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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 

FORM 10-Q
(Mark One)

x   Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2010

or

¨   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: 000-49929

ACCESS NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
 
 Virginia
(State or other jurisdiction of
incorporation or organization)
82-0545425
(I.R.S. Employer
Identification No.)

1800 Robert Fulton Drive, Suite 300, Reston, Virginia  20191
  (Address of principal executive offices) (Zip Code)

(703) 871-2100
(Registrant's telephone number, including area code)
 

(Former name, former address and former fiscal year, if changed since last report)

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 x                No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No ¨
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,”  “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer ¨
Accelerated filer ¨
Non-accelerated filer ¨ (Do not check if a smaller reporting company)
Smaller reporting company x
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   ¨ No x
 
The number of shares outstanding of Access National Corporation’s common stock, par value $0.835, as of May 7, 2010 was 10,615,313 shares.
 
 
 

 

 
Table of Contents
ACCESS NATIONAL CORPORATION
FORM 10-Q

INDEX

PART I
FINANCIAL INFORMATION
 
Item 1.
Financial Statements (unaudited)
 
Consolidated Balance Sheets, March 31, 2010 and December 31, 2009 (audited)
Page 2
 
Consolidated Statements of Income, three months ended March 31, 2010 and 2009
Page 3
 
Consolidated Statements of Changes in Shareholders' Equity, three months ended March 31, 2010 and 2009
Page 4
 
Consolidated Statements of Cash Flows, three months ended March 31, 2010 and 2009
Page 5
 
Notes to Consolidated Financial Statements (unaudited)
Page 6
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Page 20
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Page 33
Item 4T.
Controls and Procedures
Page 34
 
PART II
OTHER INFORMATION
 
     
Item 1.
Legal Proceedings
Page 35
Item1A.
Risk Factors
Page 35
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Page 35
Item 3.
Defaults Upon Senior Securities
Page 35
Item 4.
(Removed and Reserved)
Page 35
Item 5.
Other Information
Page 36
Item 6.
Exhibits
Page 36
 
Signatures
Page 37
 
 
1

 

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ACCESS NATIONAL CORPORATION
Consolidated Balance Sheets
(In Thousands, Except for Share Data)

   
March 31,
   
December 31,
 
    
 
2010
   
2009
 
   
(Unaudited)
 
ASSETS             
Cash and due from banks
  $ 4,346     $ 5,965  
Interest-bearing deposits in other banks and federal funds sold
    14,651       25,256  
Securities available for sale, at fair value
    77,687       47,838  
Loans held for sale, at fair value
    49,705       76,232  
Loans
    469,728       486,564  
Allowance for loan losses
    (9,256 )     (9,127 )
Net loans
    460,472       477,437  
Premises and equipment
    8,694       8,759  
Accrued interest receivable
    2,128       2,409  
Other real estate owned
    4,073       5,111  
Other assets
    15,625       17,872  
Total assets
  $ 637,381     $ 666,879  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
Deposits
               
Noninterest-bearing demand deposits
  $ 68,058     $ 69,782  
Savings and interest-bearing deposits
    154,087       138,988  
Time deposits
    238,055       257,875  
Total deposits
    460,200       466,645  
Other liabilities
               
Short-term borrowings
    52,923       64,249  
Long-term borrowings
    40,360       46,330  
Subordinated debentures
    6,186       6,186  
Other liabilities and accrued expenses
    8,495       15,691  
Total liabilities
  $ 568,164     $ 599,101  
                 
SHAREHOLDERS' EQUITY
               
Common stock, par value, $0.835; authorized, 60,000,000 shares; issued and
               
outstanding, 10,615,313 shares at March 31, 2010 and 10,537,428 shares at
               
December 31, 2009
  $ 8,864     $ 8,799  
Surplus
    18,931       18,552  
Retained earnings
    41,487       40,377  
Accumulated other comprehensive income (loss), net
    (65 )     50  
Total shareholders' equity
    69,217       67,778  
Total liabilities and shareholders' equity
  $ 637,381     $ 666,879  

See accompanying notes to consolidated financial statements (Unaudited).
 
 
2

 
 
ACCESS NATIONAL CORPORATION
Consolidated Statements of Income
(In Thousands, Except for Share Data)
(Unaudited)

   
Three Months Ended March 31,
 
   
2010
   
2009
 
Interest and Dividend Income
           
Interest and fees on loans
  $ 7,872     $ 8,667  
Interest on deposits in other banks
    37       32  
Interest and dividends on securities
    350       980  
Total interest and dividend income
    8,259       9,679  
                 
Interest Expense
               
Interest on deposits
    1,968       3,081  
Interest on short-term borrowings
    265       316  
Interest on long-term borrowings
    389       476  
Interest on subordinated debentures
    52       63  
Total interest expense
    2,674       3,936  
                 
Net interest income
    5,585       5,743  
Provision for loan losses
    198       1,369  
Net interest income after provision for loan losses
    5,387       4,374  
                 
Noninterest Income
               
Service fees on deposit accounts
    160       134  
Gain on sale of loans
    5,240       13,789  
Mortgage broker fee income
    338       140  
Other income
    285       1,097  
Total noninterest income
    6,023       15,160  
                 
Noninterest Expense
               
Salaries and employee benefits
    5,252       7,505  
Occupancy and equipment
    684       632  
Other operating expenses
    3,567       6,743  
Total noninterest expense
    9,503       14,880  
                 
Income before income taxes
    1,907       4,654  
                 
Income tax expense
    691       1,990  
NET INCOME
  $ 1,216     $ 2,664  
                 
Earnings per common share:
               
Basic
  $ 0.12     $ 0.26  
Diluted
  $ 0.11     $ 0.26  
                 
Average outstanding shares:
               
Basic
    10,572,017       10,267,385  
Diluted
    10,589,506       10,311,653  

See accompanying notes to consolidated financial statements (Unaudited).
 
 
3

 

ACCESS NATIONAL CORPORATION
Consolidated Statements of Changes in Shareholders' Equity
(In Thousands, Except for Share Data)
(Unaudited)

               
Accumulated
       
                     
Other
       
                     
Compre-
       
   
Common
         
Retained
   
hensive
       
   
Stock
   
Surplus
   
Earnings
   
Income (Loss)
   
Total
 
Balance, December 31, 2009
  $ 8,799     $ 18,552     $ 40,377     $ 50     $ 67,778  
Comprehensive income:
                                       
Net income
    -       -       1,216       -       1,216  
Other comprehensive loss,  unrealized holdings gains arising during the period (net of tax, $59)
    -       -       -       (115 )     (115 )
Total comprehensive income
                                    1,101  
Stock option exercises (15,000 shares)
    13       39       -       -       52  
Dividend reinvestment plan (74,721 shares)
    62       355       -       -       417  
Repurchased under share repurchase program (11,836 shares)
    (10 )     (61 )     -       -       (71 )
Cash dividend
    -       -       (106 )     -       (106 )
Stock-based compensation expense recognized in earnings
    -       46       -       -       46  
                                         
Balance, March 31, 2010
  $ 8,864     $ 18,931     $ 41,487     $ (65 )   $ 69,217  
                                         
Balance, December 31, 2008
  $ 8,551     $ 17,410     $ 31,157     $ 827     $ 57,945  
                                         
Comprehensive income:
                                       
Net income
    -       -       2,664       -       2,664  
Other comprehensive income, unrealized holdings gains arising during the period (net of tax, $82)
    -       -       -       159       159  
Total comprehensive income
                                    2,823  
Stock option exercises (27,744 shares)
    23       71       -       -       94  
Dividend reinvestment plan (46,279 shares)
    39       156       -       -       195  
Repurchased under share repurchase program (20,542 shares)
    (17 )     (76 )     -       -       (93 )
Cash dividend
    -       -       (103 )     -       (103 )
Stock-based compensation expense recognized in earnings
    -       50       -       -       50  
Balance, March 31, 2009
  $ 8,596     $ 17,611     $ 33,718     $ 986     $ 60,911  
 
 
4

 

ACCESS NATIONAL CORPORATION
Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)

   
Three Months Ended March 31,
 
   
2010
   
2009
 
Cash Flows from Operating Activities
           
Net income
  $ 1,216     $ 2,664  
Adjustments to reconcile net income to net cash provided by (used in)
               
operating activities:
               
Provision for loan losses
    198       1,369  
Provision for losses on mortgage loans sold
    500       966  
Net gain/losses on sales and write-down of other real estate owned
    352       1,245  
Deferred tax benefit (expense)
    (132 )     383  
Stock-based compensation
    46       50  
Valuation allowance on derivatives
    (261 )     (175 )
Net amortization on securities
    9       (4 )
Depreciation and amortization
    116       163  
Changes in assets and liabilities:
               
Valuation of loans held for sale carried at fair value
    893       1,881  
Decrease (increase) in loans held for sale
    25,633       (11,398 )
(Increase) decrease in other assets
    3,186       (2,254 )
(Decrease) Increase in other liabilities
    (7,696 )     1,182  
Net cash provided by (used in) operating activities
    24,060       (3,928 )
Cash Flows from Investing Activities
               
Proceeds from maturities and calls of securities available for sale
    14,969       18,027  
Proceeds from sale of securities
    -       -  
Purchases of securities available for sale
    (45,000 )     (10,568 )
Net increase (decrease) in loans
    16,768       (884 )
Proceeds from sales of other real estate owned
    490       350  
Purchases of premises and equipment
    (63 )     (7 )
Net cash (used in) provided by investing activities
    (12,836 )     6,918  
Cash Flows from Financing Activities
               
Net increase in demand, interest bearing demand and savings deposits
    13,375       35,058  
Net (decrease) increase in time deposits
    (19,820 )     26,180  
(Decrease) in securities sold under agreement to repurchase
    (3,237 )     (4,961 )
Net (decrease) in other short-term borrowings
    (8,089 )     (21,615 )
Net (decrease) increase in long-term borrowings
    (5,970 )     13,132  
Proceeds from issuance of common stock
    469       289  
Repurchase of common stock
    (70 )     (93 )
Dividends paid
    (106 )     (102 )
Net cash (used in) provided by financing activities
    (23,448 )     47,888  
                 
(Decrease) Increase in cash and cash equivalents
    (12,224 )     50,878  
Cash and Cash Equivalents
               
Beginning
    31,221       22,482  
Ending
  $ 18,997     $ 73,360  
Supplemental Disclosures of Cash Flow Information
               
Cash payments for interest
  $ 3,056     $ 3,966  
Cash payments for income taxes
  $ 2,264     $ -  
Supplemental Disclosures of Noncash Investing Activities
               
Unrealized (loss) gain on securities available for sale
  $ (174 )   $ 241  
See accompanying notes to consolidated financial statements.
 
 
5

 

Notes to Consolidated Financial Statements (Unaudited)

NOTE 1 – COMMENCEMENT OF OPERATIONS

Access National Corporation (the “Corporation”) is a bank holding company incorporated under the laws of the Commonwealth of Virginia.  The Corporation has two wholly-owned subsidiaries:  Access National Bank (the “Bank”), which is an independent commercial bank chartered under federal laws as a national banking association, and Access Capital Trust II.  Access National Capital Trust II was formed for the purpose of issuing redeemable capital securities. The Corporation does not have any significant operations and serves primarily as the parent company for the Bank.  The Corporation’s income is primarily derived from dividends received from the Bank. The amount of these dividends is determined by the Bank’s earnings and capital position.

The Corporation acquired all of the outstanding stock of the Bank in a statutory exchange transaction on June 15, 2002, pursuant to an Agreement and Plan of Reorganization between the Corporation and the Bank.

The Bank opened for business on December 1, 1999 and has two active wholly-owned subsidiaries: Access National Mortgage Corporation (the “Mortgage Corporation”), a Virginia corporation engaged in mortgage banking activities, and Access Real Estate LLC.  Access Real Estate LLC is a limited liability company established in July, 2003 for the purpose of holding title to the Corporation’s headquarters building, located at 1800 Robert Fulton Drive, Reston, Virginia.

NOTE 2 – BASIS OF PRESENTATION

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with rules and regulations of the Securities and Exchange Commission (“SEC”).  The statements do not include all of the information and footnotes required by GAAP for complete financial statements. All adjustments have been made, which, in the opinion of management, are necessary for a fair presentation of the results for the interim periods presented.  Such adjustments are all of a normal and recurring nature.  All significant inter-company accounts and transactions have been eliminated in consolidation.  Certain prior period amounts have been reclassified to conform to the current period presentation.   The results of operations for the three months ended March 31, 2010 are not necessarily indicative of the results that may be expected for the entire year ending December 31, 2010.  These consolidated financial statements should be read in conjunction with the Corporation’s audited financial statements and the notes thereto as of December 31, 2009, included in the Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2009.

NOTE 3 – STOCK-BASED COMPENSATION PLANS

During the first three months of 2010, the Corporation granted 102,500 stock options to officers, directors, and employees under the 2009 Stock Option Plan (the “Plan”). Options granted under the Plan have an exercise price equal to the fair market value as of the grant date. Options granted have a vesting period of two and one half years and expire three and one half years after the issue date.  Stock–based compensation expense recognized in other operating expense during the first three months of 2010 was approximately $46 thousand and $50 thousand for the same period in 2009.  The fair value of options is estimated on the date of grant using a Black-Scholes option-pricing model with the assumptions noted below.

 
6

 
 
A summary of stock option activity under the Plan for the three months ended March 31, 2010 is presented as follows:
 
   
Three Months Ended
                   
   
March 31, 2010
                   
                         
Expected life of options granted
    3.40                    
Risk-free interest rate
    1.39 %                  
Expected volatility of stock
    48 %                  
Annual expected dividend yield
    1 %                  
                           
Fair value of granted options
  $ 212,268                    
Non-vested options
    278,575                    
                           
                 
Weighted Avg.
       
   
Number of
   
Weighted Avg.
   
Remaining
   
Aggregate Intrinsic
 
   
Options
   
Exercise Price
   
Contractual Term
   
Value
 
                           
Outstanding at beginning of year
    439,079     $ 6.44       1.53     $ 216,870  
Granted
    102,500     $ 5.97       3.40     $ -  
Exercised
    (15,000 )   $ 3.45       -     $ -  
Lapsed or canceled
    (34,370 )   $ 6.46       0.45     $ -  
                                 
Outstanding at March 31, 2010
    492,209     $ 6.43       1.86     $ 222,398  
                                 
Exercisable at March 31, 2010
    213,634     $ 7.80       2.56     $ -  
                                 
   
Three Months Ended
                         
   
March 31, 2009
                         
                                 
Expected life of options granted
    3.33                          
Risk-free interest rate
    1.07 %                        
Expected volatility of stock
    47 %                        
Annual expected dividend yield
    1 %                        
                                 
Fair value of granted options
  $ 171,393                          
Non-vested options
    259,975                          
                                 
                   
Weighted Avg.
         
   
Number of
   
Weighted Avg.
   
Remaining
   
Aggregate Intrinsic
 
   
Options
   
Exercise Price
   
Contractual Term
   
Value
 
                                 
Outstanding at beginning of year
    589,617     $ 5.96       1.57     $ 284,885  
Granted
    99,250     $ 3.99       3.33     $ -  
Exercised
    (27,744 )   $ 3.37       0.03     $ -  
Lapsed or canceled
    (18,800 )   $ 7.40       0.25     $ -  
                                 
Outstanding at March 31, 2009
    642,323     $ 5.72       1.73     $ 272,752  
                                 
Exercisable March 31, 2009
    382,348     $ 5.32       1.24     $ 212,210  

 
7

 
 
NOTE 4 – SECURITIES
 
The following table provides the amortized cost and fair value for the categories of available-for-sale securities. Available-for-sale securities are carried at fair value with net unrealized gains or losses reported on an after-tax basis as a component of cumulative other comprehensive income in shareholders’ equity. The fair value of investment securities is impacted by interest rates, credit spreads, market volatility and liquidity.
 
The following table provides the amortized costs and fair values of securities available for sale as of March 31, 2010 and December 31, 2009.

   
March 31, 2010
 
         
Gross
   
Gross
       
   
Amortized
   
Unrealized
   
Unrealized
   
Fair
 
   
Cost
   
Gains
   
Losses
   
Value
 
   
(In Thousands)
 
U.S. Government agencies
  $ 70,093     $ 74     $ (132 )   $ 70,035  
Mortgage backed securities
    760       -       (53 )     707  
Municipals - taxable
    690       10       -       700  
CRA Mutual fund
    1,500       2       -       1,502  
Restricted stock:
                               
Federal Reserve Bank stock
    894       -       -       894  
FHLB stock
    3,849       -       -       3,849  
Total
  $ 77,786     $ 86     $ (185 )   $ 77,687  
                                 
   
December 31, 2009
 
           
Gross
   
Gross
         
   
Amortized
   
Unrealized
   
Unrealized
   
Fair
 
   
Cost
   
Gains
   
Losses
   
Value
 
   
(In Thousands)
 
U.S. Government agencies
  $ 40,022     $ 144     $ (12 )   $ 40,154  
Mortgage backed securities
    808       -       (65 )     743  
Municipals - taxable
    690       9       -       699  
CRA Mutual fund
    1,500       -       (1 )     1,499  
Restricted stock:
                               
Federal Reserve Bank stock
    894       -       -       894  
FHLB stock
    3,849       -       -       3,849  
Total
  $ 47,763     $ 153     $ (78 )   $ 47,838  
 
 
8

 

NOTE 4 – SECURITIES (continued)

The amortized cost and fair value of securities available for sale as of March 31, 2010 and December 31, 2009 by contractual maturity are shown below. Actual maturities may differ from contractual maturities because the securities may be called or prepaid without any penalties.

   
March 31, 2010
   
December 31, 2009
 
   
Amortized
   
Fair
   
Amortized
   
Fair
 
   
Cost
   
Value
   
Cost
   
Value
 
   
(In Thousands)
   
(In Thousands)
 
U.S. Government agencies
                       
Due in one year or less
  $ 5,093     $ 5,109     $ 5,125     $ 5,145  
Due after one through five years
    55,000       54,914       15,000       15,023  
Due after five through ten years
    10,000       10,012       19,896       19,986  
Municipals-taxable
                               
Due after one through five years
    690       700       690       699  
Due after five through ten years
    -       -       -       -  
Mortgage Backed Securities
                               
Due in one year or less
    -       -       33       33  
Due after one through five years
    -       -       -       -  
Due after fifteen years
    760       707       776       710  
CRA Mutual Fund
    1,500       1,502       1,500       1,499  
Restricted Securities:
                               
Federal Reserve Bank stock
    894       894       894       894  
FHLB stock
    3,849       3,849       3,849       3,849  
Total
  $ 77,786     $ 77,687     $ 47,763     $ 47,838  
 
 
9

 

NOTE 4 – SECURITIES (continued)

Securities available for sale that have an unrealized loss position at March 31, 2010 and December 31, 2009 are as follows:

   
Securities in a Loss
   
Securities in a Loss
             
   
Position for Less than
   
Position for 12 Months
             
   
12 Months
   
or Longer
   
Total
 
 March 31, 2010
 
Fair
   
Unrealized
   
Fair
   
Unrealized
   
Fair
   
Unrealized
 
   
Value
   
Losses
   
Value
   
Losses
   
Value
   
Losses
 
   
(In Thousands)
 
Investment securities available for sale:
                                   
                                     
Mortgage backed securities
  $ -     $ -     $ 706     $ (53 )   $ 706     $ (53 )
U.S. Government agencies
    34,868       (132 )     -       -       34,868       (132 )
Municipals – taxable
    -       -       -       -       -       -  
Municipals - tax exempt
    -       -       -       -       -       -  
CRA Mutual fund
    -       -       -       -       -       -  
Total
  $ 34,868     $ (132 )   $ 706     $ (53 )   $ 35,574     $ (185 )
                                                 
   
Securities in a Loss
   
Securities in a Loss
                 
   
Position for Less than
   
Position for 12 Months
                 
   
12 Months
   
or Longer
   
Total
 
December 31, 2009
 
Fair
   
Unrealized
   
Fair
   
Unrealized
   
Fair
   
Unrealized
 
   
Value
   
Losses
   
Value
   
Losses
   
Value
   
Losses
 
   
(In Thousands)
 
Investment securities available for sale:
                                               
                                                 
Mortgage backed securities
  $ -     $ -     $ 710     $ (65 )   $ 710     $ (65 )
U.S. Government agencies
    9,988       (12 )     -       -       9,988       (12 )
Municipals - taxable
    -       -       -       -       -       -  
Municipals - tax exempt
    -       -       -       -       -       -  
CRA Mutual fund
    -       -       1,499       (1 )     1,499       (1 )
Total
  $ 9,988     $ (12 )   $ 2,209     $ (66 )   $ 12,197     $ (78 )

Management does not believe that any individual unrealized loss as of March 31, 2010 and December 31, 2009 is other than a temporary impairment.  These unrealized losses are primarily attributable to changes in interest rates.  The Corporation has the ability to hold these securities for the time necessary to recover the amortized cost or until maturity when full repayment would be received.
 
 
10

 

NOTE 5 – LOANS

The following table presents the composition of the loans held for investment portfolio at March 31, 2010 and December 31, 2009:

   
March 31, 2010
   
December 31, 2009
 
   
(In Thousands)
 
             
Commercial
  $ 72,193     $ 72,628  
Commercial real estate
    215,969       220,301  
Real estate construction
    39,910       41,508  
Residential real estate
    140,195       150,792  
Consumer
    1,461       1,335  
Total loans
    469,728       486,564  
Less allowance for loan losses
    9,256       9,127  
Net loans
  $ 460,472     $ 477,437  

NOTE 6 – SEGMENT REPORTING

The Corporation has two reportable segments: commercial banking and a mortgage banking segment. Revenues from commercial banking operations consist primarily of interest earned on loans and investment securities and fees from deposit services. Mortgage banking operating revenues consist principally of interest earned on mortgage loans held for sale, gains on sales of loans in the secondary mortgage market and loan origination fee income.

The commercial banking segment provides the mortgage banking segment with the short-term funds needed to originate mortgage loans through a warehouse line of credit and charges the mortgage banking segment interest based on a premium over their cost to borrow funds. These transactions are eliminated in the consolidation process.

Other includes the operations of the Corporation and Access Real Estate LLC. The primary source of income for the Corporation is derived from dividends from the Bank and its primary expense relates to interest on subordinated debentures.  The primary source of income for Access Real Estate LLC is derived from rents received from the Bank and Mortgage Corporation.
 
 
11

 

NOTE 6 – SEGMENT REPORTING (continued)

The following table presents segment information for the three months ended March 31, 2010 and 2009:

2010
 
Commercial
   
Mortgage
               
Consolidated
 
(In Thousands)
 
Banking
   
Banking
   
Other
   
Eliminations
   
Totals
 
                               
Revenues:
                             
Interest income
  $ 8,066     $ 389     $ 15     $ (211 )   $ 8,259  
Gain on sale of loans
    -       5,240       -       -       5,240