Cardinal Financial Corporation (CFNL) has reported 19.81 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $10.80 million, or $0.32 a share in the quarter, compared with $9.02 million, or $0.27 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $12.45 million, or $0.37 a share compared with $9.02 million or $0.27 a share, a year ago. Revenue during the quarter grew 11.73 percent to $43.70 million from $39.11 million in the previous year period. Net interest income for the quarter rose 7.19 percent over the prior year period to $32.66 million. Non-interest income for the quarter rose 0.15 percent over the last year period to $9.11 million.
Cardinal Financial Corp has made negative provision of $1.93 million for loan losses during the quarter, compared with a positive provision of $0.45 million in the same period last year.
Net interest margin improved 12 basis points to 3.37 percent in the quarter from 3.25 percent in the last year period. Efficiency ratio for the quarter improved to 63.73 percent from 63.90 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Bernard H. Clineburg, Executive Chairman, and Christopher W. Bergstrom, President and Chief executive officer, share the following thoughts: “In August, we announced our intention to merge with United Bankshares with the belief that the combination of our institutions represents a tremendous opportunity to create a dominant bank in the Washington DC metropolitan area which will benefit our customers and shareholders. The process of seeking required approvals from shareholders and regulators has proceeded as expected, and we have been collaborating on integration plans.
Assets outpace liabilities growth
Total assets stood at $4,210.51 million as on Dec. 31, 2016, up 4.48 percent compared with $4,029.92 million on Dec. 31, 2015. On the other hand, total liabilities stood at $3,758.34 million as on Dec. 31, 2016, up 3.91 percent from $3,616.77 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $3,249.39 million as on Dec. 31, 2016, up 7.43 percent compared with $3,024.59 million on Dec. 31, 2015. Deposits stood at $3,282.70 million as on Dec. 31, 2016, up 8.24 percent compared with $3,032.77 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $733.48 million or 22.34 percent of total deposits on Dec. 31, 2016, compared with $657.40 million or 21.68 percent of total deposits on Dec. 31, 2015.
Investments stood at $416.54 million as on Dec. 31, 2016, down 6.35 percent or $28.22 million from year-ago. Shareholders equity stood at $452.18 million as on Dec. 31, 2016, up 9.45 percent or $39.03 million from year-ago.
Return on average assets was stable at 1.04 percent in the quarter, when compared with the last year period. At the same time, return on average equity increased 67 basis points to 9.39 percent in the quarter from 8.72 percent in the last year period.
Book value per share was $13.74 for the quarter, up 7.68 percent or $0.98 compared to $12.76 for the same period last year.
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