Cavalry Bancorp, Inc. Reports Second Quarter Earnings.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. -- 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 second quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. 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 $1.2 million or $0.17 per share 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 June June: see month. 30, 2004 to $1.9 million or $0.25 per share diluted for the quarter ended June 30, 2005. 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 0.92% for the quarter ended June 30, 2004 to 1.28% for the quarter ended June 30, 2005. Annualized return on average equity increased from 8.48% for the quarter ended June 30, 2004 to 13.17% for the quarter ended June 30, 2005. Net income increased from $2.2 million or $0.33 per share diluted for the six months ended June 30, 2004 to $4.1 million or $0.56 per share diluted for the six months ended June 30, 2005. Annualized return on average assets increased from 0.86% for the six months ended June 30, 2004 to 1.43% for the six months ended June 30, 2005. Annualized return on average equity increased from 7.94% for the six months ended June 30, 2004 to 14.83% for the six months ended June 30, 2005. Earnings for the six months ending June 30, 2005 include a tax benefit of $427,000. This tax benefit resulted from the distribution of cash dividends to the participants of the Employee Stock Ownership Plan. Without this item, diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of would have been $0.50 for the six month period. Total assets of the Company increased from $578.7 million at December December: see month. 31, 2004 to $604.7 million at June 30, 2005. Net loans receivable increased from $430.5 million at December 31, 2004 to $449.9 million at June 30, 2005. Deposits increased from $506.5 million at December 31, 2004 to $539.2 million at June 30, 2005. Total assets of the Company increased from $523.6 million at June 30, 2004 to $604.7 million at June 30, 2005. Net loans receivable increased from $409.4 million at June 30, 2004 to $449.9 million at June 30, 2005. Deposits increased from $460.9 million at June 30, 2004 to $539.2 million at June 30, 2005. "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. (Selected financial data follows)
Cavalry Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except per share data)
Assets June 30, Dec. 31,
------ 2005 2004
--------- --------
Cash and cash equivalents $79,331 $63,135
Time deposits with Federal Home Loan Bank 4,000 -
Investment securities available-for-sale,
at fair value 29,927 42,183
Loans held for sale, at estimated fair value 1,019 2,501
Loans receivable, net of allowances for loan
losses of $4,903 at June 30, 2005 and $4,863
at December 31, 2004 449,883 430,526
Accrued interest receivable 2,111 1,985
Office properties and equipment, net 17,531 17,607
Required investments in stock of the Federal
Home Loan Bank and Federal Reserve Bank stock,
at cost 3,286 3,125
Foreclosed assets 37 16
Bank owned life insurance 11,827 11,604
Goodwill 1,772 1,772
Other assets 3,932 4,216
--------- --------
Total assets 604,656 578,670
========= ========
Liabilities
-----------
Liabilities:
Deposits:
Non-interest-bearing $100,900 $81,719
Interest-bearing 438,272 424,815
--------- --------
539,172 506,534
Advances from Federal Home Loan Bank of Cincinnati 2,807 2,835
Accrued expenses and other liabilities 5,807 15,468
--------- --------
Total liabilities 547,786 524,837
--------- --------
Shareholders' Equity
--------------------
Preferred Stock, no par value Authorized - 250,000
shares; none issued or outstanding at
June 30, 2005 and December 31, 2004 - -
Common Stock, no par value Authorized- 49,750,000
shares; issued and outstanding 7,217,565 at
June 30, 2005, and December 31, 2004 19,354 19,354
Retained earnings 37,691 34,598
Accumulated other comprehensive loss, net of tax (175) (119)
--------- --------
Total shareholders' equity 56,870 53,833
--------- --------
Total Liabilities and Shareholders' Equity 604,656 578,670
------------------------------------------ ========= ========
Cavalry Bancorp, Inc.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended Six Months Ended
June 30, June 30,
---------- ----------
2005 2004 2005 2004
Interest income:
Loans $6,890 5,572 $13,370 10,844
Investment securities:
Taxable 287 305 606 647
Non-taxable 26 31 51 38
Other 437 52 783 142
---------- --------- ---------- ---------
Total interest income 7,640 5,960 14,810 11,671
---------- --------- ---------- ---------
Interest expense - deposits 2,105 1,245 3,922 2,514
Interest expense - borrowings 24 24 48 48
---------- --------- ---------- ---------
Total interest expense 2,129 1,269 3,970 2,562
---------- --------- ---------- ---------
Net interest income 5,511 4,691 10,840 9,109
Provision for loan losses 50 75 111 176
---------- --------- ---------- ---------
Net interest income after
provision for loan losses 5,461 4,616 10,729 8,933
---------- --------- ---------- ---------
Non-interest income:
Servicing income 53 47 104 93
Gain on sale of loans, net 316 816 664 1,402
Gain on sale of investment
securities, net - 12 - 78
Deposit servicing fees and
charges 1,457 1,310 2,786 2,535
Trust service fees 310 274 561 566
Commissions and other non-
banking fees 672 594 1,366 1,249
Other operating income 259 198 558 515
---------- --------- ---------- ---------
Total non-interest income 3,067 3,251 6,039 6,438
---------- --------- ---------- ---------
Non-interest expenses:
Salaries and employee
benefits 3,228 3,659 6,399 7,232
Occupancy expense 313 329 598 655
Supplies, communications, and
other office expenses 247 265 474 483
Advertising expense 129 165 219 316
Professional fees 175 210 334 398
Equipment and service bureau
expense 943 845 1,837 1,661
Other operating expense 499 473 979 962
---------- --------- ---------- ---------
Total non-interest expense 5,534 5,946 10,840 11,707
---------- --------- ---------- ---------
Income before income tax
expense 2,994 1,921 5,928 3,664
Income tax expense 1,139 754 1,825 1,481
---------- --------- ---------- ---------
Net income $1,855 1,167 $4,103 2,183
========== ========= ========== =========
Basic Earnings Per Share $0.26 0.18 $0.57 0.34
Diluted Earnings Per Share $0.25 0.17 $0.56 0.33
Weighted average shares
outstanding - Basic 7,217,565 6,463,543 7,217,565 6,475,265
Weighted average shares
outstanding - Diluted 7,328,557 6,691,848 7,327,353 6,713,153
Cavalry Bancorp, Inc.
Consolidated Financial
Highlights
(unaudited)
(dollars in thousands)
June 30, Dec. 31, %
2005 2004 Change
--------- --------- ------
FINANCIAL CONDITION DATA:
Total assets $604,656 578,670 4.49%
Loans receivable, net 449,883 430,526 4.50%
Loans held-for-sale 1,019 2,501 -59.26%
Investment securities available-for-sale 29,927 42,183 -29.05%
Cash and cash equivalents 79,331 63,135 25.65%
Deposits 539,172 506,534 6.44%
Borrowings 2,807 2,835 -0.99%
Shareholders' Equity 56,870 53,833 5.64%
For the quarters For the six months
ending June 30, ending June 30,
-------------- % --------------- %
2005 2004 Change 2005 2004 Change
------- ------ ------ -------- ------ ------
OPERATING DATA:
Interest income $7,640 5,960 28.19% $14,810 11,671 26.90%
Interest expense 2,129 1,269 67.77% 3,970 2,562 54.96%
Net interest income 5,511 4,691 17.48% 10,840 9,109 19.00%
Provision for loan losses 50 75 -33.33% 111 176 -36.93%
Net interest income
after provision for
loan losses 5,461 4,616 18.31% 10,729 8,933 20.11%
Gains from sale of loans 316 816 -61.27% 664 1,402 -52.64%
Other income 2,751 2,435 12.98% 5,375 5,036 6.73%
Other expenses 5,534 5,946 -6.93% 10,840 11,707 -7.41%
Income before income taxes 2,994 1,921 55.86% 5,928 3,664 61.79%
Income tax expense 1,139 754 51.06% 1,825 1,481 23.23%
Net income $1,855 1,167 58.95% $4,103 2,183 87.95%
For the For the
quarters six months
ending ending
June 30, June 30,
--------------- --------------
2005 2004 2005 2004
------- ------- ------- ------
KEY FINANCIAL RATIOS
Performance Ratios:
Return on average assets 1.28% 0.92% 1.43% 0.86%
Return on average shareholders' equity 13.17% 8.48% 14.83% 7.94%
Interest rate spread (tax equivalent
basis) 3.80% 3.89% 3.81% 3.81%
Net interest margin (tax equivalent
basis) 4.18% 4.13% 4.16% 4.03%
Average interest-earning assets to
average interest-bearing liabilities 123.64% 121.39% 123.01% 119.41%
Non-interest expense as a percent of
average total assets 3.81% 4.68% 3.78% 4.62%
Efficiency ratio 64.51% 74.87% 64.22% 75.30%
Asset Quality Ratios:
Nonaccrual and 90 days or more past
due loans as a percent of total
loans, net 0.23% 0.23%
Nonperforming assets as a percent of
total assets 0.18% 0.18%
Allowance for loan losses as a percent
of total loans receivable 1.09% 1.11%
Net charge-offs to average outstanding
loans 0.01% 0.01% 0.02% 0.03%
For the
six months
ending Diluted
June 30, EPS
2005 Impact
----------- ---------
Reconcilation of Net Income to
Net Income as Adjusted:
Net income $4,103 $0.56
Adjustment:
Tax benefit of ESOP dividend
paid to participants (427) (0.06)
----------- ---------
Total adjustment (427) (0.06)
----------- ---------
Net income as adjusted $3,676 $0.50
=========== =========
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