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. 31, 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: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, 2002. For the year ended December 31, 2002, total assets increased 7.27% to $464.4 million, from $432.9 million at December 31, 2001. 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 $407.8 million, a 7.02% increase from $381.0 million a year ago. Total loans receivable at December 31, 2002, increased to $300.5 million compared with $280.2 million a year ago. For the year, total equity increased $1.0 million to $49.8 million from $48.8 million at December 31, 2001. Net income increased from $2.0 million or $0.31 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 $4.1 million or $0.62 per share (diluted). Adjusting 2001 earnings for a non-recurring after tax charge of $1.9 million as a result of the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of the Management Recognition Plan, net income increased from $3.9 million or $0.60 per share (diluted) for the year ended December 31, 2001 to $4.1 million or $0.62 per share (diluted) for the year ended December 31, 2002. Net interest income increased 3.91% from $15.5 million for 2001 to $16.1 million for 2002. We remained vigilant in maintaining the overall quality of our loan portfolio in 2002, increasing the provision for loan losses to reflect the possible effects from a slowing economy. 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, 2002, were 0.17% of total loans outstanding, which we feel demonstrates the high quality of our loan portfolio. Non-interest income increased 39.76% to $11.6 million for the year ended December 31, 2002 compared to $8.3 million for the year ended December 31, 2001. Increased loan production and the acquisition of a local insurance agency attributed significantly to the increase. 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 24, 2003, 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, 2003, 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. (Selected financial data follows)
Cavalry Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
Assets December 31 December 31
2002 2001
--------- ---------
Cash and cash equivalents $73,162 $69,281
Investment securities available-for-sale,
at fair value 37,926 41,808
Investment securities held to maturity, at cost - 637
Federal Home Loan Bank of Cincinnati stock and
Federal Reserve Bank stock, at cost 2,874 2,159
Loans held for sale, at estimated fair value 17,800 10,423
Loans receivable, net of allowances for loan losses
of $4,657 in 2002 and $4,470 in 2001 300,524 280,239
Accrued interest receivable 1,577 2,139
Office properties and equipment, net 18,108 15,554
Bank owned life insurance 7,921 7,500
Foreclosed assets, net 203 184
Goodwill 1,772 -
Other assets 2,498 2,950
--------- ---------
Total assets $464,365 $432,874
========= =========
Liabilities and Shareholders' Equity
Liabilities:
Deposits:
Interest-bearing $350,409 $332,688
Non-interest-bearing 57,343 48,302
--------- ---------
Total Deposits 407,752 380,990
Advances from Federal Home Loan Bank of Cincinnati 2,944 998
Accounts payable and other liabilities 3,923 2,080
--------- ---------
Total liabilities $414,619 $384,068
--------- ---------
Shareholders' Equity
Preferred Stock, no par
value
Authorized - 250,000 shares; none issued or
outstanding at December 31, 2002 and
December 31, 2001 - -
Common Stock, no par value Authorized
- 49,750,000 shares; issued and outstanding
6,830,679 and 7,079,801 at December 31, 2002, and
December 31, 2001 9,138 11,683
Retained earnings 43,543 40,700
Unallocated ESOP shares (3,057) (3,723)
Accumulated other comprehensive income, net of tax 122 146
--------- ---------
Total Shareholders' Equity 49,746 48,806
--------- ---------
Total Liabilities and Shareholders' Equity $464,365 $432,874
========= =========
Cavalry Bancorp, Inc.
Consolidated Statements of Operations
Unaudited
(In thousands, except per share data)
Year Ended
December 31
----------------------
2002 2001
Interest and dividend income:
Loans $21,007 $24,146
Investment securities 1,635 2,744
Other 615 1,218
---------- ----------
Total interest and dividend income 23,257 28,108
---------- ----------
Interest expense - deposits 7,145 12,618
Interest expense - borrowings 48 31
---------- ----------
Total interest expense 7,193 12,649
---------- ----------
Net interest income 16,064 15,459
---------- ----------
Provision for loan losses 497 661
---------- ----------
Net interest income after provision
for loan losses 15,567 14,798
---------- ----------
Non-interest income:
Servicing income 237 249
Gain on sale of loans, net 3,401 2,537
Gain on sale of office properties
and equipment, net 46 --
Gain on sale of investment securities, net 4 --
Deposit servicing fees and charges 3,825 3,710
Trust fees 1,086 1,096
Other operating income 3,019 708
---------- ----------
Total non-interest income 11,618 8,300
---------- ----------
Non-interest expenses:
Salaries and employee benefits 12,695 12,211
Occupancy expense 1,179 977
Supplies, communications, and other
office expenses 1,084 883
Federal insurance premiums 63 63
Advertising expense 495 365
Equipment and service bureau expense 2,682 2,457
Other operating expense 1,979 1,708
---------- ----------
Total non-interest expense 20,177 18,664
---------- ----------
Income before income tax expense 7,008 4,434
Income tax expense 2,891 2,435
---------- ----------
Net income $4,117 $1,999
========== ==========
Basic Earnings Per Share $0.64 $0.31
Diluted Earnings Per Share $0.62 $0.31
Weighted average shares outstanding - Basic 6,427,576 6,478,827
Weighted average shares outstanding - Diluted 6,591,559 6,506,734
Cavalry Bancorp, Inc.
Consolidated Financial
Highlights
(unaudited)
(dollars in thousands)
December December
31 31 %
2002 2001 Change
-------- -------- ------
FINANCIAL CONDITION DATA:
Total assets $464,365 $432,874 7.27%
Loans receivable, net 300,524 280,239 7.24%
Loans held-for-sale 17,800 10,423 70.78%
Investment securities
available-for-sale 37,926 41,808 -9.29%
Investment securities
held-to-maturity - 637 -100.00%
Cash and cash equivalents 73,162 69,281 5.60%
Deposits 407,752 380,990 7.02%
Borrowings 2,944 998 194.99%
Shareholders' equity 49,746 48,806 1.93%
For the years ending
December 31
------------------- %
2002 2001 Change
------ ------- ------
OPERATING DATA:
Interest and dividend income $23,257 $28,108 -17.26%
Interest expense 7,193 12,649 -43.13%
Net interest income 16,064 15,459 3.91%
Provision for loan losses 497 661 -24.81%
Net interest income
after provision for loan losses 15,567 14,798 5.20%
Gain on sale of loans, net 3,401 2,537 34.06%
Other non-interest income 8,217 5,763 42.58%
Non-interest expenses 20,177 18,664 8.11%
Income before income tax expense 7,008 4,434 58.05%
Income tax expense 2,891 2,435 18.73%
Net income $4,117 $1,999 105.95%
For The Years Ending
December 31,
---------------
2002 2001
---- ----
KEY FINANCIAL RATIOS
Performance Ratios:
Return on average assets 0.97% 0.50%
Return on average shareholders'
equity 8.36% 4.33%
Interest rate spread 4.00% 3.65%
Net interest margin 4.28% 4.24%
Average interest-earning assets
to average interest-bearing
liabilities 114.94% 117.19%
Non-interest expense as a
percent of average total assets 4.77% 4.67%
Efficiency ratio 72.89% 78.56%
Asset Quality Ratios:
Nonaccrual and 90 days or more
past due loans as a percent
of total loans, net 0.17% 0.14%
Nonperforming assets as a
percent of total assets 0.16% 0.13%
Allowance for loan losses as a
percent of total
loans receivable 1.46% 1.38%
Net charge-offs to average
outstanding loans 0.10% 0.15%
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