EXHIBIT 99
----------
Press Release
-------------
SUSSEX BANCORP ANNOUNCES
THIRD QUARTER RESULTS
FRANKLIN, NEW JERSEY - October 16, 2000 - Sussex Bancorp (AMEX "SBB")
announced today that for the third quarter ended September 30, 2000, the Company
had earned net income of $192,000, an increase over net income of $189,000 in
the third quarter of 1999. The Company's total interest income increased to
$2,648,000 for the quarter ended September 30, 2000 compared to $2,335,000 for
the same period last year, primarily due to an increase of $448,000 to interest
and fees on loans. The Company's interest expense increased to $1,257,000 for
the quarter ended September 30, 2000 from $1,096,000 for the same period last
year. The increase reflects an increase in the Company's savings deposits, which
primarily is attributable to an increase in its Senior Select product. Our
Senior Select product is a special account for individuals 60 and over and their
spouses, which offers special rates on deposit accounts and certain other
membership benefits. Weighted average number of basic shares outstanding were
1,494,467 for third quarter 2000 and 1,489,909 for third quarter 1999. Basic and
diluted earnings per share for the two periods were $.13 for each respective
quarter. Weighted average number of diluted shares outstanding were 1,505,681
for third quarter 2000 and 1,504,823 for third quarter 1999.
For the nine months ended September 30, 2000, the Company earned net income
of $576,000, an increase of $41,000 from the $535,000 earned for the same period
last year. The Company's total interest income increased to $7,649,000 for the
nine months ended September 30, 2000, primarily due to the increase in total
loans, as the Company's portfolio of loans, net increased to $97.1 million at
September 30, 2000 from $76.3 million at September 30, 1999. Basic earnings per
share for the nine months ended were $.39 for 2000 and $.36 for 1999. The
weighted average number of basic shares outstanding for the nine months ended
September 30, 2000 and 1999 were 1,494,180 and 1,494,606 respectively. Diluted
earnings per share for the same period was $.38 and $.35, respectively. Weighted
average number of diluted shares outstanding for the nine months ended September
30, 2000 and 1999 were 1,504,756 and 1,511,696, respectively.
The loan loss provision for the third quarter was $63,000 compared with
$48,000 for the same period last year.
The Company's interest expense increased to $3,520,000 for the nine months
ended September 30, 2000 from $3,225,000 for the same period last year. This
increase reflects the increase in the Company's total deposits to $142.1 million
at September 30, 2000 from $138.4 million at September 30, 1999. At September
30, 2000 the Company had total assets of $156.4 million, compared to total
assets of $148.2 million at September 30, 1999.
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, Augusta, Newton, Montague, Sparta, Vernon and Wantage, New
Jersey.
Page 5 of 5