MOREHEAD CITY, N.C., Feb. 22 /PRNewswire-FirstCall/ -- Sound Banking Company (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.
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