U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
ý Quarterly Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2004
o Transition Report Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the transition period from to
Commission file number: 0-24557
CARDINAL FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
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Virginia |
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54-1874630 |
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(State or Other
Jurisdiction of |
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(I.R.S. Employer |
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8270 Greensboro Drive, Suite 500 |
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22102 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
(703) 584-3400
(Registrant’s Telephone Number, Including Area Code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act)
Yes o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
18,371,395 shares of
common stock, par value $1.00 per share,
outstanding as of April 12, 2004
CARDINAL FINANCIAL CORPORATION
INDEX TO FORM 10-Q
2
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
CARDINAL FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION
At March 31, 2004 and December 31, 2003
(Dollars in thousands, except share data)
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March 31, |
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December
31, |
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(Unaudited) |
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Assets |
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Cash and due from banks |
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$ |
10,350 |
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$ |
9,555 |
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Federal funds sold |
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11,381 |
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3,528 |
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Total cash and cash equivalents |
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21,731 |
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13,083 |
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Investment securities available-for-sale |
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167,981 |
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130,762 |
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Investment securities held-to-maturity |
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154,140 |
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142,852 |
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Total investment securities |
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322,121 |
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273,614 |
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Other investments |
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3,986 |
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3,517 |
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Loans held for sale |
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688 |
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— |
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Loans receivable, net of fees |
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334,476 |
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336,002 |
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Allowance for loan losses |
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(4,347 |
) |
(4,344 |
) |
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Loans receivable, net |
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330,129 |
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331,658 |
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Premises and equipment, net |
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7,107 |
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6,707 |
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Deferred tax asset |
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4,111 |
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4,473 |
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Accrued interest and other assets |
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3,578 |
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3,196 |
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Total assets |
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$ |
693,451 |
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$ |
636,248 |
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Liabilities and Shareholders’ Equity |
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Deposits |
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$ |
525,931 |
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$ |
474,129 |
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Other borrowed funds |
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71,758 |
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74,457 |
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Accrued interest and other liabilities |
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2,422 |
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2,250 |
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Total liabilities |
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600,111 |
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550,836 |
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Preferred stock, $1 par value, 10,000,000 shares authorized; Series A preferred stock, cumulative convertible, 0 and 1,364,062 shares outstanding in 2004 and 2003, respectively |
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— |
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1,364 |
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Common stock, $1 par value, 50,000,000 shares authorized; 18,371,395 and 16,377,337 shares outstanding in 2004 and 2003, respectively |
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18,371 |
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16,377 |
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Additional paid-in capital |
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92,552 |
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86,790 |
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Accumulated deficit |
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(17,895 |
) |
(18,614 |
) |
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Accumulated other comprehensive income (loss) |
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312 |
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(505 |
) |
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Total shareholders’ equity |
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93,340 |
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85,412 |
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Total liabilities and shareholders’ equity |
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$ |
693,451 |
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$ |
636,248 |
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See accompanying notes to consolidated financial statements.
3
CARDINAL FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended March 31, 2004 and 2003
(In thousands, except per share data)
(Unaudited)
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2004 |
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2003 |
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Interest income: |
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Loans receivable |
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$ |
4,728 |
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$ |
4,031 |
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Federal funds sold |
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28 |
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39 |
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Investment securities available-for-sale |
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1,271 |
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1,678 |
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Investment securities held-to-maturity |
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1,350 |
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— |
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Other investments |
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38 |
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24 |
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Total interest income |
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7,415 |
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5,772 |
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Interest expense: |
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Deposits |
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2,282 |
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2,240 |
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Other borrowed funds |
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300 |
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73 |
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Total interest expense |
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2,582 |
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2,313 |
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Net interest income |
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4,833 |
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3,459 |
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Provision for loan losses |
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74 |
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80 |
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