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TYSON CORNER, Va. (AP) – Cardinal Financial Corp., a financial holding company, said Wednesday that its fourth-quarter earnings nearly doubled as its interest income rose along with income from fees and charges.
Cardinal reported net income of $3.4 million, or 12 cents per share, for the three months that ended Dec. 31. That’s up from a profit of nearly $1.8 million, or 7 cents per share, a year earlier.
The latest quarter’s profit beat the consensus forecast of analysts surveyed by Thomson Reuters, who on average forecast a profit of 10 cents per share.
Net interest income, the difference between how much it costs a bank to borrow and how much it receives from lending, rose 44 percent to $14.9 million.
Non-interest income, revenue derived from fees and other charges, rose 27 percent to $1.2 million.
The Tysons Corner, Va.-based company reported its provision for loan losses fell nearly 28 percent to $2 million.
Non-interest expenses rose 22 percent to $13.7 million, primarily due to higher personnel costs amid an increase in mortgage banking activity.
For the full year, Cardinal Financial reported net income of $10.3 million, or 37 cents per share, up from $286,000, or a penny per share, during 2008.
Cardinal Financial also said its board increased its quarterly cash dividend to 2 cents per share, up from the previous penny per share. The dividend is payable on Feb. 22 to shareholders of record on Feb. 9.
Cardinal Financial reported its earnings after the market closed. Its shares had risen 37 cents, or about 4.3 percent, Wednesday to close at $8.97.
Cardinal Financial’s holdings include Cardinal Bank, with 25 branches, as well as mortgage lending, brokerage and asset management subsidiaries.