MOREHEAD CITY, N.C., March 7, 2011 /PRNewswire/ -- Sound Banking Company (OTC Bulletin Board: SNBN) reported today net income for 2010 of $481,000 or $.60 per common share, which is an improvement of $2.0 million when compared to the $1,541,000 or $1.92 per share net loss for 2009. The 2009 results have been restated to reflect an adjustment to deferred taxes. The Company originally reported a $2,455,000 loss in its 2009 annual report.
Total assets on December 31, 2010 were $123.8 million, a decrease of $4.8 million or 4% when compared to December 31, 2009. On December 31, 2010, loans were $89.4 million, a decrease of $9.2 million or 9% and deposits were $99.9 million, up $1.0 million or 1% when compared to December 31, 2009. Total stockholders' equity was $11.4 million or 9.3% of assets on December 31, 2010.
Commenting on the Company's performance, S. Phillip Collins, President and Chief Executive Officer stated, "We are pleased to report a profit for 2010. Moreover, we are quite pleased with these positive results given the sluggishness of our local economy and real estate market."
The Company also announced today that its Board of Directors has approved a stock offering to all shareholders of common stock and Series "A" preferred stock. Under the terms of the offering each shareholder of record on January 13, 2011 will have the right to purchase one stock unit for every share they currently own. The purchase price is set at $3.00 per unit. Each unit will consist of one share of stock and a warrant to purchase an additional share at $3.00. Additional information will be sent to all shareholders in the next few weeks.
Commenting on the offering, Mr. Collins stated, "Our stock price has been at or near historical lows and we are pleased to provide this exclusive opportunity to our existing shareholders, many of whom were initial investors in the formation of Sound Bank ten years ago."
Sound Banking Company, headquartered in Morehead City, North Carolina, offers a broad range of financial services The Bank's website is www.soundbanking.com.
Information in this press release contains "forward-looking statements." These statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory changes, the risks of changes in interest rates and the effects of competition.
SOURCE Sound Banking Company