Sussex Bank reports revenue increase

ROCKAWAY — Sussex Bancorp, the holding company for Sussex Bank, announced reported net income of $952,000, for the quarter ended March 31, 2015, as compared to net income of $678,000, for the same period last year.

This increase equates to a 40 percent increase in net income, as compared to the same period last year.

The improvement for 2015 was driven by increased interest income related to loan growth and a 10.2 percent decline in credit quality costs (provision for loan losses, loan collection costs and expenses and write-downs related to foreclosed real estate), as a result of improved credit quality as non-performing assets, excluding performing troubled debt restructured loans fell to 1.57 percent of total assets at March 31, 2015 from 2.50 percent at March 31, 2014.