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.

Provision for Loan Losses

The allowance for loan losses was 1.53% of loans outstanding at September 30, 2012 compared to 1.60% at September 30, 2011. The provision for loan losses was $1.5 million for the current quarter versus $2.9 million for the third quarter of last year. The Company’s nonperforming loans stood at 0.30% of total assets at September 30, 2012 compared to 0.43% at June 30, 2012 and 0.43% at September 30, 2011. Year-to-date 2012 net loan charge-offs totaled 0.43% of average loans outstanding compared to 0.44% for the nine months of 2011. There were $306,000 loans receivable past due 90 days or more and early stage loan delinquencies at 30-89 days past due at September 30, 2012 totaled $233,000.

Non-Interest Income

Commercial Banking: Non-interest income was $1.1 million for the current quarter compared to $1.3 million, which included $409,000 of gains on securities, for the year ago quarter ended September 30, 2011. For the nine months ended September 30, 2012 and 2011, non-interest income was $2.5 million and $3.8 million, respectively. The 2011 period included $1.3 million of gains on securities. For the three month comparable periods, deposit fees and loan fees increased $33,000 and $108,000, respectively. For the nine month comparable periods, deposit and loan fees increased $104,000 and $419,000, respectively.

Mortgage Banking: Mortgage banking activities continued to be exceptional. Gains on sales of mortgage loans totaled $18.6 million for the third quarter of 2012, which consisted of realized gains of $9.0 million and unrealized gains of $9.6 million resulting from its locked commitments and closings. This compares to $11.3 million for the year ago quarter of 2011, which included realized gains of $3.0 million and unrealized gains of $8.3 million. For the period ended September 30, 2012, gains on sales of mortgage loans totaled $39.0 million, comprised of $21.0 million in realized gains and $18.0 million in unrealized gains. For year-to-date 2011, gains on sales of mortgage loans totaled $18.7 million which included realized gains of $8.0 million and unrealized gains of $10.7 million. For the current quarter and year to date 2012, the Company closed $1.9 billion and $4.7 billion, respectively, of loans for itself and on behalf of its managed mortgage company affiliates. This compares to $1.2 billion and $2.4 billion during the same time periods last year. Refinance activity represented approximately 64% of the originations during the third quarter of 2012. Title insurance and other income increased $310,000 and $808,000 for the three and nine months ended September 30, 2012 compared to the same periods of 2011. Managed mortgage company affiliate fee income decreased $213,000 and increased $696,000 for the three and nine months ended 2012 over the year ago three and nine month periods. Within the past six months, the Company discontinued two managed company relationships.

Non-Interest Expense

Commercial Banking: Non-interest expense was $10.5 million for the current quarter compared to $12.7 million, which includes a loss of $1.8 million from FHLB Advance extinguishment, for the year ago quarter ended September 30, 2011. Certain other expenses in the commercial banking segment have declined as a result of the realignment of direct and indirect corporate overhead expenses toward our mortgage banking segment as this activity has substantially increased. For the nine month periods ended September 30, 2012 and 2011, non-interest expense in the commercial banking segment was $32.3 million and $32.6 million, respectively.

Mortgage Banking: For the three months ended September 30, 2012, non-interest expense increased to $10.2 million compared to $4.8 million for the quarter ended September 30, 2011. For the respective nine month periods ended September 30, 2012 and 2011, non-interest expense was $23.8 million and $11.9 million, representing an increase of $11.9 million. The increase in non-interest expense for the periods presented is attributable to the expansion of the Company’s mortgage operations that began during 2011. Specifically, the mortgage banking segment increased to 358 employees at September 30, 2012 up from 219 a year ago. This includes over 50 new loan officers that contributed to the dramatic increase in production. During this period, eight new locations have been opened to house these new mortgage lenders and their staff. The Company now has 16 mortgage banking offices.

Review of Balance Sheet

At September 30, 2012, total assets of the Company were $3.0 billion, an increase of 18% from total assets of $2.6 billion at September 30, 2011. Loans held for investment grew 14% to $1.72 billion at September 30, 2012, from $1.52 billion at September 30, 2011. During this period, the Bank’s investment portfolio decreased slightly to $302 million compared to $348 million a year ago. Loans held for sale increased to $802 million compared to $553 million at September 30, 2011.

The Bank’s asset growth was primarily funded by a 21% increase in deposits, which grew $383 million and totaled $2.18 billion at September 30, 2012 compared to $1.80 billion a year earlier. Of this growth, over $175 million resulted from the “First Choice” checking campaign. The Company also added over $100 million in traditional, longer term brokered CDs to establish permanent funding for growth in loans held for investment. Demand deposit account balances increased 26% year over year, or approximately $69 million, reflecting the Bank’s continued focus on generating core deposit growth.

MANAGEMENT COMMENTS

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

“We are pleased to announce another excellent quarter for Cardinal with strong balance sheet growth and earnings. The total assets of our Company now exceed $3.0 billion as our mortgage banking production continued to be exemplary. Loan losses remained minimal as we maintain our ‘conservative on risk’ philosophy.

We are also excited about the planned opening of a new banking center office in the Georgetown district of Washington DC early next year, and we are pleased to announce that Robert R. Giraldi has joined Cardinal as Senior Vice President and Market Executive, where he will focus on recruiting business development officers and expanding Cardinal’s penetration into Montgomery County and the District of Columbia. Moving forward, our Company will continue to concentrate on gaining market share in all of our markets 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 $3.01 billion at September 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 16 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
September 30, 2012, December 31, 2011 and September 30, 2011
(Dollars in thousands)
 
(Unaudited) (Unaudited) % Change
September 30, 2012 December 31, 2011 September 30, 2011 Current Year Year Over Year
Cash and due from banks $ 14,263 $ 16,745 $ 17,049 -14.8 % -16.3 %
Federal funds sold 59,265 20,394 18,841 190.6 % 214.6 %
 
Investment securities available-for-sale 287,651 295,560 332,325 -2.7 % -13.4 %
Investment securities held-to-maturity 11,682 12,918 13,518 -9.6 % -13.6 %
Investment securities – trading   2,890     2,065     2,145   40.0 % 34.7 %
Total investment securities 302,223 310,543 347,988 -2.7 % -13.2 %
 
Other investments 14,310 17,120 16,451 -16.4 % -13.0 %
Loans held for sale 801,953 529,500 552,838 51.5 % 45.1 %
 
Loans receivable, net of fees 1,723,324 1,631,882 1,515,286 5.6 % 13.7 %
Allowance for loan losses   (26,369 )   (26,159 )   (24,212 ) 0.8 % 8.9 %
Loans receivable, net 1,696,955 1,605,723 1,491,074 5.7 % 13.8 %
 
Premises and equipment, net 19,136 19,302 18,905 -0.9 % 1.2 %
Goodwill and intangibles, net 10,342 10,490 10,540 -1.4 % -1.9 %
Bank-owned life insurance 35,661 35,154 34,961 1.4 % 2.0 %
Prepaid FDIC insurance premiums 2,481 3,350 3,627 -25.9 % -31.6 %
Other real estate owned - 3,046 3,957 -100.0 % -100.0 %
Other assets 55,097 31,349 38,251 75.8 % 44.0 %
         
TOTAL ASSETS $ 3,011,686   $ 2,602,716   $ 2,554,482   15.7 % 17.9 %
 
Non-interest bearing deposits $ 333,904 $ 263,752 $ 264,857 26.6 % 26.1 %
Interest bearing deposits   1,845,059     1,511,508     1,531,522   22.1 % 20.5 %
Total deposits 2,178,963 1,775,260 1,796,379 22.7 % 21.3 %
 
Other borrowed funds 395,751 510,385 419,546 -22.5 % -5.7 %
Mortgage funding checks 83,847 25,989 43,357 222.6 % 93.4 %
Escrow liabilities 7,295 4,095 4,968 78.1 % 46.8 %
Other liabilities 56,281 29,170 40,113 92.9 % 40.3 %
 
Shareholders' equity   289,549     257,817     250,119   12.3 % 15.8 %
 
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 3,011,686   $ 2,602,716   $ 2,554,482   15.7 % 17.9 %
 
           
Cardinal Financial Corporation and Subsidiaries
Summary Income Statements
Three and Nine Months Ended September 30, 2012 and 2011
(Dollars in thousands, except share and per share data)
(Unaudited)
 
For the Three Months Ended For the Nine Months Ended
September 30, September 30,
2012 2011 % Change 2012 2011 % Change
Net interest income $ 23,658 $ 20,099 17.7 % $ 66,837 $ 56,423 18.5 %
Provision for loan losses   (1,500 )   (2,885 ) -48.0 %   (5,623 )   (4,745 ) 18.5 %
Net interest income after provision for loan losses 22,158 17,214 28.7 % 61,214 51,678 18.5 %
 
Service charges on deposit accounts 494 461 7.2 % 1,411 1,307 8.0 %
Loan fees 417 309 35.0 % 1,241 822 51.0 %
Title insurance & other income 750 440 70.5 % 1,714 906 89.2 %
Investment fee income 655 643 1.9 % 1,916 1,902 0.7 %
Realized and unrealized gains on mortgage banking activities 18,605 11,343 64.0 % 38,999 18,735 108.2 %
Management fee income 943 1,156 -18.4 % 2,834 2,138 32.6 %
Income from bank owned life insurance 164 216 -24.1 % 507 603 -15.9 %
Net realized gains on investment securities - 409 -100.0 % 158 1,286 -87.7 %
Gain (loss) on sale of real estate 140 - 100.0 % (333 ) - -100.0 %
Other non-interest income (loss)   4     6   -33.3 %   (32 )   4   -900.0 %
Total non-interest income 22,172 14,983 48.0 % 48,415 27,703 74.8 %
 
Net interest income and non-interest income 44,330 32,197 37.7 % 109,629 79,381 38.1 %
 
Salaries and benefits 12,121 8,418 44.0 % 32,504 22,970 41.5 %
Occupancy 1,814 1,543 17.6 % 5,274 4,430 19.1 %
Depreciation 704 761 -7.5 % 1,948 1,978 -1.5 %
Data processing & communications 1,140 1,039 9.7 % 3,337 2,882 15.8 %
Professional fees 1,094 1,467 -25.4 % 2,665 2,946 -9.5 %
FDIC insurance assessment 327 (166 ) -297.0 % 980 1,078 -9.1 %
Mortgage loan repurchases and settlements 172 170 1.2 % 472 670 -29.6 %
Loss on extinguishment of debt - 1,822 -100.0 % - 2,271 -100.0 %
Other operating expense   4,915     3,875   26.8 %   13,557     10,128   33.9 %
Total non-interest expense 22,287 18,929 17.7 % 60,737 49,353 23.1 %
Income before income taxes   22,043     13,268   66.1 %   48,892     30,028   62.8 %
Provision for income taxes   7,591       4,643     63.5 %   16,636       10,277     61.9 %
NET INCOME $ 14,452     $ 8,625     67.6 % $ 32,256     $ 19,751     63.3 %
 
Earnings per common share - basic $ 0.49     $ 0.29     66.0 % $ 1.09     $ 0.67     61.8 %
Earnings per common share - diluted $ 0.48     $ 0.29     65.5 % $ 1.07     $ 0.66     61.9 %
Weighted-average common shares outstanding - basic   29,675,788       29,403,304     0.9 %   29,634,069       29,359,365     0.9 %
Weighted-average common shares outstanding - diluted   30,237,755       29,871,668     1.2 %   30,107,895       29,847,607     0.9 %
 
       
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 Nine Months Ended
September 30, September 30,
Income Statements: 2012   2011   2012   2011
Interest income $ 29,838 $ 26,047 $ 85,089 $ 74,349
Interest expense     6,180       5,948       18,252       17,926  
Net interest income 23,658 20,099 66,837 56,423
Provision for loan losses     1,500       2,885       5,623       4,745  
Net interest income after provision for loan losses 22,158 17,214 61,214 51,678
Non-interest income 22,172 14,983 48,415 27,703
Non-interest expense     22,287       18,929       60,737       49,353  
Income before income taxes 22,043 13,268 48,892 30,028
Provision for income taxes     7,591       4,643       16,636       10,277  
Net income   $ 14,452     $ 8,625     $ 32,256     $ 19,751  
 
 
Per Common Share Data:
Basic net income $ 0.49 $ 0.29 $ 1.09 $ 0.67
Fully diluted net income 0.48 0.29 1.07 0.66
Book value 9.89 8.65 9.89 8.65
Tangible book value (1) 9.54 8.28 9.54 8.28
Common shares outstanding 29,272 28,932
 
Performance Ratios:
Return on average assets 2.08 % 1.56 % 1.65 % 1.25 %
Return on average equity 20.09 % 14.03 % 15.58 % 11.13 %
Net interest margin (2) 3.62 % 3.86 % 3.63 % 3.79 %
Efficiency ratio (3) 48.63 % 53.96 % 52.70 % 58.67 %
Non-interest income to average assets 3.20 % 2.71 % 2.48 % 1.75 %
Non-interest expense to average assets 3.21 % 3.42 % 3.11 % 3.12 %
 
Mortgage Banking Select Data:
$ of loans closed - George Mason Mortgage $ 1,196,093 $ 619,224 $ 2,834,158 $ 1,215,357
$ of loans closed - Managed Mortgage Company Affiliates   664,849       575,712     1,833,127       1,174,581  

                    Total
1,860,942 1,194,936 4,667,285 2,389,938
 
# of loans closed - George Mason Mortgage 3,531 1,647 8,390 3,411
# of loans closed - Managed Mortgage Company Affiliates   1,732       1,408     4,834       3,006  

                    Total
5,263 3,055 13,224 6,417
 
Refi % of loans closed - George Mason Mortgage 64 % 58 % 62 % 46 %
Refi % of loans closed - Managed Mortgage Company Affiliates   64 %     50 %   59 %     36 %

                    Total
64 % 54 % 61 % 41 %
 
$ of loan applications - George Mason Mortgage $ 1,569,500 $ 1,049,000 $ 3,878,000 $ 1,935,300
$ of loan applications - Managed Mortgage Company Affiliates   742,500       891,800     2,169,200       1,868,200  

                    Total
2,312,000 1,940,800 6,047,200 3,803,500
 
Locked Pipeline at period end - George Mason Mortgage $ 593,000 $ 390,000
 
Asset Quality Data:
Annualized net charge-offs to average loans receivable, net of fees 0.43 % 0.44 %
Total nonaccrual loans $ 8,845 $ 10,797
Real estate owned $ - $ 3,957
Nonperforming loans to loans receivable, net of fees 0.53 % 0.73 %
Nonperforming loans to total assets 0.30 % 0.43 %
Nonperforming assets to total assets 0.30 % 0.59 %
Total loans receivable past due 30 to 89 days $ 233 $ 63
Total loans receivable past due 90 days or more $ 306 $ 208
Allowance for loan losses to loans receivable, net of fees 1.53 % 1.60 %
Allowance for loan losses to nonperforming loans 288.15 % 220.01 %
 
Capital Ratios:
Tier 1 risk-based capital 11.71 % 11.51 %
Total risk-based capital 12.82 % 12.67 %
Leverage capital ratio 10.20 % 11.03 %
 
 

(1)

Tangible book value is calculated as total shareholders' equity 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 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 Nine Months Ended September 30, 2012 and 2011
(Dollars in thousands)
(Unaudited)
 
For the Three Months Ended For the Nine Months Ended
September 30, 2012 September 30, 2011 September 30, 2012 September 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 $ 218,233 4.27 % $ 210,912 4.34 % $ 231,389 4.17 % $ 195,482 4.43 %
Real estate - commercial 752,653 5.39 % 674,589 5.91 % 745,099 5.45 % 648,786 5.97 %
Real estate - construction 364,238 5.30 % 249,600 5.63 % 330,372 5.32 % 245,370 5.52 %
Real estate - residential 259,782 4.62 % 222,814 4.90 % 245,051 4.83 % 216,742 5.06 %
Home equity lines 119,554 3.67 % 122,350 3.71 % 120,284 3.71 % 122,337 3.71 %
Consumer   4,089   4.86 %   3,127   5.58 %   3,361   5.16 %   3,103   5.34 %
Total loans   1,718,549   5.00 %   1,483,392   5.33 %   1,675,556   5.03 %   1,431,820   5.36 %
 
Loans held for sale 571,715 3.88 % 242,309 4.71 % 438,898 4.01 % 172,927 4.66 %
Investment securities - available-for-sale (1) 270,450 4.27 % 319,890 4.40 % 269,037 4.37 % 328,911 4.40 %
Investment securities - held-to-maturity 11,972 2.43 % 14,626 2.50 % 12,373 2.55 % 17,090 2.76 %
Other investments 14,166 1.68 % 15,714 0.76 % 15,646 1.45 % 15,721 0.78 %
Federal funds sold (1)   52,519   0.23 %   28,382   0.22 %   66,626   0.24 %   41,752   0.23 %
Total interest-earning assets 2,639,371 4.56 % 2,104,313 4.99 % 2,478,136 4.61 % 2,008,221 4.98 %
 
Non-interest earning assets:
Cash and due from banks 14,172 14,607 15,444 14,513
Premises and equipment, net 19,275 18,197 18,738 17,487
Goodwill and intangibles, net 10,368 10,571 10,420 10,618
Accrued interest and other assets 117,522 89,665 106,809 84,028
Allowance for loan losses (27,300 ) (24,148 ) (27,085 ) (24,485 )
       
TOTAL ASSETS $ 2,773,408   $ 2,213,205   $ 2,602,462   $ 2,110,382  
 
Interest-bearing liabilities:
Interest checking $ 319,617 1.07 % $ 137,063 0.19 % $ 265,287 0.96 % $ 134,838 0.19 %
Money markets 380,531 0.31 % 169,717 0.41 % 281,045 0.35 % 162,009 0.41 %
Statement savings 221,549 0.26 % 231,963 0.36 % 218,657 0.31 % 242,824 0.36 %
Certificates of deposit   870,470   1.20 %   781,319   1.48 %   883,548   1.23 %   698,683   1.68 %
Total interest-bearing deposits   1,792,167   0.87 %   1,320,062   1.01 %   1,648,537   0.92 %   1,238,354   1.09 %
 
Other borrowed funds   296,515   3.01 %   357,759   2.86 %   318,350   2.91 %   363,901   2.87 %
Total interest-bearing liabilities 2,088,682 1.18 % 1,677,821 1.41 % 1,966,887 1.24 % 1,602,255 1.50 %
 
Noninterest-bearing liabilities:
Noninterest-bearing deposits 347,346 261,911 320,242 245,915
Other liabilities 49,567 27,505 39,293 25,539
 
Shareholders' equity 287,813 245,968 276,040 236,673
       
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 2,773,408   $ 2,213,205   $ 2,602,462   $ 2,110,382  
 
NET INTEREST MARGIN (1) 3.62 % 3.86 % 3.63 % 3.79 %
 
 

(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 Nine Months Ended September 30, 2012 and 2011
(Dollars in thousands)
(Unaudited)
 
At and for the Three Months Ended September 30, 2012:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 23,196 $ 672 $ - $ (210 ) $ - $ 23,658
Provision for loan losses 1,500 - - - - 1,500
Non-interest income 1,129 20,406 655 5 (23 ) 22,172
Non-interest expense 10,511 10,231 727 841 (23 ) 22,287
Provision for income taxes   4,103   3,879   (24 )   (367 )   -     7,591
Net income (loss) $ 8,211 $ 6,968 $ (48 ) $ (679 ) $ -   $ 14,452
 
Average Assets $ 2,765,709 $ 582,677 $ 542 $ 285,308 $ (860,828 ) $ 2,773,408
 
At and for the Three Months Ended September 30, 2011:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 19,592 $ 711 $ - $ (204 ) $ - $ 20,099
Provision for loan losses 2,885 - - - - 2,885
Non-interest income 1,315 13,037 643 2 (14 ) 14,983
Non-interest expense 12,748 4,819 620 756 (14 ) 18,929
Provision for income taxes   1,783   3,192   3     (335 )   -     4,643
Net income (loss) $ 3,491 $ 5,737 $ 20   $ (623 ) $ -   $ 8,625
 
Average Assets $ 2,218,271 $ 255,336 $ 586 $ 251,782 $ (512,770 ) $ 2,213,205
 
At and for the Nine Months Ended September 30, 2012:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 65,552 $ 1,912 $ - $ (627 ) $ - $ 66,837
Provision for loan losses 5,365 258 - - - 5,623
Non-interest income 2,472 43,893 1,917 172 (39 ) 48,415
Non-interest expense 32,271 23,824 1,980 2,701 (39 ) 60,737
Provision for income taxes   9,996   7,768   (23 )   (1,105 )   -     16,636
Net income (loss) $ 20,392 $ 13,955 $ (40 ) $ (2,051 ) $ -   $ 32,256
 
Average Assets $ 2,605,355 $ 442,198 $ 557 $ 284,067 $ (729,715 ) $ 2,602,462
 
At and for the Nine Months Ended September 30, 2011:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 55,320 $ 1,712 $ - $ (609 ) $ - $ 56,423
Provision for loan losses 4,745 - - - - 4,745
Non-interest income 3,841 21,947 1,902 61 (48 ) 27,703
Non-interest expense 32,552 11,895 2,083 2,871 (48 ) 49,353
Provision for income taxes   7,313   4,203   (68 )   (1,171 )   -     10,277
Net income (loss) $ 14,551 $ 7,561 $ (113 ) $ (2,248 ) $ -   $ 19,751
 
Average Assets $ 2,105,281 $ 176,547 $ 588 $ 252,023 $ (424,057 ) $ 2,110,382
 

Copyright Business Wire 2010

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10 New Names Help Compose My 2017 Portfolio of Small-Cap Dividend Growers

10 New Names Help Compose My 2017 Portfolio of Small-Cap Dividend Growers

Ignore Bullish Hype on Rate Hikes -- Book Profits on Community Banks Now

Ignore Bullish Hype on Rate Hikes -- Book Profits on Community Banks Now