Sussex Bank announces revenue

ROCKAWAY — Sussex Bancorp, the holding company for Sussex Bank, recently announced a 42.1 percent increase in net income per diluted common share to $0.81 for the year ending Dec. 31, 2015, as compared to $0.57 for the same period last year.

The improvement for 2015 was driven by an 11.5 percent increase in net interest income as a result of strong growth in loans and deposits, which increased $71.5 million, or 15.1 percent and $59.6 million, or 13.0 percent, respectively.

Additionally, the improvement in net income per diluted common share also benefited from a 58.6 percent decline in provision for loan losses, which was in part offset by higher non-interest expenses.

For the quarter ending Dec. 31, 2015, the company reported net income of $913,000 or $0.20 per basic and diluted share, as compared to net income of $723,000 or $0.16 per basic and diluted share, for the same period last year. The improvement for the fourth quarter of 2015 was driven by loan and deposit growth, an increase in pre-tax income generated from our 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).

During the fourth quarter of 2015, the Company incurred a one-time $138,000 pre-tax charge on disposal of computer hardware as part of outsourcing its core system processing, which resulted in a reduction of net income per diluted share of $0.02.