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The first-quarter profit at Cardinal Financial Corp. (CFNL) in Tysons Corner, Va., fell 42% from a year earlier, largely due to merger-related expenses.
April 23 -
Cardinal Financial (CFNL) in Tysons Corner, Va., has merged its two banks.
March 11 -
Cardinal Financial Corp. (CFNL) in McLean, Va., reported a sharp drop in quarterly profits as mortgage banking revenue plummeted.
January 22
Cardinal Financial (CFNL) in Tysons Corner, Va., blamed a 14% drop in profits on acquisition-related expenses.
The $3.1 billion-asset company's second-quarter net income dropped to $8.4 million, or 26 cents per share.
Following the acquisition of United Financial Banking (UFBC) in January, Cardinal spent $2.4 million on legal, accounting and lease termination matters and $5.7 million to convert back-office systems.
Minor transaction-related expenses will be incurred in the second half of 2014, Cardinal says. Four branches were consolidated in the second quarter, and another two will be consolidated before yearend, the company said in a press release Wednesday.
Assets increased 13%, to $3.28 billion, as loans held for investment grew 29%, to $2.39 billion, compared with a year earlier.
Net interest income rose 20%, to $26.3 million. Net interest margin rose to 3.63%, from 3.41% a year earlier, thanks heavily to the United Financial deal.
Deposits increased 16%, to $2.44 billion at June 30, as noninterest-bearing demand deposit accounts rose 23%.
The United Financial transaction helped increase noninterest income by 28.6%, to $936,000. Noninterest expense increased more than 50%, to $15.2 million, because of merger and conversion expenses.
