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Sussex Bancorp Announces Increased First Quarter 2005 Earnings -Declares Quarterly Cash Dividend of $0.07 Per Share FRANKLIN, N.J., April 28 /PRNewswire-FirstCall/ -- Sussex Bancorp (AMEX:SBB) today announced its financial results for the first quarter ending March 31, 2005. First Quarter Highlights Include: * Quarterly net income growth of 40% from the first quarter of 2004 * Quarterly interest income growth of 22% from same quarter in 2004 * Cash dividend of $0.07 per share For the quarter ended March 31, 2005, the Company earned net income of $520,000, an increase of approximately 40 percent over net income of $371,000 for the first quarter of 2004. Basic earnings per share for the two periods were $0.17 and $0.20 respectively. Diluted earnings per share were $0.17 and $0.19 for the two periods. 2005 earnings per share were also effected by the 1,131,150 shares issued by the Company in December of 2004. The Company's net interest income increased to $2,636,000 for the quarter ended March 31, 2005 from $2,132,000 for the first quarter of 2004. The Company's interest income increased to $3,423,000 for the three months ended March 31, 2005 from $2,799,000 for the first quarter of 2004. The Company's interest expense increased to $787,000 for the first quarter of 2005 from $667,000 for the first quarter of 2004. The Company's total deposits increased to $228.0 million at March 31, 2005 from $212.8 million at March 31, 2004. At March 31, 2005 the Company had total assets of $280.2 million, compared to total assets of $247.2 million at March 31, 2004. The loan loss provision for the first quarter was $135,000 compared to $148,000 for the same period last year. The Company's total loans increased $27.7 million to $166.6 million at March 31, 2005 from $138.9 million at March 31, 2004. Sussex Bancorp also announced that its Board of Directors declared a cash dividend of $0.07 per share, payable on May 31, 2005 to shareholders of record as of May 9, 2005. 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) 2005 2004 Interest income $3,423 $2,799 Interest expense 787 667 Net interest income 2,636 2,132 Provision for loan losses 135 148 Net interest income after provision for loan losses 2,501 1,984 Non-interest income 1,101 1,150 Non-interest expense 2,903 2,628 Income before tax expense 699 506 Tax expense 179 135 Net income $520 $371 Basic earnings per share $0.17 $0.20 Diluted earnings per share $0.17 $0.19 Shares outstanding: Basic 3,007,408 1,819,382 Diluted 3,049,590 1,921,271 SUSSEX BANCORP CONSOLIDATED BALANCE SHEETS Balances as of March 31, (In thousands) 2005 2004 Cash and due from banks $9,922 $10,027 Federal funds sold 12,800 5,965 Cash and cash equivalents 22,722 15,992 Interest bearing time deposits with other banks 500 3,500 Securities available for sale, at fair value 75,509 76,056 Federal Home Loan Bank stock, at cost 700 760 Loans 166,639 138,945 Allowance for loan losses (1,828) (1,853) Net loans 164,811 137,092 Premises and equipment, net 5,952 4,970 Accrued interest receivable 1,409 1,221 Goodwill, net 2,334 2,124 Other assets 6,282 5,511 Total assets $280,219 $247,226 Deposits 227,954 212,845 Borrowings 14,000 11,000 Other liabilities 1,569 2,435 Mandatory redeemable capital debentures 5,155 5,155 Total liabilities 248,678 231,435 Total shareholders' equity 31,541 15,791 Total liabilities and shareholders' equity $280,219 $247,226 DATASOURCE: Sussex Bancorp CONTACT: Candace Leatham, CFO, Sussex Bancorp +1-973-827-2914 Web site: http://www.sussexbank.com/

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