| TYSONS CORNER, Va., Oct 21, 2009 (BUSINESS WIRE) --
Cardinal Financial Corporation (CFNL, Trade ) (the "Company") today
reported earnings of $2.6 million, or $0.09 per diluted share, for the
three month period ended September 30, 2009. This compares to a net loss
of $4.4 million or $0.18 per diluted share for the same period of 2008.
For the nine month period ended September 30, 2009, earnings totaled
$6.9 million, or $0.26 per diluted share, versus a net loss of $1.5
million, or $0.06 per diluted share, for the same nine month period of
2008.
Included in the year-to-date 2009 results was an increase in the level
of loan loss provisioning that continues to be influenced by a
struggling economy. When comparing the current quarter to the same
quarter last year, the provision expense increased $405,000. For the
comparable nine month periods, there was an increase of $2.0 million in
this expense. Additionally, year-to-date 2009 results were impacted by
changes in ongoing and special FDIC insurance assessments, which
increased this expense $280,000 and $1.7 million for the three and nine
month periods ended September 30, 2009, reducing earnings by $0.01 and
$0.04 per diluted share, respectively, versus the same periods in 2008.
Selected Highlights
--
Asset quality continues to be excellent. Nonperforming assets remained
low at 0.50% of total assets, and annualized net loan charge offs
year-to-date were 0.20% of loans outstanding.
--
The loans receivable portfolio grew to $1.263 billion, an increase of
$177 million, or 16.3%, compared to September 30, 2008. For the
quarter, loans held for investment grew $65 million, an annualized
increase of over 20%. Loans held for sale increased 12.8% from the
prior year to $152 million at September 30, 2009.
--
Total deposits grew to $1.275 billion, an increase of 17.5% compared
to September 30, 2008 and 8.1% since the beginning of this year.
--
Total assets at period-end were $1.893 billion versus $1.638 billion
one year earlier, an increase of 15.6%. The increase in total assets
was primarily funded by the Company's deposit growth and a successful
capital raise of $31.6 million, which will allow the Company to
continue penetrating its existing footprint and take full advantage of
bank consolidation opportunities.
--
Total risk-based capital to risk based assets was 14.31%, which
substantially exceeds the 10.0% ratio that banking regulators consider
to be the well-capitalized threshold. Tangible common equity capital
(TCE) as a percentage of total assets was 9.78%.
Income Statement Review
Third quarter net income was $2.6 million, or $0.09 per diluted share.
Compared to the year ago quarter, net interest income increased to $13.1
million from $11.3 million. During the current quarter, the net interest
margin improved to 2.97% versus 2.84% and 2.61% for the second and first
quarters of 2009, respectively. The increases in net interest income and
margin are primarily a result of the Bank's success in growing its
balance sheet while maintaining asset yields and lowering deposit rates.
Noninterest income increased $1.3 million, or 30%, for the three month
period ended September 30, 2009 compared to the same period of 2008. For
the nine months ended September 30, 2009, noninterest income increased
$4.3 million, or 32%, over 2008 results. The increase was primarily
attributable to gains on mortgage banking activities from increases in
loan originations and closings. For the third quarter of 2009, the
profit from our mortgage banking operations increased to $779,000 versus
an operating loss of $325,000 in the same period last year. Year-to-date
through September 30th, profit from our mortgage banking operations
increased to $3.5 million versus operating earnings of $159,000 last
year. Included in year to date results are increased fees of $677,000
from "managed" mortgage banking companies and increased revenues of
$984,000 from our title company.
Noninterest expense before nonrecurring items for the three and nine
month periods increased to $13.0 million from $12.0 million and to $38.7
million from $35.7 million, for the three and nine month periods ended
September 30, 2009 and 2008, respectively. As mentioned, the increase in
FDIC premiums accounts for a large portion of this increase. The
remaining increase is primarily attributed to mortgage banking activity.
Review of Balance Sheet and Credit Quality
At September 30, 2009, total assets of the Company were $1.893 billion,
an increase of 15.6% from total assets of $1.638 billion at September
30, 2008. Portfolio loans receivable grew 16.3% to $1.263 billion
at September 30, 2009, from $1.087 billion at September 30, 2008. The
increase in the Bank's loan portfolio was primarily comprised of
increases in small business, commercial, commercial real estate and home
equity lending as we continued to maintain a balanced loan portfolio.
The Bank's asset growth was primarily funded by a 17.5% increase in
deposits, which totaled $1.276 billion at September 30, 2009 versus
$1.086 billion a year earlier. Demand deposit account balances increased
by 4.6% year over year reflecting the Bank's continued focus on
generating lower funding costs.
Although the quality of the Bank's loan portfolio has remained
excellent, the total allowance for loan losses was increased to 1.38% of
loans outstanding due to the current credit market, economic
uncertainties and a slight increase in the Company's nonperforming
assets, which increased to 0.50% of total assets at September 30, 2009
compared to 0.41% at June 30, 2009 and 0.29% at December 31, 2008. The
third quarter 2009 increase in nonperforming loans totaled $1.9 million
and consisted of one commercial loan which is secured by real estate and
four residential mortgage loans. Net loan charge-offs totaled $727,000
for the third quarter of 2009, compared to $778,000 for the same period
of 2008. On a year-to-date basis, net loan charge-offs totaled $1.8
million, or 0.20% of loans outstanding on an annualized basis, compared
to $1.1 million or 0.14% for the nine months ended September 30, 2008.
Early stage loan delinquencies at 30-89 days past due were $15,000 at
September 30, 2009 versus $541,000 at September 30, 2008.
MANAGEMENT COMMENTS
Bernard H. Clineburg, Chairman and Chief Executive Officer of the
Company, said:
"I continue to be pleased with our Company's performance this year,
considering the ongoing challenges with both the U.S. and regional
economies. The quality of our loan portfolio remains strong,
differentiating Cardinal from many of its competitors in this
environment. We also have been successful in our campaign to
aggressively lend to qualified borrowers. Our loan portfolio grew over
$60 million this quarter, again achieving annualized growth well into
the double digits. Although management has closely monitored deposit
pricing, we have been able to primarily fund this asset growth with new
deposit relationships. As a result of growth in both our loan and
deposit balances, we have experienced a significant increase in our net
interest margin since the beginning of the year.
"Noninterest income has also increased significantly since last year,
mainly as a result of improved activity at our mortgage banking
subsidiary, George Mason. Residential loan closings have almost doubled
last year's volume and have surpassed $2.0 billion year to date.
"Our recent capital raise put us in a position to substantially raise
our legal lending limit and to extend our activities and relationships
with larger businesses in the Washington DC metropolitan area. We also
anticipate that announced bank mergers will result in further
consolidation in our market. There are over 400 branches in the
marketplace that will be impacted by the mergers, and some may close. We
stand ready to capitalize on the dislocation of customers that normally
occurs from this activity.
"While no financial institution is completely immune to downturns in the
economy, we are proud that we maintain superb asset quality and
significantly exceed regulatory requirements for a well capitalized
bank. As always, the board and management remain committed to operating
a safe and sound financial institution and building upon our quality
growth, and we believe we are well positioned to maximize the value of
the Cardinal franchise."
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, 2008 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 $1.9 billion at September 30, 2009, serves the
Washington Metropolitan region through its wholly-owned subsidiary,
Cardinal Bank, with 25 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 six 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
September 30, 2009, December 31, 2008 and September 30, 2008
(Dollars in thousands)
(Unaudited) (Unaudited) % Change
September 30, 2009 December 31, 2008 September 30, 2008 Current Year Year Over Year
Cash and due from banks $ 12,251 $ 14,919 $ 22,124 -17.9 % -44.6 %
Federal funds sold 7,727 31,009 21,785 -75.1 % -64.5 %
Investment securities available-for-sale 334,670 265,356 231,044 26.1 % 44.9 %
Investment securities held-to-maturity 37,526 50,183 52,229 -25.2 % -28.2 %
Total investment securities 372,196 315,539 283,273 18.0 % 31.4 %
Other investments 16,467 16,370 16,822 0.6 % -2.1 %
Loans held for sale 151,806 157,009 134,553 -3.3 % 12.8 %
Loans receivable, net of fees 1,263,291 1,139,348 1,086,531 10.9 % 16.3 %
Allowance for loan losses (17,473 ) (14,518 ) (13,257 ) 20.4 % 31.8 %
Loans receivable, net 1,245,818 1,124,830 1,073,274 10.8 % 16.1 %
Premises and equipment, net 15,578 16,463 16,995 -5.4 % -8.3 %
Goodwill and intangibles, net 13,995 14,173 14,232 -1.3 % -1.7 %
Bank-owned life insurance 33,576 33,176 33,056 1.2 % 1.6 %
Other assets 23,989 20,269 22,078 18.4 % 8.7 %
TOTAL ASSETS $ 1,893,403 $ 1,743,757 $ 1,638,192 8.6 % 15.6 %
Non-interest bearing deposits $ 154,276 $ 147,529 $ 147,499 4.6 % 4.6 %
Interest bearing deposits 1,121,600 1,032,315 938,065 8.6 % 19.6 %
Total deposits 1,275,876 1,179,844 1,085,564 8.1 % 17.5 %
Other borrowed funds 378,645 367,198 374,007 3.1 % 1.2 %
Mortgage funding checks 13,167 19,178 7,293 -31.3 % 80.5 %
Escrow liabilities 2,329 1,832 1,250 27.1 % 86.3 %
Other liabilities 20,036 17,699 15,538 13.2 % 28.9 %
Shareholders' equity 203,350 158,006 154,540 28.7 % 31.6 %
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 1,893,403 $ 1,743,757 $ 1,638,192 8.6 % 15.6 %
Cardinal Financial Corporation and Subsidiaries
Summary Income Statements
Three and Nine Months Ended September 30, 2009 and 2008
(Dollars in thousands, except share and per share data)
(Unaudited)
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
2009 2008 % Change 2009 2008 % Change
Net interest income $ 13,092 $ 11,280 16.1 % $ 35,674 $ 32,660 9.2 %
Provision for loan losses (2,050 ) (1,645 ) 24.6 % (4,750 ) (2,734 ) 73.7 %
Net interest income after provision for loan losses 11,042 9,635 14.6 % 30,924 29,926 3.3 %
Service charges on deposit accounts 514 522 -1.5 % 1,482 1,584 -6.4 %
Loan fees 503 365 37.8 % 2,161 1,029 110.0 %
Investment fee income 975 893 9.2 % 2,665 2,715 -1.8 %
Realized and unrealized gains on mortgage banking activities 2,833 1,985 42.7 % 9,579 5,878 63.0 %
Management fee income 553 204 171.1 % 1,267 590 114.7 %
Other non-interest income 326 426 -23.5 % 558 1,586 -64.8 %
Total non-interest income 5,704 4,395 29.8 % 17,712 13,382 32.4 %
Net interest income and non-interest income 16,746 14,030 19.4 % 48,636 43,308 12.3 %
Salaries and benefits 5,897 5,754 2.5 % 17,546 17,250 1.7 %
Occupancy 1,321 1,429 -7.6 % 4,055 4,205 -3.6 %
Depreciation 464 583 -20.4 % 1,515 1,821 -16.8 %
Data processing 469 402 16.7 % 1,438 1,257 14.4 %
Telecommunications 328 256 28.1 % 939 742 26.5 %
Impairment of Fannie Mae perpetual preferred stock - 4,408 -100.0 % - 4,408 -100.0 %
Impairment of goodwill - 2,821 -100.0 % - 2,821 -100.0 %
Settlement with mortgage correspondent - - 0.0 % - 1,800 -100.0 %
Other operating expense 4,499 3,603 24.9 % 13,228 10,414 27.0 %
Total non-interest expense 12,978 19,256 -32.6 % 38,721 44,718 -13.4 %
Income (loss) before income taxes 3,768 (5,226 ) -172.1 % 9,915 (1,410 ) -803.2 %
Provision (benefit) for income taxes 1,164 (816 ) -242.6 % 3,000 84 3471.4 %
NET INCOME (LOSS) $ 2,604 $ (4,410 ) -159.0 % $ 6,915 $ (1,494 ) -562.9 %
Earnings per common share - basic $ 0.09 $ (0.18 ) -149.5 % $ 0.26 $ (0.06 ) -525.1 %
Earnings per common share - diluted $ 0.09 $ (0.18 ) -148.7 % $ 0.26 $ (0.06 ) -517.4 %
Weighted-average common shares outstanding - basic 28,999,230 24,327,751 19.2 % 26,559,683 24,393,167 8.9 %
Weighted-average common shares outstanding - diluted 29,524,878 24,327,751 21.4 % 27,047,915 24,393,167 10.9 %
Reconciliation of Non-GAAP measures:
GAAP net income reported above $ 2,604 $ (4,410 ) $ 6,915 $ (1,494 )
After tax impact on:
- FDIC special assessment - - 557 -
- impairment of Fannie Mae perpetual preferred stock - 3,992 - 3,992
- impairment of goodwill - 1,846 - 1,846
- settlement with mortgage correspondent - - - 1,179
Operating earnings, excluding nonrecurring expenses reported above: $ 2,604 $ 1,428 82.4 % $ 7,472 $ 5,523 35.3 %
GAAP earnings per share - diluted reported above $ 0.09 $ (0.18 ) $ 0.26 $ (0.06 )
After tax impact on:
- FDIC special assessment - - 0.02 -
- impairment of Fannie Mae perpetual preferred stock - 0.16 - 0.16
- impairment of goodwill - 0.08 - 0.07
- settlement with mortgage correspondent - - - 0.05
Operating earnings per common share - diluted (excluding nonrecurring
expenses reported above ) $ 0.09 $ 0.06 50.3 % $ 0.28 $ 0.22 25.0 %
GAAP non-interest expense reported above $ 12,978 $ 19,256 $ 38,721 $ 44,718
Less nonrecurring expenses:
- FDIC special assessment - - 844 -
- impairment of Fannie Mae perpetual preferred stock - (4,408 ) - (4,408 )
- impairment of goodwill - (2,821 ) - (2,821 )
- settlement with mortgage correspondent - - - (1,800 )
Non-interest expense, excluding nonrecurring expenses reported above $ 12,978 $ 12,027 7.9 % $ 39,565 $ 35,689 10.9 %
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 Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
Income Statements:
Interest income $ 21,923 $ 21,951 $ 63,571 $ 67,283
Interest expense 8,831 10,671 27,897 34,623
Net interest income 13,092 11,280 35,674 32,660
Provision for loan losses 2,050 1,645 4,750 2,734
Net interest income after provision for loan losses 11,042 9,635 30,924 29,926
Non-interest income 5,704 4,395 17,712 13,382
Non-interest expense 12,978 19,256 38,721 44,718
Net income before income taxes 3,768 (5,226 ) 9,915 (1,410 )
Provision for income taxes 1,164 (816 ) 3,000 84
Net income $ 2,604 $ (4,410 ) $ 6,915 $ (1,494 )
Balance Sheet Data: September 30, 2009 September 30, 2008
Total assets $ 1,893,403 $ 1,638,192
Loans receivable, net of fees 1,263,291 1,086,531
Allowance for loan losses (17,473 ) (13,257 )
Loans held for sale 151,806 134,553
Total investment securities 372,196 283,273
Total deposits 1,275,876 1,085,564
Other borrowed funds 378,645 374,007
Total shareholders' equity 203,350 154,540
Common shares outstanding 28,690 24,103
For the Three Months Ended September 30, For the Nine Months Ended September 30,
Selected Average Balances: 2009 2008 2009 2008
Total assets $ 1,851,895 $ 1,620,893 $ 1,783,380 $ 1,636,453
Loans receivable, net of fees 1,212,910 1,075,609 1,183,271 1,057,239
Allowance for loan losses (16,692 ) (12,763 ) (15,725 ) (12,192 )
Loans held for sale 131,417 118,009 168,428 132,921
Total investment securities 326,182 313,180 283,652 325,851
Interest earning assets 1,778,013 1,541,592 1,708,611 1,554,172
Total deposits 1,271,837 1,083,469 1,220,137 1,107,002
Other borrowed funds 362,391 359,976 363,422 349,178
Total shareholders' equity 200,387 159,971 180,041 161,567
Weighted Average:
Common shares outstanding - basic 28,999 24,328 26,560 24,393
Common shares outstanding - diluted 29,525 24,328 27,048 24,393
Per Common Share Data:
Basic net income $ 0.09 $ (0.18 ) $ 0.26 $ (0.06 )
Fully diluted net income 0.09 (0.18 ) 0.26 (0.06 )
Book value 7.09 6.41 7.09 6.41
Tangible book value (1) 6.41 5.92 6.41 5.92
Performance Ratios:
Return on average assets 0.56 % -1.09 % 0.52 % -0.12 %
Return on average equity 5.20 % -11.03 % 5.12 % -1.23 %
Net interest margin (2) 2.97 % 2.96 % 2.81 % 2.84 %
Efficiency ratio (3) 69.05 % 76.73 % 72.53 % 77.51 %
Non-interest income to average assets 1.23 % 1.08 % 1.32 % 1.09 %
Non-interest expense to average assets 2.80 % 4.75 % 2.89 % 3.64 %
Asset Quality Data:
Annualized net charge-offs to average loans receivable, net of fees 0.20 % 0.14 %
Total nonaccrual loans $ 9,454 $ -
Real estate owned $ 185 $ -
Nonperforming loans to loans receivable, net of fees 0.75 % 0.05 %
Nonperforming loans to total assets 0.50 % 0.04 %
Total loans receivable past due 30 days or more $ 15 $ 541
Total loans receivable past due 90 days or more $ 25 $ 584
Allowance for loan losses to loans receivable, net of fees 1.38 % 1.22 %
Allowance for loan losses to nonperforming loans 165.89 % 2087.67 %
Capital Ratios:
Tier 1 risk-based capital 13.16 % 11.93 %
Total risk-based capital 14.31 % 12.91 %
Leverage capital ratio 11.09 % 10.22 %
(1) Tangible book value is calculated as total shareholders' equity,
adjusted for changes in other comprehensive income, 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 34%.
(3) Efficiency ratio is calculated as total non-interest expense (less
nonrecurring 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
Three and Nine Months Ended September 30, 2009 and 2008
(Dollars in thousands)
(Unaudited)
For the Three Months Ended For the Nine Months Ended
September 30, 2009 September 30, 2008 September 30, 2009 September 30, 2008
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 $ 148,446 4.80 % $ 119,891 6.15 % $ 158,966 4.80 % $ 127,572 6.35 %
Real estate - commercial 567,150 6.27 % 454,513 6.55 % 531,923 6.26 % 432,948 6.56 %
Real estate - construction 178,585 5.04 % 189,041 5.72 % 177,728 4.57 % 190,428 6.11 %
Real estate - residential 201,500 5.15 % 213,360 5.60 % 202,133 5.34 % 213,018 5.61 %
Home equity lines 114,414 3.58 % 96,196 4.66 % 109,935 3.65 % 90,593 4.92 %
Consumer 2,815 5.78 % 2,608 6.08 % 2,586 6.05 % 2,680 6.48 %
Total loans 1,212,910 5.47 % 1,075,609 6.01 % 1,183,271 5.41 % 1,057,239 6.12 %
Loans held for sale 131,417 4.96 % 118,009 5.79 % 168,428 4.47 % 132,921 5.81 %
Investment securities - available-for-sale (1) 286,835 4.72 % 258,807 5.29 % 239,301 4.96 % 264,376 5.25 %
Investment securities - held-to-maturity 39,347 3.60 % 54,373 4.30 % 44,351 3.78 % 61,475 4.25 %
Other investments 15,728 0.84 % 15,726 2.91 % 15,697 0.11 % 15,138 4.82 %
Federal funds sold (1) 91,776 0.25 % 19,068 2.45 % 57,563 0.24 % 23,023 2.52 %
Total interest-earning assets 1,778,013 4.96 % 1,541,592 5.73 % 1,708,611 4.99 % 1,554,172 5.81 %
Non-interest earning assets:
Cash and due from banks 1,213 7,241 1,026 7,526
Premises and equipment, net 15,723 17,276 15,977 17,765
Goodwill and intangibles, net 14,025 17,060 14,090 17,140
Accrued interest and other assets 59,613 50,487 59,401 52,042
Allowance for loan losses (16,692 ) (12,763 ) (15,725 ) (12,192 )
TOTAL ASSETS $ 1,851,895 $ 1,620,893 $ 1,783,380 $ 1,636,453
Interest-bearing liabilities:
Interest-bearing deposits $ 1,121,501 2.02 % $ 946,894 3.04 % $ 1,075,904 2.30 % $ 979,057 3.34 %
Other borrowed funds 362,391 3.42 % 359,976 3.78 % 363,422 3.45 % 349,178 3.89 %
Total interest-bearing liabilities 1,483,892 2.36 % 1,306,870 3.24 % 1,439,326 2.59 % 1,328,235 3.48 %
Noninterest-bearing liabilities:
Noninterest-bearing deposits 150,336 136,575 144,233 127,945
Other liabilities 17,280 17,477 19,780 18,706
Shareholders' equity 200,387 159,971 180,041 161,567
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 1,851,895 $ 1,620,893 $ 1,783,380 $ 1,636,453
NET INTEREST MARGIN (1) 2.97 % 2.96 % 2.81 % 2.84 %
(1) The average yields for loans receivable, investment securities
available-for-sale and fed funds sold (which includes investments in
money market preferred stock) are reported on a fully
taxable-equivalent basis at a rate of 34%.
Cardinal Financial Corporation and Subsidiaries
Segment Reporting at and for the Three and Nine Months Ended
September 30, 2009 and 2008
(Dollars in thousands)
(Unaudited)
At and for the Three Months Ended September 30, 2009:
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 12,649 $ 655 $ - $ (212 ) $ - $ 13,092
Provision for loan losses 2,050 - - - - 2,050
Non-interest income 917 3,724 980 103 (20 ) 5,704
Non-interest expense 8,334 3,192 785 687 (20 ) 12,978
Provision for income taxes 961 408 66 (271 ) - 1,164
Net income (loss) $ 2,221 $ 779 $ 129 $ (525 ) $ - $ 2,604
Average Assets $ 1,851,296 $ 137,303 $ 3,430 $ 223,422 $ (363,556 ) $ 1,851,895
At and for the Three Months Ended September 30, 2008:
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 10,720 $ 837 $ - $ (277 ) $ - $ 11,280
Provision for loan losses 865 780 - - - 1,645
Non-interest income 1,142 2,352 893 8 - 4,395
Non-interest expense 12,096 5,728 859 573 - 19,256
Provision for income taxes 605 (1,148 ) 13 (286 ) - (816 )
Net income (loss) $ (1,704 ) $ (2,171 ) $ 21 $ (556 ) $ - $ (4,410 )
Reconciliation of Non-GAAP measures:
After tax impact on:
- Impairment of goodwill - 1,846 - - - 1,846
- Impairment of Fannie Mae perpetual preferred stock 3,992 - - - - 3,992
Operating earnings, excluding nonrecurring expenses reported above $ 2,288 $ (325 ) $ 21 $ (556 ) $ - $ 1,428
Average Assets $ 1,612,406 $ 124,567 $ 3,589 $ 172,889 $ (292,558 ) $ 1,620,893
At and for the Nine Months Ended September 30, 2009:
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 34,191 $ 2,165 $ - $ (682 ) $ - $ 35,674
Provision for loan losses 4,656 94 - - - 4,750
Non-interest income 3,077 12,419 2,686 (406 ) (64 ) 17,712
Non-interest expense 25,504 9,154 2,376 1,751 (64 ) 38,721
Provision for income taxes 2,025 1,835 105 (965 ) - 3,000
Net income (loss) $ 5,083 $ 3,501 $ 205 $ (1,874 ) $ - $ 6,915
Reconciliation of Non-GAAP measures:
After tax impact on:
- FDIC special assessment 557 - - - - 557
Operating earnings, excluding nonrecurring expenses reported above $ 5,640 $ 3,501 $ 205 $ (1,874 ) $ - $ 7,472
Average Assets $ 1,777,923 $ 170,349 $ 3,447 $ 201,099 $ (369,438 ) $ 1,783,380
At and for the Nine Months Ended September 30, 2008:
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 31,110 $ 2,470 $ - $ (920 ) $ - $ 32,660
Provision for loan losses 1,790 944 - - - 2,734
Non-interest income 3,565 7,075 2,715 27 - 13,382
Non-interest expense 27,165 12,979 2,575 1,999 - 44,718
Provision for income taxes 2,528 (1,512 ) 51 (983 ) - 84
Net income (loss) $ 3,192 $ (2,866 ) $ 89 $ (1,909 ) $ - $ (1,494 )
Reconciliation of Non-GAAP measures:
After tax impact on:
- Impairment of goodwill - 1,846 - - - 1,846
- Impairment of Fannie Mae perpetual preferred stock 3,992 - - - - 3,992
- Settlement with mortgage correspondent - 1,179 - - - 1,179
Operating earnings, excluding nonrecurring expenses reported above $ 7,184 $ 159 $ 89 $ (1,909 ) $ - $ 5,523
Average Assets $ 1,628,002 $ 138,243 $ 3,647 $ 176,287 $ (309,726 ) $ 1,636,453
SOURCE: Cardinal Financial Corporation
Cardinal Financial Corporation
Bernard H. Clineburg,
Chairman, Chief Executive Officer
or
Mark A. Wendel,
EVP, Chief Financial Officer
703-584-3400
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