Cardinal State Bank Reports Record Quarterly Earnings
17 Juli 2006 - 3:00PM
PR Newswire (US)
DURHAM, N.C., July 17 /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 ended June 30, 2006 totaled $358,000, compared
to net income of $193,000 for the second quarter of 2005, an
increase of 85.5%. Excluding the required provision for loan losses
and expense for stock options, Cardinal State Bank's net income for
the second quarter of 2006 was $541,000, compared to net income of
$256,000 for the second quarter of 2005, an increase of 111.3%. For
the six months ended June 30, 2006, net income amounted to
$435,000, compared to $399,000 for the first six months of 2005, an
increase of 9.0%. Excluding the required provision for loan losses
and expense for stock options, Cardinal State Bank's net income for
the first six months of 2006 was $940,000, compared to net income
of $511,000 for the first six months of 2005, an increase of 84.0%.
Total assets as of June 30, 2006 were $175.8 million, compared to
$144.8 million at June 30, 2005, an increase of $31.0 million or
21.4%. Similar gains were experienced in loans and deposits. Total
loans were $152.0 million, an increase of $33.2 million or 27.9%,
over the $118.8 million reported for the same period in 2005. Total
deposits were $148.1 million, an increase of $29.8 million or 25.2%
over second quarter 2005 deposits of $118.3 million. "The second
quarter of 2006 was a great quarter for Cardinal State Bank," said
John W. Mallard, Jr., President and CEO of Cardinal State Bank. "We
not only achieved good financial results, at our annual meeting in
April, we announced that our shareholders had approved the
formation of a holding company. While we have not yet moved forward
on this, we have the latitude to do so as soon as we determine it
is prudent. "We celebrated our fifth anniversary in June, and
simultaneously announced that we will open a loan production office
in Hillsborough, NC in September, with plans for a full-service
office to open there in 2007. We are excited about the new office,
and the business community in Hillsborough seems extremely
supportive of having us there. Loan demand across the company
continues to be strong and we look forward to new opportunities in
Hillsborough and beyond." Under new accounting guidelines, we began
to expense stock options on January 1, 2006. The impact on net
income for the first six months of 2006 was $137,000 in additional
expense. 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 2006 2005 2006 2005 Income Statement:
Interest Income $3,099 2,069 $5,850 3,958 Interest Expense 1,377
738 2,576 1,386 Net Interest Income 1,722 1,331 3,274 2,572 Loan
Loss Provision 123 63 368 112 Net Interest Income After Provision
1,599 1,268 2,906 2,460 Other Income 181 86 297 186 Other Expense
(1) 1,422 1,161 2,768 2,247 Income Before Taxes 358 193 435 399
Income Taxes -- -- -- -- Net Income $358 193 $435 399 (1) Includes
stock option expense $60 -- $137 -- Income Per Share: Basic .16 .09
.19 .18 Diluted .16 .08 .19 .17 Average Shares Outstanding (000's):
Basic 2,262 2,261 2,261 2,261 Diluted 2,262 2,285 2,261 2,287
Balance Sheet Data: Total Assets $175,780 144,779 -- -- Total
Deposits 148,081 118,262 -- -- Total Loans 152,045 118,817 -- --
Loan Loss Reserve 1,983 1,480 -- -- Total Shareholders' Equity
19,664 18,735 -- -- Asset Quality: Non-Performing Loans 893 116 --
-- Non-Performing Loans To Total Assets (%) .51 .08 -- -- Net Loan
Charge-Offs 66 14 67 22 Net Loan Charge-Offs To Average Loans (%)
.17 .05 .09 .04 Performance Ratios: Return On Average Assets (%)
.82 .54 .51 .57 Return On Average Equity (%) 7.34 4.14 4.51 4.32
Net Interest Margin (%) 4.08 3.83 4.00 3.77 DATASOURCE: Cardinal
State Bank CONTACT: John W. Mallard, Jr., President and Chief
Executive Officer of Cardinal State Bank, +1-919-403-2833,
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