MOREHEAD CITY, N.C., May 11 /PRNewswire-FirstCall/ -- Sound Bank (BULLETIN BOARD: SNBN) reported today that net income for the first quarter of 2007 was $249,000 or $0.36 per diluted share, a 29% increase in net income and a 24% increase in diluted earnings per share when compared with net income of $193,000 or $0.29 per diluted share for the first quarter of 2006.
Total assets were $109.5 million on March 31, 2007; up 17% when compared with March 31, 2006 total assets of $93.6 million. As of March 31, 2007, loans outstanding were $85.6 million while deposits amounted to $94.4 million, resulting in increases of 20% and 11%, respectively, when compared with outstanding loans of $71.2 million and deposits of $85.3 million at March 31, 2006.
Commenting on the first quarter performance, Phil Collins, President and CEO, said, "We continue to be pleased by the Bank's performance in both asset and earnings growth. In January of this year, we celebrated the ground breaking of our newest location at 1897 Live Oak Street in Beaufort, which will open in July. We are excited about the opportunities associated with the opening of our newest branch."
Sound Banking Company is a state chartered bank and offers a full range of financial services. Sound Bank, headquartered in Morehead City, operates full service offices in Morehead City and Cape Carteret and a loan production office in New Bern, North Carolina. Information about Sound Banking Company and its products and services is available on its web site at: http://www.soundbanking.com/
The information as of and for the quarter ended March 31, 2007 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.
