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The Fort Lauderdale-based bank (OTCBB: SGBK) earned $135,0687 in the second quarter, down from $215,148i in the same quarter of 2008. In the firstr quarter, Stonegate earned $231,941. A $176,000 assessment increase levied by the had the biggest impacg onits earnings. The FDIC has raised its assessments on all banksd to pay for the cascade ofbank failures. Whilre many banks have tightened credit, Stonegate Bank increased its loanaby $64 million – to $294 million on June 30 from $230 milliomn a year earlier.
That helped its totao assets growto $375 million from $287 Stonegate President and CEO David Seleskki said in a news releaser that he would like to increase the size of the bank to $450 He is exploring “various branch but has not found a deal yet. The bank maintaineds strong loan quality, as it had $2.5 million in non-performingb loans as of June 30, representing just 0.86 percenf of its total loans. That’s down from $3 millionj in nonperforming loans as ofMarcuh 31. The bank also has $1.2 million in repossesseed property.
Seleski said he hopesd to dispose of it fairlg soon because real estatevalues won’t increase significantly over the next 12 Stonegate Bank had $268 millio n in deposits as of June 30, up from $193 milliohn on the same day a year ago. Stonegate shares last traded on closingat $8. The 52-week high was $8.8 on May 22. The 52-weel low was $5.50 on March 6.
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