Cardinal Financial Corporation Reports First Quarter 2002 Results.Business Editors 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)--April 18, 2002 Cardinal cardinal, in zoology cardinal or redbird, common name for a North American songbird of the family Fringillidae (New World finch family). 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 - Common, NASDAQ:CFNLP CFNLP California Friday Night Live Partnership - Preferred) (the "Company" or "Cardinal"), a 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. , announced its financial results for the first quarter of 2002. Net income was $62,000 for the quarter ended March 31, 2002 as compared to a net loss of $903,000 for the same period of 2001. After the payment of preferred dividends preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) of $124,000, net loss to common shareholders was $62,000 for the quarter ended March 31, 2002 or $0.01 per common share compared to a net loss of $1,031,000 or $0.24 per common share in the first quarter of 2001. The improvement is primarily the result of continued loan and deposit growth and the positive impact of the organizational changes implemented during 2001. At March 31, 2002, total assets increased 17.5% to $328.4 million as compared to $279.6 million at December December: see month. 31, 2001. Total loans, net of fees, were $195.7 million at the end of the first quarter of 2002 compared to $200.9 million at December 31, 2001. Total deposits increased $53.6 million or 21.8% to $299.6 million at March 31, 2002 compared to $246.0 million at year end December 31, 2001. Net interest income increased to $2.4 million for the three months ended March 31, 2002 as compared to $2.1 million for the same period of 2001. The increase is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to increased volume of net interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin offset by a reduced net interest margin. Non-interest income increased by 22.1% or $144,000 to $796,000 in the first quarter of 2002 as compared to the first quarter of 2001. Non-interest expense decreased $455,000 to $3.1 million for the three months ended March 31, 2002 compared to $3.6 million for the three months ended March 31, 2001. This decrease included the impact of implementing SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 142 "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ," which allows for no amortization of goodwill and resulted in a decrease of $162,000 in non-interest expense for the three months ended March 31, 2002 as compared to the three months ended March 31, 2001. Personnel expense represented the largest decrease at $426,000. The majority of the expense decrease is attributable to the merging of the four previously existing separate banks into one and the operational efficiencies realized. This press release contains "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. " within the meaning of the federal securities laws. These statements may be identified by the use of forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. terminology The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or such as "may," "could," "expect," "believe," "anticipate," "intend," "plan" or variations thereof. These forward-looking statements may contain information related to matters such as the Company's intent, belief or expectation with respect to matters such as financial performance. Such statements are necessarily based on 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 the actual results of the Company to differ materially from those matters expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in such forward-looking statements. For an explanation of certain risks and uncertainties associated with forward-looking statements, please refer to the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other SEC filings. To learn more about Cardinal Financial Corporation and its subsidiaries, please log on to www.cardinalbank.com, or call 703/279-5050.
Cardinal Financial Corporation and Subsidiaries
Summary Statements of Condition
As of March 31, 2002 and December 31, 2001
(Dollars in thousands)
(Unaudited)
2002 2001
--------- ---------
Cash & due from banks $ 11,026 $ 11,446
Federal funds sold 45,201 23,013
Investment securities, available-for-sale 69,233 34,147
Other investments 1,263 1,268
Loans held for sale 1,742 4,732
Loans receivable, net of fees 195,685 200,911
Allowance for loan losses (3,019) (3,104)
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Net loans 192,666 197,807
Premises and equipment, net 4,897 5,077
Goodwill and other intangibles, net 653 668
Other assets 1,720 1,426
--------- ---------
TOTAL ASSETS $ 328,401 $ 279,584
========= =========
Non-interest bearing deposits $ 58,765 $ 61,739
Interest bearing deposits 240,884 184,285
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Total deposits 299,649 246,024
Other borrowed funds 7,000 9,824
Other liabilities 1,995 3,112
Shareholders' equity 19,757 20,624
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TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 328,401 $ 279,584
========= =========
Non-performing assets/ total loans 0.18% 0.18%
Net charge offs as a percentage of total
loans 0.01% 0.00%
Allowance / total loans 1.54% 1.54%
Shareholders' equity $ 19,757 $ 20,624
Tier I capital 20,675 20,230
Ratio 9.04% 9.04%
Tier I & II capital $ 23,767 $ 23,333
Ratio 10.40% 10.42%
Book value per common share $ 3.01 $ 3.21
Tangible book value per common share $ 2.86 $ 3.06
Cardinal Financial Corporation and Subsidiaries
Summary Statements of Operations
Three Months Ended March 31, 2002 and 2001
(Dollars in thousands, except share and per share data)
(Unaudited)
2002 2001
---------- ----------
Net interest income $ 2,374 $ 2,065
Provision for loan losses - (57)
Non-interest income 796 652
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Net interest income & non-interest income 3,170 2,660
Salaries & benefits 1,462 1,888
Occupancy 361 334
Depreciation 194 178
Amortization of intangibles 15 177
Data processing 233 161
Telecommunications 68 77
Other operating expense 775 748
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Total non-interest expense 3,108 3,563
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NET INCOME (LOSS) $ 62 $ (903)
========== ==========
Dividends to preferred shareholders $ 124 $ 128
NET LOSS TO COMMON SHAREHOLDERS $ (62) $ (1,031)
========== ==========
Basic and diluted loss per common share $ (0.01) $ (0.24)
Average common shares outstanding 4,294,323 4,253,162
Return on average assets 0.08% -1.67%
Return on average equity 1.19% -10.69%
Net interest margin 3.31% 4.30%
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