Cardinal Bankshares Corp. of Floyd, Va., announced Friday that earnings declined 64.7% in 2009.

The $239 million-asset company reported net income of $550,883, compared with net income of $1.56 million.

Total assets increased 8.31%, or $18.3 million.

Total deposits rose 8.93%, to $208.7 million, and net loans climbed 0.7%, to $147.4 million.

Cardinal's provision for loan losses more than doubled to $1 million.

Noncurrent loans totaled $4.8 million, or 3.42% of total loans, a 137-basis-point increase.

"While net profits were below expectations, the bank remained profitable, well capitalized and continued to pay a semiannual dividend," said Leon Moore, Cardinal's chairman and chief executive.

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