Cardinal Financial Profit Plunges On Lower Revenue, Higher Costs

(RTTNews) - Cardinal Financial Corp. (CFNL) said Wednesday its fourth-quarter net income declined 57.5 percent to $5.5 million or $0.18 per share from $13 million or $0.43 per share last year.

On average, seven analysts polled by Thomson Reuters estimated earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

The McLean, Virginia-based company said its net interest income for the quarter edged down 1.5 percent to $23.8 million from $24 million a year ago. Non interest income plunged about 59 percent to $6 million from $15 million last year.

Analysts expected total revenue of $31.13 million for the quarter.

Net interest margin for the quarter was higher at 3.65 percent, compared with 3.57 percent last year.

Meanwhile, provision for loan losses for the quarter were lower at $400 thousand, compared with $1.5 million in the prior year.

Non interest expenses for the quarter were higher by 16.4 percent at $21.6 million, compared with $18.6 million in the prior year.