Cardinal Financial Corporation (NASDAQ: CFNL) (the "Company") today announced earnings of $28.0 million, or $0.94 per diluted share, for year ended December 31, 2011. This is a 51.8% increase over earnings of $18.4 million, or $0.62 per diluted share, for the previous year. For the quarter ended December 31, 2011, income was $8.2 million, or $0.28 per diluted share, versus $4.0 million, or $0.14 per diluted share, for the same quarter in 2010.

Selected Highlights

  • Asset quality continues to be strong. Nonperforming assets remained low at 0.69% of total assets, and annualized net loan charge offs were 0.34% of loans outstanding. Real estate owned decreased to $3.0 million from $4.0 million at the previous quarter ended September 30, 2011, and the Company currently has $208,000 loans receivable past due 90 days or more.
  • The Company's tax equivalent net interest margin increased to 3.81% for the current year, up from 3.68% in the previous year. For the most recent quarter, net interest margin was 3.88% compared to 3.86% for the previous quarter ended September 30, 2011.
  • Total assets at period-end were $2.603 billion versus $2.072 billion one year earlier, an increase of 25.6%.
  • Loans held for investment grew to $1.632 billion, an increase of $223 million, or 15.8%, compared to the prior year end.
  • Total non-interest bearing deposits grew to $263.8 million, an increase of 14.9% compared to December 31, 2010.
  • 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 9.08%.

Income Statement Review

For the fourth quarter of 2011, net income was $8.2 million, or $0.28 per diluted share, an increase of 103.3% compared to the year ago quarter. For the same periods, net interest income increased 23% to $22.7 million from $18.5 million and the tax equivalent net interest margin improved to 3.88% from 3.77%. The growth in net interest income and the margin is the result of the Bank's success in growing its balance sheet, while average earning asset yields decreased less than the associated funding expense. Compared to the year ago quarter, average earning assets grew $392 million, the average yield on earning assets decreased by 0.23% and the average cost of interest bearing liabilities decreased 0.42%. The average balance of the Company's loans held for investment portfolio increased $190 million, while the yield decreased 0.24%. The average balance of loans held for sale increased $182 million and the yield decreased 0.19%. To fund this asset growth, the average balance of non-interest bearing deposits increased $57 million, or 24%, and interest-bearing deposits increased $320 million while the costs decreased 0.27%. In 2012, the Company expects net interest margin pressure to increase due to an increasingly competitive environment for both loans and deposits.

Noninterest income was $6.6 million for the current quarter compared to $5.5 million for the year ago quarter. For the current year compared to the prior year, noninterest income increased to $34.3 million from $27.4 million, or 25%. The increase in income year over year is primarily attributable to revenues from mortgage banking activities, which improved by $6.4 million to $25.6 million from $19.2 million. Mortgage banking operations were positively impacted by historically strong refinancing activity by homeowners during the year.

Noninterest expense decreased to $15.1 million for the current quarter from $16.9 million for the year ago quarter, which included an impairment charge of $2.6 million. Absent these charges, expenses increased 5.2% year over year.

For the comparable years ended December 31, noninterest expense increased to $64.5 million from $59.5 million, or 8.4%. Expenses in 2011 include losses on extinguishment of FHLB Advances of $2.3 million and settlements for potential repurchase of mortgage loans of $670,000. In 2010, goodwill and other intangible assets charges totaled $3.0 million. Expenses for 2010 also included $801,000 of expenses related to the accelerated vesting of certain retirement benefits and data processing and telecom expenses related to the Company's systems conversion of $943,000 partially offset by a $686,000 reduction in accruals for potential mortgage repurchases.

Absent the items mentioned in the preceding paragraph, noninterest expenses for 2011 and 2010 were $61.5 million and $55.4 million, respectively.

Review of Balance Sheet and Credit Quality

At December 31, 2011, total assets of the Company were $2.60 billion, an increase of 25.6% from total assets of $2.07 billion at December 31, 2010. Loans held for investment grew 15.8% to $1.63 billion at December 31, 2011, from $1.41 billion at December 31, 2010. During this period, loans held for sale increased $323 million, or 157.0% while the Bank's investment portfolio decreased slightly by $34 million, or 10.0%.

The Bank's asset growth was primarily funded by a 26.5% increase in deposits, which grew $372 million and totaled $1.78 billion at December 31, 2011 versus $1.40 billion a year earlier. Most of this deposit growth was comprised of short term brokered CD's, which were primarily used to fund the increase in loans held for sale. Demand deposit account balances also increased by 14.9% year over year, reflecting the Bank's continued focus on attracting primary banking relationships.

The quality of the Bank's loan portfolio has remained strong. The Company's nonperforming assets stood at 0.69% of total assets at December 31, 2011 compared to 0.59% at September 30, 2011 and 0.43% at December 31, 2010. Net loan charge-offs totaled $217,000 for the current quarter, compared to $1.3 million for last quarter. There were $208,000 loans past due 90 days or more at December 31, 2011, while early stage loan delinquencies at 30-89 days past due were $1.9 million. The provision for loan losses was $2.2 million for the current quarter versus $1.9 million for the fourth quarter of last year. The total allowance for loan losses decreased to 1.60% of loans outstanding from a comparable ratio of 1.72% at December 31, 2010.

Other Information

With respect to the previously disclosed matter involving the U.S. Department of Justice (the "DOJ"), the Company continues to cooperate fully with the DOJ in its investigation and has provided relevant information to resolve the issues. It is too early to assess whether the resolution of this matter will have any effect on the Company.

MANAGEMENT COMMENTS

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

"We are pleased to announce a record year for earnings, loan and asset growth. As our Company's total assets surpassed the $2.6 billion mark at year end, loan losses remained minimal as we maintained a continuing conservative risk philosophy.

Moving forward into 2012, our Company will continue to concentrate on gaining core market share and increasing franchise value for our shareholders. We remain enthusiastically 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, 2010 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 $2.60 billion at December 31, 2011, 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 ten 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
December 31, 2011 and December 31, 2010
(Dollars in thousands)
     
(Unaudited) % Change
December 31, 2011 December 31, 2010 Current Year
Cash and due from banks $ 16,745 $ 12,963 29.2 %
Federal funds sold 20,394 12,905 58.0 %
 
Investment securities available-for-sale 295,560 320,998 -7.9 %
Investment securities held-to-maturity 12,918 21,879 -41.0 %
Investment securities - trading   2,065     2,107   -2.0 %
Total investment securities 310,543 344,984 -10.0 %
 
Other investments 17,120 16,469 4.0 %
Loans held for sale 529,500 206,047 157.0 %
 
Loans receivable, net of fees 1,631,882 1,409,302 15.8 %
Allowance for loan losses   (26,159 )   (24,210 ) 8.1 %
Loans receivable, net 1,605,723 1,385,092 15.9 %
 
Premises and equipment, net 19,302 16,717 15.5 %
Goodwill and intangibles, net 10,490 10,688 -1.9 %
Bank-owned life insurance 35,154 34,358 2.3 %
Prepaid FDIC insurance premiums 3,350 4,574 -26.8 %
Other real estate owned 3,046 1,250 143.7 %
Other assets 31,349 25,971 20.7 %
     
TOTAL ASSETS $ 2,602,716   $ 2,072,018   25.6 %
 
Non-interest bearing deposits $ 263,752 $ 229,575 14.9 %
Interest bearing deposits   1,511,508     1,174,150   28.7 %
Total deposits 1,775,260 1,403,725 26.5 %
 
Other borrowed funds 510,385 389,586 31.0 %
Mortgage funding checks 25,989 662 3825.8 %
Escrow liabilities 4,095 1,454 181.6 %
Other liabilities 29,170 53,689 -45.7 %
 
Shareholders' equity   257,817     222,902   15.7 %
 
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 2,602,716   $ 2,072,018   25.6 %
 
Cardinal Financial Corporation and Subsidiaries
Summary Income Statements
For the Three Months and Years Ended December 31, 2011 and 2010
(Dollars in thousands, except share and per share data)
(Unaudited)
           
For the Three Months Ended For the Years Ended
December 31, December 31,
20112010% Change20112010% Change
(Unaudited) (Unaudited)
Net interest income $ 22,738 $ 18,466 23.1 % $ 79,162 $ 69,045 14.7 %
Provision for loan losses   (2,165 )   (1,877 ) 15.3 %   (6,910 )   (10,502 ) -34.2 %
Net interest income after provision for loan losses 20,573 16,589 24.0 % 72,252 58,543 23.4 %
 
Service charges on deposit accounts 460 446 3.1 % 1,767 1,881 -6.1 %
Loan fees 1,006 821 22.5 % 2,734 2,311 18.3 %
Investment fee income 644 1,016 -36.6 % 2,546 4,088 -37.7 %
Realized and unrealized gains on mortgage banking activities 1,794 2,005 -10.5 % 20,529 13,860 48.1 %
Management fee income 1,268 981 29.3 % 3,406 3,657 -6.9 %
Income from bank owned life insurance 193 146 32.2 % 796 646 23.2 %
Net realized gains on investment securities 1,256 103 1119.4 % 2,541 914 178.0 %
Litigation recovery on previously impaired investment - - 0.0 % - 87 -100.0 %
Other non-interest income (loss)   11     4   175.0 %   14     (55 ) -125.5 %
Total non-interest income 6,632 5,522 20.1 % 34,333 27,389 25.4 %
 
Net interest income and non-interest income 27,205 22,111 23.0 % 106,585 85,932 24.0 %
 
Salaries and benefits 5,736 5,663 1.3 % 28,707 27,445 4.6 %
Occupancy 1,603 1,423 12.6 % 6,032 5,723 5.4 %
Depreciation 540 469 15.1 % 2,517 1,938 29.9 %
Data communications 1,235 909 35.9 % 4,117 4,295 -4.1 %
Professional fees 1,010 1,157 -12.7 % 3,955 2,733 44.7 %
FDIC insurance assessment 309 261 18.4 % 1,387 1,853 -25.1 %
Impairment of goodwill and other intangible assets - 2,557 -100.0 % - 3,008 -100.0 %
Impairment of other real estate owned 911 1,365

-33.3

% 911 1,365

-33.3

%
Mortgage loan repurchases and settlements - - 0.0 % 670 (686 ) -197.7 %
Loss on extinguishment of debt - - 0.0 % 2,271 - 100.0 %
Other operating expense   3,769     3,113   21.1 %   13,898     11,795   17.8 %
Total non-interest expense 15,113 16,917 -10.7 % 64,465 59,469 8.4 %
Income before income taxes   12,092     5,194   132.8 %   42,120     26,463   59.2 %
Provision for income taxes   3,845       1,164     230.3 %   14,122       8,021     76.1 %
NET INCOME $ 8,247     $ 4,030     104.6 % $ 27,998     $ 18,442     51.8 %
 
Earnings per common share - basic $ 0.28     $ 0.14     102.1 % $ 0.95     $ 0.63     50.4 %
Earnings per common share - diluted $ 0.28     $ 0.14     103.3 % $ 0.94     $ 0.62     50.9 %
Weighted-average common shares outstanding - basic   29,525,946       29,160,590     1.3 %   29,401,231       29,122,780     1.0 %
Weighted-average common shares outstanding - diluted   29,914,769       29,724,959     0.6 %   29,784,081       29,608,002     0.6 %
 
 
Cardinal Financial Corporation and Subsidiaries
Selected Financial Information
(Dollars in thousands, except per share data and ratios)
               
For the Three Months Ended For the Years Ended
December 31, December 31,
Income Statements: 2011   2010       2011   2010
(Unaudited) (Unaudited) (Unaudited)
Interest income $ 28,529

$

24,993

$ 102,878 $ 96,633
Interest expense             5,791     6,527         23,716       27,588  
Net interest income 22,738 18,466 79,162 69,045
Provision for loan losses         2,165     1,877         6,910       10,502  
Net interest income after provision for loan losses 20,573 16,589 72,252 58,543
Non-interest income 6,632 5,522 34,333 27,389
Non-interest expense           15,113     16,917         64,465       59,469  
Net income before income taxes 12,092 5,194 42,120 26,463
Provision for income taxes         3,845     1,164         14,122       8,021  
Net income           $ 8,247  

$

4,030

      $ 27,998     $ 18,442  
 
Balance Sheet Data: December 31, 2011 December 31, 2010
(Unaudited)
Total assets $ 2,602,716 $ 2,072,018
Loans receivable, net of fees 1,631,882 1,409,302
Allowance for loan losses (26,159 ) (24,210 )
Loans held for sale 529,500 206,047
Total investment securities 310,543 344,984
Total deposits 1,775,260 1,403,725
Other borrowed funds 510,385 389,586
Total shareholders' equity 257,817 222,902
 
Common shares outstanding 29,199 28,770
 
For the Three Months Ended December 31, For the Years Ended December 31,
Selected Average Balances: 2011   2010   2011   2010
Total assets $ 2,493,489

$

2,082,070

$ 2,206,946 $ 1,997,911
Loans receivable, net of fees 1,561,294 1,371,010 1,464,454 1,327,558
Allowance for loan losses (24,643 ) (24,325 ) (24,524 ) (21,306 )
Loans held for sale 457,052 274,992 244,542 194,928
Total investment securities 307,362 301,945 336,262 336,088
Interest earning assets 2,368,854 1,976,880 2,099,120 1,894,313
Total deposits 1,824,662 1,447,497 1,570,067 1,378,887
Other borrowed funds 371,131 376,699 365,724 376,508
Total shareholders' equity 256,838 229,873 241,755 218,457

Weighted Average:

Common shares outstanding - basic 29,526 29,161 29,401 29,123
Common shares outstanding - diluted 29,915 29,725 29,784 29,608
 
Per Common Share Data:
Basic net income $ 0.28

$

0.14

$ 0.95 $ 0.63
Fully diluted net income 0.28 0.14 0.94 0.62
Book value 8.83 7.75 8.83 7.75
Tangible book value (1) 8.08 7.22 8.08 7.22
 
Performance Ratios:
Return on average assets 1.32 % 0.77 % 1.27 % 0.92 %
Return on average equity 12.84 % 7.01 % 11.58 % 8.44 %
Net interest margin (2) 3.88 % 3.77 % 3.81 % 3.68 %
Efficiency ratio (3) 51.46 % 70.52 % 56.80 % 61.67 %
Non-interest income to average assets 1.06 % 1.06 % 1.56 % 1.37 %
Non-interest expense to average assets 2.42 % 3.25 % 2.92 % 2.98 %
 
Asset Quality Data:
Annualized net charge-offs to average loans receivable, net of fees 0.34 % 0.37 %
Total nonaccrual loans $ 14,617 $ 7,516
Real estate owned $ 3,046 $ 1,250
Nonperforming loans to loans receivable, net of fees 0.91 % 0.53 %
Nonperforming loans to total assets 0.57 % 0.36 %
Nonperforming assets to total assets (4) 0.69 % 0.43 %
Total loans receivable past due 30 to 89 days $ 1,904 $ 2,131
Total loans receivable past due 90 days or more $ 208 $ 49
Allowance for loan losses to loans receivable, net of fees 1.60 % 1.72 %
Allowance for loan losses to nonperforming loans 176.45 % 320.03 %
 
Capital Ratios:
 
Tier 1 risk-based capital 11.25 % 12.67 %
Total risk-based capital 12.43 % 14.06 %
Leverage capital ratio 10.14 % 10.82 %
 

(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 34% for 2011 and 35% for 2010.

(3)

Efficiency ratio is calculated as total non-interest expense divided by the total of net interest income and non-interest income.

(4)

Does not include approximately $1.1 million of land held for investment.

 
Cardinal Financial Corporation and Subsidiaries
Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities
For the Three Months and Years Ended December 31, 2011 and 2010
(Dollars in thousands)
(Unaudited)
                 
For the Three Months Ended For the Years Ended
December 31, 2011 December 31, 2010 December 31, 2011 December 31, 2010

Average
Balance

Average
Yield

Average
Balance

Average
Yield

Average
Balance

Average
Yield

Average
Balance

Average
Yield

Interest-earning assets:
Loans receivable, net of fees (1)
Commercial and industrial $ 223,091 4.35 % $ 173,528 4.41 % $ 202,441 4.40 % $ 163,497 4.58 %
Real estate - commercial 732,316 5.78 % 618,565 6.28 % 669,841 5.92 % 609,568 6.23 %
Real estate - construction 267,299 5.72 % 225,115 5.61 % 250,897 5.57 % 204,167 5.62 %
Real estate - residential 214,058 4.94 % 229,959 5.13 % 216,065 5.03 % 227,950 5.16 %
Home equity lines 121,358 3.73 % 120,986 3.46 % 122,090 3.71 % 119,686 3.64 %
Consumer   3,172   5.25 %   2,857   5.83 %   3,120   5.35 %   2,690   5.87 %
Total loans   1,561,294   5.30 %   1,371,010   5.54 %   1,464,454   5.35 %   1,327,558   5.53 %
 
Loans held for sale 457,052 4.13 % 274,992 4.32 % 244,542 4.40 % 194,928 4.64 %
Investment securities - available-for-sale (1) 294,104 4.39 % 279,176 4.35 % 320,138 4.40 % 307,612 4.49 %
Investment securities - held-to-maturity 13,258 2.59 % 22,769 3.10 % 16,124 2.73 % 28,476 3.28 %
Other investments 15,729 0.81 % 15,728 0.39 % 15,723 0.79 % 15,728 0.34 %
Federal funds sold   27,417   0.23 %   13,205   0.22 %   38,139   0.23 %   20,011   0.23 %
Total interest-earning assets 2,368,854 4.86 % 1,976,880 5.09 % 2,099,120 4.94 % 1,894,313 5.14 %
 
Non-interest earning assets:
Cash and due from banks 14,892 13,409 14,609 12,893
Premises and equipment, net 19,298 16,971 17,943 16,436
Goodwill and intangibles, net 10,519 13,253 10,593 13,587
Accrued interest and other assets 104,569 85,882 89,205 81,988
Allowance for loan losses (24,643 ) (24,325 ) (24,524 ) (21,306 )
       
TOTAL ASSETS $ 2,493,489   $ 2,082,070   $ 2,206,946   $ 1,997,911  
 
Interest-bearing liabilities:
Interest checking $ 130,881 0.19 % $ 132,923 0.19 % $ 133,841 0.19 % $ 133,105 0.35 %
Money markets 169,334 0.41 % 142,479 0.49 % 163,856 0.41 % 109,771 0.56 %
Statement savings 224,341 0.36 % 257,999 0.36 % 238,165 0.36 % 272,843 0.52 %
Certificates of deposit   1,007,755   1.19 %   679,014   1.80 %   776,585   1.52 %   661,906   1.97 %
Total interest-bearing deposits   1,532,311   0.89 %   1,212,415   1.16 %   1,312,447   1.03 %   1,177,625   1.32 %
 
Other borrowed funds   371,131   2.50 %   376,699   3.13 %   365,724   2.78 %   376,508   3.19 %
Total interest-bearing liabilities 1,903,442 1.21 % 1,589,114 1.63 % 1,678,171 1.41 % 1,554,133 1.78 %
 
Noninterest-bearing liabilities:
Noninterest-bearing deposits 292,351 235,082 257,620 201,262
Other liabilities 40,858 28,001 29,400 24,059
 
Shareholders' equity 256,838 229,873 241,755 218,457
       
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 2,493,489   $ 2,082,070   $ 2,206,946   $ 1,997,911  
 
NET INTEREST MARGIN (1) 3.88 % 3.77 % 3.81 % 3.68 %
 

(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 34% for 2011 and 35% for 2010.

 
Cardinal Financial Corporation and Subsidiaries
Segment Reporting at and for the Three Months and Years Ended December 31, 2011 and 2010
(Dollars in thousands)
(Unaudited)
 
At and for the Three Months Ended December 31, 2011:              
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 22,135 $ 811 $ - $ (208 )

-

$ 22,738
Provision for loan losses 2,165 - - -

-

2,165
Non-interest income 2,275 3,645 650 100 (38 ) 6,632
Non-interest expense 9,650 4,137 527 837 (38 ) 15,113
Provision for income taxes   4,084   88   39     (366 )

-

    3,845
Net income (loss) $ 8,511 $ 231 $ 84   $ (579 ) $ -   $ 8,247
 
Average Assets $ 2,497,420 $ 461,554 $ 647 $ 255,451 $ (721,583 ) $ 2,493,489
 
At and for the Three Months Ended December 31, 2010:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 18,013 $ 658 $ - $ (205 ) $ - $ 18,466
Provision for loan losses 1,877 - - - - 1,877
Non-interest income 818 3,597 1,016 108 (17 ) 5,522
Non-interest expense 9,170 2,989 3,708 1,067 (17 ) 16,917
Provision for income taxes   2,450   438   (942 )   (782 )   -     1,164
Net income (loss) $ 5,334 $ 828 $ (1,750 ) $ (382 ) $ -   $ 4,030
 
Average Assets $ 2,074,261 $ 280,735 $ 2,960 $ 228,991 $ (504,877 ) $ 2,082,070
 
At and for the Twelve Months Ended December 31, 2011:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 77,456 $ 2,522 $ - $ (816 ) $ - $ 79,162
Provision for loan losses 6,910 - - - - 6,910
Non-interest income 6,116 25,592 2,552 161 (88 ) 34,333
Non-interest expense 42,202 16,032 2,610 3,709 (88 ) 64,465
Provision for income taxes   11,397   4,291   (29 )   (1,537 )   -     14,122
Net income (loss) $ 23,063 $ 7,791 $ (29 ) $ (2,827 ) $ -   $ 27,998
 
Average Assets $ 2,204,122 $ 248,384 $ 603 $ 252,887 $ (499,050 ) $ 2,206,946
 
At and for the Twelve Months Ended December 31, 2010:
 
Commercial Mortgage Wealth Management & Intersegment
Banking Banking Trust Services Other Elimination Consolidated
Net interest income $ 67,480 $ 2,385 $ - $ (820 ) $ - $ 69,045
Provision for loan losses 10,502 - - - - 10,502
Non-interest income 3,975 19,203 4,102 205 (96 ) 27,389
Non-interest expense 37,226 11,103 6,798 4,438 (96 ) 59,469
Provision for income taxes   7,432   3,640   (942 )   (2,109 )   -     8,021
Net income (loss) $ 16,295 $ 6,845 $ (1,754 ) $ (2,944 ) $ -   $ 18,442
 
Average Assets $ 1,987,599 $ 203,172 $ 3,180 $ 230,376 $ (426,416 ) $ 1,997,911
 

Cardinal Financial Corporation
Bernard H. Clineburg
Chairman, Chief Executive Officer
703-584-3400
or
Mark A. Wendel
EVP, Chief Financial Officer
703-584-3400