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Stonegate Banks Q2 shows growth

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."

Stonegate Bank is headquartered in Fort Lauderdale, Florida and now has more than $93 million in total assets at quarter two`s 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.