Cardinal Financial Corporation (NASDAQ: CFNL) (the “Company”)
today reported earnings of $12.4 million for the three month period
ended March 31, 2017. This compares to $13.1 million for the three
month period ended March 31, 2016. Diluted earnings per share were
$0.36 and $0.39 for these same time periods respectively.
Other Selected Highlights
- Total assets of the Company were $4.3
billion, increasing 5.5% from March 31, 2016.
- Loans held for investment were $3.3
billion, increasing 6.9% from a year ago and 4.2% annualized from
December 31, 2016.
- Loans held for sale were $296 million
versus $365 million a year ago.
- Total deposits increased 8.8%, to $3.4
billion from $3.1 billion at March 31, 2017 and 2016,
respectively.
- Non-interest bearing demand deposit
accounts increased 10.8% over the past year, to $762 million.
- The Company’s net interest margin was
3.30% for the quarter ended March 31, 2017.
- The Company had nonperforming loans of
0.14% of total assets.
- During the quarter, George Mason
Mortgage had $625 million loan closings and originated over $1.20
billion applications. The gain on sale margin was 3.03%.
Cardinal’s shareholders approved the merger with United
Bankshares, Inc. (“United”) (NASDAQ: UBSI) during a special
shareholder meeting on April 7, 2017, which followed United’s
obtaining regulatory approval of the merger by the Board of
Governors of the Federal Reserve System and the Virginia Bureau of
Financial Institutions. The companies expect to complete the
transaction on April 21, 2017.
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, cost savings, 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.
Risk and uncertainties related to the pending merger with United
include, among others, that: the businesses of United and Cardinal
may not be combined successfully, or such combination may take
longer, be more difficult, time-consuming or costly to accomplish
than expected; the expected growth opportunities or cost savings
from the merger may not be fully realized or may take longer to
realize than expected; deposit attrition, operating costs, customer
losses and business disruption following the merger, including
adverse effects on relationships with employees, may be greater
than expected.
For an explanation of some of the additional 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, 2016 and other reports filed with and furnished
to the Securities and Exchange Commission. The Company has no
obligation and does not undertake to update, revise or correct any
of the forward-looking statements after the date of this press
release, or after the respective dates on which such statements
otherwise are made.
About Cardinal Financial Corporation: Cardinal Financial
Corporation, a financial holding company headquartered in Tysons
Corner, Virginia with assets of $4.21 billion at December 31, 2016,
serves the Washington Metropolitan region through its wholly-owned
subsidiary, Cardinal Bank. Cardinal also operates several other
subsidiaries: George Mason Mortgage, LLC, a residential mortgage
lending company based in Fairfax, Virginia and Cardinal Wealth
Services, Inc., a wealth management services 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.
Table 1.
Cardinal Financial
Corporation and Subsidiaries Summary Consolidated Statements
of Condition (Dollars in thousands) (Unaudited)
% Change Current From 03/31/17
12/31/16 03/31/16 Quarter Year Ago
Cash and due from banks $ 24,347 $ 21,104 $ 19,379 15.4 %
25.6 % Federal funds sold 145,246 76,728 41,489 89.3 % 250.1 %
Investment securities available-for-sale 380,799 388,191
407,980 -1.9 % -6.7 % Investment securities held-to-maturity 3,510
3,543 3,814 -0.9 % -8.0 % Investment securities – trading
8,935 8,383 6,221 6.6 % 43.6 %
Total investment securities 393,244 400,117 418,015 -1.7 % -5.9 %
Other investments 16,429 16,420 19,411 0.1 % -15.4 % Loans
held for sale 296,348 297,766 365,489 -0.5 % -18.9 % Loans
receivable, net of fees: Commercial and industrial 346,171 373,637
363,405 -7.4 % -4.7 % Real estate - commercial 1,867,334 1,685,001
1,555,985 10.8 % 20.0 % Real estate - construction 472,057 587,089
560,114 -19.6 % -15.7 % Real estate - residential 469,429 468,463
455,952 0.2 % 3.0 % Home equity lines 155,287 161,135 161,691 -3.6
% -4.0 % Consumer 5,058 5,834
4,831 -13.3 % 4.7 % Total loans, net of fees 3,315,336
3,281,159 3,101,978 1.0 % 6.9 % Allowance for loan losses
(32,299 ) (31,767 ) (32,407 ) 1.7 % -0.3 % Loans
receivable, net 3,283,037 3,249,392 3,069,571 1.0 % 7.0 %
Premises and equipment, net 22,462 22,736 24,845 -1.2 % -9.6 %
Goodwill and intangibles, net 35,855 35,981 36,415 -0.4 % -1.5 %
Bank-owned life insurance 33,501 33,388 33,102 0.3 % 1.2 % Other
assets 48,662 56,882 46,829 -14.5 % 3.9 %
TOTAL ASSETS $ 4,299,131 $ 4,210,514 $ 4,074,545
2.1 % 5.5 % Non-interest bearing deposits $ 761,522 $
733,475 $ 687,493 3.8 % 10.8 % Interest checking 451,596 453,863
459,377 -0.5 % -1.7 % Money markets 497,819 466,290 447,565 6.8 %
11.2 % Statement savings 342,746 346,463 310,055 -1.1 % 10.5 %
Certificates of deposit 725,533 738,658 788,756 -1.8 % -8.0 %
Brokered certificates of deposit 641,754
543,951 451,781 18.0 % 42.0 % Total deposits
3,420,970 3,282,700 3,145,027 4.2 % 8.8 % Other borrowed
funds 357,894 426,671 437,065 -16.1 % -18.1 % Mortgage funding
checks 13,643 13,762 28,765 -0.9 % -52.6 % Escrow liabilities 1,227
1,506 2,777 -18.5 % -55.8 % Other liabilities 43,615 33,698 34,366
29.4 % 26.9 % Shareholders' equity 461,782
452,177 426,545 2.1 % 8.3 %
TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 4,299,131 $
4,210,514 $ 4,074,545 2.1 % 5.5 %
Table 2.
Cardinal Financial Corporation and
Subsidiaries Summary Consolidated Income Statements
(In thousands, except share data and per share data)
(Unaudited) For the Three Months Ended
March 31, 2017
2016 % Change Net
interest income $ 31,825 $ 30,706 3.6 % Provision for loan losses
785 250
214.0 % Net interest income after
provision for loan losses
31,040
30,456 1.9 % Non-interest income:
Service charges on deposit accounts 591 551 7.3 % Loan fees 334 309
8.1 % Income from bank-owned life insurance 113 124 -8.9 % Net
realized gains (losses) on investment securities 67 (84 ) 179.8 %
Other non-interest income
176
145 21.4 % Commercial
banking & other segment non-interest income 1,281 1,045 22.6 %
Gains from mortgage banking activities 22,408 27,041 -17.1 %
Less: mortgage loan origination expenses
(9,925
) (12,902 )
-23.1 % Mortgage banking segment
non-interest income 12,483 14,139 -11.7 % Wealth management
segment non-interest income
93
85 9.4 % Total
non-interest income
13,857
15,269 -9.2 % Net interest income and
non-interest income
44,897
45,725 -1.8 % Salaries and benefits
15,088 15,497 -2.6 % Occupancy 2,735 2,592 5.5 % Depreciation 689
844 -18.4 % Data processing & communications 1,347 1,346 0.1 %
Professional fees 1,487 1,135 31.0 % FDIC insurance assessment 366
516 -29.1 % Mortgage loan repurchases and settlements - 100 -100.0
% Merger and acquisition expense 112 - 100.0 % Other operating
expense
3,924 4,262
-7.9 % Total non-interest expense
25,748 26,292
-2.1 % Income before income taxes 19,149
19,433 -1.5 % Provision for income taxes 6,772
6,366
6.4 % NET INCOME $
12,377 $ 13,067 -5.3 % Earnings per
common share - basic $ 0.37 $ 0.40 -7.1 %
Earnings per common share - diluted $ 0.36 $ 0.39
-7.2 % Weighted-average common shares outstanding - basic
33,632,302 32,977,970 2.0 %
Weighted-average common shares outstanding - diluted
34,110,602 33,435,858 2.0 %
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version on businesswire.com: http://www.businesswire.com/news/home/20170411006261/en/
Cardinal Financial CorporationBernard H.
ClineburgExecutive
Chairman703-584-3400orChristopher
BergstromChief Executive
Officer703-584-3400orMark A. WendelEVP,
Chief Financial Officer703-584-3400
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