- Asset quality continues to be strong. Nonperforming assets remained low at 0.62% of total assets, and annualized net loan charge offs were 0.63% of loans outstanding. Real estate owned decreased to $2.5 million from $3.0 million at the previous quarter ended December 31, 2011 , and the Company currently has $0 loans receivable past due 90 days or more.
- The Company’s tax equivalent net interest margin was 3.71% for the current quarter, up from 3.67% in the same quarter of 2011. This compares to 3.88% for the previous quarter ended December 31, 2011.
- Total assets at period-end were $2.61 billion versus $2.06 billion one year earlier, an increase of 26.6%.
- Loans held for investment grew to $1.66 billion, an increase of $247 million, or 17.5%, compared to the March 31, 2011.
- Total deposits grew to $1.862 billion, an increase of 34.2% compared to March 31, 2011.
- All capital ratios substantially exceed the requirements of banking regulators to be considered well-capitalized. Tangible common equity capital (TCE) as a percentage of total assets was 9.33%.
Cardinal Announces Improved Quarterly Earnings; Asset Quality Remains Strong
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