Hank's Small Banks

[10 bagger]

CHKJ earnings..

Cherokee Banking Company Announces Bank Earnings for 2nd Quarter 2006

Jul 25, 2006 10:02:34 (ET)


CANTON, Ga., July 25, 2006 /PRNewswire-FirstCall via COMTEX/ -- Cherokee Banking Company (CHKJ, Trade ), the holding company of Cherokee Bank, N.A., reported that the bank had improved earnings for the second quarter of 2006 over the same time last year. For the three months ended June 30, 2006, Cherokee Bank reported net income of $387,364 compared to $326,927, for the three months ended June 30, 2005. For the first six months of 2006, net income increased to $706,883 from $554,795 in the respective period in 2006, an increase of 27%.

Dennis Burnette, President & CEO noted that there were also improvements in key balance sheet areas. As of June 30, 2006 total assets were $194.4 million, versus $164.9 million as of June 30, 2005. Net loans increased 34% to $125.3 million from $93.4 and all asset quality indicators remain positive. Total deposits increased to $178.7 million from $142.3 million for the same period.

Cherokee Banking Company, a bank holding company, owns 100% of the outstanding common stock of Cherokee Bank, N.A., which operates two full service offices in Canton, Georgia. The bank has a loan production office in Woodstock and a full service office in Woodstock is under construction. The bank also has a Loan Production Office in adjoining Pickens County. The Company's stock trades on the OTC bulletin board under the symbol "CHKJ".

SOURCE Cherokee Banking Company


Dennis W. Burnette - President & CEO of Cherokee Banking Company, [phone]



http://www.prnewswire.com