Cardinal Financial Corp. of Tysons Corner, Va., said Monday that its fourth-quarter earnings fell 59% from a year earlier, to $1.7 million.
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The $1.2 billion-asset company said results were affected by a $3.5 million nonrecurring tax credit related to losses in previous years. Its profit for the year fell 38%, to $3.5 million.
Cardinal also restated third-quarter earnings downward, to $384,000 from $1.3 million. The revision stemmed from accounting changes connected to the July purchase of George Mason Mortgage LLC.
The acquisition and the opening of seven branches last year resulted in big increases in deposits and loans.
Deposits were up 74% at yearend, to $824.2 million; loans, including those held for sale, surged 155%, to $855 million.
