Stonegate Bank Reports Net Income of $2.2 Million for 2nd Qtr 2012

Second Quarter 2012 Highlights:

•  Net income of $2,250,000 for the second quarter of 2012
• Total assets grew to $906 million from $839 million year over year
• 26 straight quarters of profitability
• 4.02% June net interest margin
• Tier 1 risk based capital ratio of 16.38%
• Total organic loan growth was 12% year to date

FORT LAUDERDALE, Fla.  (July 18, 2012) – Stonegate Bank (OTCBB: SGBK) reported net income of $2,250,000 or 27.3 cents per share in the second quarter of 2012, as compared to net income of $5,736,000 or 69.9 cents per share in the second quarter of 2011. The Bank earned $4,491,000 or 54.5 cents per share for the first six months of 2012, as compared to $7,183,000 or 87.1 cents per share in the first six months of 2011.

Income and Expenses:

Total interest income increased from $9.3 million in the second quarter of 2011 to $10.1 million in the second quarter of 2012. This $800,000 increase is largely due to an increase of $101 million in total loans period to period. Total interest expense decreased minimally to $1.87 million for the second quarter. This occurred even though total deposits increased $53 million period to period. This resulted in net interest income improving from $7.3 million in the second quarter of 2011 to $8.2 million in the second quarter of 2012….read the complete earnings release