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) April 13, 1999
-----------------
SUSSEX BANCORP
(Exact name of registrant as specified in its charter)
New Jersey 0-29030 22-3475473
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
399 Route 23
Franklin, New Jersey 07416
-------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (973) 827-2914
<PAGE>
Item 5. Other events.
The Registrant issued a press release on April 13, 1999 announcing its
first quarter 1999 results.
Item 7. Exhibits.
The following exhibit is filed with this Current Report on Form 8-K.
Exhibit No. Description
99 Press release announcing first quarter profits
for 1999.
Page 2 of 5
<PAGE>
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
--------------
(Registrant)
Dated: April 13, 1999 By: /s/ Candace A. Leatham
---------------------------
CANDACE A. LEATHAM
Chief Financial Officer
Page 3 of 5
<PAGE>
EXHIBIT INDEX
CURRENT REPORT ON FORM 8-K
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
- ----------- ----------- --------
<S> <C> <C>
99 Press release announcing first quarter 5
profits for 1999.
</TABLE>
Page 4 of 5
EXHIBIT 99
Press Release
SUSSEX BANCORP ANNOUNCES
FIRST QUARTER RESULTS
FRANKLIN, NEW JERSEY - Sussex Bancorp (AMEX:"SBB") announced today that
for the quarter ended March 31, 1999, the Company had earned net income of
$192,000, an increase over net income of $182,000 earned in the first quarter of
1998. The Company's total interest income increased to $2,129,000 for the
quarter ended March 31, 1999, primarily due to the increase in average total
interest earning assets, as the Company's portfolio of loans, net increased to
$70.5 million at March 31, 1999 from $67.9 million at March 31, 1998. In
addition, the Company's investment securities portfolio increase to $44.2
million at March 31, 1999 from $25.6 million at March 31, 1998. During the first
quarter of 1999, the Company's other income, consisting of fees earned from the
sale of non-deposit products and fees and income from the sale of loans by
Sussex Bancorp Mortgage Company, the Company's new mortgage company, increased
to $183,000 from other income of $61,000 earned during the first quarter of
1998.
The Company's interest expense increased to $1,047,000 for the three
months ended March 31, 1999 from $832,000 for the first quarter of 1998. This
increase reflects the increase in the Company's total deposits to $129.8 million
at March 31, 1999 from $113.4 million at March 31, 1998. At March 31, 1999 the
Company had total assets of $139.7 million, compared to total assets of $122.2
million at March 31, 1998.
Chairman and Chief Executive Officer Donald L. Kovach stated "We are
proud of our continued progress in penetrating our market area. Our increase in
loans and deposits shows our continued efforts to become the premiere community
bank serving Sussex County."
Sussex Bancorp is the holding company for the Sussex County State Bank
which operates through its main office in Franklin, New Jersey and branch
offices in Andover, Newton, Montague, Sparta, Vernon and Wantage, New Jersey.
Page 5 of 5
