Attached files
| file | filename |
|---|---|
| 8-K - ACCESS NATIONAL CORPORATION 8-K - ACCESS NATIONAL CORP | a6478562.htm |
| EX-99.2 - EXHIBIT 99.2 - ACCESS NATIONAL CORP | a6478562ex992.htm |
Exhibit 99.1
Access National Corporation Announces Earnings for the Third Quarter of 2010
RESTON, Va.--(BUSINESS WIRE)--October 20, 2010--Access National Corporation (NASDAQ: ANCX), holding company for Access National Bank, reported third quarter net income of $2.4 million compared to $2.2 million recorded in the third quarter of 2009. This represents the company’s 41st consecutive quarterly profit. Earnings per diluted share were $0.23 for the quarter ended September 30, 2010, compared to $0.21 per diluted share in the third quarter of 2009. Net income for the nine months ended September 30, 2010 totaled $5.3 million or $0.50 per diluted share, compared to net income of $7.6 million or $0.73 per diluted share for the first nine months of 2009. The decrease in earnings is primarily due to a 68.3% decrease in net income from mortgage banking activities that was partially offset by a 136.0% increase in net income from the banking segment.
Loans held for investment totaled $478.3 million at September 30, 2010 compared to $486.6 million at December 31, 2009 as economic conditions continue to impact loan demand. The Bank was recognized as the #1 ranked small business lender by dollar volume among all banks in the Washington Metropolitan Area District, according to the United States Small Business Administration (SBA) for the government fiscal year ended Sept. 30, 2010. In 2009, the bank was the #1 SBA lender among community banks in the district, which includes Northern Virginia and suburban Maryland. The outlook for SBA Loans got brighter when the Small Business Jobs Act was signed into law September 27, 2010. Among other things, the Act provides for larger SBA loans of up to $5 million from $2 million and relaxed the definition of small business to include the lower middle market business segment that is so dominant in the bank’s market area.
Investment securities have increased $104.9 million subsequent to December 31, 2009 as a result of deposit growth and low loan demand. All of the securities purchased this year were government agencies.
Total deposits have grown by $140.3 million from $466.6 million at December 31, 2009 to $606.9 million at September 30, 2010. Noninterest-bearing deposit balances increased 25.3% or $17.7 million during the nine month period as the bank continues to grow its portfolio of local operating businesses with core operating accounts.
Income before taxes for the nine months ended September 30, 2010 from the banking segment totaled $6.5 million, up from $3.0 million for the same period in 2009. Income before taxes from the mortgage segment decreased $7.3 million from $10.6 million for the nine months ended September 30, 2009 to $3.3 million for the same period in 2010.
Return on average assets for the first nine months of 2010 annualized was 0.95% compared to 1.39% for the same period in 2009. Return on average equity annualized was 10.12% for the first nine months of 2010 compared to 15.92% in the prior year. Book value per common share was $6.95 at September 30, 2010, an increase of 10.5% compared to $6.29 at September 30, 2009.
Assets totaled $804.8 million at September 30, 2010 compared to $695.2 million at September 30, 2009. The increase in total assets is due to the increase in deposits.
Non-performing assets (NPAs) totaled approximately $10.2 million or 1.27% of assets at September 30, 2010 down from $12.1 million or 1.53% of assets at June 30, 2010. NPAs are comprised of non-accrual loans totaling $7.0 million and other real estate owned of $3.2 million. The allowance for loan losses totaled 2.07% of total loans held for investment as of September 30, 2010 compared to 2.03% for the second quarter of 2010 and coverage of the allowance to NPAs increased to 95.06% from 77.35% at June 30, 2010.
Access National Corporation and its subsidiary bank continue to exceed standards of being “Well Capitalized” as defined under banking regulations. The ratio of total equity to total assets at September 30, 2010 was 9.03% compared to 9.49% at September 30, 2009.
Access National Corporation is the parent company of Access National Bank, an independent, nationally chartered bank serving the business community of the greater DC Metropolitan area. Additional information is available on our website at www.AccessNationalBank.com. Shares of Access National Corporation are traded on the NASDAQ Global Market under the symbol "ANCX".
This press release contains “forward-looking statements” within the meaning of the federal securities laws. These statements may be identified as “may”, “could”, “expect”, “believe”, anticipate”, “intend”, “plan” or variations thereof. These forward-looking statements may contain information related to those matters such as the Company’s intent, belief, or expectation with respect to matters such as financial performance. Such statements are necessarily based on assumptions and estimates and are inherently subject to a variety of risks and uncertainties concerning the Company’s operations and business environment, which are difficult to predict and beyond control of the company. Such risks and uncertainties could cause the actual results of the Company to differ materially from those matters expressed or implied in such forward-looking statements. For an explanation of certain risks and uncertainties associated with forward-looking statements, please refer to the Company’s Annual Report on Form 10-K and other SEC filings.
| Access National Corporation | ||||||||||||
| Consolidated Balance Sheet | ||||||||||||
| September 30, | December 31, | September 30, | ||||||||||
| (In Thousands) | 2010 | 2009 | 2009 | |||||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ | 13,012 | $ | 5,965 | $ | 8,719 | ||||||
| Interest-bearing balances and federal funds sold | 19,493 | 25,256 | 47,166 | |||||||||
| Securities available for sale - at fair value | 152,775 | 47,838 | 73,474 | |||||||||
| Loans held for sale - at fair value | 123,048 | 76,232 | 60,400 | |||||||||
| Loans held for investment | ||||||||||||
|
net of allowance for loan losses of $9,722, $9,127 and $8,179, respectively |
468,605 | 477,437 | 480,897 | |||||||||
| Premises, equipment and land | 8,552 | 8,759 | 8,843 | |||||||||
| Other assets | 19,353 | 25,392 | 15,704 | |||||||||
| Total assets | $ | 804,838 | $ | 666,879 | $ | 695,203 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
| LIABILITIES | ||||||||||||
| Noninterest-bearing deposits | $ | 87,446 | $ | 69,782 | $ | 84,296 | ||||||
| Savings and interest bearing deposits | 160,897 | 138,988 | 128,556 | |||||||||
| Time deposits | 358,614 | 257,875 | 299,891 | |||||||||
| Total deposits | 606,957 | 466,645 | 512,743 | |||||||||
| Short-term borrowings | 69,815 | 64,249 | 55,685 | |||||||||
| Long-term borrowings | 37,587 | 46,330 | 47,300 | |||||||||
| Subordinated debentures | 6,186 | 6,186 | 6,186 | |||||||||
| Other liabilities and accrued expenses | 11,638 | 15,691 | 7,320 | |||||||||
| Total Liabilities | 732,183 | 599,101 | 629,234 | |||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||
|
Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 10,459,826, 10,537,428, and 10,483,007 shares, respectively |
8,734 | 8,799 | 8,753 | |||||||||
| Surplus | 18,207 | 18,552 | 18,301 | |||||||||
| Retained earnings | 45,391 | 40,377 | 38,436 | |||||||||
| Accumulated other comprehensive income | 323 | 50 | 479 | |||||||||
| Total shareholders' equity | 72,655 | 67,778 | 65,969 | |||||||||
| Total liabilities and shareholders' equity | $ | 804,838 | $ | 666,879 | $ | 695,203 | ||||||
| Access National Corporation | ||||||||||||||
| Consolidated Statement of Operations | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30, | September 30, | September 30, | ||||||||||||
| (In Thousands Except for Share Data) | 2010 | 2010 | 2009 | |||||||||||
| INTEREST INCOME | ||||||||||||||
| Interest and fees on loans | $ | 8,190 | $ | 24,039 | $ | 25,918 | ||||||||
| Interest on federal funds sold and bank balances | 58 | 172 | 112 | |||||||||||
| Interest on securities | 583 | 1,537 | 2,553 | |||||||||||
| Total interest income | 8,831 | 25,748 | 28,583 | |||||||||||
| INTEREST EXPENSE | ||||||||||||||
| Interest on deposits | 1,888 | 5,905 | 8,287 | |||||||||||
| Interest on other borrowings | 584 | 1,912 | 2,603 | |||||||||||
| Total interest expense | 2,472 | 7,817 | 10,890 | |||||||||||
| Net interest income | 6,359 | 17,931 | 17,693 | |||||||||||
| Provision for loan losses | 575 | 1,321 | 4,816 | |||||||||||
| Net interest income after provision for loan losses | 5,784 | 16,610 | 12,877 | |||||||||||
| NONINTEREST INCOME | ||||||||||||||
| Service charges and fees | 164 | 490 | 401 | |||||||||||
| Gain on sale of loans | 10,457 | 24,095 | 38,267 | |||||||||||
| Other Income | (211 | ) | (875 | ) | 5,467 | |||||||||
| Total noninterest income | 10,410 | 23,710 | 44,135 | |||||||||||
| NONINTEREST EXPENSE | ||||||||||||||
| Salaries and benefits | 5,979 | 16,595 | 21,444 | |||||||||||
| Occupancy and equipment | 613 | 1,943 | 1,895 | |||||||||||
| Other operating expense | 5,677 | 13,276 | 21,123 | |||||||||||
| Total noninterest expense | 12,269 | 31,814 | 44,462 | |||||||||||
| Income before income tax | 3,925 | 8,506 | 12,550 | |||||||||||
| Income tax expense | 1,489 | 3,176 | 4,962 | |||||||||||
| NET INCOME | $ | 2,436 | $ | 5,330 | $ | 7,588 | ||||||||
| Earnings per common share: | ||||||||||||||
| Basic | $ | 0.23 | $ | 0.51 | $ | 0.73 | ||||||||
| Diluted | $ | 0.23 | $ | 0.50 | $ | 0.73 | ||||||||
| Average outstanding shares: | ||||||||||||||
| Basic | 10,474,543 | 10,539,924 | 10,354,897 | |||||||||||
| Diluted | 10,495,734 | 10,559,122 | 10,400,753 | |||||||||||
| Performance and Capital Ratios | ||||||||||||||||||||
| Three Months | Three Months | Three Months | Nine Months | Nine Months | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| September 30, | June 30, | March 31, |
September 30, |
September 30, | ||||||||||||||||
| (Dollars in Thousands) | 2010 | 2010 | 2010 | 2010 | 2009 | |||||||||||||||
| Return on average assets (annualized) | 1.21 | % | 0.84 | % | 0.74 | % | 0.95 | % | 1.39 | % | ||||||||||
| Return on average equity (annualized) | 13.87 | % | 9.24 | % | 7.01 | % | 10.12 | % | 15.92 | % | ||||||||||
| Net interest margin | 3.36 | % | 3.16 | % | 3.58 | % | 3.35 | % | 3.37 | % | ||||||||||
| Efficiency ratio - Bank only | 58.64 | % | 53.39 | % | 71.71 | % | 60.73 | % | 59.55 | % | ||||||||||
| Total equity to assets | 9.03 | % | 8.91 | % | 10.86 | % | 9.03 | % | 9.49 | % | ||||||||||
| Banking segment - income before taxes | $ | 2,428 | $ | 2,586 | $ | 1,461 | $ | 6,475 | $ | 2,978 | ||||||||||
| Mortgage segment - income before taxes | $ | 1,939 | $ | 575 | $ | 778 | $ | 3,292 | $ | 10,576 | ||||||||||
| Other segments - income before taxes | $ | (442 | ) | $ | (487 | ) | $ | (332 | ) | $ | (1,261 | ) | $ | 756 | ||||||
| Mortgage loan originations | $ | 231,804 | $ | 180,365 | $ | 148,941 | $ | 561,110 | $ | 1,237,382 | ||||||||||
| Allowance for losses on mortgage loans sold | $ | 4,488 | $ | 3,630 | $ | 3,768 | $ | 4,488 | $ | 1,779 | ||||||||||
| Asset Quality Trend Profile | ||||||||||||||||||||
| Nine Months | Six Months | Three Months | Twelve Months | Twelve Months | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | December 31, | ||||||||||||||||
| (Dollars in Thousands) | 2010 | 2010 | 2010 | 2009 | 2008 | |||||||||||||||
| Total assets | $ | 804,838 | $ | 790,570 | $ | 637,381 | $ | 666,879 | $ | 702,324 | ||||||||||
| Total loans held for investment | $ | 478,327 | $ | 468,883 | $ | 469,728 | $ | 486,564 | $ | 485,929 | ||||||||||
| Allowance for loan losses - beginning balance | $ | 9,127 | $ | 9,127 | $ | 9,127 | $ | 7,462 | $ | 7,462 | ||||||||||
| Charge offs | (1,231 | ) | (974 | ) | (392 | ) | (5,310 | ) | (5,560 | ) | ||||||||||
| Recoveries | 505 | 449 | 324 | 911 | 137 | |||||||||||||||
| Net charge offs | (726 | ) | (525 | ) | (68 | ) | (4,399 | ) | (5,423 | ) | ||||||||||
| Provision for loan losses | 1,321 | 746 | 198 | 6,064 | 5,423 | |||||||||||||||
| Allowance for loan losses - ending balance | $ | 9,722 | $ | 9,348 | $ | 9,257 | $ | 9,127 | $ | 7,462 | ||||||||||
| Allowance for loan losses/loans held for investment | 2.03 | % | 1.99 | % | 1.97 | % | 1.88 | % | 1.53 | % | ||||||||||
| Delinquent 30 - 90 days | $ | 840 | $ | 358 | $ | 845 | $ | 1,267 | $ | 6,459 | ||||||||||
| Percentage of loans delinquent | 0.18 | % | 0.08 | % | 0.18 | % | 0.26 | % | 1.33 | % | ||||||||||
| Non-accrual loans | $ | 6,952 | $ | 6,752 | $ | 9,447 | $ | 7,032 | $ | 2,875 | ||||||||||
| OREO | $ | 3,276 | $ | 5,334 | $ | 4,073 | $ | 5,111 | $ | 4,455 | ||||||||||
| Total NPA | $ | 10,228 | $ | 12,086 | $ | 13,520 | $ | 12,143 | $ | 7,330 | ||||||||||
| NPA to total assets | 1.27 | % | 1.53 | % | 2.12 | % | 1.82 | % | 1.04 | % | ||||||||||
| Allowance for loan losses/NPA | 95.06 | % | 77.35 | % | 68.47 | % | 75.16 | % | 101.80 | % | ||||||||||
| REO expense | $ | 1,324 | $ | 676 | $ | 459 | $ | 1,497 | $ | 22 | ||||||||||
| Composition of Loan Portfolio | ||||||||||||||||||
| September 30, 2010 | December 31, 2009 | September 30, 2009 | ||||||||||||||||
| Percentage | Percentage | Percentage | ||||||||||||||||
| (Dollars in Thousands) | Amount | of Total | Amount | of Total | Amount | of Total | ||||||||||||
| Commercial | $ | 78,556 | 16.42 | % | $ | 72,628 | 14.93 | % | $ | 69,997 | 14.31 | % | ||||||
| Commercial real estate | 223,574 | 46.74 | 220,301 | 45.28 | 222,229 | 45.44 | ||||||||||||
| Real estate construction | 37,066 | 7.75 | 41,508 | 8.53 | 45,310 | 9.27 | ||||||||||||
| Residential real estate | 137,745 | 28.80 | 150,792 | 30.99 | 150,204 | 30.71 | ||||||||||||
| Consumer and other | 1,386 | 0.29 | 1,335 | 0.27 | 1,337 | 0.27 | ||||||||||||
| Total loans | $ | 478,327 | 100.00 | % | $ | 486,564 | 100.00 | % | $ | 489,077 | 100.00 | % | ||||||
| Less allowance for loan losses | 9,722 | 9,127 | 8,179 | |||||||||||||||
| $ | 468,605 | $ | 477,437 | $ | 480,898 | |||||||||||||
| Access National Corporation | |||
| Summary of Non-Performing Assets | |||
| (In Thousands) | September 30, 2010 | ||
|
Non-Performing Loans |
|||
| CRE - Owner occupied Industrial Building Chantilly VA, Bankruptcy | $ | 3,061 | |
| CRE - Church Suburban MD Bankruptcy, Listed for sale | 686 | ||
| CRE - Industrial land - Washington D.C. Leases pending | 374 | ||
| SFR - Construction Leesburg VA, Foreclosure Action Pending | 1,489 | ||
| SFR - 2 Suburban MD, Listed for sale | 961 | ||
| C&I - 2 Loans to operating businesses in Northern VA | 77 | ||
| SFR - No.Va. | 304 | ||
| Total Non-Performing Loans | $ | 6,952 | |
|
Real Estate Owned |
|||
| CRE - Office building Baltimore MD, Listed for sale | $ | 1,890 | |
| CRE - 2 Office Condos No.Va. | 427 | ||
| SFR - Northern VA - Bankruptcy | 959 | ||
| Total Real Estate Owned | $ | 3,276 | |
|
Total Non-Performing Assets |
$ | 10,228 | |
| Composition of Deposits | ||||||||||||||||||
| September 30, 2010 | December 31, 2009 | September 30, 2009 | ||||||||||||||||
| Percentage | Percentage | Percentage | ||||||||||||||||
| (Dollars In Thousands) | Amount | of Total | Amount | of Total | Amount | of Total | ||||||||||||
| Demand deposits | $ | 87,446 | 14.41 | % | $ | 69,782 | 14.95 | % | $ | 84,296 | 16.44 | % | ||||||
| Interest-bearing demand deposits | 26,021 | 4.29 | 25,918 | 5.56 | 28,735 | 5.60 | ||||||||||||
| Savings and money market | 109,816 | 18.09 | 103,070 | 22.09 | 99,822 | 19.47 | ||||||||||||
| CDARS-reciprocal time deposits | 208,670 | 34.38 | 41,550 | 8.90 | 56,180 | 10.96 | ||||||||||||
| Brokered deposits | 59,795 | 9.85 | 129,660 | 27.79 | 127,691 | 24.90 | ||||||||||||
| Time deposits | 115,209 | 18.98 | 96,665 | 20.71 | 116,019 | 22.63 | ||||||||||||
| Total Deposits | $ | 606,957 | 100.00 | % | $ | 466,645 | 100.00 | % | $ | 512,743 | 100.00 | % | ||||||
| Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||
| September 30, 2010 | June 30, 2010 | September 30, 2009 | ||||||||||||||||||||||||||||
| Average | Income / | Yield / | Average | Income / | Yield / | Average | Income / | Yield / | ||||||||||||||||||||||
| (Dollars In Thousands) | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||||
| Interest earning assets: | ||||||||||||||||||||||||||||||
| Securities | $ | 127,467 | $ | 583 | 1.83 | % | $ | 113,784 | $ | 604 | 2.12 | % | $ | 70,320 | $ | 712 | 4.05 | % | ||||||||||||
| Loans held for sale | 70,913 | 840 | 4.74 | % | 44,984 | 572 | 5.09 | % | 52,967 | 718 | 5.42 | % | ||||||||||||||||||
| Loans(1) | 471,308 | 7,350 | 6.24 | % | 469,122 | 7,405 | 6.31 | % | 497,969 | 7,752 | 6.23 | % | ||||||||||||||||||
| Interest-bearing balances and federal funds sold | 88,014 | 58 | 0.26 | % | 128,864 | 77 | 0.24 | % | 61,301 | 34 | 0.22 | % | ||||||||||||||||||
| Total interest earning assets | 757,702 | 8,831 | 4.66 | % | 756,754 | 8,658 | 4.58 | % | 682,557 | 9,216 | 5.40 | % | ||||||||||||||||||
| Noninterest earning assets: | ||||||||||||||||||||||||||||||
| Cash and due from banks | 12,516 | 8,885 | 6,708 | |||||||||||||||||||||||||||
| Premises, land and equipment | 8,609 | 8,674 | 12,862 | |||||||||||||||||||||||||||
| Other assets | 33,155 | 32,781 | 14,802 | |||||||||||||||||||||||||||
| Less: allowance for loan losses | (9,625 | ) | (9,056 | ) | (8,250 | ) | ||||||||||||||||||||||||
| Total noninterest earning assets | 44,655 | 41,284 | 26,122 | |||||||||||||||||||||||||||
| Total Assets | $ | 802,357 | $ | 798,038 | $ | 708,679 | ||||||||||||||||||||||||
| Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 34,217 | $ | 47 | 0.55 | % | $ | 37,501 | $ | 60 | 0.64 | % | $ | 35,376 | $ | 100 | 1.13 | % | ||||||||||||
| Money market deposit accounts | 133,866 | 319 | 0.95 | % | 132,409 | 391 | 1.18 | % | 100,023 | 377 | 1.51 | % | ||||||||||||||||||
| Savings accounts | 3,862 | 9 | 0.93 | % | 3,942 | 9 | 0.91 | % | 4,408 | 16 | 1.45 | % | ||||||||||||||||||
| Time deposits | 356,644 | 1,513 | 1.70 | % | 357,590 | 1,589 | 1.78 | % | 302,287 | 1,976 | 2.61 | % | ||||||||||||||||||
| Total interest-bearing deposits | 528,589 | 1,888 | 1.43 | % | 531,442 | 2,049 | 1.54 | % | 442,094 | 2,469 | 2.23 | % | ||||||||||||||||||
| Borrowings: | ||||||||||||||||||||||||||||||
| FHLB Advances | 8,202 | 71 | 3.46 | % | 11,662 | 111 | 3.81 | % | 22,535 | 253 | 4.49 | % | ||||||||||||||||||
| Securities sold under agreements to repurchase and federal funds purchased | 28,376 | 23 | 0.32 | % | 25,307 | 30 | 0.47 | % | 22,193 | 25 | 0.45 | % | ||||||||||||||||||
| Other short-term borrowings | 26,451 | 61 | 0.92 | % | 22,703 | 54 | 0.95 | % | 13,697 | 32 | 0.93 | % | ||||||||||||||||||
| FHLB Long-term borrowings | 8,127 | 73 | 3.59 | % | 8,681 | 77 | 3.55 | % | 20,210 | 170 | 3.36 | % | ||||||||||||||||||
| FDIC Term Note | 29,998 | 300 | 4.00 | % | 29,997 | 297 | 3.96 | % | 29,996 | 299 | 3.99 | % | ||||||||||||||||||
| Subordinated Debentures | 6,186 | 57 | 3.69 | % | 6,186 | 53 | 3.43 | % | 6,186 | 57 | 3.69 | % | ||||||||||||||||||
| Total borrowings | 107,340 | 585 | 2.18 | % | 104,536 | 622 | 2.38 | % | 114,817 | 836 | 2.91 | % | ||||||||||||||||||
| Total interest-bearing deposits and borrowings | 635,929 | 2,473 | 1.56 | % | 635,978 | 2,671 | 1.68 | % | 556,911 | 3,305 | 2.37 | % | ||||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||
| Demand deposits | 74,870 | 73,409 | 74,878 | |||||||||||||||||||||||||||
| Other liabilities | 21,286 | 18,539 | 11,208 | |||||||||||||||||||||||||||
| Total liabilities | 732,085 | 727,926 | 642,997 | |||||||||||||||||||||||||||
| Shareholders' Equity | 70,272 | 70,112 | 65,682 | |||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity: | $ | 802,357 | $ | 798,038 | $ | 708,679 | ||||||||||||||||||||||||
| Interest Spread(2) | 3.11 | % | 2.90 | % | 3.03 | % | ||||||||||||||||||||||||
| Net Interest Margin(3) | $ | 6,358 | 3.36 | % | $ | 5,987 | 3.16 | % | $ | 5,911 | 3.46 | % | ||||||||||||||||||
|
(1) Loans placed on nonaccrual status are included in loan balances |
|
(2) Interest spread is the average yield earned on earning assets, less the average rate incurred on interest-bearing liabilities. |
|
(3) Net interest margin is net interest income, expressed as a percentage of average earning assets. |
| Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||
|
Nine Months Ended |
||||||||||||||||||||
| September 30, 2010 | September 30, 2009 | |||||||||||||||||||
| Average | Income / | Yield / | Average | Income / | Yield / | |||||||||||||||
| (Dollars In Thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||
| Assets: | ||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||
| Securities | $ | 98,381 | $ | 1,537 | 2.08 | % | $ | 73,491 | $ | 2,553 | 4.63 | % | ||||||||
| Loans held for sale | 49,144 | 1,801 | 4.89 | % | 68,906 | 2,648 | 5.12 | % | ||||||||||||
| Loans(1) | 472,361 | 22,238 | 6.28 | % | 491,375 | 23,270 | 6.31 | % | ||||||||||||
| Interest-bearing balances and federal funds sold | 93,323 | 172 | 0.25 | % | 65,613 | 112 | 0.23 | % | ||||||||||||
| Total interest-earning assets | 713,209 | 25,748 | 4.81 | % | 699,385 | 28,583 | 5.45 | % | ||||||||||||
| Noninterest-earning assets: | ||||||||||||||||||||
| Cash and due from banks | 9,652 | 6,345 | ||||||||||||||||||
| Premises, land and equipment | 8,671 | 9,050 | ||||||||||||||||||
| Other assets | 28,788 | 18,676 | ||||||||||||||||||
| Less: allowance for loan losses | (9,352 | ) | (7,919 | ) | ||||||||||||||||
| Total noninterest-earning assets | 37,759 | 26,152 | ||||||||||||||||||
| Total Assets | $ | 750,968 | $ | 725,537 | ||||||||||||||||
| Liabilities and Shareholders' Equity: | ||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||
| Interest-bearing demand deposits | $ | 31,774 | $ | 150 | 0.63 | % | $ | 27,242 | $ | 223 | 1.09 | % | ||||||||
| Money market deposit accounts | 132,034 | 1,103 | 1.11 | % | 87,254 | 1,011 | 1.54 | % | ||||||||||||
| Savings accounts | 3,979 | 28 | 0.94 | % | 4,456 | 48 | 1.44 | % | ||||||||||||
| Time deposits | 319,664 | 4,624 | 1.93 | % | 330,293 | 7,005 | 2.83 | % | ||||||||||||
| Total interest-bearing deposits | 487,451 | 5,905 | 1.62 | % | 449,245 | 8,287 | 2.46 | % | ||||||||||||
| Borrowings: | ||||||||||||||||||||
| FHLB Advances | 12,489 | 384 | 4.10 | % | 24,144 | 740 | 4.09 | % | ||||||||||||
| Securities sold under agreements to repurchase and federal funds purchased | 26,028 | 81 | 0.41 | % | 24,363 | 91 | 0.50 | % | ||||||||||||
| Other short-term borrowings | 21,449 | 150 | 0.93 | % | 17,848 | 127 | 0.95 | % | ||||||||||||
| FHLB Long-term borrowings | 9,801 | 244 | 3.32 | % | 26,300 | 692 | 3.51 | % | ||||||||||||
| FDIC Term Note | 29,997 | 892 | 3.96 | % | 25,491 | 768 | 4.02 | % | ||||||||||||
| Subordinated Debentures | 6,186 | 162 | 3.49 | % | 6,186 | 185 | 3.99 | % | ||||||||||||
| Total borrowings | 105,950 | 1,913 | 2.41 | % | 124,332 | 2,603 | 2.79 | % | ||||||||||||
| Total interest-bearing deposits and borrowings | 593,401 | 7,818 | 1.76 | % | 573,577 | 10,890 | 2.53 | % | ||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||
| Demand deposits | 71,507 | 78,535 | ||||||||||||||||||
| Other liabilities | 15,820 | 9,866 | ||||||||||||||||||
| Total liabilities | 87,327 | 661,978 | ||||||||||||||||||
| Shareholders' Equity | 70,240 | 63,559 | ||||||||||||||||||
| Total Liabilities and Shareholders' Equity: | $ | 750,968 | $ | 725,537 | ||||||||||||||||
| Interest Spread(2) | 3.06 | % | 2.92 | % | ||||||||||||||||
| Net Interest Margin(3) | $ | 17,930 | 3.35 | % | $ | 17,693 | 3.37 | % | ||||||||||||
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(1) Loans placed on nonaccrual status are included in loan balances |
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(2) Interest spread is the average yield earned on earning assets, less the average rate incurred on interest-bearing liabilities. |
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(3) Net interest margin is net interest income, expressed as a percentage of average earning assets. |
CONTACT:
Access National Corporation
Michael Clarke, 703-871-2100