Cardinal Financial reports a big bump in second quarter earnings

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Cardinal Financial Corp. on Wednesday reported second-quarter net income of $4.7 million, a 120 percent increase over earnings of $2.1 million for the same period last year. Diluted earnings per share were 16 cents for the quarter ending June 30, up from 8 cents last year. 

On a year-to-date basis, earnings were $8.5 million, versus $4.3 million in 2009.

The McLean-based company said assets have grown to $2 billion, up from $1.8 billion a year earlier. The bank’s nonperforming loans represent 0.22 percent of its total assets. Cardinal trimmed the amount of real estate owned to $2.9 million, from $4.5 million in the first quarter. 

CEO Bernard H. Clineburg termed the quarter as a “solid” one for Cardinal. “During the quarter, the company’s net interest margin increased, commercial lending and deposit growth was steady, and mortgage lending activity was strong,” he said in a statement.

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