Cardinal Announces Second Quarter Earnings; Loans Grow 21%; Asset Quality Remains Strong

Cardinal Financial Corporation (NASDAQ: CFNL) (the “Company”) today announced quarterly earnings of $10.2 million, or $0.34 per diluted share, for the period ended June 30, 2012. This is a 72% increase over earnings of $5.9 million, or $0.20 per diluted share, from the second quarter of last year. On a year-to-date basis, earnings were $17.8 million, or $0.59 per diluted share through June 30, 2012, versus $11.1 million, or $0.37 per diluted share, in 2011.

Selected Highlights
  • 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%.

Income Statement Review

Net Interest Income

Compared to the year ago quarter, net interest income for the second quarter of 2012 increased 15% to $21.4 million from $18.7 million. Tax equivalent net interest margin for the three months ended June 30, 2012 decreased to 3.57% from 3.84% a year ago and from 3.71% for the first quarter of 2012. Comparing the current quarter to the first quarter of 2012, average loan balances increased $45 million, the average loan yield decreased 0.05%, the average yield on all earning assets decreased 0.13% and the average costs of interest-bearing liabilities increased 0.03%. The yield on earning assets decreased as the Company’s average short term investments increased $70.6 million in anticipation of upcoming funding requirements associated with its mortgage banking activities. Interest bearing liability rates increased primarily due to the success of the Company’s high yield “First Choice” checking campaign that began early in 2012. This promotion attracted approximately 2,200 new accounts and over $173 million in deposits.

Provision for Loan Losses

The allowance for loan losses was 1.52% of loans outstanding at June 30, 2012 compared to 1.56% at June 30, 2011. The provision for loan losses was $2.2 million for the current quarter versus $750,000 for the second quarter of last year. The Company’s nonperforming loans stood at 0.43% of total assets at June 30, 2012 compared to 0.53% at March 31, 2012 and 0.42% at June 30, 2011. Year-to-date 2012 net loan charge-offs totaled $3.6 million compared to $3.4 million for the first six months of 2011. There were no loans receivable past due 90 days or more and early stage loan delinquencies at 30-89 days past due at June 30, 2012 totaled $340,000.

Non-Interest Income

Commercial Banking: Non-interest income was $1.0 million for the current quarter compared to $1.3 million for the year ago quarter ended June 30, 2011. For the six months ended June 30, 2012 and 2011, non-interest income was $1.3 million and $2.1 million, respectively. For the three month comparable periods, deposit fees and loan fees increased $40,000 and $162,000, respectively. For the six month comparable periods, deposit and loan fees increased $72,000 and $312,000, respectively. These increases were offset by fewer gains realized from the sale of investment securities of $423,000 and $826,000 during the three and six month periods last year.

Mortgage Banking: Mortgage banking activities continued to be strong. Gains on sales of mortgage loans totaled $13.5 million for the second quarter of 2012 which consisted of realized gains of $6.9 million and unrealized gains of $6.6 million resulting from its locked commitments and closings. This compares to $4.3 million for the year ago quarter of 2011, which included realized gains of $2.9 million and unrealized gains of $1.4 million. For the year ended June 30, 2012, gains on sales of mortgage loans totaled $20.4 million, comprised of $12.0 million in realized gains and $8.4 million in unrealized gains. For year-to-date 2011, gains on sales of mortgage loans totaled $7.4 million which included realized gains of $5.1 million and unrealized gains of $2.3 million. For the current quarter and year to date 2012, the Company closed $1.4 billion and $2.8 billion, respectively, of loans for itself and on behalf of its managed mortgage company affiliates. This compares to $722 million and $1.2 billion during the same year ago time periods. Refinance activity represented approximately 50% of the originations during the second quarter of 2012, a decrease from over 65% experienced during the two previous quarters. Title insurance and other income increased $262,000 and $497,000 for the three and six months ended June 30, 2012 compared to the same periods of 2011. Managed mortgage company affiliate fee income increased $200,000 and $910,000 for the three and six months ended 2012 over the year ago three and six month periods.

Non-Interest Expense

Commercial Banking: Non-interest expense was $10.2 million for the current quarter compared to $10.4 million for the year ago quarter ended June 30, 2011. For the respective six month periods ended June 30, 2012 and 2011, non-interest expense was $21.8 million and $19.4 million. This has partially resulted from changes in personnel cost due to salary and incentive adjustments and due to increases in the number of employees hired to support the Bank’s growth. Marketing expenses increased approximately $407,000 and $910,000 for the three and six months ended June 30, 2012 compared to the year ago three and six month periods primarily due to advertising associated with the Company’s high yield “First Choice” checking campaign.

Mortgage Banking: For the three months ended June 30, 2012, non-interest expense increased to $8.7 million compared to $3.8 million for the quarter ended June 30, 2011. For the respective six month periods ended June 30, 2012 and 2011, non-interest expense was $13.6 million and $7.1 million, representing an increase of $6.5 million. For the three and six month comparable periods, salary, benefits and incentive expenses increased approximately $3.7 million and $4.5 million, respectively, as total employees increased to 297 at June 30, 2012 from 197 a year ago, which includes over 60 new loan officers that assisted with the dramatic increase in production mentioned above. Occupancy expense increased $239,000 and $451,000 for the three and six months ended June 30, 2012 versus the comparable periods of 2011 as a result of opening seven new locations since early 2011 for the new loan officers and their staff. The Company now has 15 mortgage banking offices. Other expense increases are primarily volume related.

Review of Balance Sheet

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 21% to over $1.7 billion at June 30, 2012, from $1.4 billion at June 30, 2011. During this period, the Bank’s investment portfolio decreased slightly to $313 million compared to $357 million a year ago. Loans held for sale were $519 million compared to $249 million at June 30, 2011.

The Bank’s asset growth was primarily funded by a 37% increase in deposits, which grew $542 million and totaled $1.99 billion at June 30, 2012 compared to $1.45 billion a year earlier. The deposit growth primarily resulted from the previously mentioned checking campaign. Additionally, the Company added approximately $155 million in traditional, longer term brokered CDs to establish permanent funding for the recent growth in loans held for investment. Demand deposit account balances increased 32% year over year, reflecting the Bank’s continued focus on generating lower funding costs.

Other Information

With respect to the previously disclosed matter involving the U.S. Department of Justice (the “DOJ”), the Company disclosed on May 14, 2012 that the DOJ has determined that it will not file a lawsuit at this time alleging that Cardinal Bank or George Mason Mortgage, LLC violated either the Fair Housing Act or the Equal Credit Opportunity Act. No further action on this matter is required by the Company and there were no requirements or effect on the Company associated with the resolution of this matter.

MANAGEMENT COMMENTS

Bernard H. Clineburg, Chairman and Chief Executive Officer of the Company, said:

“We are pleased to announce another solid quarter for Cardinal with strong balance sheet growth and earnings. Our Company’s loan portfolio growth and our mortgage banking production continued to be exemplary. Loan losses remained minimal as we maintain our ‘conservative on risk’ philosophy. We are also excited to welcome 1,700 new customers to our bank as a result of our First Choice Checking campaign.

Moving forward, our Company will continue to concentrate on gaining core market share and increasing franchise value for shareholders. We remain committed to building a great financial services company for our employees, clients, shareholders and the communities we serve.”

CAUTION ABOUT FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements contain information related to matters such as the Company’s intent, belief or expectation with regard to such matters as financial and operational performance, credit quality and branch expansion. Such statements are necessarily based on management’s assumptions and estimates and are inherently subject to a variety of risks and uncertainties concerning the Company’s operations and business environment, which are difficult to predict and beyond the control of the Company. Such risks and uncertainties could cause actual results of the Company to differ materially from those matters expressed or implied in such forward-looking statements. For an explanation of the risks and uncertainties associated with forward-looking statements, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 and other reports filed with and furnished to the Securities and Exchange Commission.

About Cardinal Financial Corporation: Cardinal Financial Corporation, a financial holding company headquartered in Tysons Corner, Virginia with assets of $2.71 billion at June 30, 2012, serves the Washington Metropolitan region through its wholly-owned subsidiary, Cardinal Bank, with 27 conveniently located banking offices. Cardinal also operates several other subsidiaries: George Mason Mortgage, LLC, and Cardinal First Mortgage, LLC, residential mortgage lending companies based in Fairfax, with 15 offices throughout the Washington Metropolitan region; Cardinal Trust and Investment Services, a trust division; Cardinal Wealth Services, Inc., a full-service brokerage company; and Wilson/Bennett Capital Management, Inc., an asset management company. The Company's stock is traded on NASDAQ (CFNL). For additional information please visit our Web site at www.cardinalbank.com or call (703) 584-3400.
Cardinal Financial Corporation and Subsidiaries
Summary Statements of Condition
June 30, 2012, December 31, 2011 and June 30, 2011
(Dollars in thousands)
         
(Unaudited) (Unaudited) % Change
June 30, 2012 December 31, 2011 June 30, 2011 Current Year   Year Over Year
Cash and due from banks $ 13,257 $ 16,745 $ 16,846 -20.8 % -21.3 %
Federal funds sold 16,164 20,394 6,208 -20.7 % 160.4 %
 
Investment securities available-for-sale 297,826 295,560 339,020 0.8 % -12.2 %
Investment securities held-to-maturity 12,236 12,918 15,601 -5.3 % -21.6 %
Investment securities – trading   2,969     2,065     2,291   43.8 % 29.6 %
Total investment securities 313,031 310,543 356,912 0.8 % -12.3 %
 
Other investments 15,534 17,120 16,457 -9.3 % -5.6 %
Loans held for sale 519,349 529,500 248,649 -1.9 % 108.9 %
 
Loans receivable, net of fees 1,748,715 1,631,882 1,445,921 7.2 % 20.9 %
Allowance for loan losses   (26,660 )   (26,159 )   (22,626 ) 1.9 % 17.8 %
Loans receivable, net 1,722,055 1,605,723 1,423,295 7.2 % 21.0 %
 
Premises and equipment, net 19,123 19,302 17,705 -0.9 % 8.0 %
Goodwill and intangibles, net 10,391 10,490 10,589 -0.9 % -1.9 %
Bank-owned life insurance 35,497 35,154 34,744 1.0 % 2.2 %
Prepaid FDIC insurance premiums 2,771 3,350 3,430 -17.3 % -19.2 %
Other real estate owned 3,126 3,046 719 2.6 % 334.8 %
Other assets 43,872 31,349 29,393 39.9 % 49.3 %
         
TOTAL ASSETS $ 2,714,170   $ 2,602,716   $ 2,164,947   4.3 % 25.4 %
 
Non-interest bearing deposits $ 303,138 $ 263,752 $ 230,431 14.9 % 31.6 %
Interest bearing deposits   1,686,352     1,511,508     1,217,384   11.6 % 38.5 %
Total deposits 1,989,490 1,775,260 1,447,815 12.1 % 37.4 %
 
Other borrowed funds 352,399 510,385 444,930 -31.0 % -20.8 %
Mortgage funding checks 50,088 25,989 11,634 92.7 % 330.5 %
Escrow liabilities 3,409 4,095 2,057 -16.8 % 65.7 %
Other liabilities 42,362 29,170 20,981 45.2 % 101.9 %
 
Shareholders' equity   276,422     257,817     237,530   7.2 % 16.4 %
 
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 2,714,170   $ 2,602,716   $ 2,164,947   4.3 % 25.4 %
 
Cardinal Financial Corporation and Subsidiaries
Summary Income Statements
Three and Six Months Ended June 30, 2012 and 2011
(Dollars in thousands, except share and per share data)
(Unaudited)
           
For the Three Months Ended For the Six Months Ended
June 30, June 30,
  2012     2011   % Change   2012     2011   % Change
Net interest income $ 21,441 $ 18,663 14.9 % $ 43,179 $ 36,324 18.9 %
Provision for loan losses   (2,225 )   (750 ) 196.7 %   (4,123 )   (1,860 ) 121.7 %
Net interest income after provision for loan losses 19,216 17,913 7.3 % 39,056 34,464 13.3 %
 
Service charges on deposit accounts 473 433 9.2 % 918 846 8.5 %
Loan fees 441 279 58.1 % 825 513 60.8 %
Title insurance & other income 506 244 107.4 % 964 467 106.4 %
Investment fee income 649 711 -8.7 % 1,262 1,259 0.2 %
Realized and unrealized gains on mortgage banking activities 13,513 4,301 214.2 % 20,395 7,392 175.9 %
Management fee income 883 683 29.3 % 1,892 982 92.7 %
Income from bank owned life insurance 171 207 -17.4 % 343 387 -11.4 %
Net realized gains (losses) on investment securities (29 ) 425 -106.8 % 158 876 -82.0 %
Loss on sale of real estate - - 0.0 % (473 ) - -100.0 %
Other non-interest loss   (44 )   (9 ) 388.9 %   (40 )   (3 ) 1233.3 %
Total non-interest income 16,563 7,274 127.7 % 26,244 12,719 106.3 %
 
Net interest income and non-interest income 35,779 25,187 42.1 % 65,300 47,183 38.4 %
 
Salaries and benefits 10,872 7,900 37.6 % 20,384 14,553 40.1 %
Occupancy 1,751 1,414 23.8 % 3,460 2,886 19.9 %
Depreciation 643 760 -15.4 % 1,244 1,216 2.3 %
Data processing & communications 1,031 924 11.6 % 2,197 1,843 19.2 %
Professional fees 832 946 -12.1 % 1,571 1,478 6.3 %
FDIC insurance assessment 326 610 -46.6 % 653 1,244 -47.5 %
Mortgage loan repurchases and settlements 185 400 -53.8 % 300 500 -40.0 %
Loss on extinguishment of debt - - 0.0 % - 450 -100.0 %
Other operating expense   4,731     3,330   42.1 %   8,642     6,253   38.2 %
Total non-interest expense 20,371 16,284 25.1 % 38,451 30,423 26.4 %
Net income before income taxes   15,408     8,903   73.1 %   26,849     16,760   60.2 %
Provision for income taxes   5,257     2,998   75.4 %   9,045     5,634   60.5 %
NET INCOME $ 10,151   $ 5,905   71.9 % $ 17,804   $ 11,126   60.0 %
 
Earnings per common share - basic $ 0.34   $ 0.20   70.4 % $ 0.60   $ 0.38   58.5 %
Earnings per common share - diluted $ 0.34   $ 0.20   70.7 % $ 0.59   $ 0.37   58.9 %
Weighted-average common shares outstanding - basic   29,639,938     29,382,149   0.9 %   29,612,979     29,337,032   0.9 %
Weighted-average common shares outstanding - diluted   30,103,480     29,884,189   0.7 %   30,043,009     29,841,614   0.7 %
 
Cardinal Financial Corporation and Subsidiaries
Selected Financial Information
(Dollars in thousands, except per share data and ratios)
(unaudited)
             
For the Three Months Ended For the Six Months Ended
June 30, June 30,

 

Income Statements:
  2012       2011       2012       2011  
Interest income $ 27,582 $ 24,517 $ 55,252 $ 48,302
Interest expense           6,141       5,854       12,073       11,978  
Net interest income 21,441 18,663 43,179 36,324
Provision for loan losses         2,225       750       4,123       1,860  
Net interest income after provision for loan losses 19,216 17,913 39,056 34,464
Non-interest income 16,563 7,274 26,244 12,719
Non-interest expense           20,371       16,284       38,451       30,423  
Net income before income taxes 15,408 8,903 26,849 16,760
Provision (benefit) for income taxes     5,257       2,998       9,045       5,634  
Net income           $ 10,151     $ 5,905     $ 17,804     $ 11,126  
 
 

 

Per Common Share Data:
Basic net income $ 0.34 $ 0.20 $ 0.60 $ 0.38
Fully diluted net income 0.34 0.20 0.59 0.37
Book value 9.45 8.21 9.45 8.21
Tangible book value (1) 8.62 7.58 8.62 7.58
Common shares outstanding 29,253 28,932
 

 

Performance Ratios:

Return on average assets
1.59 % 1.14 % 1.42 % 1.08 %
Return on average equity 14.78 % 9.99 % 13.18 % 9.59 %
Net interest margin (2) 3.57 % 3.84 % 3.64 % 3.75 %
Efficiency ratio (3) 53.60 % 62.78 % 55.39 % 62.03 %
Non-interest income to average assets 2.60 % 1.41 % 2.09 % 1.24 %
Non-interest expense to average assets 3.20 % 3.15 % 3.06 % 2.96 %
 

 

Mortgage Banking Select Data:
$ of loans closed - George Mason Mortgage $ 890,017 $ 357,830 $ 1,638,064 $ 596,133
$ of loans closed - Managed Mortgage Company Affiliates   505,219       364,444     1,168,754       598,869  
Total 1,395,236 722,274 2,806,818 1,195,002
 
# of loans closed - George Mason Mortgage 2,666 1,024 4,859 1,764
# of loans closed - Managed Mortgage Company Affiliates   1,336       919     3,103       1,598  
Total 4,002 1,943 7,962 3,362
 
Refi % of loans closed - George Mason Mortgage 52 % 27 % 60 % 33 %
Refi % of loans closed - Managed Mortgage Company Affiliates   46 %     19 %   56 %     23 %
Total 50 % 23 % 58 % 28 %
 
$ of loan applications - George Mason Mortgage $ 1,258,000 $ 490,000 $ 2,308,000 $ 887,000
$ of loan applications - Managed Mortgage Company Affiliates   652,000       497,000     1,427,000       976,000  
Total 1,910,000 987,000 3,735,000 1,863,000
 
Locked Pipeline at period end - George Mason Mortgage $ 473,255 $ 151,490
 

 

Asset Quality Data:
Annualized net charge-offs to average loans receivable, net of fees 0.41 % 0.49 %
Total nonaccrual loans $ 11,536 $ 9,145
Real estate owned $ 3,126 $ 719
Nonperforming loans to loans receivable, net of fees 0.66 % 0.63 %
Nonperforming loans to total assets 0.43 % 0.42 %
Nonperforming assets to total assets 0.54 % 0.46 %
Total loans receivable past due 30 to 89 days $ 340 $ -
Total loans receivable past due 90 days or more $ - $ -
Allowance for loan losses to loans receivable, net of fees 1.52 % 1.56 %
Allowance for loan losses to nonperforming loans 231.10 % 247.41 %
 

 

Capital Ratios:

Tier 1 risk-based capital
11.74 % 12.46 %
Total risk-based capital 12.92 % 13.67 %
Leverage capital ratio 10.57 % 11.42 %
 
 

(1)

Tangible book value is calculated as total shareholders' equity, adjusted for changes in other comprehensive income, less goodwill and other intangible assets, divided by common shares outstanding.

(2)

Net interest margin is calculated as net interest income divided by total average earning assets and reported on a tax equivalent basis at a rate of 35% for 2012 and 2011.

(3)

Efficiency ratio is calculated as total non-interest expense (less nonrecurring expense) divided by the total of net interest income and non-interest income.
 
Cardinal Financial Corporation and Subsidiaries
Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities
Three and Six Months Ended June 30, 2012 and 2011
(Dollars in thousands)
(Unaudited)
               
For the Three Months Ended For the Six Months Ended
June 30, 2012 June 30, 2011 June 30, 2012 June 30, 2011
Average Average Average Average Average Average Average Average
Balance Yield Balance Yield Balance Yield Balance Yield
Interest-earning assets:
Loans receivable, net of fees (1)
Commercial and industrial $ 227,242 4.02 % $ 189,683 4.50 % $ 238,039 4.12 % $ 187,640 4.47 %
Real estate - commercial 745,343 5.42 % 641,619 6.01 % 741,280 5.47 % 635,671 5.99 %
Real estate - construction 322,140 5.45 % 245,202 5.39 % 313,254 5.35 % 243,220 5.46 %
Real estate - residential 259,044 4.85 % 212,046 5.09 % 238,050 4.94 % 213,655 5.15 %
Home equity lines 120,038 3.74 % 123,013 3.71 % 120,653 3.72 % 122,331 3.71 %
Consumer   2,935   5.48 %   3,162   5.08 %   2,994   5.24 %   3,090   5.29 %
Total loans   1,676,742   5.03 %   1,414,725   5.37 %   1,654,270   5.05 %   1,405,607   5.38 %
 
Loans held for sale 345,951 4.16 % 166,131 4.56 % 371,759 4.11 % 137,661 4.64 %
Investment securities - available-for-sale (1) 266,377 4.39 % 336,561 4.39 % 268,323 4.41 % 333,497 4.40 %
Investment securities - held-to-maturity 12,387 2.56 % 16,007 2.69 % 12,576 2.60 % 18,343 2.86 %
Other investments 16,332 1.51 % 15,721 0.80 % 16,394 1.35 % 15,724 0.80 %
Federal funds sold (1)   109,077   0.24 %   19,834   0.22 %   73,756   0.24 %   48,547   0.24 %
Total interest-earning assets 2,426,866 4.58 % 1,968,979 5.03 % 2,397,078 4.65 % 1,959,379 4.98 %
 
Non-interest earning assets:
Cash and due from banks 15,422 14,316 16,087 14,465
Premises and equipment, net 18,673 17,504 18,466 17,126
Goodwill and intangibles, net 10,419 10,616 10,445 10,642
Accrued interest and other assets 103,100 82,921 100,949 81,163
Allowance for loan losses (26,894 ) (24,695 ) (26,978 ) (24,656 )
       
TOTAL ASSETS $ 2,547,586   $ 2,069,641   $ 2,516,047   $ 2,058,119  
 
Interest-bearing liabilities:
Interest checking $ 292,467 1.04 % $ 136,053 0.19 % $ 237,823 0.88 % $ 133,708 0.19 %
Money markets 278,168 0.36 % 164,827 0.41 % 230,755 0.38 % 158,092 0.42 %
Statement savings 216,689 0.31 % 241,493 0.36 % 217,194 0.34 % 248,344 0.36 %
Certificates of deposit   812,593   1.30 %   656,591   1.75 %   890,161   1.24 %   656,678   1.79 %
Total interest-bearing deposits   1,599,917   0.96 %   1,198,964   1.11 %   1,575,933   0.94 %   1,196,822   1.13 %
 
Other borrowed funds   316,301   2.96 %   370,220   2.75 %   329,388   2.87 %   367,023   2.88 %
Total interest-bearing liabilities 1,916,218 1.29 % 1,569,184 1.50 % 1,905,321 1.27 % 1,563,845 1.54 %
 
Noninterest-bearing liabilities:
Noninterest-bearing deposits 321,424 242,366 306,542 237,785
Other liabilities 35,133 21,759 34,095 24,541
 
Shareholders' equity 274,811 236,332 270,089 231,948
       
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 2,547,586   $ 2,069,641   $ 2,516,047   $ 2,058,119  
 
NET INTEREST MARGIN (1) 3.57 % 3.84 % 3.64 % 3.75 %
 

(1) The average yields for loans receivable and investment securities available-for-sale are reported on a fully taxable-equivalent basis at a rate of 35% for 2012 and 2011.
 
Cardinal Financial Corporation and Subsidiaries
Segment Reporting at and for the Three and Six Months Ended June 30, 2012 and 2011
(Dollars in thousands)
(Unaudited)
           
At and for the Three Months Ended June 30, 2012:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 21,056 $ 593 $ - $ (208 ) $ - $ 21,441
Provision for loan losses 2,225 - - - - 2,225
Non-interest income 1,009 14,936 649 (24 ) (7 ) 16,563
Non-interest expense 10,186 8,684 596 912 (7 ) 20,371
Provision for income taxes   3,193   2,448   16     (400 )   -     5,257
Net income (loss) $ 6,461 $ 4,397 $ 37   $ (744 ) $ -   $ 10,151
 
Average Assets $ 2,553,766 $ 347,048 $ 556 $ 283,807 $ (637,591 ) $ 2,547,586
 
At and for the Three Months Ended June 30, 2011:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 18,291 $ 575 $ - $ (203 ) $ - $ 18,663
Provision for loan losses 750 - - - - 750
Non-interest income 1,300 5,268 711 6 (11 ) 7,274
Non-interest expense 10,359 3,821 690 1,425 (11 ) 16,284
Provision for income taxes   2,838   722   5     (567 )   -     2,998
Net income (loss) $ 5,644 $ 1,300 $ 16   $ (1,055 ) $ -   $ 5,905
 
Average Assets $ 2,060,008 $ 161,130 $ 604 $ 250,904 $ (403,052 ) $ 2,069,594
 
At and for the Six Months Ended June 30, 2012:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 42,357 $ 1,239 $ - $ (417 ) $ - $ 43,179
Provision for loan losses 3,865 258 - - - 4,123
Non-interest income 1,343 23,487 1,263 167 (16 ) 26,244
Non-interest expense 21,760 13,593 1,253 1,861 (16 ) 38,451
Provision for income taxes   5,894   3,888   2     (739 )   -     9,045
Net income (loss) $ 12,181 $ 6,987 $ 8   $ (1,372 ) $ -   $ 17,804
 
Average Assets $ 2,524,295 $ 371,186 $ 566 $ 283,440 $ (663,440 ) $ 2,516,047
 
At and for the Six Months Ended June 30, 2011:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 35,728 $ 1,000 $ - $ (404 ) $ - $ 36,324
Provision for loan losses 1,860 - - - - 1,860
Non-interest income 2,076 8,909 1,259 58 (33 ) 12,269
Non-interest expense 19,354 7,073 1,463 2,116 (33 ) 29,973
Provision for income taxes   5,530   1,011   (71 )   (836 )   -     5,634
Net income (loss) $ 11,060 $ 1,825 $ (133 ) $ (1,626 ) $ -   $ 11,126
 
Average Assets $ 2,047,850 $ 136,500 $ 590 $ 252,146 $ (378,967 ) $ 2,058,119
 

Copyright Business Wire 2010

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