Sussex Bancorp reported an upward trend on Wednesday for its quarterly income for the last three months ending June and an increasing rate for their second quarter income. 

The company's quarterly income was reported  to be US$607,000 or US$0.13 per basic and diluted share, compared to its income from the same quarter in 2013 of US$134,000 or US$.04 per basic and diluted share.

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Bancorp, which is the holding company for the Sussex Bank, also released its second quarter report for the six months which ended in June.

It showed the company's second quarter net income of US$1.3 million or US$0.28 per basic and diluted share which is higher than their 2013 net income of US$232,000 or US$0.07 per basic and diluted share.

Anthony Labozetta, president and CEO of Sussex Bank, said that they see an upward trend in the company's bottom line which can partially be attributed to the growth in their loan portfolio.

Bancorp's commercial loan portfolio increased to a 26-percent rate annually or 13.3 percent from January to June.

Some of the company's assets which were becoming a liability were reduced, and as a result, the company saw a US$1.7 million or 55 percent decline in its credit issues for the first half of 2014, Labozetta said.

The quarterly cash dividend of Bancorp was announced.by its Board of Directors to be US$0.03 per share.

In a tax equivalent basis, the total net interest income from January to June increased by 10.1 percent to US$9 million. The rise in the net interest income was due to a US$19.9 million increase in the company's interest earning assets.

The non-performing assets of the company is also in a downward trend. The foreclosed real estate, criticized assets and classified assets decreased in a ratio from 3.10 percent in December 2013 to 2.63 percent in June 2014.

Sussex Bancorp operates in its nine branches in Andover, Augusta, Franklin, Newton, Montague, Sparta, Vernon and Wantage, New Jersey, Port Jervis and New York. It also has regional branches in Wantage and Rockaway and New Jersey. 

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