Cardinal State Bank Reports Increased Quarterly Earnings
17 April 2007 - 3:00PM
PR Newswire (US)
DURHAM, N.C., April 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 first quarter ended March 31, 2007 totaled
$309,000, compared to net income of $77,000 for the first quarter
of 2006. Basic and diluted income per share was $.14 in the 2007
period, compared to $.03 in the 2006 period. Total assets as of
March 31, 2007 were $192.8 million, compared to $171.6 million at
March 31, 2006, an increase of $21.2 million or 12.4%. Fueling the
growth in total assets was an increase of $19.4 million or 13.4% in
total deposits which increased to $163.9 million at March 31, 2007
from $144.5 million at March 31, 2006. During the same period,
total loans increased to $154.5 million from $149.6 million, an
increase of $4.9 million or 3.3%. "We had another good quarter in
asset growth and net income" said John W. Mallard, Jr., President
and CEO of Cardinal State Bank. "We reviewed the methodology for
our allowance for loan losses during the first quarter of 2007 and
determined that we could reduce this allowance based on our solid
asset quality history and the quality of our current loan
portfolio. The Hillsborough community continues to respond
favorably to our newest branch office. We remain excited about our
future in this community. Despite continued pressure on our net
interest margin, increased regulatory assessments and
auditing/accounting costs, we remain optimistic about 2007 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 and one office in
Hillsborough at 100 S. Churton Street. 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 Three Months Ended March 31 2007 2006 Income
Statement: Interest Income $3,258 2,751 Interest Expense 1,641
1,199 Net Interest Income 1,617 1,552 Loan Loss Provision (242) 245
Net Interest Income After Provision 1,859 1,307 Other Income 125
116 Other Expense (1) 1,675 1,346 Income Before Taxes 309 77 Income
Taxes -- -- Net Income $309 77 (1) Includes stock option expense
$45 77 Income Per Share: Basic .14 .03 Diluted .14 .03 Average
Shares Outstanding (000's): Basic 2,263 2,261 Diluted 2,263 2,261
Balance Sheet Data: Total Assets $192,832 171,645 Total Deposits
163,856 144,464 Total Loans 154,491 149,644 Loan Loss Reserve 1,698
1,927 Total Shareholders' Equity 20,651 19,228 Asset Quality:
Non-Performing Assets 1,351 547 Non-Performing Assets To Total
Assets (%) .70 .32 Net Loan Charge-Offs (19) 1 Net Loan Charge-Offs
To Average Loans (%) (.05) -- Performance Ratios: Return On Average
Assets (%) .66 .19 Return On Average Equity (%) 6.11 1.61 Net
Interest Margin (%) 3.60 3.92 DATASOURCE: Cardinal State Bank
CONTACT: John W. Mallard, Jr., President and Chief Executive
Officer of Cardinal State Bank, +1-919-403-2833,
Copyright
Cardinal State Bank (MM) (NASDAQ:CSNC)
Historical Stock Chart
Von Sep 2024 bis Okt 2024
Cardinal State Bank (MM) (NASDAQ:CSNC)
Historical Stock Chart
Von Okt 2023 bis Okt 2024