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Cardinal Financial Corporation (NASDAQ:CFNL) (the "Company”) today reported net income (loss) of ($606) thousand and $3.1 million, equivalent to ($0.02) and $0.12 per diluted share, for the three and nine month periods ended September 30, 2007, respectively. This compares to net income of $255 thousand and $5.2 million, or $0.01 and $0.21 per diluted share, for the same periods of 2006. Current quarter and year to date results included $2.5 million in after-tax expenses that arose from an escrow arrangement with Liberty Growth Fund, LP and AIMS Worldwide, Inc. (OTCBB:AMWW.OB), as disclosed earlier this month. Operating earnings, which does not include expenses related to this event, were $1.9 million and $5.6 million, equivalent to $0.08 and $0.23 per diluted share, for the respective periods. This compares to operating earnings of $2.2 million and $7.1 million, equivalent to $0.09 and $0.28 per diluted share, respectively, for the three and nine month periods ended September 30, 2006. This release includes a table reconciling operating earnings to GAAP net income for the 2007 and 2006 periods presented. Selected Financial Highlights Third Quarter, 2007 compared to Third Quarter, 2006 Asset quality remains excellent. Non-accrual loans were less than 0.01% of loans receivable as of quarter end. The Company’s equity position remains very strong with all ratios exceeding the "well-capitalized” regulatory thresholds. The Company continues to experience robust loan demand as the portfolio grew to $974 million, a 21% increase compared to a year ago. Consolidated assets were $1.678 billion versus $1.549 billion at September 30, 2006, an increase of 8.3%. Net interest margin increased slightly to 2.65% during the third quarter 2007, from 2.64% in the second quarter 2007 and up from 2.60% in the first quarter of 2007. The Company’s mortgage banking subsidiary remained profitable in a difficult climate and reported net income of $429 thousand for the quarter and $1.5 million year-to-date. Highlights of Banking Operations For the quarter ended September 30, 2007, the traditional banking operations of Cardinal Bank reported earnings of $1.8 million, compared to $2.2 million for the same quarter of 2006. For these comparable quarters, net interest income increased to $10.0 million, versus $9.6 million, due to average earning assets increasing by $152 million. Non-interest income increased to $1.0 million versus $800 thousand. These improvements in income were offset by the provision for loan losses, which increased to $915 thousand from $230 thousand. The increase in the provision for loan losses was due to $416 thousand of loans charged off during the quarter and the significant loan growth as the Company maintained its allowance for loan losses at 1.12%, the same as at June 30, 2007. Non-interest expenses increased by $561 thousand when comparing the third quarter year over year, primarily due to increases related to the addition of two new branches in 2007 and FDIC insurance. On a linked quarter basis, non-interest expense decreased $138 thousand and net interest income increased $249 thousand resulting in a reduction in the efficiency ratio from 71.4% to 68.5%. For the three month period ended September 30, 2007, average assets of the Bank were $1.650 billion, an increase of 12% over $1.470 billion at September 30, 2006. Portfolio loans receivable grew $167 million, or 21%, to $974 million at September 30, 2007, from $807 million at September 30, 2006. Non-accrual loans at September 30, 2007 were $86 thousand, or less than 0.01% of loans receivable, and total loans past due more than 30 days were $557 thousand. The allowance for loan losses was 1.12% of loans at September 30, 2007, compared to 1.14% at September 30, 2006. Highlights of Mortgage Banking Operations For the current quarter, George Mason Mortgage reported net income of $429 thousand, compared to $547 thousand for the same quarter of 2006. Year-to-date net income was $1.482 million, versus $1.566 million for the same period in 2006. Since the end of the second quarter, the Company’s mortgage operations reduced staff by 20 positions. Given the economic conditions of the market place, the Company continues to closely monitor expenses at this subsidiary. Highlights of Wealth Management and Trust Services The Company’s wealth management subsidiaries contributed $253 thousand toward operating earnings during the current quarter, compared to a loss of ($67) thousand in the year ago quarter. Year-to-date operating earnings were $545 thousand versus a loss of ($82) thousand for the same period last year. MANAGEMENT COMMENTS Bernard H. Clineburg, Chairman and Chief Executive Officer of the Company, said: "Although I am extremely disappointed with our announcement earlier this month regarding the Company’s role as escrow agent in connection with the equity financing arrangement between Liberty Growth Fund and AIMS Worldwide, we remain committed to our recovery efforts while working with law enforcement to close this matter. I am otherwise satisfied with the operating results for the quarter, given the current challenging economic environment. Quality loan growth continued at a strong pace. Our asset quality remains among the industry’s best with minimal charge-offs, non-performing loans and past due loans. Every day we monitor the risk management aspects to our credit underwriting process and take a conservative approach all the while developing deep relationships with our customers. Production has fallen in 2007 at our George Mason subsidiary due to tightening credit conditions and the slowdown in the regional housing market. We continually analyze the operations and expense controls we implement. Thus far, this unit is maintaining profitability, and the management team remains cautiously optimistic about the future. As recently announced, John Mockoviak joined our management team to lead the Wealth Management and Trust Services group and to further enhance the performance in this line of business. We are excited to have John with Cardinal as he brings over 30 years of local and national sales leadership experience in wealth, trust and asset management. While our performance in the third quarter was impacted by the one time loss, we can now focus on the things that have made Cardinal a strong turnaround success story –quality asset growth and outstanding customer service. I have never been more confident of our employees delivering on those core strengths. We, the board and management, are steadfast in our commitment to maximize the value of the Cardinal franchise.” CAUTION ABOUT FORWARD-LOOKING STATEMENTS This press release contains "forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements contain information related to matters such as the Company’s intent, belief or expectation with regard to such matters as financial and operational performance, credit quality and branch expansion. Such statements are necessarily based on management’s assumptions and estimates and are inherently subject to a variety of risks and uncertainties concerning the Company’s operations and business environment, which are difficult to predict and beyond the control of the Company. Such risks and uncertainties could cause actual results of the Company to differ materially from those matters expressed or implied in such forward-looking statements. For an explanation of the risks and uncertainties associated with forward-looking statements, please refer to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006 and other reports filed with and furnished to the Securities and Exchange Commission. About Cardinal Financial Corporation: Cardinal Financial Corporation, a financial holding company headquartered in Tysons Corner, Virginia with assets of $1.678 billion at September 30, 2007, serves the Washington Metropolitan region through its wholly-owned subsidiary, Cardinal Bank, with 25 conveniently located banking offices. Cardinal also operates several other subsidiaries: George Mason Mortgage, LLC, a residential mortgage lending company based in Fairfax, with seven offices throughout the Washington Metropolitan region; Cardinal Trust and Investment Services, a trust division; Cardinal Wealth Services, Inc., a full-service brokerage company; and Wilson/Bennett Capital Management, Inc., an asset management company. The Company's stock is traded on Nasdaq (CFNL). For additional information please visit our Web site at www.cardinalbank.com or call (703) 584-3400. Cardinal Financial Corporation and Subsidiaries Summary Statements of Condition September 30, 2007, December 31, 2006 and September 30, 2006 (Dollars in thousands)               % Change (Unaudited) September 30, 2007   December 31, 2006 (Unaudited) September 30, 2006 Current Year Year Over Year Cash and due from banks $ 17,860 $ 24,585 $ 17,176 -27.4 % 4.0 % Federal funds sold 25,750 11,491 38,838 124.1 % -33.7 %   Investment securities available-for-sale 343,517 231,631 230,325 48.3 % 49.1 % Investment securities held-to-maturity   82,740     97,665     102,662   -15.3 % -19.4 % Total investment securities 426,257 329,296 332,987 29.4 % 28.0 %   Other investments 12,674 9,158 6,666 38.4 % 90.1 % Loans held for sale, net 144,448 338,731 258,062 -57.4 % -44.0 %   Loans receivable, net of fees 973,518 845,449 806,591 15.1 % 20.7 % Allowance for loan losses   (10,857 )   (9,638 )   (9,205 ) 12.6 % 17.9 % Loans receivable, net 962,661 835,811 797,386 15.2 % 20.7 %   Premises and equipment, net 18,892 20,039 20,446 -5.7 % -7.6 % Goodwill and intangibles, net 17,303 17,493 17,557 -1.1 % -1.4 % Bank-owned life insurance 31,931 30,646 30,212 4.2 % 5.7 % Other assets 19,824 21,179 29,815 -6.4 % -33.5 %           TOTAL ASSETS $ 1,677,600   $ 1,638,429   $ 1,549,145   2.4 % 8.3 %   Non-interest bearing deposits $ 127,119 $ 123,301 $ 120,424 3.1 % 5.6 % Interest bearing deposits   1,010,751     1,095,581     1,056,435   -7.7 % -4.3 % Total deposits 1,137,870 1,218,882 1,176,859 -6.6 % -3.3 %   Other borrowed funds 322,388 194,631 151,053 65.6 % 113.4 % Mortgage funding checks 17,776 46,159 45,393 -61.5 % -60.8 % Escrow liabilities 1,594 3,229 5,631 -50.6 % -71.7 % Other liabilities 41,911 19,655 17,602 113.2 % 138.1 %   Shareholders' equity   156,061     155,873     152,607   0.1 % 2.3 %   TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 1,677,600   $ 1,638,429   $ 1,549,145   2.4 % 8.3 % Cardinal Financial Corporation and Subsidiaries Summary Income Statements Three and Nine Months Ended September 30, 2007 and 2006 (Dollars in thousands, except share and per share data) (Unaudited)             For the Three Months Ended September 30, For the Nine Months Ended September 30,   2007     2006   % Change     2007     2006   % Change   Net interest income $ 10,333 $ 10,420 -0.8 % $ 30,401 $ 31,526 -3.6 % Provision for loan losses   (915 )   (230 ) 297.8 %   (1,670 )   (870 ) 92.0 % Net interest income after provision for loan losses 9,418 10,190 -7.6 % 28,731 30,656 -6.3 %   Service charges on deposit accounts 505 418 20.8 % 1,472 1,176 25.2 % Loan service charges 365 386 -5.4 % 1,187 1,567 -24.3 % Investment fee income 1,101 849 29.7 % 3,236 2,486 30.2 % Net gain on sales of loans 2,093 2,455 -14.7 % 7,157 7,753 -7.7 % Management fee income 229 583 -60.7 % 899 1,665 -46.0 % Other non-interest income   450     271   66.1 %   1,410     1,019   38.4 % Total non-interest income 4,743 4,962 -4.4 % 15,361 15,666 -1.9 %   Net interest income and non-interest income 14,161 15,152 -6.5 % 44,092 46,322 -4.8 %   Salaries and benefits 5,592 6,195 -9.7 % 18,237 18,224 0.1 % Occupancy 1,362 1,399 -2.6 % 3,989 3,902 2.2 % Depreciation 748 831 -10.0 % 2,345 2,369 -1.0 % Data processing 345 362 -4.7 % 1,044 1,002 4.2 % Telecommunications 278 316 -12.0 % 856 937 -8.6 % Loss related to escrow arrangement 3,500 - 100.0 % 3,500 - 100.0 % Impairment of goodwill & other intangible assets - 2,927 -100.0 % - 2,927 -100.0 % Other operating expense   3,644     3,015   20.9 %   10,169     9,564   6.3 % Total non-interest expense 15,469 15,045 2.8 % 40,140 38,925 3.1 % Net income before income taxes   (1,308 )   107   -1322.4 %   3,952     7,397   -46.6 % Provision for income taxes   (702 )   (148 ) 374.3 %   851     2,209   -61.5 % NET INCOME (LOSS) $ (606 ) $ 255   -337.6 % $ 3,101   $ 5,188   -40.2 %   Earnings (loss) per common share - basic $ (0.02 ) $ 0.01   -339.4 % $ 0.13   $ 0.21   -40.3 % Earnings (loss) per common share - diluted $ (0.02 ) $ 0.01   -344.2 % $ 0.12   $ 0.21   -40.1 % Weighted-average common shares outstanding - basic   24,253,187     24,430,917   -0.7 %   24,424,037     24,411,330   0.1 % Weighted-average common shares outstanding - diluted   24,253,187     24,917,422   -2.7 %   24,900,401     24,970,941   -0.3 %     Reconciliation of Non-GAAP measures:   GAAP net income(loss) reported above $ (606 ) $ 255 $ 3,101 $ 5,188 After tax impact on: - loss related to escrow arrangement 2,293 - 2,293 - - legal expenses related to escrow arrangement 229 - 229 - - impairment of goodwill and other intangible assets   -     1,903     -     1,903   Total losses recorded, after tax 2,522 1,903 2,522 1,903   Operating earnings, excluding losses reported above: $ 1,916   $ 2,158   -11.2 % $ 5,623   $ 7,091   -20.7 %   Operating earnings per common share - diluted (excluding losses reported above) $ 0.08   $ 0.09   -8.8 % $ 0.23   $ 0.28   -20.5 % Cardinal Financial Corporation and Subsidiaries Selected Financial Information (Dollars in thousands, except per share data and ratios) (Unaudited)           For the Three Months Ended For the Nine Months Ended September 30, September 30,     2007       2006       2007       2006   Income Statements: Interest income $ 25,545 $ 22,866 $ 74,538 $ 64,276 Interest expense     15,212       12,446       44,137       32,750   Net interest income 10,333 10,420 30,401 31,526 Provision for loan losses     915       230       1,670       870   Net interest income after provision for loan losses 9,418 10,190 28,731 30,656 Non-interest income 4,743 4,962 15,361 15,666 Non-interest expense     15,469       15,045       40,140       38,925   Net income before income taxes (1,308 ) 107 3,952 7,397 Provision for income taxes     (702 )     (148 )     851       2,209   Net income (loss)   $ (606 )   $ 255     $ 3,101     $ 5,188     Balance Sheet Data: September 30, 2007 September 30, 2006 Total assets $ 1,677,600 $ 1,549,145 Loans receivable, net of fees 973,518 806,591 Allowance for loan losses (10,857 ) (9,205 ) Loans held for sale 144,448 258,062 Total investment securities 426,257 332,987 Total deposits 1,137,870 1,176,859 Other borrowed funds 322,388 151,053 Total shareholders' equity 156,061 152,607   Common shares outstanding 24,254 24,397   For the Three Months Ended September 30, For the Nine Months Ended September 30, Selected Average Balances: 2007 2006 2007 2006 Total assets $ 1,659,440 $ 1,488,842 $ 1,640,185 $ 1,432,408 Loans receivable, net of fees 946,923 778,913 898,984 747,237 Allowance for loan losses (10,512 ) (8,970 ) (10,096 ) (8,677 ) Loans held for sale 233,646 275,885 261,505 264,994 Total investment securities 379,404 348,027 355,607 331,774 Interest earning assets 1,575,920 1,423,628 1,557,233 1,377,044 Total deposits 1,151,490 1,159,939 1,194,068 1,102,939 Other borrowed funds 319,767 154,047 264,551 157,372 Total shareholders' equity 156,967 152,198 157,370 150,941 Weighted Average: Common shares outstanding - basic 24,253 24,431 24,424 24,411 Common shares outstanding - diluted 24,253 24,917 24,900 24,971   Per Common Share Data: Basic net income (loss) $ (0.02 ) $ 0.01 $ 0.13 $ 0.21 Fully diluted net income (loss) (0.02 ) 0.01 0.12 0.21 Book value 6.43 6.26 6.43 6.26 Tangible book value (1) 5.82 5.67 5.82 5.67   Performance Ratios: Return on average assets -0.15 % 0.07 % 0.25 % 0.48 % Return on average equity -1.54 % 0.67 % 2.63 % 4.58 % Net interest margin (2) 2.65 % 2.93 % 2.63 % 3.05 % Efficiency ratio (3) 77.08 % 78.78 % 79.30 % 76.28 % Non-interest income to average assets 1.14 % 1.33 % 1.25 % 1.46 % Non-interest expense to average assets 3.73 % 4.04 % 3.26 % 3.62 %   Asset Quality Data: Annualized net charge-offs to average loans receivable, net of fees 0.07 % 0.00 % Nonaccrual loans to loans receivable, net of fees 0.01 % 0.03 % Nonaccrual loans to total assets 0.01 % 0.02 % Allowance for loan losses to loans receivable, net of fees 1.12 % 1.14 % Allowance for loan losses to nonperforming loans 12624.4 % 3726.7 %   Capital Ratios: Tier 1 risk-based capital 12.50 % 14.01 % Total risk-based capital 13.36 % 14.83 % Leverage capital ratio 9.81 % 10.79 % (1)   Tangible book value is calculated as total shareholders' equity, adjusted for changes in other comprehensive income, less goodwill and other intangible assets, divided by common shares outstanding. (2) Net interest margin is calculated as net interest income divided by total average earning assets and reported on a tax equivalent basis at a rate of 35%. (3) Efficiency ratio is calculated as total non-interest expense divided by the total of net interest income and non-interest income, excluding loss on escrow arrangement during 2007 and the impairment loss during 2006. Cardinal Financial Corporation and Subsidiaries Average Statements of Condition and Yields on Earning Assets and Interest-Bearing Liabilities Three and Nine Months Ended September 30, 2007 and 2006 (Dollars in thousands) (Unaudited)                 For the Three Months Ended For the Nine Months Ended September 30, 2007 September 30, 2006 September 30, 2007 September 30, 2006 Average Balance Average Yield Average Balance Average Yield Average Balance Average Yield Average Balance Average Yield Interest-earning assets: Loans receivable, net of fees (1) Commercial and industrial $ 108,266 7.88 % $ 86,592 7.61 % $ 106,764 7.67 % $ 80,964 7.26 % Real estate - commercial 385,432 6.80 % 294,680 6.63 % 354,731 6.70 % 281,599 6.60 % Real estate - construction 171,846 8.47 % 146,803 8.76 % 164,295 8.43 % 138,066 8.30 % Real estate - residential 200,792 5.48 % 173,942 5.32 % 199,342 5.46 % 166,637 5.18 % Home equity lines 72,365 7.25 % 71,888 7.39 % 66,832 7.35 % 75,146 6.82 % Consumer   8,222   7.96 %   5,008   7.75 %   7,020   8.08 %   4,825   7.63 % Total loans 946,923 7.00 % 778,913 6.93 % 898,984 6.91 % 747,237 6.57 %   Loans held for sale 233,646 7.29 % 275,885 7.53 % 261,505 7.11 % 264,994 7.42 % Investment securities - trading - 0.00 % - 0.00 % 15 4.61 % - 0.00 % Investment securities - available-for-sale (1) 293,554 5.04 % 243,259 4.75 % 264,249 4.92 % 222,847 4.57 % Investment securities - held-to-maturity 85,850 4.17 % 104,768 4.12 % 91,343 4.17 % 108,927 4.05 % Other investments 10,944 6.05 % 5,584 6.03 % 9,893 5.96 % 6,152 5.67 % Federal funds sold (1)   5,003   5.69 %   15,219   4.71 %   31,244   5.28 %   26,887   4.55 % Total interest-earning assets 1,575,920 6.51 % 1,423,628 6.44 % 1,557,233 6.41 % 1,377,044 6.23 %   Non-interest earning assets: Cash and due from banks 5,659 4,966 7,297 6,766 Premises and equipment, net 19,347 20,528 19,835 19,560 Goodwill and intangibles, net 17,341 20,425 17,403 20,514 Accrued interest and other assets 51,685 28,265 48,513 17,201 Allowance for loan losses (10,512 ) (8,970 ) (10,096 ) (8,677 )         TOTAL ASSETS $ 1,659,440   $ 1,488,842   $ 1,640,185   $ 1,432,408     Interest-bearing liabilities: Interest-bearing deposits $ 1,028,312 4.39 % $ 1,040,491 4.07 % $ 1,070,447 4.39 % $ 988,050 3.74 % Other borrowed funds   319,767   4.76 %   154,047   4.55 %   264,551   4.52 %   157,372   4.37 % Total interest-bearing liabilities 1,348,079 4.48 % 1,194,538 4.13 % 1,334,998 4.42 % 1,145,422 3.82 %   Noninterest-bearing liabilities: Noninterest-bearing deposits 123,178 119,448 123,621 114,889 Other liabilities 31,216 22,658 24,196 21,156   Shareholders' equity 156,967 152,198 157,370 150,941         TOTAL LIABILITIES & SHAREHOLDERS' EQUITY $ 1,659,440   $ 1,488,842   $ 1,640,185   $ 1,432,408     NET INTEREST MARGIN (1) 2.65 % 2.93 % 2.63 % 3.05 % (1)   The average yields for loans receivable, investment securities available-for-sale and fed funds sold (which includes investments in money market preferred stock) are reported on a fully taxable-equivalent basis at a rate of 35%. Cardinal Financial Corporation and Subsidiaries Segment Reporting at and for the Three and Nine Months Ended September 30, 2007 and 2006 (Dollars in thousands) (Unaudited)             At and for the Three Months Ended September 30, 2007:   Commercial Banking Mortgage Banking Wealth Management & Trust Services Other Intersegment Elimination Consolidated Net interest income $ 9,969 $ 767 $ - $ (403 ) $ - $ 10,333 Provision for loan losses 915 - - - - 915 Non-interest income 1,029 2,601 1,101 12 - 4,743 Non-interest expense 7,533 2,697 4,363 876 - 15,469 Provision for income taxes   715   242   (1,222 )   (437 )   -     (702 ) Net income (loss) $ 1,835 $ 429 $ (2,040 ) $ (830 ) $ -   $ (606 ) Reconciliation of Non-GAAP measures: After tax impact on: - loss related to escrow arrangement $ - $ - $ 2,293 $ - $ - $ 2,293 - legal expenses related to escrow arrangement   -   -   -     229     -     229   Total losses recorded, after tax   -   -   2,293     229     -     2,522   Operating earnings, excluding losses reported above $ 1,835 $ 429 $ 253   $ (601 ) $ -   $ 1,916     Average Assets $ 1,650,498 $ 239,395 $ 4,247 $ 173,802 $ (408,502 ) $ 1,659,440   At and for the Three Months Ended September 30, 2006:   Commercial Banking Mortgage Banking Wealth Management & Trust Services Other Intersegment Elimination Consolidated Net interest income $ 9,565 $ 1,126 $ - $ (271 ) $ - $ 10,420 Provision for loan losses 230 - - - - 230 Non-interest income 759 3,341 849 13 - 4,962 Non-interest expense 6,972 3,615 3,912 546 - 15,045 Provision for income taxes   893   305   (1,093 )   (253 )   -     (148 ) Net income (loss) $ 2,229 $ 547 $ (1,970 ) $ (551 ) $ -   $ 255   Reconciliation of Non-GAAP measures: After tax impact on: - impairment of goodwill and other intangible assets $ - $ - $ 1,903   $ -   $ -   $ 1,903   Total losses recorded, after tax   -   -   1,903     -     -     1,903   Operating earnings, excluding losses reported above $ 2,229 $ 547 $ (67 ) $ (551 ) $ -   $ 2,158     Average Assets $ 1,470,211 $ 276,383 $ 7,602 $ 158,898 $ (424,252 ) $ 1,488,842   At and for the Nine Months Ended September 30, 2007:   Commercial Banking Mortgage Banking Wealth Management & Trust Services Other Intersegment Elimination Consolidated Net interest income $ 29,055 $ 2,319 $ - $ (973 ) $ - $ 30,401 Provision for loan losses 1,670 - - - - 1,670 Non-interest income 3,052 9,036 3,236 37 - 15,361 Non-interest expense 22,693 9,045 6,267 2,135 - 40,140 Provision for income taxes   2,365   828   (1,283 )   (1,059 )   -     851   Net income (loss) $ 5,379 $ 1,482 $ (1,748 ) $ (2,012 ) $ -   $ 3,101   Reconciliation of Non-GAAP measures: After tax impact on: - loss related to escrow arrangement $ - $ - $ 2,293 $ - $ - $ 2,293 - legal expenses related to escrow arrangement   -   -   -     229     -     229   Total losses recorded, after tax   -   -   2,293     229     -     2,522   Operating earnings, excluding losses reported above $ 5,379 $ 1,482 $ 545   $ (1,783 ) $ -   $ 5,623     Average Assets $ 1,628,777 $ 265,305 $ 4,680 $ 169,925 $ (428,502 ) $ 1,640,185   At and for the Nine Months Ended September 30, 2006:   Commercial Banking Mortgage Banking Wealth Management & Trust Services Other Intersegment Elimination Consolidated Net interest income $ 28,921 $ 3,405 $ - $ (800 ) $ - $ 31,526 Provision for loan losses 870 - - - - 870 Non-interest income 2,527 10,618 2,487 34 - 15,666 Non-interest expense 20,077 11,604 5,543 1,701 - 38,925 Provision for income taxes   3,290   853   (1,071 )   (863 )   -     2,209   Net income (loss) $ 7,211 $ 1,566 $ (1,985 ) $ (1,604 ) $ -   $ 5,188   Reconciliation of Non-GAAP measures: After tax impact on: - impairment of goodwill and other intangible assets $ - $ - $ 1,903   $ -   $ -   $ 1,903   Total losses recorded, after tax   -   -   1,903     -     -     1,903   Operating earnings, excluding losses reported above $ 7,211 $ 1,566 $ (82 ) $ (1,604 ) $ -   $ 7,091     Average Assets $ 1,417,778 $ 268,592 $ 7,397 $ 159,849 $ (421,208 ) $ 1,432,408