Cardinal Financial Corp. / CFNL

About Cardinal Financial Corp.

8270 Greensboro Dr., Suite 500, McLean, Va. 22102
www.cardinalbank.com | 703-584-3400 | Founded: 1997

Industry: Financial Services | Category: Banks

The company, run by longtime area banker Bernard H. Clineburg, who has a history of building large community banking franchises and making money for his investors, spent 2006 digesting the new financial service companies it bought a year earlier, including its mortgage and trust companies.
Cardinal Financial's profit fell to $7.4 million for the year, down from $9.9 million a year earlier. The decline was largely the result of the loss of several key clients from its asset management firm Wilson/Bennett. The clients left after Wilson/Bennett's founder and chief executive, John W. Fisher, retired. Income in Cardinal's mortgage subsidiary also fell significantly, down to $368,000 in the last three months of the fiscal year, compared with $1.4 million in the same period a year earlier.
The company continued to fulfill a key goal of increasing its loan portfolio, which in recent years had lagged behind deposit growth. Loans rose 20 percent during the year while deposits grew 14 percent. The gains helped Cardinal report that profit from its traditional banking business grew to $9.6 million for 2006, an 87 percent increase from $5.1 million a year earlier.
During the year, the company opened its first branch in Maryland, in Bethesda. In November, it elected the president of George Mason University, Alan G. Merton, to the board.
The board approved a program in February to buy back up to $1 million shares of its common stock, or about 4 percent of its outstanding shares.

Chairman and CEO: Bernard H. Clineburg

2006 Financial Data

Net Income: $7,388,000
Asssets: $1,638,000,000 | Earnings Per Share: $0.30
Stockholder Equity: $155,900,000 | Annual Dividend: $0.04
Total employees: 401 | Local employees: 401