Cardinal Bankshares (CDBK) said that falling property valuations and foreclosure charges contributed to a loss during its third quarter.

The Floyd, Va., company reported a $788,000 loss late Tuesday, compared with net income of $289,000 a year earlier. The $280 million-asset company attributed its loss mainly to a $956,000 charge from lower property valuations and related expenses of real estate being held as collateral for nonperforming loans and foreclosures.

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