Sussex Bank announces 62% increase in third quarter

ROCKAWAY — Sussex Bancorp, the holding company for Sussex Bank announced reported a net income of $951,000, for the quarter ended Sept. 30, as compared to net income of $592,000, for the same period last year.

This increase equates to a 61.5% increase in net income per diluted common share for the quarter as compared to the same period last year.

The improvement for the third quarter of 2015 was driven by loan and deposit growth, an increase in pre-tax income generated from the bank's insurance subsidiary and a decline in credit quality costs (provision for loan losses, loan collection costs and expenses and write-downs related to foreclosed real estate). For the first nine months ended Sept. 30, 2015, the company reported

net income of $2.8 million, an increase of over 48 percent as compared to the same period last year.