Sussex Bancorp (SBBX) has reported 38.49 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $1.32 million, or $0.28 a share in the quarter, compared with $0.95 million, or $0.21 a share for the same period last year. Revenue during the quarter grew 14.32 percent to $7.66 million from $6.70 million in the previous year period. Net interest income for the quarter rose 25.70 percent over the prior year period to $6.35 million. Non-interest income for the quarter rose 7.19 percent over the last year period to $1.77 million.
Net interest margin contracted 9 basis points to 3.34 percent in the quarter from 3.43 percent in the last year period. Efficiency ratio for the quarter improved to 69.58 percent from 79.99 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
“I am pleased to report that we produced another quarter of strong financial performance for Sussex Bancorp. These results continue to be driven by our dedicated employees that helped our principal business lines achieve outstanding growth. This growth resulted in an impressive 24.9% increase net interest income on a fully tax equivalent basis and helped improve our margin 3 basis points on a linked quarter basis,” said Anthony Labozzetta, President and Chief Executive Officer of Sussex Bank. Mr. Labozzetta also stated, “we had exceptional growth in deposits, but even more noteworthy is the pace of growth in our noninterest bearing demand accounts, which grew 28% over last year and have a three year compounded annual growth rate 29%.”
Liabilities outpace assets growth
Total assets stood at $808.99 million as on Sep. 30, 2016, up 25.62 percent compared with $644.02 million on Sep. 30, 2015. On the other hand, total liabilities stood at $750.35 million as on Sep. 30, 2016, up 26.99 percent from $590.87 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $656.93 million as on Sep. 30, 2016, up 32.56 percent compared with $495.56 million on Sep. 30, 2015. Deposits stood at $624.92 million as on Sep. 30, 2016, up 24.36 percent compared with $502.51 million on Sep. 30, 2015.
Investments stood at $98.36 million as on Sep. 30, 2016, down 2.19 percent or $2.20 million from year-ago. Shareholders equity stood at $58.63 million as on Sep. 30, 2016, up 10.32 percent or $5.49 million from year-ago.
Return on average assets moved up 6 basis points to 0.66 percent in the quarter from 0.60 percent in the last year period. At the same time, return on average equity increased 184 basis points to 9.06 percent in the quarter from 7.22 percent in the last year period.
Nonperforming assets moved down 13.83 percent or $1.46 million to $9.12 million on Sep. 30, 2016 from $10.58 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 1.13 percent in the quarter, down from 1.64 percent in the last year period.
Equity to assets ratio was 7.25 percent for the quarter, down from 8.25 percent for the previous year quarter. Book value per share was $12.37 for the quarter, up 8.13 percent or $0.93 compared to $11.44 for the same period last year.
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