Cavalry Bancorp, Inc. Reports First Quarter Earnings.Business Editors MURFREESBORO Murfreesboro (mûr`frēzbûr'ə), city (1990 pop. 44,922), seat of Rutherford co., central Tenn., on Stones River; inc. 1817. It is the processing center of a dairy, livestock, and farm area. , Tenn.--(BUSINESS WIRE)--April 25, 2002 Cavalry cavalry, a military force consisting of mounted troops trained to fight from horseback. Horseback riding probably evolved independently in the Eurasian steppes and the mountains above the Mesopotamian plain. By 1400 B.C. Bancorp, Inc. (the "Company") (Nasdaq NMS See NetWare Management System. :CAVB) announced today first quarter consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: earnings for its wholly-owned subsidiary Cavalry Banking ("Bank") and the Company. Net income increased from $957,000 or $0.15 per share basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. for the quarter ended March 31, 2001 to $1.1 million or $0.16 per share basic and diluted for the period ended March 31, 2002. Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average assets increased from 1.01% for the quarter ended March 31, 2001 to 1.04% for the quarter ended March 31, 2002. Annualized return on average equity also increased from 8.78% for the quarter ended March 31, 2001 to 9.00% for the quarter ended March 31, 2002. This increase in earnings was a result of increased net interest income, increased gain on sale of loans, and increased non-interest income. These increases were partially offset by increased non-interest expenses. Net interest income increased 3.4% from $3.8 million for the three months ended March 31, 2001, to $3.9 million for the same period in 2002. Gain on sale of loans increased 41.2% from $403,000 for the three months ended March 31, 2001 to $569,000 for the same period in 2002. Other income increased 40.0% from $1.4 million for the three months ended March 31, 2001, to $1.9 million for the same period in 2002. Other expenses increased 16.8% from $3.9 million for the three months ended March 31, 2001, to $4.5 million for the same period in 2002. Total assets of the Company decreased from $432.9 million at December December: see month. 31, 2001 to $421.0 million at March 31, 2002. Net loans receivable increased from $280.2 million at December 31, 2001 to $284.9 million at March 31, 2002. Loans held-for-sale increased from $10.4 million at December 31, 2001 to $10.9 million at March 31, 2002. Deposits decreased from $381.0 million at December 31, 2001 to $368.3 million at March 31, 2002. On January January: see month. 1, 2002, the Bank converted to a state chartered Federal Reserve member commercial bank. The Company also converted to a Federal Reserve Bank Holding Company. In January 2002, the Bank completed the purchase of Miller & Loughry Insurance and Services, Inc., an independent insurance agency. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Certain of these statements contained in this release which are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including the uncertainties inherent in the process of auditing and making end-of-year adjustments to a corporation's financial statements. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. or changes after the date of this release.
Cavalry Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
Assets March 31, December 31,
------ 2002 2001
-------- --------
Cash and due from banks $ 16,148 $ 23,596
Interest-bearing deposits
with other financial institutions 273 393
Federal funds sold and securities purchased
under agreements to resell 39,642 45,292
------ ------
Cash and cash equivalents 56,063 69,281
Investment securities available-for-sale,
at fair value 33,781 41,808
Investment securities held-to-maturity, at cost 621 637
Federal Home Loan Bank of Cincinnati
stock and Federal Reserve Bank stock, at cost 3,423 2,159
Loans held for sale, at estimated fair value 10,936 10,423
Loans receivable, net of allowances
for loan losses of $4,570 in 2002
and $4,470 in 2001 284,850 280,239
Accrued interest receivable 2,026 2,139
Office properties and equipment, net 17,286 15,554
Bank owned life insurance 7,532 7,500
Foreclosed assets, net 225 184
Goodwill 1,741 -
Other assets 2,489 2,950
------ ------
Total assets 420,973 432,874
------------ ======= =======
Liabilities and Shareholders' Equity
------------------------------------
Liabilities:
Deposits:
Interest-bearing $ 323,397 $332,688
Noninterest-bearing 44,862 48,302
------- -------
Total deposits 368,259 380,990
Advances from Federal Home
Loan Bank of Cincinnati 984 998
Accrued expenses and other liabilities 3,197 2,080
------ -----
Total liabilities 372,440 384,068
----------------- ------- -------
Shareholders' Equity
--------------------
Preferred stock, no par value
Authorized - 250,000 shares;
none issued or outstanding at
March 31, 2002 and December 31, 2001 - -
Common stock, no par value
Authorized - 49,750,000 shares;
issued and outstanding
6,989,120 and 7,079,801 at
March 31, 2002, and December 31, 2001,
respectively 10,649 11,683
Retained earnings 41,462 40,700
Unallocated ESOP shares (3,582) (3,723)
Accumulated other comprehensive
income, net of tax 4 146
------ ------
Total Shareholders' Equity 48,533 48,806
-------------------------- ------ ------
Total Liabilities and Shareholders' Equity $420,973 $432,874
------------------------------------------ ======== ========
Cavalry Bancorp, Inc.
Consolidated Statements of Income
Unaudited
(In thousands, except per share data)
Three Months Ended
March 31,
2002 2001
---- ----
Interest and dividend income:
Loans $ 5,226 $ 6,492
Investment securities 520 584
Other 172 424
---- ---
Total interest and dividend income 5,918 7,500
------ -----
Interest expense - deposits 1,924 3,628
Interest expense - borrowings 5 14
-- --
Total interest expense 1,929 3,642
------ -----
Net interest income 3,989 3,858
------ -----
Provision for loan losses 109 103
---- ---
Net interest income after provision for
loan losses 3,880 3,755
------ -----
Non-interest income:
Servicing income 69 75
Gain on sale of loans, net 569 403
Deposit servicing fees and charges 879 822
Trust fees 256 293
Insurance commissions, fees, and premiums 459 12
Other operating income 239 157
--- ---
Total non-interest income 2,471 1,762
------ -----
Non-interest expenses:
Salaries and employee benefits 2,792 2,345
Occupancy expense 270 239
Supplies, communications, and other
office expenses 259 229
Federal insurance premiums 16 16
Advertising expense 87 96
Equipment and service bureau expense 624 552
Other operating expense 456 379
--- ---
Total non-interest expense 4,504 3,856
----- -----
Income before income taxes 1,847 1,661
----- -----
Income tax expense 778 704
---- ----
Net income $ 1,069 $ 957
======= =====
Basic Earnings Per Share $ 0.16 $ 0.15
------ ------
Diluted Earnings Per Share $ 0.16 $ 0.15
------ ------
Weighted average shares outstanding -Basic 6,495,260 6,444,654
========= =========
Weighted average shares outstanding -Diluted 6,643,655 6,458,994
========= =========
CAVALRY BANCORP, INC.
CONSOLIDATED FINANCIAL
HIGHLIGHTS
(unaudited)
(dollars in thousands)
March 31, December 31, %
2002 2001 Change
--------- ------------ ------
FINANCIAL CONDITION DATA:
Total assets 420,973 432,874 -2.75%
Loans receivable, net 284,850 280,239 1.65%
Loans held-for-sale 10,936 10,423 4.92%
Investment securities
available-for-sale 33,781 41,808 -19.20%
Investment securities
held-to-maturity 621 637 -2.51%
Cash and cash equivalents 56,063 69,281 -19.08%
Deposits 368,259 380,990 -3.34%
Borrowings 984 998 -1.40%
Shareholders' equity 48,533 48,806 -0.56%
For the quarter ending
March 31
----------------------
%
2002 2001 Change
---- ---- ------
OPERATING DATA:
Interest and dividend income 5,918 7,500 -21.09%
Interest expense 1,929 3,642 -47.03%
Net interest income 3,989 3,858 3.40%
Provision for loan losses 109 103 5.83%
Net interest income
after provision for loan losses 3,880 3,755 3.33%
Gains from sale of loans 569 403 41.19%
Other operating income 1,902 1,359 39.96%
Non-interest expenses 4,504 3,856 16.80%
Income before income taxes 1,847 1,661 11.20%
Income tax expense 778 704 10.51%
Net income 1,069 957 11.70%
For The Quarter Ending
March 31,
----------------------
2002 2001
---- ----
KEY FINANCIAL RATIOS
Performance Ratios:
Return on average assets 1.04% 1.01%
Return on average shareholders' equity 9.00% 8.78%
Interest rate spread 4.18% 3.78%
Net interest margin 4.44% 4.45%
Average interest-earning assets
to average interest-bearing
liabilities 111.75% 116.15%
Non-interest expense as a
percent of average total assets 4.39% 4.07%
Efficiency ratio 69.72% 68.61%
Asset Quality Ratios:
Nonaccrual and 90 days or more
past due loans as a percent
of total loans, net 0.20% 0.06%
Nonperforming assets as a
percent of total assets 0.20% 0.06%
Allowance for losses as a
percent of total loans receivable 1.52% 1.45%
Allowance for losses as a
percent of nonperforming loans 766.78% 2474.12%
Net charge-offs to average outstanding loans 0.00% 0.05%
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