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.