- At June 30, 2012, total assets of the Company were $2.7 billion, an increase of 25% from total assets of $2.2 billion at June 30, 2011.
- Loans held for investment grew to $1.75 billion, an increase of $303 million, or 21%, compared to June 30, 2011.
- Asset quality continues to be strong. Nonperforming loans remained low at 0.43% of total assets, and annualized net loan charge offs were 0.41% of average loans outstanding. Real estate owned increased slightly to $3.1 million from $2.5 million at March 31, 2012 , and the Company currently has no loans receivable past due 90 days or more.
- Total deposits grew to $1.99 billion, an increase of 37% compared to June 30, 2011; demand deposit account balances increased 32% year over year.
- The results of our mortgage banking operations were exceptional, contributing net income of $4.4 million for the current quarter as the Company was positively impacted by mortgage rates remaining near record lows, leading to a continuation of strong refinance activity and an increase in local home buying.
- The Company’s tax equivalent net interest margin decreased to 3.57% for the current quarter, down from 3.71% for the previous quarter and 3.84% for the year ago quarter.
- 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 9.32%.
Cardinal Announces Second Quarter Earnings; Loans Grow 21%; Asset Quality Remains Strong
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