Sussex Bancorp (SBBX) reported fourth-quarter net income of $515 thousand, a decrease of $82 thousand, or 13.7%, from net income of $597 thousand for the same period in 2010. Earnings per share were $0.15, down from $0.18 for the comparable period of 2010.
The decrease in net income was largely due to an increase in non-interest expenses of $389 thousand and a decline in net interest income of $263 thousand, which was in part offset by lower provision for loan losses of $298 thousand and higher non-interest income of $220 thousand for the fourth quarter of 2011 as compared to the same period last year.
Net interest income, on a fully tax equivalent basis, decreased $260 thousand, or 5.8%, to $4.3 million, compared to the same period in 2010. The decrease in net interest income was largely due to a decline in the net interest margin of 36 basis points to 3.59% for the fourth quarter of 2011 as compared to the same period in 2010.
The Company reported an increase in non-interest income of $220 thousand, or 19.8%, to $1.3 million for the quarter ended December 31, 2011. The increase in non-interest income was largely due to $377 thousand in security gains and a $97 thousand, or 21.6%, growth in insurance commissions and fees from Tri-State.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.