Cardinal Financial Corporation Reports 1999 Results.Business Editors/Banking Writers FAIRFAX Fairfax, city (1990 pop. 19,622), historic seat of Fairfax co., NE Va., a residential suburb of Washington, D.C.; inc. 1892, as a city 1961 (at which time it became independent and no longer included in a county). There is some light manufacturing. , Va.--(BUSINESS WIRE)--Jan. 20, 2000 Cardinal Financial Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on , CFNL), (the `Company'), a multi-bank holding company located in Fairfax, Virginia Fairfax is an independent city forming an enclave within the confines of Fairfax County, in the Commonwealth of Virginia. Although politically independent of the surrounding county, the City of Fairfax is nevertheless its county seatGR6. , announces financial results for 1999. For the year ended December December: see month. 31, 1999 the net loss was ($4,039,000) or ($0.95) per share compared to a net loss of ($1,696,000) or ($0.64) per share for the year ended December 31, 1998. The results for 1999 reflected the continuation of the Company's strategic plan with the opening of three subsidiaries. Cardinal Wealth Services Inc., an investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and , began operations February February: see month. 1, Cardinal Bank-Manassas/Prince William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack , N.A. began operations July July: see month. 26, and Cardinal Bank-Dulles, N.A. began operations August 2. They join Cardinal Bank, N.A. which began operations on June June: see month. 8, 1998. As of December 31, 1999, the Company has three banking subsidiaries and one non-banking subsidiary. In the first quarter of 2000, we anticipate the opening of the fourth banking subsidiary, Cardinal Bank-Alexandria/Arlington, N.A., completing the development phase of our initial strategic plan. At December 31, 1999 total net loans were $67.4 million and total deposits were $59.9 million compared to total loans of $16.1 million and deposits of $21.9 million at December 31, 1998. Total assets were $97.0 million at December 31, 1999 compared to total assets of $57.3 million at December 31, 1998. Return on average assets was -5.61% and return on average equity was -12.26%. For the fourth quarter, the net loss was ($952,000) or ($0.22) per share compared to a net loss of ($1,255,000) or ($0.30) per share for the third quarter of 1999 and a net loss of ($756,000) or ($0.18) per share for the fourth quarter of 1998. Net interest income for the quarter was $957,000 compared to $546,000 in the fourth quarter of 1998. Non-interest income totaled $523,000 in the fourth quarter of 1999 compared to $31,000 for the fourth quarter of 1998. Non-interest expense for the fourth quarter was $2,319,000 compared to $1,162,000 for the comparable period in 1998. The Company is pleased to report that it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have lead bank, Cardinal Bank, N.A. achieved profitability in November November: see month. . The Company has ended discussions with bizE n. 1. a dry cold north wind in southeastern France. bise, bize a cold, dry wind that blows from the north or northeast in south central Europe. See also: Wind Noun 1. .Com (trading as BrightLane.com) about a potential alliance to provide internet banking services to small businesses under their brand. The Company will continue to explore alternative methods to market financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to this market segment. This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , which can be identified by the use of forward-looking terminology such as `may', `will', `expect', `anticipate', `estimate', or `continue', or the negative thereof or other comparable terminology. The company cautions readers that certain important factors, including, among others, problems with terminology utilized by the company as described above, in some cases have affected, and in the future could affect, the Company's actual results and could cause the Company's actual results in 2000 and beyond, to differ materially from those expressed in any forward-looking statements in this report. To learn more about Cardinal Financial Corporation and its subsidiaries please log on to www.cardinalbank.com, or call 703/934-9200.
CARDINAL FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
For the Three Months For the Twelve Months
Ended December 31 Ended December 31
RESULTS OF OPERATIONS 1999 1998 1999 1998
--------------------- ---- ---- ---- ----
Net Interest Income $ 956,695 $ 546,129 $ 3,024,712 $ 1,216,347
Provision for Loan
Loss 112,543 171,490 513,847 212,460
Non-Interest Income 522,751 31,159 1,320,485 34,037
Non-Interest Expense 2,319,330 1,162,189 7,870,069 2,734,269
Loss Before Taxes (952,426) (756,391) (4,038,719) (1,696,345)
Taxes - - - -
Net Loss (952,426) (756,391) (4,038,719) (1,696,345)
Basic and Diluted
Loss Per Share $ (0.22) $ (0.18) $ (0.95) $ (0.64)
Average Shares
Outstanding 4,242,634 4,239,509 4,240,819 2,646,036
Net Interest Spread 2.69% 0.95% 2.24% 1.09%
Net Interest Margin 4.75% 4.19% 4.75% 4.66%
Return on Average
Assets -4.12% -5.45% -5.61% -5.37%
Return on Average
Equity -12.19% -8.61% -12.26% -7.45%
December 31, December 31,
FINANCIAL CONDITION 1999 1998
--------------------- ------------ ------------
At Period End (in thousands)
Total Assets $ 97,033 $ 57,295
Loans(net) 67,441 16,131
Deposits 59,873 21,867
Non-Performing Assets 0 0
Net Charge Offs 0 0
Reserve / Total Loans 1.07% 1.30%
Shareholders' Equity 30,745 34,728
Tier I Capital 30,858 34,725
Ratio 39.40% 146.85%
Tier I &II Capital $ 31,585 $ 34,512
Ratio 40.33% 145.95%
Book Value per share $ 7.25 $ 8.19
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