Sussex Bancorp has a market cap of $21.6 million; its shares were traded at around $6.5 with a P/E ratio of 8.8 and P/S ratio of 0.7.
Highlight of Business Operations:Overview - The Company realized net income of $643 thousand for the first quarter of 2010, an increase of $390 thousand from net income of $253 thousand reported for the same period in 2009. Basic and diluted earnings per share for the three months ended March 31, 2010 were $0.20 compared to the basic and diluted earnings per share of $0.08 for the comparable period of 2009.
Net interest income, on a fully taxable equivalent basis (a 39% tax rate), increased $851 thousand, or 26.3%, to $4.1 million for the three months ended March 31, 2010 from $3.2 million for the first quarter of 2009. Although the average balance in interest earning assets decreased $607 thousand, or 0.1%, to $432.1 million for the three months ended March 31, 2010, the average balance in total loans increased $8.2 million, or 2.5%, to $330.7 million. Overall the average balance in interest bearing liabilities decreased $598 million, or 0.2 %, to $390.7 million during the same three month period, as savings deposits average balances increased $7.8 million or 4.9%.
Other interest-earning asset average balances decreased $1.0 million to $25.7 million in the first quarter of 2010 from $26.7 million during the first quarter a year earlier. As the current market rates of interest on federal funds sold are at historical lows, the yield on these assets fell 15 basis points to 0.14% in the first quarter of 2010 from 0.29% during the same period a year earlier and the interest earned decreased $10 thousand to $9 thousand in the first quarter of 2010. The decrease in the average balance in other interest-earning assets was due to a decrease in the average balance in federal funds sold.
Total interest income on securities, on a fully taxable equivalent basis, decreased $127 thousand, to $908 thousand for the quarter ended March 31, 2010 from $1.0 million for the first quarter of 2009. As the average balance of total securities decreased $7.8 million, or 9.3%, the yield on securities decreased 16 basis points, from 5.02% in the first quarter of 2009 to 4.86% for the first quarter of 2010. The decrease in the average balance in the securities portfolio reflects a $7.9 million decrease in taxable securities and a $108 thousand increase in tax-exempt securities. The overall decrease in security balances between the two first quarter periods were used to fund loan growth.
The interest earned on total loans receivable decreased $128 thousand to $4.7 million for the first three months of 2010 from $4.8 million for the first quarter in 2009, while the average balance in loans receivable increased $7.2 million, or 2.5%, to $330.7 million in the current three month period from $322.5 million in the same period of 2009. The average rate earned on loans decreased 31 basis points from 6.05% for the three months ended March 31, 2009 to 5.74% for the same period in 2010. The increase in our loan portfolio average balance reflects our continuing efforts to build market share and remain a source of credit for businesses in our communities. Approximately 10 basis points of the decrease in yield is related to lower market rates of interest, while the remaining 21 basis point decrease can be attributed to an $11.0 million increase in non-accrual loan balances between the two quarterly periods.
Interest Expense - The Company s interest expense for the three months ended March 31, 2010 decreased $1.1 million to $1.5 million from $2.6 million for the same period in 2009, as the balance in average interest-bearing liabilities decreased $
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