Sussex Bank announces earnings

ROCKAWAY — Sussex Bancorp, the holding company for Sussex Bank, announced a 26.3% increase in net income per diluted common share to $0.24 for the quarter ended June 30, 2016 as compared to $0.19 for the same period last year.
Also, the company announced a 45 percent increase in net income per diluted common share to $0.58 for the six months ended June 30 as compared to 40 cents for the same period last year. For the quarter ended June 30, the company reported net income of $1.1 million, as compared to net income of $884 thousand for the same period last year. The improvement for the second quarter of 2016 as compared to the same period last year was mostly driven by a 17.3 percent increase in net interest income on a fully tax equivalent basis as a result of strong growth in average loans and deposits, which increased $132.1 million, or 27.8 percent, and $73.8 million, or 18.3 pecent, respectively.
“Our principal business lines continue to generate outstanding results. As such, we produced another quarter of strong financial performance for Sussex Bancorp. In the second quarter our commercial loans and total deposits grew at an annualized rate of 46.7 percent and 13.6 percent, respectively, which, resulted in a substantial improvement in net interest income over the prior year.
The insurance company also increased its pretax earnings 271.4 percent as compared to the same quarter last year,” said Anthony Labozzetta, president and chief executive officer of Sussex Bank.