Fort Lauderdale, FL (PRWEB) July 30, 2005
Stonegate Bank experienced strong asset and deposit growth for the three months ended June 30, 2005 (second quarter). Total assets increased from $42.2 million at March 31, 2005 to $93.3 million at June 30, 2005. Total loan growth was $30.8 million for the second quarter. Deposits for the second quarter increased by $48.5 million.
Stonegate Bank's net loss was ($345,048) for the second quarter of 2005, as compared to a net loss of ($267,187) for the period beginning March 7,2005, the date the bank commenced operations, through March 31, 2005. Their loan loss reserve increased by $309,900 for the second quarter and represented 89.9 percent of the loss for the quarter. This was a standard reserve taken against all new loans generated during the second quarter.
The bank's efficiency ratio improved from 174.8 percent at March 31, 2005 to 84.57 percent at June 30, 2005. Stonegate Bank had a net interest margin of 4.62 percent at March 31, 2005.
"We are very pleased with both our growth and our operating performance so far," says Stonegate Bank's President and CEO David Seleski. "We always felt there are tremendous opportunities in our market both in terms of staffing as well as the general economic climate in South Florida. Our main goal is take advantage of this opportunity by having steady growth without sacrificing our operating performance."
About Stonegate Bank
Stonegate Bank is headquartered in Fort Lauderdale, Florida and now has more than $93 million in total assets at quarter end. Shares of the bank's common stock are traded on the OTC Bulletin Board under the symbol SGBK. Stonegate Bank presently operates two offices located in Fort Lauderdale and Boca Raton, Florida. For additional information regarding the Bank, visit their web site at http://www.stonegatebank.com
The Bank cautions that certain statements contained in this press release are "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995, which statements are made pursuant to the "safe harbor" provisions of such Act. These forward-looking statements describe future plans or strategies and may include the bank's expectations of future financial results. The words "believe,Â "expect,Â "anticipate", "estimate", "project", and similar expressions identify forward-looking statements. The Bank's ability to predict results or the effect of future plans or strategies or qualitative or quantitative changes is inherently uncertain. Actual results may differ materially from stated expectations. Specific factors include, but are not limited to, changes in general market interest rates, changes in general economic conditions and those specific to the bank's market area, legislative/regulatory changes, monetary and fiscal policies of the U.S. Treasury and the Federal Reserve, changes in the quality or composition of the bank?' loan portfolios, demand for loan products, changes in deposit flows, real estate values, and competition and other economic, competitive, governmental, regulatory and technological factors affecting the bank's operations, pricing, products and services. The bank makes periodic filings to the Federal Deposit Insurance Corporation that contain various Bank financial information, copies of which are available from the bank without charge. The bank disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained in this release to reflect future events or developments.
As of June 30, 2005
Cash and Due From Banks: $ 466
Federal Funds Sold: 27,675
Investment Securities: 14,820
Net Loans: 48,843
Fixed Assets: 1,054
Other Assets: 449
Total Assets: $ 93,307
Non-Interest Bearing Deposits: $ 6,280
Interest Bearing Deposits: 45,166
Repurchase Agreements: 2,623
Other Liabilities: 410
Total Liabilities: 54,479
Total Capital: 38,828
Total Liabilities and Capital: $ 93,307
For Period Ended June 30, 2005(1)
Net Interest Income: $ 892,185
Allowance for Loan Losses: 494,900
Non-Interest Income: 3,791
Salaries and Benefits Expense: 706,042
Occupancy and Equipment Expense: 133,283
Other Expense: 173,986
Net Loss: $(612,235)
(1)Includes loss of $267,187 from opening day March 7, 2005 through end of 1st Quarter 2005.
Contact Name: David Seleski
Contact Phone: (954) 315-5510
Web Address: http://www.stonegatebank.com
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