Sound Bank Reports Record Profits
03 5월 2006 - 7:11AM
PR Newswire (US)
MOREHEAD CITY, N.C., May 2 /PRNewswire-FirstCall/ -- Sound Bank
(OTC:SNBN) (BULLETIN BOARD: SNBN) reported today that pre-tax
income for the first quarter of 2006 was $317,000, a 92% increase
when compared with pre-tax income of $165,000 for the first quarter
of 2005. The Bank also reported that net income of $193,000 or
$0.29 per diluted share for the first quarter of 2006. These
results reflect increases of 17% and 26%, respectively, when
compared with the net income of $165,000 and $0.23 per diluted
share earned in the first quarter of 2005. In the first quarter of
2006, Sound Bank began recording income tax expense as a result of
the Bank's cumulative profitability in recent years having used all
of the net operating losses it incurred in the first few years of
operations. In the first quarter of 2006, the Bank's income tax
expense was $124,000 compared to no income tax expense for the same
period of 2005. Total assets were $94 million on March 31, 2006, up
31% when compared with March 31, 2005. As of March 31, 2006, loans
outstanding were $71 million while deposits amounted to $85
million, resulting in increases of 35% and 36%, respectively, when
compared with 2005. Commenting on the first quarter performance,
Phil Collins, President and CEO, said, "We are very pleased with
our first quarter performance. The earnings momentum we experienced
in 2005 is continuing into 2006. In addition, we are excited about
the growth opportunities associated with our opening of a loan
production office in New Bern within the next few months." Sound
Bank provides a full range of financial services to individuals,
businesses and professional partnerships such as personal and
corporate accounts, mortgage and retail loans, business vehicle and
equipment leasing, certificates of deposit, personal and corporate
lines of credit, retirement accounts, wealth management, and
on-line banking Additional information about Sound Bank is
available on its web site at http://www.soundbanking.net/. The
information as of and for the quarter ended March 31, 2006 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. DATASOURCE: Sound Bank CONTACT: Phil Collins of Sound Bank,
+1-252-727-5558 Web site: http://www.soundbanking.net/
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