MOREHEAD CITY, N.C., May 2 /PRNewswire-FirstCall/ -- Sound Bank (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.
