Cardinal Financial Corp., Tysons Corner, Va., earned $10.2 million in the second quarter, with its mortgage banking division contributing net income of $4.4 million.
The bank reported secondary market gains on the sale of mortgages of $13.5 million for 2Q12, up from $4.3 million from 2Q11. During the quarter, it closed $1.4 billion of loans—double of what it funded one year earlier.
Refinancings accounted for 50% of its 2Q12 production, a decline from the 65% share in each of the prior two quarters.
Cardinal's non-interest expense for its mortgage business came to $8.7 million for 2Q12, up from $3.8 million last year. The company added 100 new employees during the time frame, to 297.
The additions include 60 new loan officers because of the dramatic increase in loan production.
