- 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
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.