P0ocY+4aEQ== 0000914317-05-003221.txt : 20051024 0000914317-05-003221.hdr.sgml : 20051024 20051024102627 ACCESSION NUMBER: 0000914317-05-003221 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051019 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051024 DATE AS OF CHANGE: 20051024 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: 051151051 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-71186_sussex.htm


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 19, 2005

SUSSEX BANCORP
(Exact name of registrant as specified in its charter)

New Jersey
(State or other jurisdiction
of incorporation) 		0-29030
(Commission
File Number) 		22-3475473
(IRS Employer
Identification No.)

399 Route 23
Franklin, New Jersey
(Address of principal executive offices) 		   
07416
(Zip Code)

Registrant’s telephone number, including area code (973) 827-2914




Item 2.02.  Results of Operations and Financial Condition.

        The information in this section, including the information contained in the press release included as Exhibit 99.1 hereto, is being furnished pursuant to this Item 2.02 and shall not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. In addition, this information shall not be deemed to be incorporated by reference into any of the Registrant’s filings with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.

        On October 19, 2005, the Registrant issued a press release announcing its financial results for the quarter ended September 30, 2005. A copy of the October 19, 2005 press release is included as Exhibit 99.1 hereto.

Item 8.01.  Other Events.

        On October 19, 2005, the Registrant issued a press release announcing that its Board of Directors declared a 5% stock dividend, payable on November 29, 2005 to shareholders of record as of November 3, 2005. A copy of the October 19, 2005 press release is included as Exhibit 99.1 hereto.

        The information in this section, including the information contained in the press release included as Exhibit 99.1 hereto, is being furnished pursuant to this Item 8.01 and shall not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. In addition, this information shall not be deemed to be incorporated by reference into any of the Registrant’s filings with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01.  Financial Statements and Exhibits.

  (c) Exhibits.

  Exhibit Number Description
 
99.1 Press Release dated October 19, 2005 regarding financial results for the quarter ended September 30, 2005 and the declaration of a 5% stock dividend to shareholders of record as of November 3, 2005.

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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.




Dated: October 19, 2005

 SUSSEX BANCORP
        (Registrant)

By: /s/ Candace A. Leatham
CANDACE A. LEATHAM
Executive Vice President and Treasurer


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EXHIBIT INDEX

CURRENT REPORT ON FORM 8-K

Exhibit No. Description Page No.
 
99.1 Press release dated October 19, 2005 announcing the Registrant's financial results for the quarter ended September 30, 2005 and its declaration of a 5% stock dividend to its shareholders of record as of November 3, 2005. 5



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 EX-99.1 2 ex99-1.htm

EXHIBIT 99.1

Sussex Bancorp
200 Munsonhurst Road, Rt. 517
Franklin, NJ 07416 		Candace Leatham
Executive Vice President
& Treasurer
973-827-2914

FOR IMMEDIATE RELEASE

SUSSEX BANCORP ANNOUNCES INCREASED THIRD QUARTER 2005
EARNINGS

---

DECLARES QUARTERLY 5% STOCK DIVIDEND

FRANKLIN, NEW JERSEY – October 19, 2005– 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 $158thousand, 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 its 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.

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SUSSEX BANCORP
CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)

ASSETS September 30, 2005 September 30, 2004 December 31, 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  

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SUSSEX BANCORP
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Share Data)
(Unaudited)

Three Months Ended September 30, Nine Months Ended 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  

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SUSSEX BANCORP
COMPARATIVE AVERAGE BALANCES AND AVERAGE INTEREST RATES
(In Thousands)
(Unaudited)

Nine Months Ended June 30,
(dollars in thousands) 2005 2004
Earning Assets: Average
Balance 		Interest (1) Average
Rate (2)		 Average
Balance		 Interest (1) Average
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%   14,980     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)
(2)
(3)
(4)
(5)		   Includes loan fee income
Average rates on securities are calculated on amortized costs
Full taxable equivalent basis, using a 39% effective tax rate and adjusted for TEFRA (Tax and Equity Fiscal Responsibility Act) interest expense disallowance
Loans outstanding include non-accrual loans
Represents the difference between interest earned and interest paid, divided by average total interest-earning assets

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