Cardinal State Bank Announces Second Quarter 2005 Financial Results
14 Luglio 2005 - 2:50PM
PR Newswire (US)
Cardinal State Bank Announces Second Quarter 2005 Financial Results
DURHAM, N.C., July 14 /PRNewswire-FirstCall/ -- Cardinal State Bank
(NASDAQ:CSNC), a North Carolina state chartered bank headquartered
in Durham, North Carolina, announced today that its net income for
the second quarter of 2005 was $193,000, compared to net income of
$49,000 in the second quarter of 2004. For the six months ended
June 30, 2005, net income amounted to $399,000, compared to $17,000
for the first six months of 2004. Total assets stood at
$144,779,000 at June 30, 2005, compared to $119,021,000 at June 30,
2004, an increase of $25,758,000 or 21.6%. Similar gains were
experienced in deposits and loans which increased to $118,262,000
and $118,817,000, respectively, from $100,357,000 and $97,078,000.
"We have continued our momentum from 2004 through the first half of
2005" said John W. Mallard, Jr., President and CEO of Cardinal
State Bank. "Our balance sheet has grown further, our asset quality
remains strong and profitability continues to improve. We have some
exciting plans underway that we will share with you in succeeding
quarters. We are highly optimistic about the remainder of 2005 and
beyond." Cardinal State Bank is a full-service community bank.
Founded in 2001, the Bank has three offices in Durham: Homestead
Market, Independence Park and Westgate Drive. This news release may
contain, among other things, certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including, without limitation, (i) statements regarding
certain of Cardinal State Bank's goals and expectations with
respect to earnings, earnings per share, revenue, expenses and the
growth rate in such items, as well as other measures of economic
performance, including statements relating to estimates of credit
quality trends, and (ii) statements preceded by, followed by or
that include the words "may", "could", "should", "would",
"believe", "anticipate", "estimate", "expect", "intend", "plan",
"projects", "outlook" or similar expressions. These statements are
based upon the current beliefs and expectations of Cardinal State
Bank's management and are subject to significant risks and
uncertainties. Actual results may differ from those set forth in
the forward-looking statements. These forward-looking statements
involve certain risks and uncertainties that are subject to change
based on various factors (many of which are beyond Cardinal State
Bank's control). CARDINAL STATE BANK ($000's Except Per Share Data)
As of or For The As of or For The Three Months Ended Six Months
Ended June 30 June 30 2005 2004 2005 2004 Income Statement:
Interest Income $2,069 1,321 $3,958 2,542 Interest Expense 738 456
1,386 914 Net Interest Income 1,331 865 2,572 1,628 Loan Loss
Provision 63 76 112 153 Net Interest Income After Provision 1,268
789 2,460 1,475 Other Income 86 91 186 168 Other Expense 1,161 831
2,247 1,626 Income Before Taxes 193 49 399 17 Income Taxes -- -- --
-- Net Income $193 49 $399 17 Income Per Share: Basic .09 .03 .18
.01 Diluted .08 .03 .17 .01 Average Shares Outstanding (000's):
Basic 2,261 1,754 2,261 1,517 Diluted 2,285 1,754 2,287 1,517
Balance Sheet Data: Total Assets $144,779 119,021 -- -- Total
Deposits 118,262 100,357 -- -- Total Loans 118,817 97,078 -- --
Loan Loss Reserve 1,480 1,218 -- -- Total Shareholders' Equity
18,735 18,078 -- -- Asset Quality: Non-Performing Loans 116 18 --
-- Non-Performing Loans To Total Assets (%) .08 .02 -- -- Net Loan
Charge-Offs 14 2 22 2 Net Loan Charge-Offs To Average Loans (%) .05
.01 .04 .00 Performance Ratios: Return On Average Assets (%) .54
.18 .57 .03 Return On Average Equity (%) 4.14 1.49 4.32 .31 Net
Interest Margin (%) 3.83 3.23 3.77 3.19 DATASOURCE: Cardinal State
Bank CONTACT: John W. Mallard, Jr., President and Chief Executive
Officer of Cardinal State Bank, +1-919-403-2833, or
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