Attached files
| file | filename |
|---|---|
| 8-K - ACCESS NATIONAL CORPORATION 8-K - ACCESS NATIONAL CORP | a6800855.htm |
Exhibit 99.1
Access National Reports 59% Increase in Q2 Earnings, Continues Dividend Increase
RESTON, Va.--(BUSINESS WIRE)--July 20, 2011--Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported record second quarter net income of $2.7 million, a 59.2% increase over the $1.7 million recorded in the second quarter of 2010. This represents the company’s 44th consecutive quarterly profit over its 12-year history. Net income per diluted common share was $0.26, an increase of 62.5% over the $0.16 reported in the second quarter of 2010. Net income increased primarily due to a decrease in interest expense, gains realized on the sale of other real estate owned and a decrease in the provision for loan losses.
Based upon the record earnings, strong capital and favorable outlook, the Board of Directors declared a cash dividend of $0.04 per share for shareholders of record as of August 4, 2011 and payable on August 25, 2011. This action represents the third consecutive quarter of a dividend increase.
Net income for the six months ended June 30, 2011 totaled approximately $5.0 million compared to $2.9 million for the same period in 2010. Diluted earnings per share were $0.48 compared to $0.27 in 2010.
Return on average assets was 1.51% for the second quarter of 2011 compared to 0.84% for the second quarter of 2010. Return on average equity was 14.08% for the quarter ended June 30, 2011 compared to 9.24% for the same period last year.
Commercial and Industrial Loan growth fueled an increase in Loans Held for Investment by $23.2 million (4.7%) during the second quarter and $29.1 million (5.9%) year to date. SBA Loan activity contributed to the loan growth as Access remained the dominant SBA Lender in the Washington Area during the period ended June 30, 2011. Meanwhile, total Assets decreased to $713.0 million at June 30, 2011 compared to $831.8 at December 31, 2010. The decrease in assets was primarily attributable to a reduction in investments and loans held for sale.
Commercial demand deposits increased 53.5% during the first 6-months to $129 million, or 25.4% of total Deposits at June 30, 2011. Interest bearing deposits decreased by $164.9 million primarily as a result of a decrease in non-core rate sensitive deposits. Overall, Deposits totaled $507.9 million at June 30, 2011 compared to $627.8 million at December 31, 2010.
Non-performing assets (NPA) decreased to $8.1 million or 1.1% of total assets down from $11.0 million or 1.53% of assets at March 31, 2011. NPA are comprised of non-accrual loans totaling $7.5 million and other real estate owned of $600 thousand. The allowance for loan losses totaled $11.1 million or 2.12% of total loans held for investment as of June 30, 2011.
Book Value per common share increased 12.5% at June 30, 2011 to $7.56, compared to $6.71 at June 30, 2010. The retention of earnings helped the ratio of total equity to total assets increase to 10.91% at June 30, 2011 compared to 8.6% at June 30, 2010. Access National Corporation and its subsidiary bank continue to exceed standards of being “Well Capitalized” as set forth under banking regulations.
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 | ||||||||||||
| June 30, | December 31, | June 30, | ||||||||||
| 2011 | 2010 | 2010 | ||||||||||
| (In Thousands) | (unaudited) | (unaudited) | ||||||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ | 8,451 | $ | 9,198 | $ | 10,553 | ||||||
| Interest-bearing balances and federal funds sold | 14,202 | 102,709 | 75,567 | |||||||||
| Securities available for sale - at fair value | 96,523 | 128,745 | 128,003 | |||||||||
| Loans held for sale - at fair value | 56,519 | 82,244 | 66,156 | |||||||||
| Loans held for investment | ||||||||||||
| net of allowance for loan losses of $11,057, $10,527 | ||||||||||||
| and $9,348, respectively | 509,618 | 481,002 | 459,535 | |||||||||
| Premises, equipment and land | 8,738 | 8,934 | 8,640 | |||||||||
| Other assets | 18,965 | 18,992 | 42,116 | |||||||||
| Total assets | $ | 713,016 | $ | 831,824 | $ | 790,570 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
| LIABILITIES | ||||||||||||
| Noninterest-bearing deposits | $ | 128,945 | $ | 83,972 | $ | 78,313 | ||||||
| Savings and interest-bearing deposits | 126,885 | 158,352 | 177,360 | |||||||||
| Time deposits | 252,083 | 385,524 | 352,391 | |||||||||
| Total deposits | 507,913 | 627,848 | 608,064 | |||||||||
| Short-term borrowings | 107,457 | 80,348 | 57,588 | |||||||||
| Long-term borrowings | 5,929 | 37,034 | 38,141 | |||||||||
| Subordinated debentures | 6,186 | 6,186 | 6,186 | |||||||||
| Other liabilities and accrued expenses | 7,712 | 8,215 | 10,138 | |||||||||
| Total Liabilities | 635,197 | 759,631 | 720,117 | |||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||
| Common stock $0.835 par value; 60,000,000 authorized; | ||||||||||||
| issued and outstanding, 10,299,041, 10,376,169 | ||||||||||||
| and 10,497,271 shares, respectively | 8,600 | 8,664 | 8,765 | |||||||||
| Surplus | 17,419 | 17,794 | 18,364 | |||||||||
| Retained earnings | 51,946 | 47,530 | 43,060 | |||||||||
| Accumulated other comprehensive income | (146 | ) | (1,795 | ) | 264 | |||||||
| Total shareholders' equity | 77,819 | 72,193 | 70,453 | |||||||||
| Total liabilities and shareholders' equity | $ | 713,016 | $ | 831,824 | $ | 790,570 | ||||||
| Access National Corporation | |||||||||||||||
| Consolidated Statement of Operations | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, 2011 | June 30, 2011 | June 30, 2010 | |||||||||||||
| (In Thousands Except for Share Data) |
|
(unaudited) |
|||||||||||||
| INTEREST INCOME | |||||||||||||||
| Interest and fees on loans | $ | 7,932 | $ | 15,814 | $ | 15,849 | |||||||||
| Interest on federal funds sold and bank balances |
17 |
72 | 114 | ||||||||||||
| Interest on securities |
580 |
1,213 | 954 | ||||||||||||
| Total interest income |
8,529 |
17,099 | 16,917 | ||||||||||||
| INTEREST EXPENSE | |||||||||||||||
| Interest on deposits |
1,179 |
2,690 | 4,017 | ||||||||||||
| Interest on other borrowings |
503 |
995 | 1,328 | ||||||||||||
| Total interest expense |
1,682 |
3,685 | 5,345 | ||||||||||||
| Net interest income | 6,847 | 13,414 | 11,572 | ||||||||||||
| Provision for loan losses | (2 | ) | 221 | 746 | |||||||||||
| Net interest income after provision for loan losses | 6,849 | 13,193 | 10,826 | ||||||||||||
| NONINTEREST INCOME | |||||||||||||||
| Service charges and fees | 168 | 341 | 326 | ||||||||||||
| Gain on sale of loans | 7,382 | 12,898 | 13,638 | ||||||||||||
| Other Income | 550 | 700 | (664 | ) | |||||||||||
| Total noninterest income | 8,100 | 13,939 | 13,300 | ||||||||||||
| NONINTEREST EXPENSE | |||||||||||||||
| Salaries and benefits | 5,877 | 11,270 | 10,616 | ||||||||||||
| Occupancy and equipment | 678 | 1,343 | 1,330 | ||||||||||||
| Other operating expense | 4,248 | 6,821 | 7,599 | ||||||||||||
| Total noninterest expense | 10,803 | 19,434 | 19,545 | ||||||||||||
| Income before income tax | 4,146 | 7,698 | 4,581 | ||||||||||||
| Income tax expense | 1,475 | 2,740 | 1,687 | ||||||||||||
| NET INCOME | 2,671 | $ | 4,958 | $ | 2,894 | ||||||||||
| Earnings per common share: | |||||||||||||||
| Basic | $ | 0.26 | $ | 0.48 | $ | 0.28 | |||||||||
| Diluted | $ | 0.26 | $ | 0.48 | $ | 0.27 | |||||||||
| Average outstanding shares: | |||||||||||||||
| Basic | 10,324,502 | 10,341,944 | 10,572,614 | ||||||||||||
| Diluted | 10,391,451 | 10,398,064 | 10,590,816 | ||||||||||||
| Performance and Capital Ratios | ||||||||||||||||||||||||||||||||||||||
| Three Months | Three Months | Six Months | Six Months | Three Months | Three Months | Three Months | Three Months | Twelve Months | ||||||||||||||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||||||||
|
June 30, |
June 30, |
June 30, |
June 30, |
March 31, |
December 31, |
September 30, |
March 31, |
December 31, |
||||||||||||||||||||||||||||||
| (Dollars In Thousands) | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | 2010 | 2010 | 2010 | |||||||||||||||||||||||||||||
| Return on average assets (annualized) | 1.51 | % | 0.84 | % | 1.35 | % | 0.80 | % | 1.20 | % | 1.08 | % | 1.21 | % | 0.74 | % | 0.98 | % | ||||||||||||||||||||
| Return on average equity (annualized) | 14.08 | % | 9.24 | % | 13.31 | % | 8.26 | % | 12.53 | % | 12.60 | % | 13.87 | % | 7.01 | % | 10.85 | % | ||||||||||||||||||||
| Net interest margin | 4.00 | % | 3.16 | % | 3.77 | % | 3.35 | % | 3.55 | % | 3.57 | % | 3.36 | % | 3.58 | % | 3.41 | % | ||||||||||||||||||||
| Efficiency ratio - Bank only | 53.06 | % | 53.39 | % | 44.19 | % | 41.47 | % | 52.32 | % | 54.98 | % | 58.64 | % | 71.71 | % | 59.02 | % | ||||||||||||||||||||
| Total equity to assets | 10.91 | % | 8.91 | % | 10.91 | % | 8.91 | % | 10.38 | % | 8.68 | % | 9.03 | % | 10.86 | % | 8.68 | % | ||||||||||||||||||||
| Averages | ||||||||||||||||||||||||||||||||||||||
| Assets | 706,567 | 798,038 | 734,947 | 725,434 | 763,780 | 834,973 | 802,357 | 654,622 | 772,600 | |||||||||||||||||||||||||||||
| Loans held for investment | 508,010 | 469,122 | 501,501 | 472,897 | 494,920 | 485,710 | 471,308 | 476,713 | 475,726 | |||||||||||||||||||||||||||||
| Loans held for sale | 29,348 | 44,984 | 29,186 | 38,293 | 29,021 | 107,474 | 70,913 | 31,528 | 63,868 | |||||||||||||||||||||||||||||
| Interest-bearing deposits & federal funds sold | 28,575 | 128,864 | 54,269 | 96,021 | 80,249 | 66,377 | 88,014 | 62,813 | 86,531 | |||||||||||||||||||||||||||||
| Investment securities | 117,214 | 114,061 | 125,000 | 83,795 | 132,873 | 135,468 | 127,913 | 53,193 | 107,940 | |||||||||||||||||||||||||||||
| Earning assets | 684,439 | 756,754 | 711,804 | 690,807 | 739,472 | 794,855 | 757,702 | 624,128 | 733,810 | |||||||||||||||||||||||||||||
| Interest-bearing deposits | 387,478 | 531,442 | 436,857 | 466,540 | 486,785 | 529,413 | 528,590 | 400,918 | 498,028 | |||||||||||||||||||||||||||||
| Total deposits | 481,657 | 604,851 | 524,083 | 536,511 | 566,966 | 611,255 | 603,460 | 468,208 | 572,138 | |||||||||||||||||||||||||||||
| Repurchase agreements & federal funds sold | 37,097 | 25,307 | 36,583 | 24,834 | 36,064 | 38,620 | 28,376 | 24,356 | 29,202 | |||||||||||||||||||||||||||||
| Commercial paper & other short term borrowings | 93,625 | 34,365 | 80,206 | 33,574 | 66,637 | 49,755 | 34,653 | 32,775 | 38,088 | |||||||||||||||||||||||||||||
| Long-term borrowings | 12,652 | 44,864 | 12,927 | 46,835 | 13,204 | 43,757 | 44,311 | 48,828 | 45,423 | |||||||||||||||||||||||||||||
| Equity | 75,893 | 70,112 | 74,517 | 70,098 | 72,988 | 71,333 | 70,272 | 69,386 | 69,827 | |||||||||||||||||||||||||||||
| Banking segment - income before taxes | $ | 4,126 | $ | 2,586 | $ | 7,474 | $ | 4,047 | $ | 3,348 | $ | 2,285 | $ | 2,428 | $ | 1,461 | $ | 8,760 | ||||||||||||||||||||
| Mortgage segment - income before taxes | $ | 748 | $ | 575 | $ | 1,459 | 1,353 | $ | 711 | $ | 1,691 | $ | 1,939 | $ | 778 | $ | 4,983 | |||||||||||||||||||||
| Other segments - income before taxes | $ | (729 | ) | $ | (487 | ) | $ | (1,235 | ) | $ | (820 | ) | $ | (507 | ) | $ | (380 | ) | $ | (442 | ) | $ | (332 | ) | $ | (1,641 | ) | |||||||||||
| Mortgage loan originations | $ | 161,936 | $ | 180,365 | $ | 284,150 | $ | 329,305 | $ | 122,215 | $ | 263,629 | $ | 231,804 | $ | 148,941 | $ | 824,738 | ||||||||||||||||||||
| Allowance for losses on mortgage loans sold | $ | 2,286 | $ | 3,630 | $ | 2,286 | $ | 3,630 | $ | 2,113 | $ | 1,991 | $ | 4,488 | $ | 3,768 | $ | 1,991 | ||||||||||||||||||||
| Book value per common share | $ | 7.56 | $ | 6.71 | $ | 7.56 | $ | 6.71 | $ | 7.21 | $ | 6.96 | $ | 6.95 | $ | 6.52 | $ | 6.96 | ||||||||||||||||||||
| Composition of Loan Portfolio | ||||||||||||||||||
| June 30, 2011 | December 31, 2010 | June 30, 2010 | ||||||||||||||||
| (Dollars In Thousands) | Amount |
Percentage of |
Amount |
Percentage of |
Amount |
Percentage of |
||||||||||||
| Commercial real estate-Owner Occupied | $ | 139,374 | 26.77 | % | $ | 137,169 | 27.91 | % | $ | 130,062 | 27.74 | % | ||||||
| Commercial real estate-Income Producing | 96,349 | 18.50 | 80,844 | 16.45 | 85,329 | 18.20 | ||||||||||||
| Residential real estate | 130,918 | 25.14 | 137,771 | 28.03 | 141,389 | 30.15 | ||||||||||||
| Commercial | 116,660 | 22.41 | 94,765 | 19.28 | 75,595 | 16.12 | ||||||||||||
| Real estate construction | 34,446 | 6.62 | 38,093 | 7.75 | 35,085 | 7.48 | ||||||||||||
| Consumer | 2,927 | 0.56 | 2,887 | 0.59 | 1,423 | 0.31 | ||||||||||||
| Total loans | $ | 520,674 | 100.00 | % | $ | 491,529 | 100.00 | % | $ | 468,883 | 100.00 | % | ||||||
| Less allowance for loan losses | 11,057 | 10,527 | 9,348 | |||||||||||||||
| $ | 509,617 | $ | 481,002 | $ | 459,535 | |||||||||||||
| Composition of Deposits | ||||||||||||||||||
| June 30, 2011 | December 31, 2010 | June 30, 2010 | ||||||||||||||||
| (Dollars In Thousands) | Amount |
Percentage of |
Amount |
Percentage of |
Amount |
Percentage of |
||||||||||||
| Demand deposits | $ | 128,945 | 25.39 | % | $ | 83,972 | 13.37 | % | $ | 78,313 | 12.88 | % | ||||||
| Interest-bearing demand deposits | 25,981 | 5.11 | 24,548 | 3.91 | 41,696 | 6.86 | ||||||||||||
| Savings and money market | 100,904 | 19.87 | 110,967 | 17.67 | 110,622 | 18.19 | ||||||||||||
| CDARS-reciprocal time deposits | 107,415 | 21.15 | 234,221 | 37.31 | 203,429 | 33.45 | ||||||||||||
| Brokered deposits | 31,229 | 6.15 | 56,356 | 8.98 | 63,357 | 10.42 | ||||||||||||
| Time deposits | 113,439 | 22.33 | 117,784 | 18.76 | 110,647 | 18.20 | ||||||||||||
| Total Deposits | $ | 507,913 | 100.00 | % | $ | 627,848 | 100.00 | % | $ | 608,064 | 100.00 | % | ||||||
| Asset Quality Trend Profile | ||||||||||||||||||||||||
| Six Months | Three Months | Twelve Months | Nine Months | Six Months | Three Months | |||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
| (Dollars In Thousands) | June 30, 2011 | March 31, 2011 | December 31, 2010 | September 30, 2010 | June 30, 2010 |
March 31, 2010 |
||||||||||||||||||
| Total assets | $ | 713,016 | $ | 717,198 | $ | 831,824 | $ | 804,838 | $ | 790,570 | $ | 637,381 | ||||||||||||
| Total loans held for investment | $ | 520,674 | $ | 497,469 | $ | 491,529 | $ | 478,327 | $ | 468,883 | $ | 469,728 | ||||||||||||
| Allowance for loan losses - beginning balance | $ | 10,527 | $ | 10,527 | $ | 9,127 | $ | 9,127 | $ | 9,127 | $ | 9,127 | ||||||||||||
| Charge offs | (553 | ) | (184 | ) | (2,048 | ) | (1,231 | ) | (974 | ) | (393 | ) | ||||||||||||
| Recoveries | 862 | 156 | 632 | 505 | 449 | 324 | ||||||||||||||||||
| Net charge offs | 309 | (28 | ) | (1,416 | ) | (726 | ) | (525 | ) | (69 | ) | |||||||||||||
| Provision for loan losses | 221 | 223 | 2,816 | 1,321 | 746 | 198 | ||||||||||||||||||
| Allowance for loan losses - ending balance | $ | 11,057 | $ | 10,722 | $ | 10,527 | $ | 9,722 | $ | 9,348 | $ | 9,256 | ||||||||||||
| Allowance for loan losses/loans held for investment | 2.12 | % | 2.16 | % | 2.14 | % | 2.03 | % | 1.99 | % | 1.97 | % | ||||||||||||
| Delinquent 30 - 90 days | $ | 171 | $ | 2,100 | $ | 2,771 | $ | 840 | $ | 358 | $ | 845 | ||||||||||||
| Percentage of loans delinquent | 0.03 | % | 0.42 | % | 0.56 | % | 0.18 | % | 0.08 | % | 0.18 | % | ||||||||||||
| Non-accrual loans | $ | 7,481 | $ | 9,163 | $ | 8,561 | $ | 6,952 | $ | 6,752 | $ | 9,447 | ||||||||||||
| OREO | $ | 590 | $ | 1,859 | $ | 1,859 | $ | 3,276 | $ | 5,334 | $ | 4,073 | ||||||||||||
| Total NPA | $ | 8,071 | $ | 11,022 | $ | 10,420 | $ | 10,228 | $ | 12,086 | $ | 13,520 | ||||||||||||
| NPA to total assets | 1.12 | % | 1.53 | % | 1.25 | % | 1.27 | % | 1.53 | % | 2.12 | % | ||||||||||||
| Allowance for loan losses/NPA | 137.00 | % | 97.28 | % | 101.03 | % | 95.06 | % | 77.35 | % | 68.47 | % | ||||||||||||
| OREO Expense | $ | 395 | $ | 68 | $ | 2,335 | $ | 1,324 | $ | 676 | $ | 459 | ||||||||||||
| Gain on Sale of OREO | $ | 1,324 | $ | 15 | $ | 1,253 | $ | 349 | $ | - | $ | (98 | ) | |||||||||||
| OREO expense net | $ | (929 | ) | $ | 53 | $ | 1,082 | $ | 975 | $ | 676 | $ | 557 | |||||||||||
| Allowance for losses on mortgage loans sold | $ | 2,286 | $ | 2,113 | $ | 1,991 | $ | 4,488 | $ | 3,630 | $ | 3,768 | ||||||||||||
| Provision for losses on mortgage loans sold | $ | 289 | $ | 126 | $ | 3,836 | $ | 2,400 | $ | 1,100 | $ | 500 | ||||||||||||
| Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||
| June 30, 2011 | March 31, 2011 | June 30, 2010 | ||||||||||||||||||||||||||||
| Average | Income / | Yield / | Average | Income / | Yield / | Average | Income / | Yield / | ||||||||||||||||||||||
| Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||||||
| (Dollars In Thousands) | ||||||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||||
| Interest earning assets: | ||||||||||||||||||||||||||||||
| Securities | $ | 118,506 | $ | 580 | 1.96 | % | $ | 135,281 | $ | 633 | 1.87 | % | $ | 113,784 | $ | 604 | 2.12 | % | ||||||||||||
| Loans held for sale | 29,348 | 342 | 4.66 | % | 29,021 | 349 | 4.81 | % | 44,984 | 572 | 5.09 | % | ||||||||||||||||||
| Loans(1) | 508,010 | 7,590 | 5.98 | % | 494,920 | 7,533 | 6.09 | % | 469,122 | 7,405 | 6.31 | % | ||||||||||||||||||
| Interest-bearing balances and federal funds sold | 28,575 | 17 | 0.24 | % | 80,249 | 55 | 0.27 | % | 128,864 | 77 | 0.24 | % | ||||||||||||||||||
| Total interest earning assets | 684,439 | 8,529 | 4.98 | % | 739,471 | 8,570 | 4.64 | % | 756,754 | 8,658 | 4.58 | % | ||||||||||||||||||
| Noninterest earning assets: | ||||||||||||||||||||||||||||||
| Cash and due from banks | 10,870 | 12,180 | 8,885 | |||||||||||||||||||||||||||
| Premises, land and equipment | 8,843 | 8,927 | 8,674 | |||||||||||||||||||||||||||
| Other assets | 13,204 | 13,799 | 32,781 | |||||||||||||||||||||||||||
| Less: allowance for loan losses | (10,789 | ) | (10,597 | ) | (9,056 | ) | ||||||||||||||||||||||||
| Total noninterest earning assets | 22,128 | 24,309 | 41,284 | |||||||||||||||||||||||||||
| Total Assets | $ | 706,567 | $ | 763,780 | $ | 798,038 | ||||||||||||||||||||||||
| Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 23,431 | $ | 26 | 0.44 | % | $ | 23,425 | $ | 27 | 0.46 | % | $ | 37,501 | $ | 60 | 0.64 | % | ||||||||||||
| Money market deposit accounts | 108,988 | 156 | 0.57 | % | 124,176 | 194 | 0.62 | % | 132,409 | 391 | 1.18 | % | ||||||||||||||||||
| Savings accounts | 2,848 | 2 | 0.28 | % | 2,905 | 1 | 0.14 | % | 3,942 | 9 | 0.91 | % | ||||||||||||||||||
| Time deposits | 252,211 | 995 | 1.58 | % | 336,279 | 1,289 | 1.53 | % | 357,590 | 1,589 | 1.78 | % | ||||||||||||||||||
| Total interest-bearing deposits | 387,478 | 1,179 | 1.22 | % | 486,785 | 1,511 | 1.24 | % | 531,442 | 2,049 | 1.54 | % | ||||||||||||||||||
| Borrowings: | ||||||||||||||||||||||||||||||
| FHLB Advances | 26,484 | 24 | 0.36 | % | 4,523 | 15 | 1.33 | % | 11,662 | 110 | 3.77 | % | ||||||||||||||||||
| Securities sold under agreements to repurchase and federal funds purchased | 37,097 | 19 | 0.20 | % | 36,064 | 18 | 0.20 | % | 25,307 | 30 | 0.47 | % | ||||||||||||||||||
| Other short-term borrowings | 37,142 | 56 | 0.60 | % | 32,115 | 49 | 0.61 | % | 22,703 | 54 | 0.95 | % | ||||||||||||||||||
| FHLB Long-term borrowings | 6,466 | 55 | 3.40 | % | 7,018 | 62 | 3.53 | % | 8,681 | 77 | 3.55 | % | ||||||||||||||||||
| FDIC Term Note | 29,999 | 297 | 3.96 | % | 29,999 | 295 | 3.93 | % | 29,997 | 297 | 3.96 | % | ||||||||||||||||||
| Subordinated Debentures | 6,186 | 52 | 3.36 | % | 6,186 | 53 | 3.43 | % | 6,186 | 53 | 3.43 | % | ||||||||||||||||||
| Total borrowings | 143,374 | 503 | 1.40 | % | 115,905 | 492 | 1.70 | % | 104,536 | 621 | 2.38 | % | ||||||||||||||||||
| Total interest-bearing deposits and borrowings | 530,852 | 1,682 | 1.27 | % | 602,690 | 2,003 | 1.33 | % | 635,978 | 2,670 | 1.68 | % | ||||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||
| Demand deposits | 94,179 | 80,181 | 73,409 | |||||||||||||||||||||||||||
| Other liabilities | 5,643 | 7,921 | 18,539 | |||||||||||||||||||||||||||
| Total liabilities | 630,674 | 690,792 | 727,926 | |||||||||||||||||||||||||||
| Shareholders' Equity | 75,893 | 72,988 | 70,112 | |||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity: | $ | 706,567 | $ | 763,780 | $ | 798,038 | ||||||||||||||||||||||||
| Interest Spread(2) | 3.72 | % | 3.31 | % | 2.90 | % | ||||||||||||||||||||||||
| Net Interest Margin(3) | $ | 6,847 | 4.00 | % | $ | 6,567 | 3.55 | % | $ | 5,988 | 3.17 | % | ||||||||||||||||||
| (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 | |||||||||||||||||||||
| Six Months Ended | |||||||||||||||||||||
| June 30, 2011 | June 30, 2010 | ||||||||||||||||||||
| Average | Income / | Yield / | Average | Income / | Yield / | ||||||||||||||||
| Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||
| (Dollars In Thousands) | |||||||||||||||||||||
| Assets: | |||||||||||||||||||||
| Interest earning assets: | |||||||||||||||||||||
| Securities, at amortized cost(1) | $ | 126,848 | $ | 1,213 | 1.91 | % | $ | 83,596 | $ | 954 | 2.28 | % | |||||||||
| Loans held for sale | 29,186 | 691 | 4.74 | % | 38,293 | 961 | 5.02 | % | |||||||||||||
| Loans(2) | 501,501 | 15,123 | 6.03 | % | 472,897 | 14,888 | 6.30 | % | |||||||||||||
| Interest-bearing balances and federal funds sold | 54,269 | 72 | 0.27 | % | 96,021 | 114 | 0.24 | % | |||||||||||||
| Total interest earning assets | 711,804 | 17,099 | 4.80 | % | 690,807 | 16,917 | 4.90 | % | |||||||||||||
| Non-interest earning assets: | |||||||||||||||||||||
| Cash and due from banks | 11,529 | 8,157 | |||||||||||||||||||
| Premises, land, and equipment | 8,885 | 8,702 | |||||||||||||||||||
| Other assets | 13,423 | 26,981 | |||||||||||||||||||
| Less: allowance for loan losses | (10,694 | ) | (9,213 | ) | |||||||||||||||||
| Total noninterest earning assets | 23,143 | 34,627 | |||||||||||||||||||
| Total Assets | $ | 734,947 | $ | 725,434 | |||||||||||||||||
| Liabilities and Shareholders' Equity: | |||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||
| Interest-bearing demand deposits | $ | 23,428 | $ | 53 | 0.45 | % | $ | 30,531 | $ | 103 | 0.67 | % | |||||||||
| Money market deposit accounts | 116,540 | 350 | 0.60 | % | 131,103 | 784 | 1.20 | % | |||||||||||||
| Savings accounts | 2,876 | 3 | 0.21 | % | 4,038 | 19 | 0.94 | % | |||||||||||||
| Time deposits | 294,013 | 2,284 | 1.55 | % | 300,868 | 3,111 | 2.07 | % | |||||||||||||
| Total interest-bearing deposits | 436,857 | 2,690 | 1.23 | % | 466,540 | 4,017 | 1.72 | % | |||||||||||||
| Borrowings: | |||||||||||||||||||||
| FHLB Advances | 15,564 | 39 | 0.50 | % | 14,668 | 313 | 4.27 | % | |||||||||||||
| Securities sold under agreements to repurchase and federal fund purchased | 36,583 | 37 | 0.20 | % | 24,834 | 58 | 0.47 | % | |||||||||||||
| Other short-term borrowings | 34,643 | 105 | 0.61 | % | 18,906 | 89 | 0.94 | % | |||||||||||||
| FHLB long-term borrowings | 6,741 | 117 | 3.47 | % | 10,652 | 171 | 3.21 | % | |||||||||||||
| FDIC term note | 29,999 | 592 | 3.95 | % | 29,997 | 592 | 3.95 | % | |||||||||||||
| Subordinated Debentures | 6,186 | 105 | 3.39 | % | 6,186 | 105 | 3.39 | % | |||||||||||||
| Total borrowings | 129,716 | 995 | 1.53 | % | 105,243 | 1,328 | 2.52 | % | |||||||||||||
| Total interest-bearing liabilities | 566,573 | 3,685 | 1.30 | % | 571,783 | 5,345 | 1.87 | % | |||||||||||||
| Noninterest-bearing liabilities: | |||||||||||||||||||||
| Demand deposits | 87,226 | 69,970 | |||||||||||||||||||
| Other liabilities | 6,631 | 13,583 | |||||||||||||||||||
| Total Liabilities | 660,430 | 655,336 | |||||||||||||||||||
| Shareholders' Equity | 74,517 | 70,098 | |||||||||||||||||||
| Total Liabilities and Shareholders' Equity: | $ | 734,947 | $ | 725,434 | |||||||||||||||||
| Interest spread(3) | 3.50 | % | 3.03 | % | |||||||||||||||||
| Net interest margin(4) | $ | 13,414 | 3.77 | % | $ | 11,572 | 3.35 | % | |||||||||||||
| (1) Includes restricted stock. | |||||||||||||||||||||
| (2) Loans placed on nonaccrual status are included in loan balances. | |||||||||||||||||||||
| (3) Interest spread is the average yield earned on earning assets, less the average rate incurred on interest-bearing liabilities. | |||||||||||||||||||||
| (4) Net interest margin is net interest income, expressed as a percentage of average earning assets. | |||||||||||||||||||||
CONTACT:
Access National Corporation
Michael Clarke, 703-871-2100