Cardinal Announces Strong Fourth Quarter Earnings; Loan Quality Remains Excellent

TYSONS CORNER, Va.--()--Cardinal Financial Corporation (NASDAQ: CFNL) (the “Company”) today announced quarterly earnings of $13.0 million, or $0.43 per diluted share, for the period ended December 31, 2012. This is a 58% increase over earnings of $8.2 million, or $0.28 per diluted share, from the fourth quarter of last year. For the year ended December 31, 2012, earnings were $45.3 million, or $1.51 per diluted share, versus $28.0 million, or $0.94 per diluted share, in 2011.

Selected Earnings Highlights

  • For the year ended December 31, 2012, the Company’s performance resulted in a return on average assets of 1.70% and a return on average equity of 16.02%.
  • Asset quality remains excellent. Nonperforming loans remained low at 0.25% of total assets, and net loan charge offs were 0.35% of average loans outstanding. The Company had $0 real estate owned at December 31, 2012, and $0 loans receivable past due 30 days or more and still accruing.
  • Loans held for investment grew 11% to $1.80 billion at December 31, 2012, from $1.63 billion at December 31, 2011.
  • Total deposits grew to $2.24 billion, an increase of 26% compared to December 31, 2011. Demand deposit account balances increased 33% year over year.
  • Mortgage banking net income was approximately $3.6 million for the current quarter versus $231,000 for the year ago quarter and versus $7.0 million for the previous quarter ended September 30, 2012.
  • At December 31, 2012, total assets of the Company were approximately $3.04 billion, an increase of 17% from total assets of $2.60 billion at December 31, 2011.
  • The Company’s tax equivalent net interest margin was 3.57% for the current quarter, a decrease from 3.62% for the previous quarter.
  • All capital ratios exceed the requirements of banking regulators to be considered well-capitalized. Tangible common equity capital (TCE) as a percentage of total assets was 9.40%.

Income Statement Review

Net Interest Income

Compared to the year ago quarter, net interest income for the fourth quarter of 2012 increased 6% to $24.2 million from $22.7 million. Tax equivalent net interest margin for the three months ended December 31, 2012 decreased to 3.57% from 3.88% a year ago and decreased from 3.62% for the third quarter of 2012. Comparing the current quarter to the third quarter of 2012, average loan balances increased $18 million, the average loan yield decreased 0.08%, and the average yield on all earning assets decreased 0.14%. During this same period, the average costs of interest-bearing liabilities decreased 0.10% primarily due to a 0.80% rate reduction in deposit pricing on the Company’s “First Choice” interest checking product that was introduced in early 2012 with a 2.01% rate and raised approximately $180 million of “new money”. The Company saw no decline in balances resulting from this rate decrease.

Provision for Loan Losses

The allowance for loan losses was 1.52% of loans outstanding at December 31, 2012 compared to 1.60% at December 31, 2011. The provision for loan losses was $1.5 million for the current quarter versus $2.2 million for the fourth quarter of last year. The Company’s nonperforming loans stood at 0.25% of total assets at December 31, 2012 compared to 0.30% at September 30, 2012 and 0.57% at December 31, 2011. For the 2012 year, net loan charge-offs totaled 0.35% of average loans outstanding compared to 0.34% for 2011. At December 31, 2012, there were $0 loans receivable past due 30 days or more and still accruing.

Non-Interest Income

Commercial Banking: Non-interest income was $3.4 million for the current quarter compared to $2.3 million for the year ago quarter ended December 31, 2011. The current quarter included $2.4 million net proceeds from bank owned life insurance (BOLI) that resulted from the death of a former employee, and the year ago quarter included $1.2 million of gains on sales of securities. For the year ended December 31, 2012 and 2011, non-interest income was $5.9 million and $6.1 million, respectively. The 2012 period included the net BOLI proceeds mentioned above, and the 2011 period included a total of $2.5 million of gains on sales of securities. For the twelve month comparable periods, deposit and loan fees increased $147,000 and $273,000, respectively.

Mortgage Banking: Mortgage banking activity continued to be strong. Realized and unrealized gains on mortgage banking activities totaled $8.8 million for the fourth quarter of 2012, which consisted of realized gains of $11.1 million and a $2.3 million decrease in the fair market value of locked commitments and loans held for sale at December 31, 2012 compared to the prior quarter end. The fair value decrease primarily resulted from seasonal production declines. The current quarter’s results compare to a $1.8 million gain on sale for the year ago quarter of 2011, which included realized gains of $6.4 million and a fair value decrease of $4.6 million. For the year ended December 31, 2012, gains on sales of mortgage loans totaled $47.8 million, comprised of $32.1 million in realized gains and a $15.7 million fair value increase. For the year ended December 31, 2011, gains on sales of mortgage loans totaled $20.5 million, which included realized gains of $14.4 million and a $6.1 million fair value increase. For the current quarter and year ended 2012, the Company closed $1.9 billion and $6.6 billion, respectively, of loans for itself and on behalf of its managed mortgage company affiliates. This compares to $1.5 billion and $3.9 billion during the same time periods of 2011. Refinance activity represented approximately 67% of the originations during the fourth quarter of 2012. Title insurance and other income increased $274,000 and $1.1 million for the three and twelve months ended December 31, 2012 compared to the same periods of 2011. During the current quarter, managed mortgage company affiliate fee income decreased $20,000 when compared to the year ago quarter, a result of the recent discontinuation of two managed company relationships.

Non-Interest Expense

Commercial Banking: Non-interest expense was $11.2 million for the current quarter, compared to $9.7 million, for the year ago quarter ended December 31, 2011. The most recent quarter includes approximately $2.3 million of accelerated benefit expense accruals primarily related to the death of the former employee mentioned above. The year ago quarter included $911,000 of expenses related to the disposition of real estate owned (REO). Excluding these items, non-interest expense for the current quarter was $8.9 million versus $8.7 million for the year ago quarter, an increase of 2.0%. For the years ended December 31, 2012 and 2011, non-interest expense in the commercial banking segment was $43.5 million and $42.2 million, respectively. The 2011 annual period also included a $2.3 million debt extinguishment expense related to the prepayment of FHLB Advances. Excluding this and the previously mentioned items, non-interest expense for 2012 was $41.2 million versus $39.0 million for 2011, an increase of 5.8%. During the year, the Company added 4 commercial bankers to it staff.

Mortgage Banking: For the three months ended December 31, 2012, non-interest expense increased to $5.7 million compared to $4.1 million for the quarter ended December 31, 2011. For the respective 2012 and 2011 annual periods, non-interest expense was $29.5 million and $16.0 million, representing an increase of $13.5 million. The increase in non-interest expense for the periods presented is attributable to the continued expansion of the Company’s mortgage operations. Specifically, the mortgage banking segment increased to 425 employees at December 31, 2012, up from 246 a year ago, and eight new locations have been opened to house these new mortgage lenders and staff. The Company now has 16 mortgage banking offices.

Review of Balance Sheet

At December 31, 2012, total assets of the Company were $3.04 billion, an increase of 17% from total assets of $2.60 billion at December 31, 2011. Loans held for investment grew 11% to $1.80 billion at December 31, 2012, from $1.63 billion at December 31, 2011. During this period, the Bank’s investment portfolio decreased to $286 million compared to $311 million a year ago. Loans held for sale increased to $786 million compared to $530 million at December 31, 2011.

The Bank’s asset growth was primarily funded by a 26% increase in deposits, which increased $468 million and totaled $2.24 billion at December 31, 2012 compared to $1.78 billion a year earlier. As mentioned, over $180 million of the growth resulted from the Company’s “First Choice” checking campaign. Demand deposit account balances increased 33% year over year, or approximately $88 million, reflecting the Bank’s continued focus on generating core deposit growth. The remaining growth was primarily from short-term brokered CD’s obtained to fund the increase in mortgage loans held for sale.

MANAGEMENT COMMENTS

Bernard H. Clineburg, Chairman and Chief Executive Officer of the Company, said:

“We are pleased to announce solid performance for Cardinal with strong earnings and loan growth. For the most recent quarter, we achieved a return on average assets of 1.81%, and a return on average equity of 17.23%, while growing our loans held for investment portfolio by $80 million, or over 18% annualized. This portfolio now exceeds $1.80 billion, and our nonperforming assets and loan losses remain minimal as we’ve maintained our ‘conservative on risk’ philosophy. Currently, we have $0 loans past due 30 days or more.

We also remain excited about the planned opening of a new banking center office in the Georgetown area of Washington DC this year and expanding Cardinal’s penetration into Montgomery County, Maryland and the District of Columbia. Moving forward, our Company will continue to concentrate on gaining market share in all of our markets and increasing franchise value for shareholders. We remain committed to building a great financial services company for our employees, clients, shareholders and the communities we serve.”

CAUTION ABOUT FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements contain information related to matters such as the Company’s intent, belief or expectation with regard to such matters as financial and operational performance, credit quality and branch expansion. Such statements are necessarily based on management’s assumptions and estimates and are inherently subject to a variety of risks and uncertainties concerning the Company’s operations and business environment, which are difficult to predict and beyond the control of the Company. Such risks and uncertainties could cause actual results of the Company to differ materially from those matters expressed or implied in such forward-looking statements. For an explanation of the risks and uncertainties associated with forward-looking statements, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 and other reports filed with and furnished to the Securities and Exchange Commission.

About Cardinal Financial Corporation: Cardinal Financial Corporation, a financial holding company headquartered in Tysons Corner, Virginia with assets of $3.04 billion at December 31, 2012, serves the Washington Metropolitan region through its wholly-owned subsidiary, Cardinal Bank, with 27 conveniently located banking offices. Cardinal also operates several other subsidiaries: George Mason Mortgage, LLC, and Cardinal First Mortgage, LLC, residential mortgage lending companies based in Fairfax, with 16 offices throughout the Washington Metropolitan region; Cardinal Trust and Investment Services, a trust division; Cardinal Wealth Services, Inc., a full-service brokerage company; and Wilson/Bennett Capital Management, Inc., an asset management company. The Company's stock is traded on NASDAQ (CFNL). For additional information please visit our Web site at www.cardinalbank.com or call (703) 584-3400.

     
Cardinal Financial Corporation and Subsidiaries
Summary Statements of Condition
December 31, 2012 and December 31, 2011
(Dollars in thousands)
 
(Unaudited) % Change
December 31, 2012 December 31, 2011 Current Year
Cash and due from banks $ 17,552 $ 16,745 4.8 %
Federal funds sold 49,588 20,394 143.1 %
 
Investment securities available-for-sale 271,903 295,560 -8.0 %
Investment securities held-to-maturity 11,366 12,918 -12.0 %
Investment securities – trading   3,151     2,065   52.6 %
Total investment securities 286,420 310,543 -7.8 %
 
Other investments 14,302 17,120 -16.5 %
Loans held for sale

785,751

529,500 48.1 %
 
Loans receivable, net of fees 1,803,429 1,631,882 10.5 %
Allowance for loan losses   (27,400 )   (26,159 ) 4.7 %
Loans receivable, net 1,776,029 1,605,723 10.6 %
 
Premises and equipment, net 19,192 19,302 -0.6 %
Goodwill and intangibles, net 10,292 10,490 -1.9 %
Bank-owned life insurance 31,652 35,154 -10.0 %
Prepaid FDIC insurance premiums 2,165 3,350 -35.4 %
Other real estate owned - 3,046 -100.0 %
Other assets

46,244

31,349 39.1 %
     
TOTAL ASSETS $

3,039,187

  $ 2,602,716   16.6 %
 
Non-interest bearing deposits $ 351,815 $ 263,752 33.4 %
Interest bearing deposits   1,891,943     1,511,508   25.2 %
Total deposits 2,243,758 1,775,260 26.4 %
 
Other borrowed funds 392,275 510,385 -23.1 %
Mortgage funding checks 51,679 25,989 98.8 %
Escrow liabilities 4,629 4,095 13.0 %
Other liabilities

38,780

29,170 19.5 %
 
Shareholders' equity   308,066     257,817   19.5 %
 
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $

3,039,187

  $ 2,602,716   16.6 %
 
           
Cardinal Financial Corporation and Subsidiaries
Summary Income Statements
For the Three Months and Years Ended December 31, 2012 and 2011
(Dollars in thousands, except share and per share data)
(Unaudited)
 
For the Three Months Ended For the Years Ended
December 31, December 31,
  2012     2011   % Change     2012     2011   % Change  
(Unaudited) (Unaudited)
Net interest income $ 24,166 $ 22,738 6.3 % $ 91,003 $ 79,162 15.0 %
Provision for loan losses   (1,500 )   (2,165 ) -30.7 %   (7,123 )   (6,910 ) 3.1 %
Net interest income after provision for loan losses 22,666 20,573 10.2 % 83,880 72,252 16.1 %
 
Service charges on deposit accounts 503 460 9.3 % 1,914 1,767 8.3 %
Loan fees 357 505 -29.3 % 1,599 1,326 20.6 %
Title insurance & other income 775 501 54.7 % 2,489 1,408 76.8 %
Investment fee income 706 644 9.6 % 2,623 2,546 3.0 %
Realized and unrealized gains on mortgage banking activities 8,795 1,794 390.2 % 47,794 20,529 132.8 %
Management fee income 1,248 1,268 -1.6 % 4,082 3,406 19.8 %
Income from bank owned life insurance 2,565 193 1229.0 % 3,072 796 285.9 %
Net realized gains on investment securities - 1,256 -100.0 % 158 2,541 -93.8 %
Gain (loss) on sale of real estate - - 0.0 % (333 ) - -100.0 %
Other non-interest income (loss)   28     11   154.5 %   (6 )   14   -142.9 %
Total non-interest income 14,977 6,632 125.8 % 63,392 34,333 84.6 %
 
Net interest income and non-interest income 37,643 27,205 38.4 % 147,272 106,585 38.2 %
 
Salaries and benefits 6,865 5,736 19.7 % 39,370 28,707 37.1 %
Occupancy 1,912 1,603 19.3 % 7,186 6,032 19.1 %
Depreciation 721 540 33.5 % 2,669 2,517 6.0 %
Data processing & communications 1,089 1,235 -11.8 % 4,427 4,117 7.5 %
Professional fees 1,543 1,010 52.8 % 4,209 3,955 6.4 %
FDIC insurance assessment 356 309 15.2 % 1,336 1,387 -3.7 %
Impairment of other real estate owned - 911 -100.0 % - 911 -100.0 %
Mortgage loan repurchases and settlements 491 - 100.0 % 962 670 43.6 %
Loss on extinguishment of debt - - 0.0 % - 2,271 -100.0 %
Other operating expense   5,602     3,769   48.6 %   19,158     13,898   37.8 %
Total non-interest expense 18,579 15,113 22.9 % 79,317 64,465 23.0 %
Income before income taxes   19,064     12,092   57.7 %   67,955     42,120   61.3 %
Provision for income taxes   6,023       3,845     56.6 %   22,658       14,122     60.4 %
NET INCOME $ 13,041     $ 8,247     58.1 % $ 45,297     $ 27,998     61.8 %
 
Earnings per common share - basic $ 0.43     $ 0.28     55.5 % $ 1.53     $ 0.95     60.4 %
Earnings per common share - diluted $ 0.43     $ 0.28     55.3 % $ 1.51     $ 0.94     60.6 %
Weighted-average common shares outstanding - basic   30,030,407       29,525,946     1.7 %   29,653,917       29,401,231     0.9 %
Weighted-average common shares outstanding - diluted   30,466,747       29,914,769     1.8 %   29,995,667       29,784,081     0.7 %
 
       
Cardinal Financial Corporation and Subsidiaries
Selected Financial Information
(Dollars in thousands, except per share data and ratios)
(unaudited)
     
For the Three Months Ended For the Twelve Months Ended
December 31, December 31,
Income Statements: 2012     2011     2012     2011  
(Unaudited) (Unaudited) (Unaudited)
Interest income $ 29,961 $ 28,529 $ 115,050 $ 102,878
Interest expense             5,795       5,791       24,047       23,716  
Net interest income 24,166 22,738 91,003 79,162
Provision for loan losses           1,500       2,165       7,123       6,910  
Net interest income after provision for loan losses 22,666 20,573 83,880 72,252
Non-interest income 14,977 6,632 63,392 34,333
Non-interest expense           18,579       15,113       79,317       64,465  
Income before income taxes 19,064 12,092 67,955 42,120
Provision for income taxes         6,023       3,845       22,658       14,122  
Net income           $ 13,041     $ 8,247     $ 45,297     $ 27,998  
 
 
Per Common Share Data:
Basic net income $ 0.43 $ 0.28 $ 1.53 $ 0.95
Fully diluted net income 0.43 0.28 1.51 0.94
Book value 10.19 8.83 10.19 8.83
Tangible book value (1) 9.85 8.47 9.85 8.47
Common shares outstanding 30,226 29,199
 
Performance Ratios:
Return on average assets 1.81 % 1.32 % 1.70 % 1.27 %
Return on average equity 17.23 % 12.84 % 16.02 % 11.58 %
Net interest margin (2) 3.57 % 3.88 % 3.61 % 3.81 %
Efficiency ratio (3) 47.46 % 51.46 % 51.37 % 56.80 %
Non-interest income to average assets 2.08 % 1.06 % 2.37 % 1.56 %
Non-interest expense to average assets 2.58 % 2.42 % 2.97 % 2.92 %
 
Mortgage Banking Select Data:
$ of loans closed - George Mason Mortgage $ 1,271,651 $ 778,464 $ 4,105,809 $ 1,993,821
$ of loans closed - Managed Mortgage Company Affiliates   638,839       725,532     2,471,966       1,900,113  
Total 1,910,490 1,503,996 6,577,775 3,893,934
 
# of loans closed - George Mason Mortgage 3,737 2,280 12,127 5,691
# of loans closed - Managed Mortgage Company Affiliates   1,656       1,897     6,490       4,903  
Total 5,393 4,177 18,617 10,594
 
Refi % of loans closed - George Mason Mortgage 66 % 69 % 63 % 55 %
Refi % of loans closed - Managed Mortgage Company Affiliates   68 %     63 %   62 %     47 %
Total 67 % 66 % 63 % 51 %
 
$ of loan applications - George Mason Mortgage $ 1,413,000 $ 798,000 $ 5,291,000 $ 2,734,000
$ of loan applications - Managed Mortgage Company Affiliates   663,000       761,000     2,832,000       2,629,000  
Total 2,076,000 1,559,000 8,123,000 5,363,000
 
Locked Pipeline at period end - George Mason Mortgage $ 481,703 $ 210,532
 
Asset Quality Data:
Net charge-offs to average loans receivable, net of fees 0.35 % 0.34 %
Total nonaccrual loans $ 7,626 $ 14,614
Real estate owned $ - $ 3,046
Nonperforming loans to loans receivable, net of fees 0.42 % 0.91 %
Nonperforming loans to total assets 0.25 % 0.57 %
Nonperforming assets to total assets 0.25 % 0.69 %
Total loans receivable past due 30 to 89 days $ - $ 1,904
Total loans receivable past due 90 days or more $ - $ 208
Allowance for loan losses to loans receivable, net of fees 1.52 % 1.60 %
Allowance for loan losses to nonperforming loans 359.30 % 176.45 %
 
Capital Ratios:
Tier 1 risk-based capital

11.94

% 11.29 %
Total risk-based capital

13.04

% 12.49 %
Leverage capital ratio 10.49 % 10.14 %
 
 

(1)

Tangible book value is calculated as total shareholders' equity less goodwill and other intangible assets, divided by common shares outstanding.

(2)

Net interest margin is calculated as net interest income divided by total average earning assets and reported on a tax equivalent basis at a rate of 33% for 2012 and 34% for 2011.

(3)

Efficiency ratio is calculated as total non-interest expense divided by the total of net interest income and non-interest income.

 
             
Cardinal Financial Corporation and Subsidiaries
Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities
For the Three Months and Years Ended December 31, 2012 and 2011
(Dollars in thousands)
(Unaudited)
   
For the Three Months Ended For the Years Ended
December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011
Average Average Average Average Average Average Average Average
Balance Yield Balance

 

Yield Balance Yield Balance Yield
Interest-earning assets:
Loans receivable, net of fees (1)
Commercial and industrial $ 219,526 4.12 % $ 223,091 4.35 % $ 228,407 4.16 % $ 202,441 4.40 %
Real estate - commercial 768,493 5.27 % 732,316 5.78 % 750,979 5.40 % 669,841 5.92 %
Real estate - construction 374,103 5.20 % 267,299 5.72 % 341,365 5.29 % 250,897 5.57 %
Real estate - residential 251,303 4.68 % 214,058 4.94 % 246,622 4.79 % 216,065 5.03 %
Home equity lines 118,764 3.73 % 121,358 3.73 % 119,902 3.71 % 122,090 3.71 %
Consumer   4,183   4.75 %   3,172   5.25 %   3,568   5.01 %   3,120   5.35 %
Total loans   1,736,372   4.92 %   1,561,294   5.30 %   1,690,843   5.00 %   1,464,454   5.35 %
 
Loans held for sale 626,814 3.72 % 457,052 4.13 % 486,134 3.91 % 244,542 4.40 %
Investment securities - available-for-sale (1) 257,320 4.29 % 294,104 4.39 % 266,092 4.35 % 320,138 4.40 %
Investment securities - held-to-maturity 11,577 2.35 % 13,258 2.59 % 12,173 2.50 % 16,124 2.73 %
Other investments 13,567 2.54 % 15,729 0.81 % 15,123 1.70 % 15,723 0.79 %
Federal funds sold   88,705   0.29 %   27,417   0.23 %   72,176   0.25 %   38,139   0.23 %
Total interest-earning assets 2,734,355 4.42 % 2,368,854 4.86 % 2,542,541 4.56 % 2,099,120 4.94 %
 
Non-interest earning assets:
Cash and due from banks 18,742 14,892 16,273 14,609
Premises and equipment, net 19,279 19,298 18,874 17,943
Goodwill and intangibles, net 10,316 10,519 10,394 10,593
Accrued interest and other assets 122,100 104,569 110,652 89,205
Allowance for loan losses (27,150 ) (24,643 ) (27,101 ) (24,524 )
       
TOTAL ASSETS $ 2,877,642   $ 2,493,489   $ 2,671,633   $ 2,206,946  
 
Interest-bearing liabilities:
Interest checking $ 331,008 0.66 % $ 130,881 0.19 % $ 281,807 0.87 % $ 133,841 0.19 %
Money markets 376,575 0.31 % 169,334 0.41 % 305,058 0.34 % 163,856 0.41 %
Statement savings 215,239 0.26 % 224,341 0.36 % 217,797 0.30 % 238,165 0.36 %
Certificates of deposit   903,887   1.11 %   1,007,755   1.19 %   888,661   1.20 %   776,585   1.52 %
Total interest-bearing deposits   1,826,709   0.77 %   1,532,311   0.89 %   1,693,323   0.88 %   1,312,447   1.03 %
 
Other borrowed funds   317,910   2.83 %   371,131   2.50 %   318,240   2.89 %   365,724   2.78 %
Total interest-bearing liabilities 2,144,619 1.08 % 1,903,442 1.21 % 2,011,563 1.20 % 1,678,171 1.41 %
 
Noninterest-bearing liabilities:
Noninterest-bearing deposits 372,969 292,351 333,496 257,620
Other liabilities 57,348 40,858 43,831 29,400
 
Shareholders' equity 302,706 256,838 282,743 241,755
       
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 2,877,642   $ 2,493,489   $ 2,671,633   $ 2,206,946  
 
NET INTEREST MARGIN (1) 3.57 % 3.88 % 3.61 % 3.81 %
 
 

(1)

The average yields for loans receivable and investment securities available-for-sale are reported on a fully taxable-equivalent basis at a rate of 33% for 2012 and 34% for 2011.

 
           
Cardinal Financial Corporation and Subsidiaries
Segment Reporting at and for the Three Months and Years Ended December 31, 2012 and 2011
(Dollars in thousands)
(Unaudited)
 
At and for the Three Months Ended December 31, 2012:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 23,920 $ 453 $ - $ (207 ) $ - $ 24,166
Provision for loan losses 1,500 - - - - 1,500
Non-interest income 3,395 10,901 707 4 (30 ) 14,977
Non-interest expense 11,223 5,705 676 1,005 (30 ) 18,579
Provision for income taxes   4,441   1,996   9     (423 )   -     6,023
Net income (loss) $ 10,151 $ 3,653 $ 22   $ (785 ) $ -   $ 13,041
 
Average Assets $ 2,869,185 $ 640,869 $ 526 $ 289,528 $ (922,466 ) $ 2,877,642
 
At and for the Three Months Ended December 31, 2011:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 22,135 $ 811 $ - $ (208 ) $ - $ 22,738
Provision for loan losses 2,165 - - - - 2,165
Non-interest income 2,275 3,645 650 100 (38 ) 6,632
Non-interest expense 9,650 4,137 527 837 (38 ) 15,113
Provision for income taxes   4,084   88   39     (366 )   -     3,845
Net income (loss) $ 8,511 $ 231 $ 84   $ (579 ) $ -   $ 8,247
 
Average Assets $ 2,497,420 $ 461,554 $ 647 $ 255,451 $ (721,583 ) $ 2,493,489
 
At and for the Twelve Months Ended December 31, 2012:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 89,472 $ 2,365 $ - $ (834 ) $ - $ 91,003
Provision for loan losses 6,865 258 - - - 7,123
Non-interest income 5,868 54,794 2,623 176 (69 ) 63,392
Non-interest expense 43,495 29,529 2,656 3,706 (69 ) 79,317
Provision for income taxes   14,436   9,764   (14 )   (1,528 )   -     22,658
Net income (loss) $ 30,544 $ 17,608 $ (19 ) $ (2,836 ) $ -   $ 45,297
 
Average Assets $ 2,671,673 $ 492,137 $ 550 $ 285,440 $ (778,167 ) $ 2,671,633
 
At and for the Twelve Months Ended December 31, 2011:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 77,456 $ 2,522 $ - $ (816 ) $ - $ 79,162
Provision for loan losses 6,910 - - - - 6,910
Non-interest income 6,116 25,592 2,552 161 (88 ) 34,333
Non-interest expense 42,202 16,032 2,610 3,709 (88 ) 64,465
Provision for income taxes   11,397   4,291   (29 )   (1,537 )   -     14,122
Net income (loss) $ 23,063 $ 7,791 $ (29 ) $ (2,827 ) $ -   $ 27,998
 
Average Assets $ 2,204,122 $ 248,384 $ 603 $ 252,887 $ (499,050 ) $ 2,206,946
 

Contacts

Cardinal Financial Corporation
Bernard H. Clineburg
Chairman, Chief Executive Officer
703-584-3400
or
Mark A. Wendel
EVP, Chief Financial Officer
703-584-3400

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Contacts

Cardinal Financial Corporation
Bernard H. Clineburg
Chairman, Chief Executive Officer
703-584-3400
or
Mark A. Wendel
EVP, Chief Financial Officer
703-584-3400