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Sussex Bancorp Announces Increased First Quarter 2004 Earnings Declares Quarterly Cash Dividend Of $0.07 Per Share FRANKLIN, N.J., April 22 /PRNewswire-FirstCall/ -- Sussex Bancorp today announced its financial results for the first quarter ending March 31, 2004. First Quarter Highlights Include: * Quarterly net income growth of 19% from same quarter in 2003 * Quarterly non-interest income increases approximately 16% over same quarter in 2003 * Cash dividend of $.07 per share For the quarter ended March 31, 2004, the Company earned net income of $371,000, an increase of approximately 19 percent over net income of $313,000 for the first quarter of 2003. Basic earnings per share for the two periods were $0.20 and $0.18 respectively. Diluted earnings per share were $0.19 and $0.17 for the two periods. The Company's net interest income increased to $2,132,000 for the quarter ended March 31, 2004 from $1,913,000 for the first quarter of 2003. The Company's interest income increased to $2,799,000 for the three months ended March 31, 2004 from $2,685,000 for the first quarter of 2003. The Company's interest expense decreased to $667,000 for the three months from $772,000 for the first quarter of 2003. The Company's total deposits increased to $212.8 million at March 31, 2004 from $195.4 million at March 31, 2003. At March 31, 2004 the Company had total assets of $247.1 million, compared to total assets of $230.7 million at March 31, 2003. The loan loss provision for the first quarter was $148,000 compared to $125,000 for the same period last year. The Company's total loans increased $20.4 million to $138.9 million at March 31, 2004 from $118.5 million at March 31, 2003. The Company's increase in its loan loss provision is primarily due to continued growth in the portfolio. The Company's non-interest income increased in the first quarter, year over year, by $155,000. The Company reported non-interest income of $1,150,000 for the current first quarter compared to $995,000 for the first quarter of 2003. The increase primarily reflects fees earned by the residential lending division of the bank. Sussex Bancorp also announced that its Board of Directors declared a cash dividend of $0.07 per share, payable on May 24, 2004 to shareholders of record as of May 3, 2004. Sussex Bancorp is the holding company for Sussex Bank, which operates through its main office in Franklin, New Jersey and branch offices in Andover, Augusta, Newton, Montague, Sparta, Vernon and Wantage, New Jersey, and for the Tri-State Insurance Agency, Inc., a full service insurance agency located in Sussex County, New Jersey. SUSSEX BANCORP CONSOLIDATED STATEMENTS OF INCOME For the Three Months Ended March 31, (In thousands, except share and per share data) 2004 2003 Interest income $2,799 $2,685 Interest expense 667 772 Net interest income 2,132 1,913 Provision for loan losses 148 125 Net interest income after provision for loan losses 1,984 1,788 Non-interest income 1,150 995 Non-interest expense 2,628 2,357 Income before tax expense 506 426 Tax expense 135 113 Net income $371 $313 Basic earnings per share $0.20 $0.18 Diluted earnings per share $0.19 $0.17 Shares outstanding: Basic 1,819,382 1,777,155 Diluted 1,921,272 1,832,661 SUSSEX BANCORP CONSOLIDATED BALANCE SHEETS Balances as of March 31, (In thousands) 2004 2003 Cash and due from banks $10,027 $9,521 Federal funds sold 5,965 13,200 Cash and cash equivalents 15,992 22,721 Interest bearing time deposits with other banks 3,500 3,600 Securities available for sale, at fair value 76,056 75,566 Federal Home Loan Bank stock, at cost 760 700 Loans 138,945 118,531 Allowance for loan losses (1,853) (1,496) Net loans 137,092 117,035 Premises and equipment, net 4,970 4,575 Accrued interest receivable 1,221 1,228 Goodwill, net 2,124 1,932 Other assets 5,356 3,361 Total assets $247,071 $230,718 Deposits 212,845 195,350 Borrowings 11,000 14,000 Other liabilities 2,435 2,598 Mandatory redeemable capital debentures 5,000 5,000 Total liabilities 231,280 211,948 Total shareholders' equity 15,791 13,770 Total liabilities and shareholders' equity $247,071 $230,718 DATASOURCE: Sussex Bancorp CONTACT: Candace Leatham, Executive Vice President & Treasurer of Sussex Bancorp, +1-973-827-2914, extension 161 Web site: http://www.sussexbank.com/

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