- For the year ended December 31, 2012, the Company’s performance resulted in a return on average assets of 1.70% and a return on average equity of 16.02%.
- Asset quality remains excellent. Nonperforming loans remained low at 0.25% of total assets, and net loan charge offs were 0.35% of average loans outstanding. The Company had $0 real estate owned at December 31, 2012, and $0 loans receivable past due 30 days or more and still accruing.
- Loans held for investment grew 11% to $1.80 billion at December 31, 2012, from $1.63 billion at December 31, 2011.
- Total deposits grew to $2.24 billion, an increase of 26% compared to December 31, 2011. Demand deposit account balances increased 33% year over year.
- Mortgage banking net income was approximately $3.6 million for the current quarter versus $231,000 for the year ago quarter and versus $7.0 million for the previous quarter ended September 30, 2012.
- At December 31, 2012, total assets of the Company were approximately $3.04 billion, an increase of 17% from total assets of $2.60 billion at December 31, 2011.
- The Company’s tax equivalent net interest margin was 3.57% for the current quarter, a decrease from 3.62% for the previous quarter.
- All capital ratios exceed the requirements of banking regulators to be considered well-capitalized. Tangible common equity capital (TCE) as a percentage of total assets was 9.40%.
Cardinal Announces Strong Fourth Quarter Earnings; Loan Quality Remains Excellent
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