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Cardinal Announces Improved Quarterly Earnings; Asset Quality Remains Strong

Cardinal Financial Corporation (NASDAQ: CFNL) (the “Company”) today announced earnings of $7.7 million, or $0.26 per diluted share, for quarter ended March 31, 2012. This is a 46.6% increase over earnings of $5.2 million, or $0.18 per diluted share, for the same quarter in 2011.

Selected Highlights
  • 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%.

Income Statement Review

For the first quarter of 2012, net income was $7.7 million, or $0.26 per diluted share. Compared to the year ago quarter, this was an increase of 46.6%. For these comparable periods, the net interest income increased 23.1% to $21.7 million from $17.7 million, and the tax equivalent net interest margin improved to 3.71% from 3.67%. The margin decreased from 3.88% from the previous quarter ended December 31, 2011. Average loan balances increased $70 million, or 17.9% annualized, compared to the last quarter of 2011; however, average loan yields decreased by 0.22% as new loans were funded in this low rate environment. Additionally, the Company attracted approximately $125 million of core deposits via a high yield checking campaign, and it converted $100 million to longer term brokered CDs to establish permanent funding for the recent growth in loans held for investment. These deposits replaced short-term wholesale borrowing. This repositioning provides the Company flexibility as it assesses its future growth opportunities.

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