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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) February 1, 1999
SUSSEX BANCORP
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(Exact name of registrant as specified in its charter)
New Jersey 0-29030 22-3475473
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
399 Route 23, Franklin, New Jersey 07416
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (973) 827-2914
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Item 5. Other Events
The Registrant issued a press release announcing its 1998 net income
increased by 3% from $708,000 in 1997 to $710,000 in 1998. The details announced
in the press release are incorporated by reference as if set forth at length
herein.
Item 7. Exhibits.
The following exhibit is filed with this Current Report on Form 8-K.
Exhibit No. Description
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99 Press Release announcing an increase in net income.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
Sussex Bancorp has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
SUSSEX BANCORP
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(Registrant)
Dated: February 3, 1999 By: /s/ CANDACE A. LEATHAM
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CANDACE A. LEATHAM
Chief Financial Officer
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EXHIBIT INDEX
CURRENT REPORT ON FORM 8-K
Exhibit No. Description Page No.
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99 Press Release announcing an increase in net income 5
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EXHIBIT 99
Press Release
FOR IMMEDIATE RELEASE
SUSSEX BANCORP REPORTS HIGHER EARNINGS
CONTACT: Donald L. Kovach (973)-827-2914
President
SYMBOL: SBB
Franklin, NJ, February 1, 1999-Sussex Bancorp=s net income increased by
3% to $710,000 for 1998 from $708,000 in 1997. Basic earning per share
for the two periods were $.50 and $.51, respectively. Diluted earnings
per share were $.50 in 1998 and $.51 in 1997. The change in per share
earnings reflects an increased number of average shares outstanding
during 1998, as the Company's average shares outstanding increased to
1,410,535 from 1,377,934. The increase was attributable to issuance of
new shares through the Company=s dividend reinvestment plans and
exercises of stock options.
For the year ended December 31, 1998 Sussex Bancorp had total interest
income of $8.3 million, compared to interest income of $7.4 million for
1997. Total interest expense for year ended December 31, 1998 was $3.8
million compared to interest expense of $3.1 million in 1997. During
1998, Sussex Bancorp's non-performing loans decreased by $341,000 or
47% from 1997. The Company's ratio of non-performing loans to total
loans declined to .56% at December 31, 1998 from 1.07% at December 31,
1997.
At December 31, 1998, Sussex Bancorp had total assets of $137.5 million
compared to total assets at December 31, 1997 of $114.3 million. Total
deposits increased to 127.7 million at December 31, 1998 from $104.9
million at December 31, 1997. Sussex operates through the Sussex County
State Bank, which has seven branches in Northern New Jersey. In
addition, the Bank has recently formed the Sussex Bancorp Mortgage
Company, Inc. The Mortgage Company will offer a wide variety of
mortgage products.
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