Cardinal State Bank Announces Record Financial Results for 2005
19 Januar 2006 - 2:00PM
PR Newswire (US)
DURHAM, N.C., Jan. 19 /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 year ended December 31, 2005 was a record $739,000, compared to
net income of $302,000 for 2004, an increase of 144.7%. For the
three months ended December 31, 2005, net income amounted to
$130,000, compared to $181,000 for the fourth quarter of 2004.
Total assets stood at $163,898,000 at December 31, 2005, compared
to $135,439,000 at December 31, 2004, an increase of $28,459,000 or
21.0%. Similar gains were experienced in deposits and loans which
increased to $136,896,000 and $134,235,000, respectively, from
$109,348,000 and $110,798,000. "We are very pleased with our record
earnings and growth in our balance sheet in 2005" said John W.
Mallard, Jr., President and CEO of Cardinal State Bank. "Loan
demand in the fourth quarter of 2005 was exceptional which impacted
our short-term earnings due to increased loan loss provisions to
match the growth in our loan portfolio. However, this loan growth
further strengthened our positive outlook for 2006. Our asset
quality remains strong and we are anticipating further improvements
in profitability." Mallard further noted: "We have recently
occupied additional leased space in our Administration/Operations
location which officially became our corporate headquarters
effective January 1, 2006. We are continuing negotiations to
purchase an additional branch location outside of Durham. We remain
highly optimistic about our prospects in 2006 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 Years Ended December 31 December 31 2005
2004 2005 2004 Income Statement: Interest Income $2,523 1,707
$8,760 5,786 Interest Expense 1,056 536 3,329 1,927 Net Interest
Income 1,467 1,171 5,431 3,859 Loan Loss Provision 165 77 336 358
Net Interest Income After Provision 1,302 1,094 5,095 3,501 Other
Income 110 125 430 414 Other Expense 1,282 1,038 4,786 3,613 Income
Before Taxes 130 181 739 302 Income Taxes -- -- -- -- Net Income $
130 181 $ 739 302 Income Per Share: Basic .06 .08 .33 .16 Diluted
.06 .08 .32 .16 Average Shares Outstanding (000's): Basic 2,261
2,261 2,261 1,891 Diluted 2,276 2,261 2,285 1,891 Balance Sheet
Data: Total Assets $163,898 135,439 -- -- Total Deposits 136,896
109,348 -- -- Total Loans 134,235 110,798 -- -- Loan Loss Reserve
1,682 1,390 -- -- Total Shareholders' Equity 19,075 18,343 -- --
Asset Quality: Non-Performing Loans 444 102 -- -- Non-Performing
Loans To Total Assets (%) .27 .08 -- -- Net Loan Charge-Offs 5 16
44 35 Net Loan Charge-Offs To Average Loans (%) .02 .06 .04 .04
Performance Ratios: Return On Average Assets(%) .32 .56 .50 .26
Return On Average Equity(%) 2.72 3.93 3.93 2.06 Net Interest
Margin(%) 3.77 3.75 3.79 3.45 First Call Analyst: FCMN Contact:
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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