Cardinal Reports First Quarter Earnings.Total Assets up 16%, Loans up 19% and Deposits up 15% TYSONS CORNER, Va. -- 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") today reported earnings of $1.8 million, or $0.07 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the three month period ended March 31, 2007. This compares to net income of $2.6 million, or $0.10 per diluted share, for the same period of 2006. Selected Financial Highlights * Asset quality remains excellent. Non-accrual loans were less than 0.01% of loans receivable at period-end, and the Company experienced no loan charge offs during the quarter. Since the Company's inception in 1998, net loans charged-off total only $152,000. * Consolidated assets at period-end were $1.720 billion versus $1.482 billion one year earlier, an increase of 16%. * The loan portfolio grew 19% and deposits grew 15% compared to a year ago. * Our mortgage banking subsidiary reported first quarter net income of $538 thousand versus $419 thousand for the same quarter last year. * Two new banking offices were opened - Bethesda and a second location in Arlington. The Company now serves Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). , the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). with 25 branches. For the quarter ended March 31, 2007, net income from traditional banking operations was $1.794 million versus net income of $2.599 million for the same quarter in 2006. Average assets of Cardinal Bank were $1.599 billion, an 18% increase from average assets of $1.356 billion one year earlier. Portfolio loans receivable grew 19% to $871 million from $730 million. The Bank's asset growth was primarily funded by a 15% increase in deposits, which totaled $1.232 billion at March 31, 2007. Non-accrual loans at March 31, 2007 were $69 thousand, or less than 0.01% of loans receivable. The allowance for loan losses was 1.14% of loans at quarter-end compared to 1.17% a year ago. For the current quarter, the Company's average interest-earning assets were $1.530 billion versus $1.318 billion a year ago. Net interest income was $9.835 million compared to $10.395 million a year ago. Interest income increased by $4.235 million from one year ago while interest expense increased by $4.795 million negatively impacting net interest income by $560 thousand. Net interest margin decreased to 2.60% from 2.76% during the fourth quarter of 2006. Non-interest income increased 3% to $5.3 million in the 2007 first quarter versus $5.2 million in the first quarter of 2006. Service charges on deposit accounts increased 26% from $369 thousand to $466 thousand. Non-interest expense increased 8% over the comparable period, primarily due to increases related to personnel and occupancy expenses as the Bank added key business development officers and opened new branches. For the first quarter of 2007, net income from mortgage banking operations was $538 thousand, a 28% increase from net income of $419 thousand during the first quarter of 2006. MANAGEMENT COMMENTS Bernard Ber·nard , Claude 1813-1878. French physiologist noted for his study of the digestive and nervous systems. H. Clineburg, Chairman and Chief Executive Officer of the Company, said: "In this very difficult environment of continued margin pressure from the inverted yield curve Inverted Yield Curve Usually a chart showing long-term debt instruments that have lower yields than short-term debt instruments. It is sometimes referred to as a negative yield curve. , I am satisfied with our Company's operating results for the first quarter of 2007. We continue to deliver annual increases in loan growth without compromising credit quality. We had no loan losses in the quarter and have negligible  This article or section is written like a personal reflection or and may require .Please [ improve this article] by rewriting this article or section in an . non-performing and past due loans. Our credit ratios remain among the best in the industry. Maintaining this quality impacts the net interest margin, but we continue to believe that the safety and soundness of the Company outweighs short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. returns. Our focus continues to be on quality growth and building long lasting relationships with our clients. At George Mason Mortgage, we implemented expense controls and the business continues to be profitable. Because we manage the business conservatively, George Mason Mortgage has not repurchased any loans to date due to early payment default. During the quarter, we opened our 24th and 25th banking offices in the Greater Washington Region. Our new Bethesda location is the first office in Maryland and extends Cardinal's footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. into the thriving thrive intr.v. thrived or throve , thrived or thriv·en , thriv·ing, thrives 1. To make steady progress; prosper. 2. Wisconsin Avenue business corridor in Montgomery County Montgomery County may refer to:
CAUTION ABOUT 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. 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 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. for the year ended December 31, 2006 and other reports filed with and furnished fur·nish tr.v. fur·nished, fur·nish·ing, fur·nish·es 1. To equip with what is needed, especially to provide furniture for. 2. to the Securities and Exchange Commission. About Cardinal Financial Corporation: Cardinal Financial Corporation, a financial holding company headquartered in Tysons Corner, Virginia Tysons Corner is an unincorporated place in Fairfax County, Virginia, near Washington, D.C. between McLean, Virginia and Vienna, Virginia along the Capital Beltway (I-495). Recognized by the U.S. with assets of $1.720 billion at March 31, 2007, 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 (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a residential mortgage lending company based in Fairfax, with seven offices throughout the Washington Metropolitan region; Cardinal Trust and Investment Services, a trust division with $6.1 billion in managed and custodial assets; 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. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion