Cardinal State Bank Announces Third Quarter 2005 Financial Results
13 Oktober 2005 - 3:01PM
PR Newswire (US)
DURHAM, N.C., Oct. 13 /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 third quarter of 2005 was $210,000, compared to net income of
$104,000 in the third quarter of 2004. For the nine months ended
September 30, 2005, net income amounted to $609,000, compared to
$121,000 for the first nine months of 2004. Total assets stood at
$152,080,000 at September 30, 2005, compared to $124,233,000 at
September 30, 2004, an increase of $27,847,000 or 22.4%. Similar
gains were experienced in deposits and loans which increased to
$125,253,000 and $121,270,000, respectively, from $105,399,000 and
$105,926,000. "We passed a significant milestone of $150 million in
total assets during the third quarter" said John W. Mallard, Jr.,
President and CEO of Cardinal State Bank. "Our asset quality
remains strong and profitability continues to improve." Mallard
further noted: "We have recently leased additional space in our
Administration/Operations location which will officially become our
corporate headquarters effective January 1, 2006. We are also
negotiating to purchase an additional branch location outside of
Durham. We remain 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 Nine Months
Ended September 30 September 30 2005 2004 2005 2004 Income
Statement: Interest Income $2,279 1,538 $6,237 4,080 Interest
Expense 887 477 2,273 1,391 Net Interest Income 1,392 1,061 3,964
2,689 Loan Loss Provision 60 128 171 281 Net Interest Income After
Provision 1,332 933 3,793 2,408 Other Income 134 120 320 288 Other
Expense 1,256 949 3,504 2,575 Income Before Taxes 210 104 609 121
Income Taxes -- -- -- -- Net Income $210 104 $609 121 Income Per
Share: Basic .09 .05 .27 .07 Diluted .09 .05 .26 .07 Average Shares
Outstanding (000's): Basic 2,261 2,261 2,261 1,767 Diluted 2,288
2,261 2,288 1,767 Balance Sheet Data: Total Assets $152,080 124,233
-- -- Total Deposits 125,253 105,399 -- -- Total Loans 121,270
105,926 -- -- Loan Loss Reserve 1,522 1,329 -- -- Total
Shareholders' Equity 18,945 18,171 -- -- Asset Quality:
Non-Performing Loans 453 5 -- -- Non-Performing Loans To Total
Assets (%) .30 .00 -- -- Net Loan Charge-Offs 17 17 39 19 Net Loan
Charge-Offs To Average Loans (%) .06 .07 .05 .03 Performance
Ratios: Return On Average Assets (%) .56 .34 .56 .14 Return On
Average Equity (%) 4.41 2.28 4.35 1.21 Net Interest Margin (%) 3.86
3.58 3.80 3.33 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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