Cavalry Bancorp, Inc. Reports Third 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)--Oct. 24, 2003 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 third 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 ("the Bank") and the Company. Net income increased 20.75% from $1.1 million or $0.16 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 September September: see month. 30, 2002 to $1.3 million or $0.19 per share diluted for the quarter ended September 30, 2003. 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 0.99% for the quarter ended September 30, 2002 to 1.07% for the quarter ended September 30, 2003. Annualized return on average equity increased from 8.46% for the quarter ended September 30, 2002 to 9.60% for the quarter ended September 30, 2003. Net income increased 12.84% from $3.3 million or $0.50 per share diluted for the nine months ended September 30, 2002 to $3.7 million or $0.56 per share diluted for the nine months ended September 30, 2003. Annualized return on average assets increased from 1.06% for the nine months ended September 30, 2002 to 1.10% for the nine months ended September 30, 2003. Annualized return on average equity increased from 9.01% for the nine months ended September 30, 2002 to 9.76% for the nine months ended September 30, 2003. The increases in net income were a result of increases in net interest income after provisions for loan losses, gains on sale of loans and other income. These increases were partially offset by increases in other non-interest expense. Total assets of the Company increased from $464.4 million at December December: see month. 31, 2002 to $475.7 million at September 30, 2003. Net loans receivable increased from $300.5 million at December 31, 2002 to $331.2 million at September 30, 2003. Loans held-for-sale decreased from $17.8 million at December 31, 2002 to $5.5 million at September 30, 2003. Deposits increased from $407.8 million at December 31, 2002 to $414.1 million at September 30, 2003. "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 September 30 December 31
------ 2003 2002
------------ -----------
Cash and cash equivalents $40,649 $73,162
Investment securities available-for-sale, at
fair value 61,893 37,926
Loans held for sale,at estimated fair value 5,502 17,800
Loans receivable, net of allowances for loan
losses of $4,570 at September 30, 2003 and
$4,657 at December 31, 2002 331,200 300,524
Accrued interest receivable 1,525 1,577
Office properties and equipment, net 18,763 18,108
Required investments in stock of the Federal
Home Loan Bank and Federal Reserve Bank
stock at cost 2,968 2,874
Foreclosed assets, net 98 203
Bank owned life insurance 8,211 7,921
Goodwill 1,772 1,772
Other assets 3,122 2,498
------------ -----------
Total assets 475,703 464,365
============ ===========
Liabilities
-----------
Liabilities:
Deposits:
Non-interest-bearing $64,402 $57,343
Interest-bearing 349,711 350,409
------------ -----------
414,113 407,752
Advances from Federal Home Loan Bank of
Cincinnati 2,903 2,944
Accrued expenses and other liabilities 5,103 3,923
------------ -----------
Total liabilities 422,119 414,619
------------ -----------
Shareholders' Equity
--------------------
Preferred Stock, no par value
Authorized - 250,000 shares; none issued or
outstanding at September 30, 2003 and
December 31, 2002 - -
Common Stock, no par value
Authorized- 49,750,000 shares; issued and
outstanding 6,820,179 and 6,830,679
at September 30, 2003, and
December 31, 2002 9,850 9,138
Retained earnings 46,161 43,543
Unallocated ESOP shares (2,547) (3,057)
Accumulated other comprehensive income, net
of tax 120 122
------------ -----------
Total Shareholders' equity 53,584 49,746
------------ -----------
Total Liabilities and Shareholders' Equity 475,703 464,365
------------------------------------------ ============ ===========
Cavalry Bancorp,Inc
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
--------------------- ---------------------
2003 2002 2003 2002
Interest and dividend income:
Loans $5,055 $5,224 $15,124 $15,754
Investment securities 307 340 896 1,286
Other 82 174 309 503
---------- ---------- ---------- ----------
Total interest and dividend
income 5,444 5,738 16,329 17,543
---------- ---------- ---------- ----------
Interest expense - deposits 1,303 1,777 4,221 5,473
Interest expense -
borrowings 25 12 74 23
---------- ---------- ---------- ----------
Total interest expense 1,328 1,789 4,295 5,496
---------- ---------- ---------- ----------
Net interest income 4,116 3,949 12,034 12,047
Provision for loan losses - 115 101 278
---------- ---------- ---------- ----------
Net interest income after
provision for loan losses 4,116 3,834 11,933 11,769
---------- ---------- ---------- ----------
Non-interest income:
Servicing income 45 65 176 190
Gain on sale of loans, net 1,687 974 4,711 2,124
Gain on sale of investment
securities, net - - 11 -
Deposit servicing fees and
charges 1,208 971 3,455 2,772
Trust service fees 246 280 740 832
Commissions and other non-
banking fees 676 602 1,995 1,694
Other operating income 196 239 579 700
---------- ---------- ---------- ----------
Total non-interest income 4,058 3,131 11,667 8,312
---------- ---------- ---------- ----------
Non-interest expenses:
Salaries and employee
benefits 3,962 3,186 11,498 8,995
Occupancy expense 346 333 979 906
Supplies, communications,
and other office expenses 286 322 791 844
Federal insurance premiums 15 15 47 48
Advertising expense 107 101 330 364
Equipment and service
bureau expense 780 650 2,211 1,980
Other operating expense 563 585 1,645 1,475
---------- ---------- ---------- ----------
Total non-interest expense 6,059 5,192 17,501 14,612
---------- ---------- ---------- ----------
Income before income tax
expense 2,115 1,773 6,099 5,469
Income tax expense 835 713 2,373 2,167
---------- ---------- ---------- ----------
Net income $1,280 $1,060 $3,726 $3,302
========== ========== ========== ==========
Basic Earnings Per Share $0.20 $0.17 $0.58 $0.51
Diluted Earnings Per Share $0.19 $0.16 $0.56 $0.50
Weighted average shares
outstanding - Basic 6,418,261 6,396,215 6,392,235 6,442,389
Weighted average shares
outstanding - Diluted 6,713,772 6,568,172 6,666,276 6,604,630
Cavalry Bancorp, Inc.
Consolidated Financial
Highlights
(unaudited)
(dollars in thousands)
September December
30 31 %
2003 2002 Change
------------------------------
FINANCIAL CONDITION DATA:
Total assets $475,703 $464,365 2.44%
Loans receivable, net 331,200 300,524 10.21%
Loans held-for-sale 5,502 17,800 -69.09%
Investment securities available-
for-sale 61,893 37,926 63.19%
Cash and cash equivalents 40,649 73,162 -44.44%
Deposits 414,113 407,752 1.56%
Borrowings 2,903 2,944 -1.39%
Shareholders' Equity 53,584 49,746 7.72%
For the quarter ending For the nine months ending
September 30 % September 30 %
--------------- -------- ----------------- -------
2003 2002 Change 2003 2002 Change
------- ------- -------- -------- -------- -------
OPERATING DATA:
Interest and
dividend income $5,444 $5,738 -5.12% $16,329 $17,543 -6.92%
Interest expense 1,328 1,789 -25.77% 4,295 5,496 -21.85%
Net interest income 4,116 3,949 4.23% 12,034 12,047 -0.11%
Provision for loan
losses - 115 -100.00% 101 278 -63.67%
Net interest income
after provision for
loan losses 4,116 3,834 7.36% 11,933 11,769 1.39%
Gains from sale of
loans 1,687 974 73.20% 4,711 2,124 121.80%
Other income 2,371 2,157 9.92% 6,956 6,188 12.41%
Other expenses 6,059 5,192 16.70% 17,501 14,612 19.77%
Income before income
taxes 2,115 1,773 19.29% 6,099 5,469 11.52%
Income tax expense 835 713 17.11% 2,373 2,167 9.51%
Net income $1,280 $1,060 20.75% $3,726 $3,302 12.84%
For The Quarter For The Nine
Ending Months Ending
September 30, September 30,
------------------ ------------------
2003 2002 2003 2002
--------- -------- -------- ---------
KEY FINANCIAL RATIOS
Performance Ratios:
Return on average assets 1.07% 0.99% 1.10% 1.06%
Return on average shareholders'
equity 9.60% 8.46% 9.76% 9.01%
Interest rate spread 3.65% 3.88% 3.83% 4.07%
Net interest margin 3.88% 4.17% 4.05% 4.35%
Average interest-earning assets
to average interest-bearing
liabilities 118.57% 115.22% 114.70% 114.25%
Non-interest expense as a
percent of average total assets 5.06% 4.85% 5.18% 4.67%
Efficiency ratio 74.13% 73.33% 73.84% 71.77%
Asset Quality Ratios:
Nonaccrual and 90 days or more
past due loans as a percent
of total loans, net 0.23% 0.08%
Nonperforming assets as a
percent of total assets 0.18% 0.09%
Allowance for loan losses as a
percent of total
loans receivable 1.38% 1.51%
Net charge-offs to average
outstanding loans 0.01% 0.04% 0.06% 0.08%
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