4th Quarter Earnings Release: Stonegate Bank Exceeds $200 Million In Assets.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla. -- Stonegate Bank (OTCBB OTCBB
See OTC Bulletin Board (OTCBB). :SGBK) released earnings for the 4th quarter of 2006 and posted pretax earnings of $324,000 compared to a loss of $42,806 in the 4th quarter of 2005. The earnings increase was achieved despite a one time non cash expense of $196,901 to cover the expense of stock options issued in 2005. Total pretax income pretax income
Reported income before the deduction of income taxes. Pretax income is sometimes considered a better measure of a firm's performance than aftertax income because taxes in one period may be influenced by activities in earlier periods. for 2006 was $1,175,000 compared to a loss of $932,042 in 2005. In 2006 Stonegate Bank had a total pretax return on assets Return on assets (ROA)
Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). .69% and a total pretax return on equity of 3.01%. The Bank's efficiency ratio was 77.35% in 2006. As a result, pretax earnings per share increased from a negative 1.0 cents per share Cents per share
The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in the 4th quarter of 2005 to 8.1 cents per share in the 4th quarter of 2006. On an undiluted basis Stonegate earned 38.2 cents per share in 2007.
Total loans grew from $89.9 million at 12/31/05 to $164 million at 12/31/06. This was an 82% increase. Since the Bank's inception, there have been no loan charge offs or non-performing assets. Total deposits increased from $78 million at 12/31/05 to $162 million at 12/31/06. This represented a 107% increase. Total assets increased by $90 million at 12/31/05 to $212 million at 12/31/06. This represented a 75% increase over the prior year.
Stonegate Bank's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. David Seleski stated: "We had three major accomplishments in 2006. First, we grew assets to $212 million without sacrificing our credit quality. This is a tribute to the staff given the interest and credit environment in 2006. In addition, we were able to achieve $91 million in asset growth in 2006 with the addition of one new office. Second, our net income of $1,530,745 was substantial for 2006 and an exception for most Banks our size and age. This certainly validates our business banking model. Third, our capital position exceeds our initial capitalization of $40 million by $421,000. Once again, it is impressive to have recovered our initial losses by the 21st month of operations. It should be noted that while we did take a one time non-cash expense Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash
disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) of $196,901 in the fourth quarter, all of our stock option expenses are being expensed according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. GAAP GAAP
See: Generally Accepted Accounting Principles
See generally accepted accounting principles (GAAP). for publicly traded companies publicly traded company
A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. ."
The Bank has also set a tentative opening for our Coral Springs Coral Springs, city (1990 pop. 79,443), Broward co., SE Fla.; inc. 1963. Largely residential, it is a city that has grown rapidly along with the southern Florida and Fort Lauderdale area. The population of Coral Springs nearly doubled between 1980 and 1990. office of June of 2007 and our Sarasota office in July of 2007. Our permanent location in Jupiter will be open in April of 2007. The addition of the Coral Springs office as well as the opening of our West Florida
West Florida was a region on the north shore of the Gulf of Mexico, which underwent several boundary and sovereignty changes during its history. division in Sarasota will significantly add value to the franchise as we introduce our business model to other markets in Florida
Stonegate Bank is located in Ft. Lauderdale, Boca Raton and Jupiter. The Bank's website is 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, which statements are made pursuant to the "safe harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " 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," "expect," "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 U.S. Treasury
Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. and the Federal Reserve, changes in the quality or composition of the Bank's 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 Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. which 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.
STONEGATE BANK < < Balance Sheet < < As of December 31, 2006 < < < < (In Thousands) < < Assets < < Cash and Due From Banks < < $ 2,851 Federal Funds Sold < < 15,584 Investment Securities < < 24,035 Net Loans < < 164,675 Fixed Assets < < 1,850 Other Assets < < 2,980 Total Assets < < $ 211,975 < < < < Liabilities < < Non-Interest Bearing Deposits < < $ 14,092 Interest Bearing Deposits < < 148,150 Repurchase Agreements < < 7,888 Other Liabilities < < 1,424 Total Liabilities < < 171,554 < < Total Capital < < 40,421 Total Liabilities and Capital < > Income Statement > > For Period Ended December 31, 2006 > > > > (In Thousands) > > Net Interest Income > > $ 7,832 Less: Allowance for Loan Losses > > 767 Realized Gains (Losses) on AFS Securities > > (68) Non-Interest Income > > 429 Less: Salaries and Benefits Expense > > 3,887 Occupancy and Equipment Expense > > 1,041 Other Expense > > 1,126 Net Income Before Expense for 2005 Stock Options > > Granted and Income Taxes > > 1,372 Less: Expense for 2005 Stock Options Granted > > 197 Net Income Before Taxes > > 1,175 Income Taxes > > (356) Net Income > > $ 1,531