Cardinal Financial Corp. of McLean, Va., posted a 120% jump in net earnings in the second quarter compared with a year earlier, outpacing analysts' expectations.
The $2.1 billion-asset parent company of Cardinal Bank reported Wednesday that net earnings more than doubled to $4.7 million, or 16 cents a share, up from $2.1 million, or 8 cents a share.
Earnings per share outpaced Sandler O'Neill & Partners' estimate by 4 cents a share and beat the consensus estimate by 2 cents.
Cardinal has few nonperforming loans, just 0.22% of total assets, while its net interest margin rose to 3.74%, compared with 3.4% as of March 31 and 2.84% a year earlier.
