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Cardinal Financial (CFNL) of McLean, Va., has promoted William T. "Bill" Mundy, an executive at its banking unit, to senior vice president and executive managing director of wealth services.
August 14 -
Unlike their bigger competitors, smaller banks are resisting the temptation to pare staff or close mortgage production offices because they still see an opportunity to nibble away at large banks' market share.
August 2 -
Cardinal Financial Corp. (CFNL) has agreed to buy United Financial Banking (UFBC) for nearly $52 million. The two companies are in the northern Virginia suburbs of Washington.
September 9
Cardinal Financial Corp. (CFNL) in McLean, Va., reported a sharp drop in quarterly profits as mortgage banking revenue plummeted.
The company earned $5.5 million in the fourth quarter, a 58% decline from the same period in 2012. The decrease was largely driven losses at the company's mortgage banking subsidiary, George Mason Mortgage. The mortgage unit lost $1.6 million in the fourth quarter, compared to a profit of $3.7 million during the same quarter in 2012.
Cardinal's net interest income dipped 1.8%, to $23.8 million. The company attributed the decline to lower average balances on interest-earning assets, which was the result of a $341.3 million decrease in average mortgage loans held for sale. Its net interest margin rose 8 basis points, to 3.65%.
Noninterest income dropped 59%, to $6.1 million, largely because of a falloff in mortgage banking revenue. Steep drops in income from bank-owned life insurance and wealth management also contributed to the decline.
Noninterest expense rose climbed 16%, to $21.6 million, partly as a result of the company's
The $2.9 billion-asset company cut its loan-loss provision by 73%, to $400,000.
