Cardinal Announces First Quarter Earnings; Asset
Quality Remains Strong, Net Interest Margin
Improves, Loans Grow 11.5 %
April 20, 2010 01:46 PM Eastern Daylight Time
TYSONS CORNER, Va.--(EON: Enhanced Online News)--Cardinal Financial Corporation (NASDAQ: CFNL)
(the “Company”) today announced earnings of $3.8 million, or $0.13 per diluted share, for period ended March 31,
2010. This is a 75% increase over earnings of $2.2 million, or $0.09 per diluted share, for the first quarter of last
l Asset quality continues to be strong. Nonperforming loans remained low at 0.24% of total assets, and
annualized net loan charge offs were 0.55% of loans outstanding. Real estate owned decreased to $4.5 million
from $5.0 million at the previous quarter ended December 31, 2009, and the Company currently has no loans
receivable past due 90 days or more.
l The Company’s tax equivalent net interest margin increased to 3.40% for the current quarter, up from 3.32%
in the previous quarter and up from 2.61% in the year ago quarter.
l Total assets at period-end were $1.949 billion versus $1.793 billion one year earlier, an increase of 8.7%.
l Loans held for investment grew to $1.308 billion, an increase of $135 million, or 11.5%, compared to March
l Total deposits grew to $1.326 billion, an increase of 9.6% compared to March 31, 2009.
l All capital ratios substantially exceed the requirements of banking regulators to be considered well-capitalized.
Tangible common equity capital (TCE) as a percentage of total assets was 9.84%.
Income Statement Review
For the first quarter of 2010, net income was $3.8 million, or $0.13 per diluted share. Compared to the year ago
quarter, net interest income increased 44% to $15.3 million from $10.6 million. For these same periods, the tax
equivalent net interest margin improved to 3.40% from 2.61%. The margin also improved from 3.32% for the fourth
quarter of 2009. The increases in net interest income and margin are primarily a resu