Cardinal Bankshares Corp. in Floyd, Va., said Friday that its third-quarter earnings nearly tripled year over year, to $829,000.

The $249.2 million-asset company said it was able to lower its loan-loss provision and interest expense for deposits, along with compensation costs. Cardinal said in a press release that adding "quality loans needed to fuel loan growth continue to be difficult to obtain." "Improved earnings, continued asset growth, strong capital position and increased allowance for loan loss reserve during these trying economic times are signs of a strong team effort," Leon Moore, Cardinal's president and chief executive, said in a press release.

Cardinal said it had a Tier 1 capital ratio of 19.35% at Sept. 30.

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