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Cardinal Announces Record Third Quarter Earnings; Assets Exceed $3.0 Billion; Loan Quality Remains Strong

Cardinal Financial Corporation (NASDAQ: CFNL) (the “Company”) today announced quarterly earnings of $14.5 million, or $0.48 per diluted share, for the period ended September 30, 2012. This is a 68% increase over earnings of $8.6 million, or $0.29 per diluted share, from the third quarter of last year. On a year-to-date basis, earnings were $32.3 million, or $1.07 per diluted share through September 30, 2012, versus $19.8 million, or $0.66 per diluted share, in 2011.

Selected Earnings Highlights
  • 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%.

Income Statement Review

Net Interest Income

Compared to the year ago quarter, net interest income for the third quarter of 2012 increased 18% to $23.7 million from $20.1 million. Tax equivalent net interest margin for the three months ended September 30, 2012 decreased to 3.62% from 3.86% a year ago and increased from 3.57% for the second quarter of 2012. Comparing the current quarter to the second quarter of 2012, average loan balances increased $42 million, the average loan yield decreased 0.03%, and the average yield on all earning assets decreased 0.02%. During this same period, the average costs of interest-bearing liabilities decreased 0.11% primarily due to a mid-second quarter general reduction in deposit pricing.

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