Cardinal Bankshares Corporation Announces Increased Earnings for the First Three Months of 200615 May 2006
Cardinal Bankshares Corporation (OTC Bulletin Board: CDBK) is pleased to report increased year to date earnings for the first three months of 2006 as compared to the first three months of 2005. "With the continued rising interest rates and competition, it is particularly gratifying to report news of positive earnings that are ahead of 2005," stated Leon Moore, chairman and chief executive officer.
Net income for the first three months of 2006 amounted to $663,000, a slight increase of $137,000 from the income of $526,000 for the same period in 2005. Basic earnings per share amounted to $.43 per share.
Noninterest expense increased approximately $41,000 the first three months of 2006 compared to the first three months of 2005. The largest portion of that amount was related to personnel expenses related to Roanoke and Salem branches added during the first quarter of 2005.
Total assets at March 31, 2006 were $191,887,000. Net loans decreased by $639,000 from December 31, 2005 and ended at $127,915,000 as of March 31, 2006.
Moore added, "We continue to look for new expansion opportunities and products to serve our customers. Our employees are committed to serving the customers with a personal and professional approach. Our continued strong performance allows Cardinal to add value to our shareholders, to the communities we serve and to our staff."
Cardinal provides a wide range of commercial banking services to individuals and small to medium-sized businesses through its main office located in Floyd, Virginia and its branch locations in Christiansburg, Hillsville, Roanoke, Salem and Willis, Virginia.
This press release may contain "forward-looking statements," within the meaning of federal securities laws, that involve risks and uncertainties. Statements herein are based on certain assumptions and analyses by the Company and other factors it believes are appropriate in the circumstances. However, the Company's expectations are subject to a number of risks and uncertainties and other factors that could cause actual results, events and developments to differ materially from those contemplated by any forward-looking statements herein. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language in the Company's most recent Form 10-KSB report and other documents filed with the Securities and Exchange Commission.
Contact: Leon Moore Telephone: (540)745-4191
Chairman of the Board, FAX: (540)745-4133
President and CEO
Stephanie Kent
Senior Vice President and Principal Financial Officer
Cardinal Bankshares Corporation and Subsidiary
Consolidated Balance Sheets
(Unaudited) (Audited)
March 31, December 31,
(In thousands, except share data) 2006 2005
Assets
Cash and due from banks $3,001 $4,292
Interest-bearing deposits 9,748 9,042
Federal funds sold 1,575 5,125
Investment securities available for
sale, at fair value 19,663 19,308
Investment securities held to
maturity (fair value March 31,
2006 - $18,073; December 31,
2005 - $17,743) 17,841 17,470
Restricted equity securities 554 546
Total loans 129,359 129,981
Allowance for loan losses (1,444) (1,427)
Net loans 127,915 128,554
Bank premises and equipment, net 3,917 3,997
Accrued interest receivable 985 998
Foreclosed properties 418 418
Bank owned life insurance 4,669 4,631
Other assets 1,601 1,854
Total assets $191,887 $196,235
Liabilities and Stockholders' Equity
Noninterest-bearing deposits $27,347 $26,747
Interest-bearing deposits 135,585 141,101
Total deposits 162,932 167,848
Securities sold under agreements to
repurchase - 134
Accrued interest payable 142 134
Other liabilities 1,102 1,061
Total liabilities 164,176 169,177
Commitments and contingent
liabilities - -
Stockholders' Equity
Common stock, $10 par value,
5,000,000 shares authorized,
1,535,733 shares issued and
outstanding 15,357 15,357
Additional paid-in capital 2,925 2,925
Retained earnings 9,496 8,833
Accumulated other comprehensive
income, net (67) (57)
Total stockholders' equity 27,711 27,058
Total liabilities and
stockholders' equity $191,887 $196,235
Cardinal Bankshares Corporation and Subsidiary
Consolidated Statements of Income (Unaudited)
Three months ended
March 31,
(In thousands, except share data) 2006 2005
Interest income
Loans and fees on loans $2,316 $2,002
Federal funds sold and securities
purchased under agreements to resell 27 26
Investment securities:
Taxable 192 210
Exempt from federal income tax 218 239
Deposits with banks 111 17
Total interest income 2,864 2,494
Interest expense
Deposits 969 775
Securities Sold - 12
Total interest expense 969 787
Net interest income 1,895 1,707
Provision for loan losses 20 24
Net interest income after
provision for loan losses 1,875 1,683
Noninterest income
Service charges on deposit accounts 68 58
Other service charges and fees 23 23
Net realized gains on sales of
securities 3 3
Other operating income 130 85
Total noninterest income 224 169
Noninterest expense
Salaries and employee benefits 747 683
Occupancy and equipment 173 192
Other operating expense 307 311
Total noninterest expense 1,227 1,186
Income before income taxes 872 666
Income tax expense 209 140
Net Income $663 $526
Basic earnings per share $0.43 $0.34
Diluted earnings per share $0.43 $0.34
Weighted average basic shares
outstanding 1,535,733 1,535,733
Weighted average diluted shares
outstanding 1,535,733 1,535,733
Source: prnewswire
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