Sound Banking Company Reports Record Fourth Quarter and 2005 Results
22 Février 2006 - 11:31PM
PR Newswire (US)
MOREHEAD CITY, N.C., Feb. 22 /PRNewswire-FirstCall/ -- Sound
Banking Company (OTC:SNBN) (BULLETIN BOARD: SNBN) announced record
year-end 2005 and fourth quarter results as compared to 2004. 2005
net income was $908,000 or $1.31 per share compared with $380,000
or $.54 per share during 2004. This represents a 239% increase in
net income and a 242% increase in earnings per share. Total assets
were $85.6 million at December 31, 2005, an increase of $18.5
million or 28%, when compared with $67.1 million at year-end 2004.
Total loans outstanding increased $19.2 million or 40% to $67.6
million while deposits increased $16.6 million or 28% to $76.8
million during 2005. Fourth quarter net income was $267,000, or
$.40 per share compared with $95,000 or $.13 per share for the same
quarter in 2004. This represents an increase of $172,000 or 281% in
net income and a $.27 or 308% increase in earnings per share. "The
increases in net income throughout 2005 are the result of the
continued strong growth in the Bank's earning assets and deposits,
combined with increases in the Bank's net interest margin over the
same periods in 2004," said President and CEO, Phil Collins. "We
expect continued growth in 2006. We opened our first branch,
located in Cape Carteret, last July and are looking at future
branching opportunities to expand our presence in our existing
service area and to move into new markets." "We are also pleased to
announce that Howe Barnes Investments, Inc. has become the primary
market maker for our stock," stated Collins. "Having a market maker
will help facilitate purchases and sales of the Bank's stock and
provide liquidity to our shareholders. Sound Bank's stock is traded
on the OTC Bulletin Board under the symbol "SNBN" for common shares
and "SNBNP" for preferred shares". Sound Bank offers a full range
of financial services suited to individuals and businesses such as
mortgage, commercial and consumer loans, leasing, business and
personal checking, certificates of deposit, credit cards, personal
and corporate lines of credit, retirement accounts and on-line
banking. Sound Bank is headquartered in Morehead City, NC and
currently serves the area from its main office at 5039 Executive
Drive in Morehead City and Cape Carteret office located at 204 W B
McLean Drive. Additional information about Sound Banking Company is
available on its web site at: http://www.soundbanking.net/ The
information as of and for the quarter ended December 31, 2005 as
presented is unaudited. This news release contains forward-looking
statements. The actual results might differ materially from those
projected in the forward-looking statements for various reasons,
including our limited operating history, substantial changes in
financial markets, regulatory changes, changes in interest rates,
loss of deposits and loan demand to other savings and financial
institutions, and changes in real estate values and the real estate
market. First Call Analyst: FCMN Contact: DATASOURCE: Sound Banking
Company CONTACT: Phil Collins, President & CEO of Sound Banking
Company, +1-252-727-5558, or Web site: http://www.soundbanking.net/
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