Cardinal State Bank Announces Third Quarter Earnings
14 Oktober 2004 - 3:15PM
PR Newswire (US)
Cardinal State Bank Announces Third Quarter Earnings DURHAM, N.C.,
Oct. 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 third quarter of 2004 was $104,000, compared to a net loss of
$286,000 in the third quarter of 2003 and net income of $49,000 in
the second quarter of 2004. For the nine months ended September 30,
2004, net income was $121,000, compared to a net loss of $1,184,000
for the first nine months of 2003. Total assets stood at
$124,233,000 at September 30, 2004, compared to $86,441,000 at
September 30, 2003, an increase of $37,792,000 or 43.7%. Similar
gains were experienced in deposits and loans which increased to
$105,399,000 and $105,926,000, respectively, from $77,445,000 and
$73,967,000. "We are pleased with our results for the third quarter
of 2004," said John W. Mallard, Jr., President and CEO of Cardinal
State Bank. "Our profitability continued to improve due to improved
interest rate spreads and margins, as well as continued emphasis on
the generation of non-interest revenue. We remain highly optimistic
about the balance of 2004 and beyond." Cardinal State Bank,
headquartered in Durham, NC, 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 2004 2003 2004 2003 Income and Per
Share Data: Interest Income $1,539 946 $4,079 2,168 Interest
Expense 477 398 1,391 888 Net Interest Income 1,062 548 2,688 1,280
Loan Loss Provision 128 184 281 509 Net Interest Income After
Provision 934 364 2,407 771 Other Income 120 73 289 193 Other
Expense 950 723 2,575 2,148 Income Before Taxes 104 (286) 121
(1,184) Income Taxes - - - - Net Income (Loss) $104 (286) $121
(1,184) Income (Loss) Per Share: Basic $.05 (.23) $.07 (.93)
Diluted $.05 (.23) $.07 (.93) Average Shares Outstanding (000's)
2,261 1,280 1,777 1,280 Balance Sheet Data: Total Assets $124,233
86,441 - - Total Deposits 105,399 77,445 - - Total Loans 105,926
73,967 - - Loan Loss Reserve 1,329 932 - - Total Shareholders'
Equity 18,171 8,835 - - Asset Quality: Non-Performing Loans 166 33
- - Non-Performing Loans To Total Assets (%) .13 .04 - - Net Loan
Charge-Offs 17 13 17 13 Net Loan Charge-Offs To Average Loans (%)
.07 .07 .03 .04 Performance Ratios: Return On Average Assets (%)
.34 (1.40) .15 (2.52) Return On Average Equity (%) 2.28 (12.59)
1.21 (16.85) Net Interest Margin (%) 3.58 2.83 3.33 2.91
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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