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, 2005

 

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)

 

Virginia		54-1874630
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
8270 Greensboro Drive, Suite 500 McLean, Virginia		22102
(Address of principal executive offices)		(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 Rule12b-2 of the Exchange Act)

 

			Yes  ý	No  o

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

18,530,894 shares of common stock, par value $1.00 per share,

outstanding as of May 2, 2005

 

 

CARDINAL FINANCIAL CORPORATION

 

INDEX TO FORM 10-Q

 

PART I – FINANCIAL INFORMATION				3
Item 1.			Financial Statements:	3
	Consolidated Statements of Condition At March 31, 2005 (unaudited) and December 31, 2004			3
	Consolidated Statements of Income For the three months ended March 31, 2005 and 2004 (unaudited)			4
	Consolidated Statements of Comprehensive Income For the three months ended March 31, 2005 and 2004 (unaudited)			5
	Consolidated Statements of Changes In Shareholders’ Equity For the three months ended March 31, 2005 and 2004 (unaudited)			6
	Consolidated Statements of Cash Flows For the three months ended March 31, 2005 and 2004 (unaudited)			7
	Notes to Consolidated Financial Statements			8
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.			Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.			Controls and Procedures	36
PART II – OTHER INFORMATION				37
Item 1.			Legal Proceedings	37
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.			Defaults Upon Senior Securities	37
Item 4.			Submission of Matters to a Vote of Security Holders	37
Item 5.			Other Information	37
Item 6.			Exhibits	37
SIGNATURES				38

 

2

 

PART I – FINANCIAL INFORMATION

 

Item 1.  Financial Statements

 

CARDINAL FINANCIAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CONDITION

March 31, 2005 and December 31, 2004

(In thousands, except share data)

 

						(Unaudited)
						March 31, 2005			December 31, 2004
Assets
Cash and due from banks						$	15,979		$	15,205
Federal funds sold						17,650			8,203
Total cash and cash equivalents						33,629			23,408
Investment securities available-for-sale						163,377			151,554
Investment securities held-to-maturity (market value of $130,717 and $136,609 at March 31, 2005 and December 31, 2004, respectively)						133,435			137,953
Total investment securities						296,812			289,507
Other investments						7,621			8,110
Loans held for sale, net						364,126			365,454
Loans receivable, net of deferred fees and costs						535,704			489,896
Allowance for loan losses						(6,432		)	(5,878		)
Loans receivable, net						529,272			484,018
Premises and equipment, net						17,383			15,531
Deferred tax asset						3,559			3,238
Goodwill and intangibles, net						14,645			14,694
Accrued interest receivable and other assets						11,309			7,616
Total assets						$	1,278,356		$	1,211,576
Liabilities and Shareholders’ Equity