Industries Banking/Finance

Earnings rise at Cardinal Financial

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Tysons Corner-based Cardinal Financial Corp. reported today that its 2011 earnings rose nearly 52 percent from the previous year.

The banking company had a net income of $28 million, or 94 cents per diluted share, for the year ending Dec. 31.

By comparison, the company had earnings of $18.4 million, or 62 cents per diluted share in 2010.

For fourth quarter, net income was $8.2 million, or 28 cents per diluted share, versus $4 million, or 14 cents per diluted share, for the same quarter in 2010.

Cardinal officials said its asset quality remained strong for the year. Nonperforming assets represented 0.69 percent of total assets, and annualized net loan charge offs were 0.34 percent of loans outstanding.

Real estate owned totaled $3 million at the end of the year, down from $4 million at the end of the third quarter.

Total assets at the end of the year stood at $2.6 billion, up 25.6 percent from one year earlier.

Cardinal’s banking subsidiary, Cardinal Bank, has 27 offices in the Washington, D.C. area.


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