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Sussex Bancorp Reports First Quarter 2018 Results

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ROCKAWAY, N.J., April 25, 2018 (GLOBE NEWSWIRE) -- Sussex Bancorp (the "Company") (NASDAQ:SBBX), the holding company for Sussex Bank (the "Bank"), today reported net income of $1.3 million, or $0.17 per basic and diluted share, for the quarter ended March 31, 2018, as compared to $2.0 million, or $0.43 per basic and diluted share, for the same period last year.  The decrease in net income was mainly attributable to merger-related costs associated with the January 4th merger of Community Bank of Bergen County ("Community Bank"), NJ with and into the Bank, partially offset by an increase in net income due to the addition of Community Bank's operations following the merger. As of January 4, 2018, Community Bank had total assets, loans and deposits of $343.8 million, $236.1 million and $301.2 million, respectively.  The first quarter of 2018 included the independent operations and expenses of both the Company and Community Bank, until March 26, 2018 when the Company completed all systems integrations and are now operating under one company platform. 

The Company's net income, adjusted for tax effected merger-related expenses of $2.4 million, increased $1.7 million, or 82.8%, to $3.7 million, or $0.47 per basic and diluted share, for the quarter ended March 31, 2018, as compared to the same period last year. The Company's return on average assets, adjusted for tax effected merger-related expenses of $2.4 million, for the quarter ended March 31, 2018, was 1.10%, an increase from 0.94% for the quarter ended March 31, 2017. 

The Company announced a new name and brand identity following its recent partnership with Community Bank of Bergen County, NJ.   The new name, "SB One Bancorp", is being presented for shareholder vote at its Annual Meeting scheduled for later today.  The Company is also rebranding the name and logo of its subsidiary Bank to "SB One Bank" as well as the Bank's wholly owned subsidiary "SB One Insurance Agency".

"Our merger was built upon a shared vision, and in coming together we made a choice to do so under one name," said Anthony Labozzetta, President and Chief Executive Officer of Sussex Bancorp. "This merger created opportunities for us to refresh and elevate our brand, and we wholeheartedly embraced the process. We are excited to share these details with our customers; however, we want to reinforce that despite our new name and shiny new exterior, we are the same bank that our customers have come to trust."

Mr. Labozzetta also stated, "I am very excited to report on our solid first quarter results inclusive of our merger with Community Bank as well as another quarter of strong performance by all of our business lines.  Our growth continues to be organically generated and our production pipelines remain robust, which support future targeted growth expectations on a larger balance sheet.  Mr. Labozzetta went on to say, "I'm also pleased to report that our 15th banking center, which will be located in a great market in Weehawken NJ (Hudson County), is anticipated to open during the third quarter of this year." 

Financial Performance
Net Income. For the quarter ended March 31, 2018, the Company reported net income of $1.3 million, or $0.17 per basic and diluted share, as compared to net income of $2.0 million, or $0.43 per basic and diluted share, for the same period last year.  The decrease in net income for the quarter ended March 31, 2018 was driven by a $5.6 million, or 94.0%, increase in non-interest expenses largely due to merger-related expenses of $3.3 million. The aforementioned decrease was partially offset by a $4.0 million, or 59.5%, increase in net interest income resulting from strong loan and deposit growth, a $380 thousand increase in non-interest income, and a $616 thousand decrease in income tax expense. The increases and decreases were largely attributable to the merger with Community Bank.

The Company's net income, adjusted for tax effected merger-related expenses of $2.4 million, increased $1.7 million, or 82.8%, to $3.7 million, or $0.47 per basic and diluted share, for the quarter ended March 31, 2018, as compared to the same period last year.

Net Interest Income.  Net interest income on a fully tax equivalent basis increased $4.1 million, or 58.7%, to $11.0 million for the first quarter of 2018, as compared to $6.9 million for the same period in 2017.  The increase in net interest income was largely due to a $423.1 million, or 51.3%, increase in average interest earning assets, principally loans receivable, which increased $361.9 million, or 51.6%. The net interest margin increased by 17 basis points to 3.56% for the first quarter of 2018, as compared to the same period in 2017.  These increases were largely attributable to the merger with Community Bank.

Provision for Loan Losses. Provision for loan losses increased $101 thousand to $508 thousand for the first quarter of 2018, as compared to $407 thousand for the same period in 2017.

Non-interest Income. Non-interest income increased $380 thousand, or 15.3%, to $2.9 million for the first quarter of 2018, as compared to the same period last year.  The increase was principally due to growth of $148 thousand in insurance commissions and fees relating to Tri-State Insurance Agency, an increase of $133 thousand in other income and an increase of $79 thousand in bank owned life insurance.  The aforementioned was partly offset by a reduction in gain on sales of securities of approximately $107 thousand. 

Non-interest Expense. The Company's non-interest expenses increased $5.6 million, or 94.0%, to $11.6 million for the first quarter of 2018, as compared to the same period last year. The increase was largely due to merger-related expenses of $3.3 million related to the acquisition of Community Bank and increases in salaries and employee benefits of $1.5 million as a result of the merger with Community Bank.

Income Tax Expense. The Company's income tax expenses decreased $616 thousand, or 74.1% to $215 thousand for the first quarter of 2018, as compared to the same period last year. The Company's effective tax rate for the first quarter of 2018 was 14.1%, as compared to 29.2% for the first quarter of 2017. The decrease in the Company's tax rate was largely due to the Tax Act and the merger with Community Bank which resulted in the Company's tax free income becoming a larger percentage of its overall income.

Financial Condition
At March 31, 2018, the Company's total assets were $1.4 billion, an increase of $397.2 million, or 40.6%, as compared to total assets of $979.4 million at December 31, 2017.  The increase was largely attributable to the merger with Community Bank.

Total loans receivable, net of unearned income, increased $267.7 million, or 32.6%, to $1.1 billion at March 31, 2018, as compared to $820.7 million at December 31, 2017.  The merger with Community Bank resulted in an increase in total loans of $236.1 million. During the three months ended March 31, 2018, the Company also had $33.1 million of commercial loan production, which was partly offset by $12.6 million in commercial loan payoffs.

The Company's total deposits increased $280.8 million, or 36.8%, to $1.0 billion at March 31, 2018, from $762.5 million at December 31, 2017, primarily driven by the merger with Community Bank. The growth in deposits was mostly due to an increase in interest bearing deposits of $208.6 million, or 33.8%, and non-interest bearing deposits of $72.3 million, or 49.4%, at March 31, 2018, as compared to December 31, 2017, respectively.

At March 31, 2018, the Company's total stockholders' equity was $146.2 million, an increase of $52.0 million when compared to December 31, 2017, largely due to the merger with Community Bank.  The Company completed the merger on January 4, 2018 which was the primary driver in an increase in book value per common share of 18.2% from $15.59 at December 31, 2017 to $18.43 at March 31, 2018.  At March 31, 2018, the leverage, Tier I risk-based capital, total risk-based capital and common equity Tier I capital ratios for the Bank were 10.90%, 13.58%, 14.33% and 13.58%, respectively, all in excess of the ratios required to be deemed "well-capitalized."

Asset and Credit Quality
The ratio of non-performing assets ("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, to total assets increased to 1.07% at March 31, 2018 from 0.94% December 31, 2017.  NPAs exclude $3.7 million of Purchased Credit-Impaired ("PCI") loans acquired through the merger with Community Bank. NPAs increased $5.5 million, or 60.1%, to $14.8 million at March 31, 2018, as compared to $9.2 million at December 31, 2017.  Non-accrual loans, excluding $3.7 million of PCI loans, increased $3.1 million, or 51.1%, to $9.1 million at March 31, 2018, as compared to $6.0 million at December 31, 2017.  Loans past due 30 to 89 days totaled $13.6 million at March 31, 2018, representing an increase of $7.1 million, or 109.3%, as compared to $6.5 million at December 31, 2017.

The Company continues to actively market its foreclosed real estate properties, the value of which increased $1.3 million to $3.5 million at March 31, 2018 as compared to $2.3 million at December 31, 2017.  At March 31, 2018, the Company's foreclosed real estate properties had an average carrying value of approximately $253 thousand per property.

The allowance for loan losses increased $493 thousand, or 6.7%, to $7.8 million, or 0.72% of total loans, at March 31, 2018, compared to $7.3 million, or 0.89% of total loans, at December 31, 2017. The decline in allowance coverage was primarily driven by the addition of Community Bank acquired loans with no allowance for loan losses; such loans were recorded at fair value at the acquisition date. The Company recorded $508 thousand in provision for loan losses for the three months ended March 31, 2018 as compared to $407 thousand for the three months ended March 31, 2017.  Additionally, the Company recorded net charge-offs of $15 thousand for the three months ended March 31, 2018, as compared to $306 thousand in net charge-offs for the three months ended March 31, 2017. The allowance for loan losses as a percentage of non-accrual loans decreased to 86.1% at March 31, 2018 from 121.8% at December 31, 2017.

About Sussex Bancorp
Sussex Bancorp (NASDAQ:SBBX) is the holding company for Sussex Bank which is headquartered in Sussex County, New Jersey and operates regionally with fourteen branch locations throughout Bergen, Sussex and Warren counties in New Jersey and in Astoria, New York. In addition to its branch locations, Sussex Bancorp offers a loan production office in Oradell, New Jersey and a full-service insurance agency, the Tri-State Insurance Agency, Inc., with locations in Augusta and Oradell, New Jersey.

In 2017, Sussex Bancorp was recognized as one of the top 29 banks and thrifts nationwide and one of three from New Jersey that comprise the Sandler O'Neill Sm-All Stars Class of 2017. Sussex Bancorp is one of the 50 Fastest Growing Companies in New Jersey as ranked by NJBIZ Magazine. Sussex Bancorp President and Chief Executive Officer, Anthony Labozzetta, was named one of America's Business Leaders in Banking by Forbes magazine and American Banker's Community Banker of the Year in 2016.

For more details on Sussex Bank, please visit: 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.  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, the ability of its borrowers to comply with repayment terms, the inability to realize expected cost savings or to implement integration plans and other adverse consequences associated with the acquisition of Community Bank of Bergen County, NJ ("Community Bank"), the inability to retain Community Bank's customers, the risk that the businesses of Community and the Bank may not be combined successfully or may take longer than expected, and the diversion of management's time on issues relating to integration of Community Bank.  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, 2017 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.

Contacts: Anthony Labozzetta, President/CEO
Steven Fusco, SEVP/CFO
844-256-7328

   
SUSSEX BANCORP  
SUMMARY FINANCIAL HIGHLIGHTS  
(In Thousands, Except Percentages and Per Share Data)  
(Unaudited)  
                                     
                  3/31/2018 VS.  
    3/31/2018   12/31/2017   3/31/2017   3/31/2017   12/31/2017  
BALANCE SHEET HIGHLIGHTS - Period End Balances                               
Total securities   $ 179,635     $ 104,034     $ 108,427       65.7   %     72.7   %  
Total loans     1,088,429       820,700       718,800       51.4   %     32.6   %  
Allowance for loan losses     (7,828 )     (7,335 )     (6,797 )     15.2   %     6.7   %  
Total assets     1,376,625       979,383       872,282       57.8   %     40.6   %  
Total deposits     1,043,331       762,491       696,576       49.8   %     36.8   %  
Total borrowings and junior subordinated debt     182,876       118,198       108,641       68.3   %     54.7   %  
Total shareholders' equity     146,159       94,193       62,422       134.1   %     55.2   %  
                                     
FINANCIAL DATA - QUARTER ENDED:                                     
Net interest income (tax equivalent) (a)   $ 10,962     $ 8,038     $ 6,906       58.7   %     36.4   %  
Provision for loan losses     508       459       407       24.8   %     10.7   %  
Total other income     2,857       1,961       2,477       15.3   %     45.7   %  
Total other expenses     11,594       6,820       5,977       94.0   %     70.0   %  
Income before provision for income taxes (tax equivalent)     1,717       2,720       2,999       (42.7 ) %     (36.9 ) %  
Provision for income taxes     215       2,039       831       (74.1 ) %     (89.5 ) %  
Taxable equivalent adjustment (a)     194       168       157       23.6   %     15.5   %  
Net income   $ 1,308     $ 513     $ 2,011       (35.0 ) %     155.0   %  
                                     
Net income per common share - Basic   $ 0.17     $ 0.09     $ 0.43       (60.7 ) %     87.8   %  
Net income per common share - Diluted   $ 0.17     $ 0.09     $ 0.43       (61.0 ) %     86.5   %  
                                     
Return on average assets     0.39   % 0.21   % 0.94   % (58.3 ) %     83.3   %  
Return on average equity     3.64   % 2.16   % 13.07   % (72.2 ) %     68.6   %  
Efficiency ratio (b)     85.09   % 69.37   % 64.78   % 31.3   %     22.7   %  
Net interest margin (tax equivalent)     3.56   % 3.46   % 3.39   % 5.0   %     2.9   %  
Avg. interest earning assets/Avg. interest bearing liabilities     1.27       1.29       1.23       3.0   %     (1.6 ) %  
                                     
SHARE INFORMATION:                                     
Book value per common share   $ 18.43     $ 15.59     $ 13.04       41.3   %     18.2   %  
Tangible book value per common share     15.12       15.13       12.46       21.4   %     (0.0 ) %  
Outstanding shares- period ending     7,929,613       6,040,564       4,785,159       65.7   %     31.3   %  
Average diluted shares outstanding (year to date)     7,791,736       5,404,381       4,727,333       64.8   %     44.2   %  
                                     
CAPITAL RATIOS:                                     
Total equity to total assets     10.62   % 9.62   % 7.16   % 48.4   %     10.4   %  
Leverage ratio (c)     10.90   % 11.87   % 10.41   % 4.7   %     (8.2 ) %  
Tier 1 risk-based capital ratio (c)     13.58   % 14.28   % 12.93   % 5.0   %     (4.9 ) %  
Total risk-based capital ratio (c)     14.33   % 15.19   % 13.91   % 3.0   %     (5.7 ) %  
Common equity Tier 1 capital ratio (c)     13.58   % 14.28   % 12.93   % 5.0   %     (4.9 ) %  
                                     
ASSET QUALITY:                                     
Non-accrual loans (e)   $ 9,096     $ 6,020     $ 5,448       67.0   %     51.1   %  
Loans 90 days past due and still accruing     -       -       104       -   %     -   %  
Troubled debt restructured loans ("TDRs") (d)     2,134       932       587       263.5   %     129.0   %  
Foreclosed real estate     3,546       2,275       2,464       43.9   %     55.9   %  
Non-performing assets ("NPAs")   $ 14,776     $ 9,227     $ 8,603       71.8   %     60.1   %  
                                     
Foreclosed real estate, criticized and classified assets (e)   $ 34,361     $ 18,992     $ 20,494       67.7   %     80.9   %  
Loans past due 30 to 89 days   $ 13,593     $ 6,495     $ 2,166       527.6   %     109.3   %  
Charge-offs (Recoveries) , net (quarterly)   $ 15     $ 626     $ 306       (95.1 ) %     (97.6 ) %  
Charge-offs (Recoveries) , net as a % of average loans (annualized)     0.01   % 0.31   % 0.17   % (96.8 ) %     (98.2 ) %  
Non-accrual loans to total loans     0.84   % 0.73   % 0.76   % 10.3   %     13.9   %  
NPAs to total assets     1.07   % 0.94   % 0.99   % 8.8   %     13.9   %  
NPAs excluding TDR loans (d) to total assets     0.92   % 0.85   % 0.92   % (0.1 ) %     8.4   %  
Non-accrual loans to total assets     0.66   % 0.61   % 0.62   % 5.8   %     7.5   %  
Allowance for loan losses as a % of non-accrual loans     86.06   % 121.84   % 124.76   % (31.0 ) %     (29.4 ) %  
Allowance for loan losses to total loans     0.72   % 0.89   % 0.95   % (23.9 ) %     (19.5 ) %  
                                     
(a) Full taxable equivalent basis, using a 21% 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
(e) PCI loans acquired through merger with Community Bank excluded from non-accrual loans and criticized and classified assets totaled $3.7 million
                                     

 

   
SUSSEX BANCORP  
CONSOLIDATED BALANCE SHEETS  
(Dollars In Thousands)  
           
ASSETS March 31, 2018     December 31, 2017  
       
Cash and due from banks $ 6,428     $ 3,270  
Interest-bearing deposits with other banks   8,652       8,376  
Cash and cash equivalents   15,080       11,646  
           
Interest bearing time deposits with other banks   200       100  
Securities available for sale, at fair value   174,101       98,730  
Securities held to maturity   5,534       5,304  
Federal Home Loan Bank Stock, at cost   8,358       4,925  
           
Loans receivable, net of unearned income   1,088,429       820,700  
Less:  allowance for loan losses   7,828       7,335  
Net loans receivable   1,080,601       813,365  
           
Foreclosed real estate   3,546       2,275  
Premises and equipment, net   18,672       8,389  
Accrued interest receivable   5,085       2,472  
Goodwill and intangibles   26,249       2,820  
Bank-owned life insurance   30,202       22,054  
Other assets   8,997       7,303  
           
Total Assets $ 1,376,625     $ 979,383  
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Liabilities:          
Deposits:          
Non-interest bearing $ 218,433     $ 146,167  
Interest bearing   824,898       616,324  
Total Deposits   1,043,331       762,491  
           
Borrowings   155,025       90,350  
Accrued interest payable and other liabilities   4,259       4,501  
Subordinated debentures   27,851       27,848  
           
Total Liabilities   1,230,466       885,190  
           
Total Stockholders' Equity   146,159       94,193  
           
Total Liabilities and Stockholders' Equity $ 1,376,625     $ 979,383  
           

 

 
SUSSEX BANCORP
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Dollars In Thousands Except Per Share Data)
(Unaudited)
    Three Months Ended March 31,
      2018       2017  
INTEREST INCOME         
         
Loans receivable, including fees   $ 11,900     $ 7,598  
Securities:        
Taxable     736       341  
Tax-exempt     381       313  
Interest bearing deposits     30       16  
Total Interest Income     13,047       8,268  
         
INTEREST EXPENSE        
Deposits     1,458       717  
Borrowings     506       481  
Junior subordinated debentures     315       321  
Total Interest Expense     2,279       1,519  
         
Net Interest Income     10,768       6,749  
PROVISION FOR LOAN LOSSES     508       407  
Net Interest Income after Provision for Loan Losses     10,260       6,342  
         
OTHER INCOME        
Service fees on deposit accounts     328       253  
ATM and debit card fees     213       180  
Bank owned life insurance     185       106  
Insurance commissions and fees     1,895       1,747  
Investment brokerage fees     22       3  
(Loss) gain on securities transactions     -       107  
Other     214       81  
Total Other Income     2,857       2,477  
         
OTHER EXPENSES        
Salaries and employee benefits     5,058       3,558  
Occupancy, net     602       500  
Data processing     791       557  
Furniture and equipment     281       240  
Advertising and promotion     56       106  
Professional fees     329       277  
Director fees     147       107  
FDIC assessment     110       51  
Insurance     95       66  
Stationary and supplies     57       32  
Merger-related expenses     3,293       -  
Loan collection costs     61       24  
Expenses and write-downs related to foreclosed real estate     207       45  
Amortization of intangible assets     61       -  
Other     446       414  
Total Other Expenses     11,594       5,977  
         
Income before Income Taxes     1,523       2,842  
 INCOME TAX EXPENSE      215       831  
Net Income    $ 1,308     $ 2,011  
         
OTHER COMPREHENSIVE INCOME (LOSS):        
Unrealized (loss) gains on available for sale securities arising during the period     (2,167 )   $ 676  
Fair value adjustments on derivatives     (1,451 )     40  
Reclassification adjustment for net loss (gain) on securities transactions included in net income     -       (107 )
Income tax related to items of other comprehensive income (loss)     1,448       (244 )
Other comprehensive income, net of income taxes     (2,170 )     365  
Comprehensive (loss) income     (862 )   $ 2,376  
         
EARNINGS PER SHARE        
         
Basic     0.17     $ 0.43  
Diluted     0.17     $ 0.43  
         

 

   
SUSSEX BANCORP  
COMPARATIVE AVERAGE BALANCES AND AVERAGE INTEREST RATES  
(Dollars In Thousands)  
(Unaudited)  
                           
    Three Months Ended March 31,  
    2018       2017      
      Average       Average      Average       Average   
     Balance    Interest   Rate (2)    Balance    Interest   Rate (2)  
Earning Assets:                          
Securities:                          
Tax exempt (3)   $ 54,987     $ 575     4.24 %   $ 47,443     $ 470     4.02 %  
Taxable     120,776       736     2.47 %     62,767       341     2.20 %  
Total securities     175,763       1,311     3.03 %     110,210       811     2.98 %  
Total loans receivable (1) (4)     1,063,727       11,900     4.54 %     701,862       7,598     4.39 %  
Other interest-earning assets     8,662       30     1.40 %     12,940       16     0.50 %  
Total earning assets     1,248,152       13,241     4.30 %     825,012       8,425     4.14 %  
                           
Non-interest earning assets     99,984               41,062            
Allowance for loan losses     (7,505 )             (6,723 )          
Total Assets   $ 1,340,631             $ 859,351            
                           
Sources of Funds:                          
Interest bearing deposits:                          
NOW   $ 259,677     $ 398     0.62 %   $ 177,107     $ 119     0.27 %  
Money market     96,463       248     1.04 %     73,935       124     0.68 %  
Savings     221,946       77     0.14 %     137,742       71     0.21 %  
Time     265,139       735     1.12 %     166,670       403     0.98 %  
Total interest bearing deposits     843,225       1,458     0.70 %     555,454       717     0.52 %  
Borrowed funds     111,886       506     1.83 %     85,919       481     2.27 %  
Subordinated debentures     27,849       315     4.59 %     27,840       321     4.68 %  
Total interest bearing liabilities     982,960       2,279     0.94 %     669,213       1,519     0.92 %  
                           
Non-interest bearing liabilities:                          
Demand deposits     208,694               124,991            
Other liabilities     5,112               3,591            
Total non-interest bearing liabilities     213,806               128,582            
Stockholders' equity     143,865               61,556            
Total Liabilities and Stockholders' Equity   $ 1,340,631             $ 859,351            
                           
Net Interest Income and Margin (5)         10,962     3.56 %         6,906     3.39 %  
Tax-equivalent basis adjustment         (194 )             (157 )      
Net Interest Income       $ 10,768             $ 6,749        
                           
(1) Includes loan fee income
(2) Average rates on securities are calculated on amortized costs
(3) Full taxable equivalent basis, using a 21% 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
Segment Reporting
(Dollars In Thousands)
(Unaudited)
                                   
                                   
  Three Months Ended and as of March 31, 2018   Three Months Ended and as of March 31, 2017
  Banking and               Banking and            
  Financial   Insurance         Financial   Insurance      
  Services   Services   Total   Services   Services   Total
Net interest income from external sources $ 10,768     $ -   $ 10,768   $ 6,749   $ -   $ 6,749
Other income from external sources   925       1,932     2,857     730     1,747     2,477
Depreciation and amortization   427       6     433     267     6     273
Income before income taxes   614       909     1,523     2,022     820     2,842
Income tax expense (1)   (41 )     256     215     503     328     831
Total assets   1,371,936       4,689     1,376,625     865,832     6,450     872,282
                                   
(1) Calculated at statutory tax rate of 28.1% for the insurance services segment
                                   

 

   
SUSSEX BANCORP  
Non-GAAP Reporting  
(Dollars In Thousands)  
(Unaudited)  
             
             
  Three Months Ended March 31,  
  2018     2017    
Net income (GAAP) $ 1,308     $ 2,011    
Merger related expenses net of tax (1)   2,367       -    
Net income, as adjusted $ 3,675     $ 2,011    
             
Average diluted shares outstanding (GAAP) (2)   7,791,736       4,727,333    
Diluted EPS, as adjusted $ 0.47     $ 0.43    
Return on average assets, as adjusted   1.10 %     0.94 %  
Return on average equity, as adjusted   10.22 %     13.07 %  
             
(1) Merger related expense net of tax expense of $926 thousand.  
(2) Average diluted shares outstanding includes acquisition of CBBC shares of 1,873,028  
   

 

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