Sussex Bancorp (the "Company") (Nasdaq:SBBX), the holding company
for Sussex Bank (the "Bank"), today announced reported net income
of $952 thousand, or $0.21 per basic and diluted share, for the
quarter ended March 31, 2015, as compared to net income of $678
thousand, or $0.15 per basic and diluted share, for the same period
last year. This increase equates to a 40.0% increase in net income
per diluted common share for the quarter ended March 31, 2015, as
compared to the same period last year. The improvement for 2015 was
driven by increased interest income related to loan growth and a
10.2% decline in credit quality costs (provision for loan losses,
loan collection costs and expenses and write-downs related to
foreclosed real estate) as a result of improved credit quality as
non-performing assets ("NPAs") (excluding performing troubled debt
restructured loans) fell to 1.57% of total assets at March 31, 2015
from 2.50% at March 31, 2014.
"The benefits of growing our businesses are having a positive
effect on our earnings, which is illustrated by the 40.0% increase
in net income per diluted common share for the quarter ended March
31, 2015, as compared to the same period last year and a 31.3%
increase in net income per diluted common share on a linked quarter
basis. An item of note is that despite the heightened competition
we managed to keep our net interest margin stable at 3.53%. Our
quarterly loan growth was low due to pay-offs and lower production;
however, our loan pipeline remains strong and we expect increased
loan production in subsequent quarters," said Anthony Labozzetta,
President and Chief Executive Officer of Sussex Bank.
"In March 2015, we opened our new branch in Astoria, Queens,
which utilizes a new branch model that includes more technology, a
smaller branch footprint and a new approach to staffing. To date,
the Astoria branch opening is exceeding our expectation. The
efficiency and productivity of the new branch model are very
promising and if it continues as we expect we will reach break-even
sooner than anticipated," stated Mr. Labozzetta.
Declaration of Quarterly Dividend
The Company's Board of Directors declared a quarterly cash
dividend of $0.04 per share, which is payable on May 26, 2015 to
common shareholders of record as of the close of business on May
12, 2015.
Financial Performance
Net Income. For the quarter ended March 31, 2015, the Company
reported net income of $952 thousand, or $0.21 per basic and
diluted share, as compared to net income of $678 thousand, or $0.15
per basic and diluted share, for the same period last year. The
increase in net income for the quarter ended March 31, 2015 was
primarily due to increases in net interest income of $496 thousand
and other income of $310 thousand, and a decline in the provision
for loan losses of $148 thousand. The aforementioned were partially
offset by an increase in non-interest expenses of $602
thousand.
Net Interest Income. Net interest income on a fully tax
equivalent basis increased $471 thousand, or 10.6%, to $4.9 million
for the first quarter of 2015, as compared to $4.4 million for the
same period in 2014. The increase in net interest income was
largely due to a $54.2 million, or 10.6%, increase in average
interest earning assets, principally loans receivable, which
increased $68.1 million, or 16.9%, and was partially offset by a
decrease in the average balance on the securities portfolio of
$15.6 million, or 15.4%.
Provision for Loan Losses. Provision for loan losses decreased
$148 thousand, or 32.7%, to $305 thousand for the first quarter of
2015, as compared to $453 thousand for the same period in 2014.
Non-interest Income. Non-interest income increased $310
thousand, or 19.5%, to $1.9 million for the first quarter of 2015,
as compared to the same period last year. For the first quarter of
2015, insurance commissions and fees and gains on securities
transactions increased $182 thousand and $168 thousand,
respectively, as compared to the same period in 2014. The
increases were offset by a decline in service fees on deposit
accounts of $51 thousand for the first quarter of 2015, as compared
to the same period in 2014.
Non-interest Expense. The Company's non-interest expenses
increased $602 thousand, or 13.5%, to $5.1 million for the first
quarter of 2015, as compared to the same period last year. The
increase for the first quarter of 2015, as compared to the same
period in 2014, was largely due to increases in salaries and
employee benefits of $362 thousand, other expenses of $139
thousand, expenses and write-downs related to foreclosed real
estate of $64 thousand and furniture and equipment expenses of $46
thousand, which were partially offset by a decrease in FDIC fees of
$52 thousand. The increase in salaries and employee benefits
expense was partially due to an increase in personnel to support
our growth initiative in new markets, including the opening of our
Astoria branch in the first quarter of 2015 and the addition of
commercial lending staff.
Financial Condition
At March 31, 2015, the Company's total assets were $604.3
million, an increase of $8.3 million, or 1.4%, as compared to total
assets of $595.9 million at December 31, 2014. The increase in
total assets was largely driven by growth in the securities
portfolio of $7.1 million, or 8.4%, which was partially offset by a
decline in foreclosed real estate of $1.6 million, or
35.9%.
Total loans receivable, net of unearned income, increased $1.3
million, or 0.3%, to $473.3 million at March 31, 2015, as compared
to $472.0 million at December 31, 2014. The increase in loans
was primarily in the residential real estate portfolio, which
increased $3.2 million, or 2.8%, to $114.7 million at March 31,
2015, as compared to $111.5 million at December 31, 2014. The
aforementioned increase was partially offset by a decrease in the
commercial and industrial portfolio of $1.7 million, or 8.4%, to
$18.8 million at March 31, 2015, as compared to $20.5 million at
December 31, 2014. In addition, during the first quarter of
2015, the Company had $6.2 million in prepayments within the
commercial loan portfolio.
The Company's total deposits increased $15.2 million, or 3.3%,
to $473.5 million at March 31, 2015, from $458.3 million at
December 31, 2014. The increase in deposits was due to
increases in both non-interest bearing deposits of $6.3 million, or
8.9%, and interest bearing deposits of $9.0 million, or 2.3%, for
March 31, 2015, as compared to December 31, 2014. Included in
the aforementioned increase is approximately $5.0 million in new
deposits attributed to the opening of our Astoria branch.
At March 31, 2015, the Company's total stockholders' equity was
$52.0 million, an increase of $740 thousand when compared to
December 31, 2014. The increase was largely due to net income
for the quarter ended March 31, 2015. At March 31, 2015, the
leverage, Tier I risk-based capital, total risk-based capital and
common equity Tier I capital ratios for the Bank were 9.97%,
12.67%, 13.90% and 12.67%, respectively, all in excess of the
ratios required to be deemed "well-capitalized."
Asset and Credit Quality
The Company continued to improve its asset credit quality as
total problem assets and NPAs continued to decline. Total
problem assets (foreclosed real estate, criticized assets and
classified assets) were down 9.8% from December 31, 2014, and the
ratio of NPAs to total assets improved to 1.83% at March 31, 2015
from 2.02% at December 31, 2014.
NPAs, which include non-accrual loans, loans 90 days past due
and still accruing, troubled debt restructured loans currently
performing in accordance with renegotiated terms and foreclosed
real estate, decreased $983 thousand, or 8.2%, to $11.1 million at
March 31, 2015, as compared to $12.0 million at December 31,
2014. Non-accrual loans increased $708 thousand, or 12.0%, to
$6.6 million at March 31, 2015, as compared to $5.9 million at
December 31, 2014. The top five non-accrual loan relationships
total $3.8 million, which equates to 56.6% of total non-accrual
loans and 33.9% of total NPAs at March 31, 2015. The remaining
non-accrual loans at March 31, 2015 have an average loan balance of
$93 thousand. Loans past due 30 to 89 days decreased $1.5
million, or 25.9%, to $4.2 million at March 31, 2015, as compared
to $5.6 million at December 31, 2014.
The Company continues to actively market its foreclosed real
estate properties, which decreased $1.6 million to $2.9 million at
March 31, 2015, as compared to $4.4 million at December 31,
2014. The decrease was primarily due to the sale of $1.5
million in foreclosed real estate properties and write-downs of $97
thousand during 2015, which were partially offset by $39 thousand
in new foreclosed real estate properties. At March 31, 2015,
the Company's foreclosed real estate properties had an average
carrying value of approximately $259 thousand per property.
The allowance for loan losses increased $122 thousand, or 2.2%,
to $5.8 million, or 1.22% of total loans, at March 31, 2015,
compared to $5.6 million, or 1.20% of total loans, at December 31,
2014. The Company recorded $305 thousand in provision for loan
losses, which was partially offset by $183 thousand in net
charge-offs for the quarter ended March 31, 2015. The allowance for
loan losses as a percentage of non-accrual loans decreased to 86.9%
at March 31, 2015 from 95.2% at December 31, 2014.
About Sussex Bancorp
Sussex Bancorp is the holding company for Sussex Bank, which
operates through its regional offices and corporate centers in
Wantage and Rockaway, New Jersey, its eleven branch offices located
in Andover, Augusta, Franklin, Hackettstown, Newton, Montague,
Sparta, Vernon and Wantage, New Jersey, and Port Jervis and
Astoria, New York, and a loan production office in Rochelle Park,
New Jersey, and for the Tri-State Insurance Agency, Inc., a full
service insurance agency with locations in Augusta and Rochelle
Park, New Jersey. For additional information, please visit the
Company's website at www.sussexbank.com.
Forward-Looking Statements
This press release contains statements that are forward looking
and are made pursuant to the "safe-harbor" provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by the use of words such as "expect," "estimate,"
"assume," "believe," "anticipate," "will," "forecast," "plan,"
"project" or similar words. Such statements are based on the
Company's current expectations and are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those projected. Factors that may cause actual results to
differ materially from those contemplated by such forward-looking
statements include, among others, changes to interest rates, the
ability to control costs and expenses, general economic conditions,
the success of the Company's efforts to diversify its revenue base
by developing additional sources of non-interest income while
continuing to manage its existing fee-based business, risks
associated with the quality of the Company's assets and the ability
of its borrowers to comply with repayment terms. Further
information about these and other relevant risks and uncertainties
may be found in the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2014 and in subsequent filings with
the Securities and Exchange Commission. The Company undertakes no
obligation to publicly release the results of any revisions to
those forward looking statements that may be made to reflect events
or circumstances after this date or to reflect the occurrence of
unanticipated events.
|
SUSSEX
BANCORP |
SUMMARY FINANCIAL
HIGHLIGHTS |
(In Thousands, Except
Percentages and Per Share Data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
3/31/2015
VS. |
|
3/31/2015 |
12/31/2014 |
3/31/2014 |
3/31/2014 |
12/31/2014 |
BALANCE SHEET HIGHLIGHTS -
Period End Balances |
|
|
|
|
|
Total securities |
$ 91,064 |
$ 83,982 |
$ 94,073 |
(3.2)% |
8.4% |
Total loans |
473,303 |
471,973 |
412,724 |
14.7% |
0.3% |
Allowance for loan losses |
(5,763) |
(5,641) |
(5,437) |
6.0% |
2.2% |
Total assets |
604,251 |
595,915 |
546,972 |
10.5% |
1.4% |
Total deposits |
473,512 |
458,270 |
425,837 |
11.2% |
3.3% |
Total borrowings and junior subordinated
debt |
74,087 |
82,387 |
68,887 |
7.5% |
(10.1)% |
Total shareholders' equity |
51,969 |
51,229 |
48,213 |
7.8% |
1.4% |
|
|
|
|
|
|
FINANCIAL DATA - QUARTER
ENDED: |
|
|
|
|
|
Net interest income (tax equivalent)
(a) |
$ 4,906 |
$ 4,778 |
$ 4,435 |
10.6% |
2.7% |
Provision for loan losses |
305 |
306 |
453 |
(32.7)% |
(0.3)% |
Total other income |
1,901 |
1,411 |
1,591 |
19.5% |
34.7% |
Total other expenses |
5,070 |
4,765 |
4,468 |
13.5% |
6.4% |
Income before provision for income taxes (tax
equivalent) |
1,432 |
1,118 |
1,105 |
29.6% |
28.1% |
Provision for income taxes |
376 |
330 |
298 |
26.2% |
13.9% |
Taxable equivalent adjustment (a) |
104 |
65 |
129 |
(19.4)% |
60.0% |
Net income |
$ 952 |
$ 723 |
$ 678 |
40.4% |
31.7% |
|
|
|
|
|
|
Net income per common share -
Basic |
$ 0.21 |
$ 0.16 |
$ 0.15 |
40.0% |
31.3% |
Net income per common share -
Diluted |
$ 0.21 |
$ 0.16 |
$ 0.15 |
40.0% |
31.3% |
|
|
|
|
|
|
Return on average assets |
0.64% |
0.50% |
0.50% |
26.4% |
27.3% |
Return on average equity |
7.31% |
5.65% |
5.74% |
27.4% |
29.5% |
Net interest margin (tax
equivalent) |
3.53% |
3.46% |
3.53% |
--% |
2.0% |
Avg. interest earning assets/Avg. interest
bearing liabilities |
1.19 |
1.22 |
1.18 |
1.4% |
(1.9)% |
|
|
|
|
|
|
SHARE
INFORMATION: |
|
|
|
|
|
Book value per common share |
$ 11.13 |
$ 10.99 |
$ 10.35 |
7.5% |
1.3% |
Outstanding shares- period ending |
4,669,597 |
4,662,606 |
4,657,856 |
0.3% |
0.1% |
Average diluted shares outstanding (year to
date) |
4,602,910 |
4,580,350 |
4,564,600 |
0.8% |
0.5% |
|
|
|
|
|
|
CAPITAL
RATIOS: |
|
|
|
|
|
Total equity to total assets |
8.60% |
8.60% |
8.81% |
(2.4)% |
0.0% |
Leverage ratio (b) |
9.97% |
10.19% |
10.49% |
(5.0)% |
(2.2)% |
Tier 1 risk-based capital ratio
(b) |
12.67% |
12.79% |
13.77% |
(8.0)% |
(0.9)% |
Total risk-based capital ratio (b) |
13.90% |
14.02% |
15.02% |
(7.5)% |
(0.9)% |
Common equity Tier 1 capital ratio
(b) |
12.67% |
--% |
--% |
--% |
--% |
|
|
|
|
|
|
ASSET
QUALITY: |
|
|
|
|
|
Non-accrual loans |
$ 6,632 |
$ 5,924 |
$ 10,554 |
(37.2)% |
12.0% |
Loans 90 days past due and still
accruing |
1 |
85 |
2 |
(50.0)% |
(98.8)% |
Troubled debt restructured loans ("TDRs")
(c) |
1,580 |
1,590 |
1,620 |
(2.5)% |
(0.6)% |
Foreclosed real estate |
2,852 |
4,449 |
3,140 |
(9.2)% |
(35.9)% |
Non-performing assets ("NPAs") |
$ 11,065 |
$ 12,048 |
$ 15,316 |
(27.8)% |
(8.2)% |
|
|
|
|
|
|
Foreclosed real estate, criticized and
classified assets |
$ 19,762 |
$ 21,899 |
$ 24,692 |
(20.0)% |
(9.8)% |
Loans past due 30 to 89 days |
$ 4,178 |
$ 5,635 |
$ 3,089 |
35.3% |
(25.9)% |
Charge-offs, net (quarterly) |
$ 183 |
$ 374 |
$ 437 |
(58.1)% |
(51.1)% |
Charge-offs, net as a % of average loans
(annualized) |
0.16% |
0.33% |
0.43% |
(64.2)% |
(52.5)% |
Non-accrual loans to total loans |
1.40% |
1.26% |
2.56% |
(45.2)% |
11.6% |
NPAs to total assets |
1.83% |
2.02% |
2.80% |
(34.6)% |
(9.4)% |
NPAs excluding TDR loans (c) to total
assets |
1.57% |
1.75% |
2.50% |
(37.3)% |
(10.6)% |
Non-accrual loans to total assets |
1.10% |
0.99% |
1.93% |
(43.1)% |
10.4% |
Allowance for loan losses as a % of
non-accrual loans |
86.90% |
95.22% |
51.52% |
68.7% |
(8.7)% |
Allowance for loan losses to total
loans |
1.22% |
1.20% |
1.32% |
(7.6)% |
1.9% |
|
|
|
|
|
|
(a) Full taxable equivalent
basis, using a 39% effective tax rate and adjusted for TEFRA (Tax
and Equity Fiscal Responsibility Act) interest expense
disallowance |
(b) Sussex Bank capital ratios |
|
|
|
|
|
(c) Troubled debt restructured
loans currently performing in accordance with renegotiated
terms |
|
|
|
|
|
SUSSEX
BANCORP |
CONSOLIDATED BALANCE
SHEETS |
(Dollars In Thousands) |
(Unaudited) |
|
|
|
ASSETS |
March 31, 2015 |
December 31,
2014 |
|
|
|
Cash and due from banks |
$ 2,606 |
$ 2,953 |
Interest-bearing deposits with other
banks |
4,360 |
2,906 |
Cash and cash equivalents |
6,966 |
5,859 |
|
|
|
Interest bearing time deposits with other
banks |
100 |
100 |
Securities available for sale, at fair
value |
84,573 |
77,976 |
Securities held to maturity |
6,491 |
6,006 |
Federal Home Loan Bank Stock, at cost |
3,539 |
3,908 |
|
|
|
Loans receivable, net of unearned income |
473,303 |
471,973 |
Less: allowance for loan
losses |
5,763 |
5,641 |
Net loans receivable |
467,540 |
466,332 |
|
|
|
Foreclosed real estate |
2,852 |
4,449 |
Premises and equipment, net |
8,750 |
8,650 |
Accrued interest receivable |
1,908 |
1,796 |
Goodwill |
2,820 |
2,820 |
Bank-owned life insurance |
12,289 |
12,211 |
Other assets |
6,423 |
5,808 |
|
|
|
Total Assets |
$ 604,251 |
$ 595,915 |
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
|
Liabilities: |
|
|
Deposits: |
|
|
Non-interest bearing |
$ 76,765 |
$ 70,490 |
Interest bearing |
396,747 |
387,780 |
Total Deposits |
473,512 |
458,270 |
|
|
|
Borrowings |
61,200 |
69,500 |
Accrued interest payable and other
liabilities |
4,683 |
4,029 |
Junior subordinated debentures |
12,887 |
12,887 |
|
|
|
Total Liabilities |
552,282 |
544,686 |
|
|
|
Total Stockholders'
Equity |
51,969 |
51,229 |
|
|
|
Total Liabilities and Stockholders'
Equity |
$ 604,251 |
$ 595,915 |
|
|
SUSSEX
BANCORP |
CONSOLIDATED STATEMENTS
OF INCOME AND COMPREHENSIVE INCOME |
(Dollars In Thousands Except
Per Share Data) |
(Unaudited) |
|
Three Months
Ended March 31, |
|
2015 |
2014 |
INTEREST INCOME |
|
|
Loans receivable, including fees |
$ 5,172 |
$ 4,623 |
Securities: |
|
|
Taxable |
267 |
217 |
Tax-exempt |
208 |
254 |
Interest bearing deposits |
4 |
3 |
Total Interest
Income |
5,651 |
5,097 |
|
|
|
INTEREST EXPENSE |
|
|
Deposits |
416 |
390 |
Borrowings |
380 |
348 |
Junior subordinated
debentures |
53 |
53 |
Total Interest
Expense |
849 |
791 |
|
|
|
Net Interest
Income |
4,802 |
4,306 |
PROVISION FOR LOAN
LOSSES |
305 |
453 |
Net Interest Income
after Provision for Loan Losses |
4,497 |
3,853 |
|
|
|
OTHER INCOME |
|
|
Service fees on deposit
accounts |
213 |
264 |
ATM and debit card fees |
174 |
167 |
Bank owned life insurance |
78 |
83 |
Insurance commissions and
fees |
1,155 |
973 |
Investment brokerage fees |
22 |
31 |
Gain (loss) on securities
transactions |
168 |
-- |
Other |
91 |
73 |
Total Other
Income |
1,901 |
1,591 |
|
|
|
OTHER EXPENSES |
|
|
Salaries and employee
benefits |
2,780 |
2,418 |
Occupancy, net |
477 |
453 |
Furniture and equipment |
210 |
164 |
Advertising and promotion |
70 |
44 |
Professional fees |
146 |
153 |
Director fees |
166 |
137 |
FDIC assessment |
124 |
176 |
Insurance |
52 |
76 |
Stationary and supplies |
56 |
55 |
Loan collection costs |
97 |
77 |
Data processing |
354 |
380 |
Expenses and write-downs
related to foreclosed real estate |
164 |
100 |
Other |
374 |
235 |
Total Other
Expenses |
5,070 |
4,468 |
|
|
|
Income before Income
Taxes |
1,328 |
976 |
INCOME TAX EXPENSE
(BENEFIT) |
376 |
298 |
Net
Income |
$ 952 |
$ 678 |
|
|
|
OTHER COMPREHENSIVE INCOME
(LOSS): |
|
|
Unrealized gains (losses) on
available for sale securities arising during the period |
$ 315 |
$ 1,717 |
Reclassification adjustment for
net gain on securities transactions included in net income |
(168) |
-- |
Income tax (expense) benefit
related to items of other comprehensive income (loss) |
(59) |
(687) |
Other comprehensive income
(loss), net of income taxes |
88 |
1,030 |
Comprehensive income
(loss) |
$ 1,040 |
$ 1,708 |
|
|
|
EARNINGS PER SHARE |
|
|
Basic |
$ 0.21 |
$ 0.15 |
Diluted |
$ 0.21 |
$ 0.15 |
|
|
SUSSEX
BANCORP |
COMPARATIVE AVERAGE
BALANCES AND AVERAGE INTEREST RATES |
(Dollars In Thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended March 31, |
|
2015 |
2014 |
|
Average |
|
Average |
Average |
|
Average |
|
Balance |
Interest |
Rate (2) |
Balance |
Interest |
Rate (2) |
Earning Assets: |
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
Tax exempt (3) |
$ 31,339 |
$ 312 |
4.04% |
$ 30,767 |
$ 383 |
5.05% |
Taxable |
54,267 |
267 |
2.00% |
70,451 |
217 |
1.25% |
Total securities |
85,606 |
579 |
2.74% |
101,218 |
600 |
2.40% |
Total loans receivable (1) (4) |
470,870 |
5,172 |
4.45% |
402,757 |
4,623 |
4.66% |
Other interest-earning assets |
7,118 |
4 |
0.23% |
5,420 |
3 |
0.22% |
Total earning assets |
563,594 |
5,755 |
4.14% |
509,395 |
5,226 |
4.16% |
|
|
|
|
|
|
|
Non-interest earning assets |
41,353 |
|
|
35,608 |
|
|
Allowance for loan losses |
(5,742) |
|
|
(5,650) |
|
|
Total Assets |
$ 599,205 |
|
|
$ 539,353 |
|
|
|
|
|
|
|
|
|
Sources of Funds: |
|
|
|
|
|
|
Interest bearing deposits: |
|
|
|
|
|
|
NOW |
$ 128,160 |
$ 50 |
0.16% |
$ 115,661 |
$ 39 |
0.14% |
Money market |
14,511 |
5 |
0.14% |
12,573 |
4 |
0.13% |
Savings |
140,497 |
71 |
0.20% |
146,082 |
75 |
0.21% |
Time |
112,067 |
290 |
1.05% |
98,931 |
272 |
1.12% |
Total interest bearing deposits |
395,235 |
416 |
0.43% |
373,247 |
390 |
0.42% |
Borrowed funds |
63,715 |
380 |
2.42% |
46,222 |
348 |
3.05% |
Junior subordinated
debentures |
12,887 |
53 |
1.67% |
12,887 |
53 |
1.67% |
Total interest bearing liabilities |
471,837 |
849 |
0.73% |
432,356 |
791 |
0.74% |
|
|
|
|
|
|
|
Non-interest bearing liabilities: |
|
|
|
|
|
|
Demand deposits |
71,695 |
|
|
57,541 |
|
|
Other liabilities |
3,595 |
|
|
2,194 |
|
|
Total non-interest bearing liabilities |
75,290 |
|
|
59,735 |
|
|
Stockholders' equity |
52,078 |
|
|
47,262 |
|
|
Total Liabilities and Stockholders'
Equity |
$ 599,205 |
|
|
$ 539,353 |
|
|
|
|
|
|
|
|
|
Net Interest Income and Margin (5) |
|
4,906 |
3.53% |
|
4,435 |
3.53% |
Tax-equivalent basis adjustment |
|
(104) |
|
|
(129) |
|
Net Interest Income |
|
$ 4,802 |
|
|
$ 4,306 |
|
|
|
|
|
|
|
|
(1) Includes loan fee income |
(2) Average rates on securities
are calculated on amortized costs |
(3) Full taxable equivalent
basis, using a 39% effective tax rate and adjusted for TEFRA (Tax
and Equity Fiscal Responsibility Act) interest expense
disallowance |
(4) Loans outstanding include
non-accrual loans |
(5) Represents the difference
between interest earned and interest paid, divided by average total
interest-earning assets |
CONTACT: Anthony Labozzetta, President/CEO
Steven Fusco, SEVP/CFO
844-256-7328
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