Cardinal Financial Profit Plunges As Mortgage Banking Falters - Quick Facts

(RTTNews) - Cardinal Financial Corp. (CFNL) Wednesday posted third-quarter net earnings of $3 million or $0.10 per share, compared with $14.5 million or $0.48 per share last year.

On average, seven analysts polled by Thomson Reuters estimated earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.

Results for the recent quarter were impacted by mortgage banking segment which reported a net loss of $4.9 million versus net income of $7 million a year ago.

Also, the company incurred about $304,000 of merger expenses related to its upcoming acquisition of United Financial Banking Companies Inc. (UFBC.OB), the holding company of The Business Bank.

Net interest income for the quarter was almost flat at $23.7 million, while net interest margin improved to 3.65 percent from 3.62 percent.

Non interest income was sharply lower at $1.7 million, compared with $22 million a year ago, reflecting lower gains from mortgage banking activities.

Analysts estimated revenues of $30.67 million for the quarter.

Loan-loss provision for the quarter fell to $157 thousand from $1.5 million in the prior year.