ELKTON, MD:
CECIL BANCORP, INC, PARENT OF CECIL BANK RELEASES YEAR END RESULTS 2006
Cecil Bancorp, Inc., parent of Cecil Bank is pleased to report another successful year. “We experienced growth in all areas of our endeavors,” said Charles F. Sposato, Chairman of both companies. Total assets under management increased $80.3 million dollars, representing a 30% increase to $347 million. “This is the third straight year that we have experienced growth in excess of 30%.” Loans increased by 30% and total deposits increased by 36%. Interest income, net interest income, and non-interest income all reached record levels. Total income similarly exceeded prior records, the net result was an increase in net income after taxes of over $2.7 million, a 32% increase over prior record earnings set in 2005. Stockholder’s equity increased by 11%, providing further testimony to the financial strength of the company.
Market share of deposits is a major indicator of the success of a financial institution’s presence within a community. Out of the top six FDIC insured financial institutions serving Cecil County, Cecil Bank is the only bank to have had an increase in market share from 2005 to 2006. Cecil Bank posted a total market share position of 19.26%, an increase of 2.61% over the previous year. This information is compiled from the Federal Deposit Insurance Corporation’s Summary of Deposits report of deposits within Cecil County for 2006.
Products and services are constantly being updated and enhanced to meet the needs of our growing community. The newest product to be offered by Cecil Bank is Remote Deposit Plus. Remote Deposit Plus gives the customer the power never to visit the bank branch. Deposits are captured via a scanner provided by the bank right at the customer’s place of business. Deposits are remotely deposited into their accounts at Cecil Bank the next day. “This product saves the customer both time and money”, said Mary Beyer Halsey, President and CEO of both companies. “No more daily trips to the bank branch. Also, customers love the reporting that comes along with this product. They have computer copies of all checks and deposits at their fingertips! This product goes hand and hand with our E-Statements and Internet Banking Products.”
“The Bank is also kicking off a new checking account product that pays high yielding money market rates. The goal of the bank is to offer new innovative products that enhance the customers’ ability to focus on their business, not ours”, Halsey said.
Cecil Bancorp, Inc. is publicly traded under the symbol CECB. The stock is currently trading at $19.50 per share. Throughout the past five years the value of the Company’s stock has increase 117%, which equates to an average of a 23% increase per year. The company has outperformed the Dow Jones Industrial Index, S & P 500 Index and the NASDAQ Composite Index during the same period.
Cecil Bank has 13 office locations, including a loan origination center, located throughout Cecil and Harford Counties.
