Sussex Bank pulls in $1.4M in 2013

| 07 Feb 2014 | 12:58

    Sussex Bancorp, the holding company for Sussex Bank recently reported a net income of $621,000 for the quarter ending Dec. 31, 2013 and a net income for 2013 of $1.4 million.

    For the third quarter of 2012, the bank posted a net loss of $97,000 and had a yearly income of $735,000 in 2012.

    The bank drew its income from a strong growth in loans, which increased 12.8 percent to $44.7 million and declines of $1.9 million in credit quality costs — provisions for loan losses, collection costs and expenses and write-downs related to forclosure of real estate. Non-performing assets improved to 3.1 percent, the lowest level since 2007.

    "In 2013, we had strong growth in our principal business lines,specifically in our commercial loan portfolio, which grew 14.2 percent," said Anthony Labozzetta, president and chief executive offficer of Sussex Bank. "The loan growth enhanced our net interest margin and contributed to the improvement in our core earnings for the quarter. We have reduced our legacy problem assets considerably and as of the end of this quarter."