- Commercial banking segment earnings increased 31% to $8.4 million for the quarter from $6.5 million a year ago, and increased 44% to $17.5 million from $12.2 for the comparable year to date periods ended June 30, 2013 and 2012, respectively.
- During the most recent quarter, loans held for investment grew at an annual rate of 17%, or $75 million, to $1.86 billion.
- Asset quality remains excellent. Nonperforming loans decreased to 0.10% of total assets, and the Company had net loan recoveries of 0.01% of average loans outstanding year to date. The Company continued to have $0 other real estate owned at June 30, 2013, and non-accruing loans decreased to only $2.9 million. The Company had no other past-due loans over 90 days.
- Total deposits grew to $2.10 billion, an increase of 6% compared to June 30, 2012. Noninterest bearing deposit account balances increased over $100 million or 34% year over year.
- At June 30, 2013, total assets of the Company were $2.90 billion, an increase of 7% from total assets of $2.71 billion at June 30, 2012.
- Mortgage loan applications rose to a record $1.7 billion for the current quarter, or 34% over the second quarter of last year, although refinance volume dropped to 34% of total applications from 48% for the previous quarter and from 57% for the year ago quarter. In the second quarter of 2013, purchase money loan closings increased $400 million, or 95%, from the first quarter of 2013.
- 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 10.35% at June 30, 2013.
Cardinal Announces Second Quarter Earnings, Strong Loan Growth, Pristine Asset Quality
Check Out Our Best Services for Investors
- $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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts