Cardinal Reports Increase to First Quarter Earnings.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 a $597 thousand increase to its previously announced earnings for the first quarter of 2008. Including the adjustment, net income was $2.0 million, or $0.08 per diluted share. This compares to net income of $1.8 million, or $0.07 per diluted share, for the same period of 2007. The Company's earnings reported on April 22, 2008 did not include the impact of adopting the provisions of SEC Staff Accounting Bulletin No. 109, Written Loan Commitments Recorded at Fair Value Through Earnings, and Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). Statement No. 157, Fair Value Measurements. Adoption of these standards increased the gain recognition from mortgage banking activities, and the fair value measurement change resulted in a one-time pretax addition to mortgage banking fees of $911 thousand. Revised financial information is attached. For complete details regarding the accounting change, please see the Company's quarterly report on Form 10-Q Form 10-Q See 10-Q. , also filed today. 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, 2007 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 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 $1.692 billion at March 31, 2008, 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; 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] (1) Tangible book value is calculated as total shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. , excluding accumulated other comprehensive income In 1997 the Financial Accounting Standards Board issued a Statement on Financial Accounting Standards entitled “Comprehensive Income”. This statement required all income statement items to be reported either as a regular item in the income statement and or a special item as , 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 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 and reported on a tax equivalent basis at a rate of 34%. (3) Efficiency ratio is calculated as total non-interest expense divided by the total of net interest income and non-interest income. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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