Cardinal State Bank Announces First Quarter 2005 Financial Results
April 12 2005 - 9:00AM
PR Newswire (US)
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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