- At September 30, 2012, total assets of the Company exceeded $3.0 billion, an increase of 18% from total assets of $2.6 billion at September 30, 2011.
- Asset quality continues to be strong. Nonperforming loans remained low at 0.30% of total assets, and annualized net loan charge offs were 0.43% of average loans outstanding. The Company had no real estate owned at September 30, 2012, and only $306,000 loans receivable past due 90 days or more.
- Loans held for investment grew 14% to $1.72 billion at September 30, 2012, from $1.52 billion at September 30, 2011.
- Total deposits grew to $2.2 billion, an increase of 21% compared to September 30, 2011. Demand deposit account balances increased 26% year over year.
- The results of mortgage banking operations were again exceptional, contributing net income of approximately $7.0 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 increased to 3.62% for the current quarter, an increase from 3.57% for the previous 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 8.84%.
Cardinal Announces Record Third Quarter Earnings; Assets Exceed $3.0 Billion; Loan Quality Remains Strong
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