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Cardinal Financial Corp. Reports Operating Results (10-K)

March 14, 2011 | About:

Cardinal Financial Corp. (NASDAQ:CFNL) filed Annual Report for the period ended 2010-12-31.

Cardinal Financial Corp. has a market cap of $312.72 million; its shares were traded at around $10.87 with a P/E ratio of 17.25 and P/S ratio of 2.52. The dividend yield of Cardinal Financial Corp. stocks is 1.1%.

Highlight of Business Operations:

Based on estimates released by the U.S. Census Bureau, the population of the greater Washington metropolitan area was approximately 5.5 million people in 2009, the eighth largest statistical area in the country. The median annual household income for this area in 2009 was approximately $83,000, which makes it one of the wealthiest regions in the country. For 2010, based on estimates released by the Bureau of Labor Statistics of the U.S. Department of Labor, the unemployment rate for the greater Washington metropolitan area was approximately 5.7%, compared to a national unemployment rate of 9.4%. As of June 30, 2010, total deposits in this area were approximately $166 billion as reported by the Federal Deposit Insurance Corporation ("FDIC").

We offer a full range of short to long-term commercial, real estate and consumer lending products and services, which are described in further detail below. We have established target percentage goals for each type of loan to insure adequate diversification of our loan portfolio. These goals, however, may change from time to time as a result of competition, market conditions, employee expertise, and other factors. Commercial and industrial loans, real estate-commercial loans, real estate-construction loans, real estate-residential loans, home equity loans, and consumer loans account for approximately 14%, 45%, 17%, 15%, 8% and 1%, respectively of our loan portfolio at December 31, 2010.

Loan-to-value ratios for commercial mortgage loans generally do not exceed 80%. We permit loan-to-value ratios of up to 80% if the borrower has appropriate liquidity, net worth and cash flow.

loans and home equity lines of credit secured by owner-occupied property generally are made with a loan-to-value ratio of up to 80%. Loan-to-value ratios of up to 90% may be allowed on residential owner-occupied property if the borrower exhibits unusually strong creditworthiness. We generally do not make residential loans which, at the time of inception, have loan-to-value ratios in excess of 90%.

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