Cavalry Bancorp, Inc. Reports Year-End Results.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)--Jan. 30, 2004 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) today announced 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: results for its wholly-owned subsidiary, Cavalry Banking ("Bank"), and the Company for the year ended December December: see month. 31, 2003. For the year ended December 31, 2003, total assets increased 10.9% to $515.2 million, from $464.4 million at December 31, 2002. Total deposits at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. grew to $454.3 million, an 11.4% increase from $407.8 million a year ago. Total loans receivable at December 31, 2003, increased 16.6% to $350.4 million compared with $300.5 million a year ago. For the year ended December 31, 2003, total equity increased $4.6 million or 9.2% to $54.4 million from $49.8 million at December 31, 2002. Net income increased from $4.1 million or $0.62 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. ) to $4.5 million or $0.67 per share (diluted). Return on average assets declined slightly from 0.97% for the year ended December 31, 2002 to 0.96% for the year ended December 31, 2003. Return on average equity increased from 8.36% for the year ended December 31, 2002 to 8.60% for the year ended December 31, 2003. Net interest income increased 1.59% from $16.1 million for 2002 to $16.3 million for 2003. We remained vigilant in maintaining the overall quality of our loan portfolio in 2003. Non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. at December 31, 2003, were 0.24% of total loans outstanding, which we feel demonstrates the high quality of our loan portfolio. Non-interest income increased 25.86% to $14.6 million for the year ended December 31, 2003 compared to $11.6 million for the year ended December 31, 2002. The Board of Directors has established that the Annual Meeting of Shareholders will be held at the Bank's Main Office on 114 West College Street, Murfreesboro, Tennessee Murfreesboro is a city in Rutherford County, Tennessee, United States. According to the 2007 census estimate the city had a total population of 92,559. It is the county seat of Rutherford CountyGR6. , on April 22, 2004, at 10:00 a.m. The primary purpose of the meeting is to elect directors. Shareholders of record as of the close of business on March 1, 2004, will be allowed to vote. "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 per share data)
Assets Dec. 31 Dec. 31
------ 2003 2002
-------- --------
Cash and cash equivalents $ 70,913 $ 73,162
Investment securities available-for-sale, at fair
value 55,123 37,926
Loans held for sale, at estimated fair value 2,648 17,800
Loans receivable, net of allowances for loan
losses of $4,525 at December 31, 2003 and
$4,657 at December 31, 2002 350,412 300,524
Accrued interest receivable 1,668 1,577
Office properties and equipment, net 18,431 18,108
Required investments in stock of the Federal Home
Loan Bank and Federal Reserve Bank stock at cost 2,992 2,874
Foreclosed assets, net - 203
Bank owned life insurance 8,308 7,921
Goodwill 1,772 1,772
Other assets 2,905 2,498
-------- --------
Total assets 515,172 464,365
======== ========
Liabilities
-----------
Liabilities:
Deposits:
Non-interest-bearing $ 72,443 $ 57,343
Interest-bearing 381,814 350,409
-------- --------
454,257 407,752
Advances from Federal Home Loan Bank of Cincinnati 2,889 2,944
Accrued expenses and other liabilities 3,599 3,923
-------- --------
Total liabilities 460,745 414,619
-------- --------
Shareholders' Equity
--------------------
Preferred Stock, no par value Authorized - 250,000
shares; none issued or outstanding at December
31, 2003 and December 31, 2002 - -
Common Stock, no par value Authorized- 49,750,000
shares; issued and outstanding 6,834,873 and
6,830,679 at December 31, 2003, and
December 31, 2002 10,175 9,138
Retained earnings 46,633 43,543
Unallocated ESOP shares (2,373) (3,057)
Accumulated other comprehensive income (loss), net
of tax (8) 122
-------- --------
Total Shareholders' equity 54,427 49,746
-------- --------
Total Liabilities and Shareholders' Equity 515,172 464,365
------------------------------------------ ======== ========
Cavalry Bancorp,Inc
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
Year Ended
December 31
-----------
2003 2002
Interest and dividend income:
Loans $ 20,267 $ 21,007
Investment securities 1,286 1,635
Other 383 615
---------- ----------
Total interest and dividend income 21,936 23,257
---------- ----------
Interest expense - deposits 5,518 7,145
Interest expense - borrowings 98 48
---------- ----------
Total interest expense 5,616 7,193
---------- ----------
Net interest income 16,320 16,064
Provision for loan losses 101 497
---------- ----------
Net interest income after provision for loan
losses 16,219 15,567
---------- ----------
Non-interest income:
Servicing income 212 237
Gain on sale of loans, net 5,473 3,401
Gain on sale of office properties and
equipment - 46
Gain on sale of investment securities, net 11 4
Deposit servicing fees and charges 4,596 3,825
Trust service fees 988 1,086
Commissions and other non-banking fees 2,452 2,195
Other operating income 879 824
---------- ----------
Total non-interest income 14,611 11,618
---------- ----------
Non-interest expenses:
Salaries and employee benefits 15,214 12,695
Occupancy expense 1,304 1,179
Supplies, communications, and other office
expenses 1,042 1,084
Advertising expense 501 495
Equipment and service bureau expense 2,989 2,682
Other operating expense 2,321 2,042
---------- ----------
Total non-interest expense 23,371 20,177
---------- ----------
Income before income tax expense 7,459 7,008
Income tax expense 2,965 2,891
---------- ----------
Net income $ 4,494 $ 4,117
========== ==========
Basic Earnings Per Share $ 0.70 $ 0.64
Diluted Earnings Per Share $ 0.67 $ 0.62
Weighted average shares outstanding - Basic 6,407,030 6,427,576
Weighted average shares outstanding - Diluted 6,661,840 6,591,559
Cavalry Bancorp, Inc.
Consolidated Financial
Highlights
(unaudited)
(dollars in thousands)
December December
31 31 %
2003 2002 Change
--------- -------- -------
FINANCIAL CONDITION DATA:
Total assets $515,172 464,365 10.94%
Loans receivable, net 350,412 300,524 16.60%
Loans held-for-sale 2,648 17,800 -85.12%
Investment securities available-for-sale 55,123 37,926 45.34%
Cash and cash equivalents 70,913 73,162 -3.07%
Deposits 454,257 407,752 11.41%
Borrowings 2,889 2,944 -1.87%
Shareholders' Equity 54,427 49,746 9.41%
For the years ending
December 31 %
------------------
2003 2002 Change
--------- -------- -------
OPERATING DATA:
Interest and dividend income $21,936 23,257 -5.68%
Interest expense 5,616 7,193 -21.92%
Net interest income 16,320 16,064 1.59%
Provision for loan losses 101 497 -79.68%
Net interest income
after provision for loan losses 16,219 15,567 4.19%
Gains from sale of loans 5,473 3,401 60.92%
Other income 9,138 8,217 11.21%
Other expenses 23,371 20,177 15.83%
Income before income taxes 7,459 7,008 6.44%
Income tax expense 2,965 2,891 2.56%
Net income $4,494 4,117 9.16%
For the years ending
December 31,
-----------------
2003 2002
------- -------
KEY FINANCIAL RATIOS
Performance Ratios:
Return on average assets 0.96% 0.97%
Return on average shareholders' equity 8.60% 8.36%
Interest rate spread 3.67% 4.00%
Net interest margin 3.92% 4.28%
Average interest-earning assets to average interest-
bearing liabilities 118.22% 114.94%
Non-interest expense as a percent of average total
assets 5.00% 4.77%
Efficiency ratio 75.56% 72.89%
Asset Quality Ratios:
Nonaccrual and 90 days or more past due loans as a
percent of total loans, net 0.24% 0.17%
Nonperforming assets as a percent of total assets 0.17% 0.16%
Allowance for loan losses as a percent of total loans
receivable 1.28% 1.46%
Net charge-offs to average outstanding loans 0.07% 0.10%
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