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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