Cavalry Bancorp (CAVB) 8-K Changes in control of registrant

Cavalry Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except per share data)
	December 31			December 31
Assets	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 31		December 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	%