Cardinal State Bank Announces First Quarter 2005 Financial
Results
DURHAM, N.C., April 12 /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 of
2005 was $206,000, compared to a net loss of $32,000 in the first quarter of
2004 and net income of $181,000 in the fourth quarter of 2004. Total assets
stood at $142,221,000 at March 31, 2005, compared to $103,494,000 at March 31,
2004, an increase of $38,727,000 or 37.4%. Similar gains were experienced in
deposits and loans which increased to $115,910,000 and $110,032,000,
respectively, from $94,281,000 and $91,053,000.
"We have continued our momentum from 2004 into the first quarter of 2005" said
John W. Mallard, Jr., President and CEO of Cardinal State Bank. "Our balance
sheet has grown further and profitability continues to improve. We have some
exciting preliminary plans underway that we will share with you in succeeding
quarters. 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
Three Months Ended
March 31
2005 2004
Income and Per Share Data:
Interest Income $1,889 1,220
Interest Expense 648 458
Net Interest Income 1,241 762
Loan Loss Provision 49 77
Net Interest Income
After Provision 1,192 685
Other Income 100 78
Other Expense 1,086 795
Income Before Taxes 206 (32)
Income Taxes - -
Net Income (Loss) $206 (32) Income (Loss) Per Share:
Basic $.09 (.03)
Diluted .09 (.03)
Average Shares Outstanding
(000's):
Basic 2,261 1,280
Diluted 2,290 1,280 Balance Sheet Data:
Total Assets $142,221 103,494
Total Deposits 115,910 94,281
Total Loans 110,032 91,053
Loan Loss Reserve 1,431 1,144
Total Shareholders' Equity 18,544 8,607 Asset Quality:
Non-Performing Loans 197 -
Non-Performing Loans
To Total Assets (%) .14 -
Net Loan Charge-Offs 8 -
Net Loan Charge-Offs
To Average Loans (%) .03 - Performance Ratios:
Return On Average Assets (%) .59 (.13)
Return On Average Equity (%) 4.50 (1.49)
Net Interest Margin (%) 3.69 3.15
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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