Cardinal Financial Corporation Reports Second Quarter 2000 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)--July 20, 2000 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), (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 the second quarter of 2000. For the three months ended June June: see month. 30, 2000, the net loss was ($878,000) or ($0.21) per share compared to a net loss of ($1,007,000) or ($0.24) per share for the three months ended June 30, 1999. Results for the second quarter of 2000 reflect a 13% improvement over the same quarter in 1999 and include the operations of 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. and Cardinal Bank -Dulles, N.A., two bank subsidiaries that opened in July July: see month. , 1999 and August, 1999, respectively. For the six months ended June 30, 2000, the net loss was ($1,820,000) or ($0.43) per share compared to a net loss of ($1,831,000) or ($0.43) per share for the six months ended June 30, 1999. Return on average assets was -3.21% and return on average equity was -12.17% for the six months ended June 30, 2000 compared to return on average assets of -6.05% and return on average equity of -10.76% for the six months ended June 30, 1999. In the second quarter, Cardinal announced an agreement to merge See mail merge and concatenate. with Heritage Bancorp, Inc. The merger is subject to both shareholder and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approval. As a result of the merger, Cardinal will not go forward with its plan to charter Cardinal Bank-Alexandria/Arlington. Instead, Heritage Bank will change its name to Cardinal Bank -Potomac and become the Company's fourth bank subsidiary upon completion of the merger. It is anticipated that the results for the third and fourth quarter of 2000 will be negatively impacted by one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. merger related expenses. 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 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', '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 and Subsidiaries
Summary Statements of Condition
As of June 30
(Dollars in thousands)
2000 1999
--------- ---------
Cash & Due from Banks $ 3,902 $ 1,526
Federal Funds Sold 18,800 24,238
Investment Securities 4,536 6,649
Loans Receivable, net of Fees 93,492 32,059
Allowance for Loan Losses (1,077) (401)
--------- ---------
Net Loans 92,415 31,658
Premises and Equipment, net 4,446 3,497
Other Assets 2,542 537
--------- ---------
TOTAL ASSETS $ 126,641 $ 68,105
========= =========
Non-Interest Bearing Deposits 22,520 8,589
Interest Bearing Deposits 68,619 22,544
--------- ---------
Total Deposits 91,139 31,133
Borrowings 6,000 3,000
Other Liabilities 651 1,019
Shareholders' Equity 28,851 32,953
--------- ---------
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 126,641 $ 68,105
========= =========
Non-Performing Assets 0 0
Net Charge Offs 0 0
Reserve / Total Loans 1.15% 1.25%
Shareholders' Equity 28,851 32,953
Tier I Capital 29,045 33,033
Ratio 27.25% 73.77%
Tier I & II Capital $ 30,122 $ 33,434
Ratio 28.26% 74.66%
Book Value per share $ 6.80 $ 7.77
Cardinal Financial Corporation and Subsidiaries
Summary Statements of Operations
Three and Six Months Ended June 30, 2000 and 1999
Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
----------- ----------- ----------- -----------
Net Interest
Income $ 1,347,756 $ 673,463 $ 2,511,569 $ 1,280,856
Provision for
Loan Losses (207,791) (120,679) (350,882) (188,804)
Non-Interest
Income 644,450 312,180 1,057,410 357,403
----------- ----------- ----------- -----------
Net Interest
Income &
Non-Interest
Income 1,784,415 864,964 3,218,097 1,449,455
Salaries &
Benefits 1,479,161 1,005,212 2,842,020 1,763,530
Occupancy 258,981 227,965 515,811 452,608
Depreciation
& Equipment
Expense 137,752 96,376 273,008 182,540
Data
Processing 123,300 92,775 225,695 143,786
Telecom-
munications 66,282 41,970 112,663 65,316
Other
Operating
Expense 596,678 407,220 1,068,799 672,546
----------- ----------- ----------- -----------
Total
Non-Interest
Expense 2,662,154 1,871,518 5,037,996 3,280,326
Net Loss $ (877,739) $(1,006,554) $(1,819,899) $(1,830,871)
Basic and
Diluted
Loss Per
Share $ (0.21) $ (0.24) $ (0.43) $ (0.43)
Average
Shares
Outstanding 4,245,759 4,239,509 4,244,197 4,239,509
Net Interest
Spread 2.72% 1.86% 2.66% 1.74%
Net Interest
Margin 4.97% 4.57% 4.93% 4.54%
Return on
Average
Assets -2.93% -6.39% -3.21% -6.05%
Return on
Average
Equity -11.95% -11.98% -12.17% -10.76%
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