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8-K - ACCESS NATIONAL CORPORATION 8-K - ACCESS NATIONAL CORP | a50043383.htm |
Exhibit 99.1
Access National Reports Record Quarterly Earnings, Declares Dividend
RESTON, Va.--(BUSINESS WIRE)--October 19, 2011--Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported third quarter net income of $3.1 million, a record level of quarterly earnings and a 27.8% increase over the $2.4 million recorded in the third quarter of 2010. This represents the company’s 45th consecutive quarterly profit over its 12 year history. Net income per diluted common share was $0.30, an increase of 30.4% over the $0.23 reported in the third quarter of 2010. The increase in net income is primarily due to a combination of a decrease in interest expense and an increase in non-interest income.
Based upon record earnings, strong capital and a favorable outlook, the Board of Directors declared a cash dividend of $0.04 per share for holders of record as of November 3, 2011 and payable November 25, 2011.
Net income for the nine months ended September 30, 2011 totaled approximately $8.1 million compared to $5.3 million for the same period in 2010. While mortgage banking earnings rose in the year over year period, the core commercial banking segment contributed 83.5% of the year to date earnings in 2011 compared to 76% in 2010.
YTD diluted earnings per share were $0.78 compared to $0.50 in 2010. Book Value per common share at September 30, 2011 was $7.84, 12.6% higher than the $6.96 value at December 31, 2010. The company remains “Well Capitalized” under banking regulations as the total equity to assets ratio was 10.91% at September 30, 2011.
Return on average assets annualized was 1.69% for the third quarter of 2011 compared to 1.22% for the third quarter of 2010. Return on average equity annualized was 15.9% for the quarter ended September 30, 2011 compared to 13.9% for the same period last year. The net interest margin expanded to 4.02% compared to 4.00% in the linked quarter and 3.36% for the quarter ended September 30, 2010.
Loans held for investment totaled $542.6 million, compared to $491.5 million at December 31, 2010, an increase of $51.1 million due to continued focus on expanding the commercial loan-driven relationships. Total assets amounted to $765.5 million compared to $831.8 million at December 31, 2010. The decrease in assets was primarily attributable to a reduction in securities, interest-bearing balances and federal funds sold.
Commercial demand deposits have increased 37.1% from December 31, 2010 to $115.1 million at September 30, 2011 and represent 19.3% of total deposits at September 30, 2011 while savings and interest-bearing deposits increased $9.3 million from December 31, 2010. Time deposits decreased $71.4 million from year end December 31, 2010 primarily due to a deliberate reduction in non-core rate sensitive deposits.
Non-performing assets (NPA) totaled $7.7 million or 1.1% of total assets while the allowance for loan losses totaled $11.5 million or 2.13% of total loans held for investment and 149% of NPA as of September 30, 2011.
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, | September 30, | December 31, | |||||||||
2011 | 2010 | 2010 | |||||||||
(In Thousands) | (unaudited) | (unaudited) | |||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 10,909 | $ | 13,012 | $ | 9,198 | |||||
Interest-bearing balances and federal funds sold | 32,017 | 19,493 | 102,709 | ||||||||
Investment securities: |
|||||||||||
Securities available for sale - at fair value |
60,287 |
152,775 |
128,745 |
||||||||
Held to Maturity, at amortized cost (fair value of $9,978) |
10,000 |
- |
- |
||||||||
Total investment securities |
70,287 | 152,775 | 128,745 | ||||||||
Loans held for sale - at fair value | 96,764 | 123,048 | 82,244 | ||||||||
Loans held for investment | |||||||||||
net of allowance for loan losses of $11,537, $9,722 | |||||||||||
and $10,527, respectively | 531,045 | 468,605 | 481,002 | ||||||||
Premises, equipment and land | 8,720 | 8,552 | 8,934 | ||||||||
Other assets | 15,725 | 19,353 | 18,992 | ||||||||
Total assets | $ | 765,467 | $ | 804,838 | $ | 831,824 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
LIABILITIES | |||||||||||
Noninterest-bearing deposits | $ | 115,110 | $ | 87,446 | $ | 83,972 | |||||
Savings and interest-bearing deposits | 167,673 | 160,897 | 158,352 | ||||||||
Time deposits | 314,119 | 358,614 | 385,524 | ||||||||
Total deposits | 596,902 | 606,957 | 627,848 | ||||||||
Short-term borrowings | 65,015 | 69,815 | 80,348 | ||||||||
Long-term borrowings | 5,375 | 37,587 | 37,034 | ||||||||
Subordinated debentures | 6,186 | 6,186 | 6,186 | ||||||||
Other liabilities and accrued expenses | 11,813 | 11,638 | 8,215 | ||||||||
Total Liabilities | 685,291 | 732,183 | 759,631 | ||||||||
SHAREHOLDERS' EQUITY | |||||||||||
Common stock $0.835 par value; 60,000,000 authorized; | |||||||||||
issued and outstanding, 10,224,742, 10,459,826 | |||||||||||
and 10,376,169 shares, respectively | 8,538 | 8,734 | 8,664 | ||||||||
Surplus | 16,900 | 18,207 | 17,794 | ||||||||
Retained earnings | 54,637 | 45,391 | 47,530 | ||||||||
Accumulated other comprehensive income | 101 | 323 | (1,795 | ) | |||||||
Total shareholders' equity | 80,176 | 72,655 | 72,193 | ||||||||
Total liabilities and shareholders' equity | $ | 765,467 | $ | 804,838 | $ | 831,824 | |||||
Access National Corporation | ||||||||||||||||||||
Consolidated Statement of Operations | ||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, 2011 | September 30, 2010 | September 30, 2011 | September 30, 2010 | |||||||||||||||||
(In Thousands Except for Share Data) | (unaudited) | |||||||||||||||||||
INTEREST INCOME | ||||||||||||||||||||
Interest and fees on loans | $ | 8,354 | $ | 8,190 | $ | 24,168 | $ | 24,039 | ||||||||||||
Interest on federal funds sold and bank balances | 25 | 58 | 97 | 172 | ||||||||||||||||
Interest on securities | 497 | 583 | 1,710 | 1,537 | ||||||||||||||||
Total interest income | 8,876 | 8,831 | 25,975 | 25,748 | ||||||||||||||||
INTEREST EXPENSE | ||||||||||||||||||||
Interest on deposits | 1,235 | 1,888 | 3,925 | 5,905 | ||||||||||||||||
Interest on other borrowings | 435 | 584 | 1,430 | 1,912 | ||||||||||||||||
Total interest expense | 1,670 | 2,472 | 5,355 | 7,817 | ||||||||||||||||
Net interest income | 7,206 | 6,359 | 20,620 | 17,931 | ||||||||||||||||
Provision for loan losses | 715 | 575 | 936 | 1,321 | ||||||||||||||||
Net interest income after provision for loan losses | 6,491 | 5,784 | 19,684 | 16,610 | ||||||||||||||||
NONINTEREST INCOME | ||||||||||||||||||||
Service charges and fees | 178 | 164 | 519 | 490 | ||||||||||||||||
Gain on sale of loans | 11,821 | 10,457 | 24,719 | 24,095 | ||||||||||||||||
Other Income | (1,297 | ) | (211 | ) | (597 | ) | (875 | ) | ||||||||||||
Total noninterest income | 10,702 | 10,410 | 24,641 | 23,710 | ||||||||||||||||
NONINTEREST EXPENSE | ||||||||||||||||||||
Salaries and benefits | 6,950 | 5,979 | 18,220 | 16,595 | ||||||||||||||||
Occupancy and equipment | 639 | 613 | 1,982 | 1,943 | ||||||||||||||||
Other operating expense | 4,785 | 5,677 | 11,606 | 13,276 | ||||||||||||||||
Total noninterest expense | 12,374 | 12,269 | 31,808 | 31,814 | ||||||||||||||||
Income before income tax | 4,819 | 3,925 | 12,517 | 8,506 | ||||||||||||||||
Income tax expense | 1,706 | 1,489 | 4,446 | 3,176 | ||||||||||||||||
NET INCOME | $ | 3,113 | $ | 2,436 | $ | 8,071 | $ | 5,330 | ||||||||||||
Earnings per common share: | ||||||||||||||||||||
Basic | $ | 0.30 | $ | 0.23 | $ | 0.78 | $ | 0.51 | ||||||||||||
Diluted | $ | 0.30 | $ | 0.23 | $ | 0.78 | $ | 0.50 | ||||||||||||
Average outstanding shares: | ||||||||||||||||||||
Basic | 10,227,631 | 10,474,543 | 10,303,840 | 10,539,924 | ||||||||||||||||
Diluted | 10,301,250 | 10,495,734 | 10,365,793 | 10,559,122 | ||||||||||||||||
Performance and Capital Ratios | ||||||||||||||||||||||
Nine Months | Six Months | Three Months | Nine Months | Twelve Months | ||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||
September 30, | June 30, | March 31, | September 30, |
December 31, |
||||||||||||||||||
(Dollars In Thousands) | 2011 | 2011 | 2011 | 2010 | 2010 | |||||||||||||||||
Return on average assets (annualized) | 1.46 | % | 1.35 | % | 1.20 | % | 0.95 | % | 0.98 | % | ||||||||||||
Return on average equity (annualized) | 14.20 | % | 13.31 | % | 12.53 | % | 10.12 | % | 10.85 | % | ||||||||||||
Net interest margin | 3.85 | % | 3.77 | % | 3.55 | % | 3.35 | % | 3.41 | % | ||||||||||||
Efficiency ratio - Bank only | 52.61 | % | 52.72 | % | 52.32 | % | 60.73 | % | 59.02 | % | ||||||||||||
Total equity to assets | 10.47 | % | 10.91 | % | 10.38 | % | 9.03 | % | 8.68 | % | ||||||||||||
Averages | ||||||||||||||||||||||
Assets | 736,426 | 734,947 | 763,780 | 750,968 | 772,600 | |||||||||||||||||
Loans held for investment | 510,177 | 501,501 | 494,920 | 472,361 | 475,726 | |||||||||||||||||
Loans held for sale | 36,068 | 29,186 | 29,021 | 49,144 | 63,868 | |||||||||||||||||
Interest-bearing deposits & federal funds sold | 53,002 | 54,269 | 80,249 | 93,323 | 86,531 | |||||||||||||||||
Investment securities | 114,517 | 126,848 | 135,281 | 98,381 | 107,685 | |||||||||||||||||
Earning assets | 713,764 | 711,804 | 739,472 | 713,209 | 733,810 | |||||||||||||||||
Interest-bearing deposits | 442,822 | 436,857 | 486,785 | 487,451 | 498,028 | |||||||||||||||||
Total deposits | 537,119 | 524,083 | 566,966 | 558,958 | 572,138 | |||||||||||||||||
Repurchase agreements & federal funds sold | 36,935 | 36,583 | 36,064 | 26,028 | 29,202 | |||||||||||||||||
Commercial paper & other short term borrowings | 66,696 | 80,206 | 66,637 | 33,938 | 38,088 | |||||||||||||||||
Long-term borrowings | 12,648 | 12,927 | 13,204 | 45,984 | 45,423 | |||||||||||||||||
Equity | 75,774 | 74,517 | 72,988 | 70,240 | 69,827 | |||||||||||||||||
Banking segment - income before taxes | $ | 10,456 | $ | 7,474 | $ | 3,348 | $ | 6,475 | $ | 8,760 | ||||||||||||
Mortgage segment - income before taxes | $ | 3,828 | $ | 1,459 | $ | 711 | $ | 3,292 | $ | 4,983 | ||||||||||||
Other segments - income before taxes | $ | (1,767 | ) | $ | (1,235 | ) | $ | (507 | ) | $ | (1,261 | ) | $ | (1,641 | ) | |||||||
Mortgage loan originations | $ | 551,883 | $ | 315,317 | $ | 139,412 | $ | 620,312 | $ | 908,959 | ||||||||||||
Allowance for losses on mortgage loans sold | $ | 2,395 | $ | 2,286 | $ | 2,113 | $ | 4,488 | $ | 1,991 | ||||||||||||
Book value per common share | $ | 7.84 | $ | 7.56 | $ | 7.21 | $ | 6.95 | $ | 6.96 | ||||||||||||
Composition of Loan Portfolio | |||||||||||||||||
September 30, 2011 | December 31, 2010 | September 30, 2010 | |||||||||||||||
(Dollars In Thousands) | Amount |
Percentage of |
Amount |
Percentage of |
Amount |
Percentage of |
|||||||||||
Commercial real estate-Owner Occupied | $ | 144,984 | 26.72 | % | $ | 137,171 | 27.91 | % | $ | 137,748 | 28.80 | % | |||||
Commercial real estate-Income Producing | 108,096 | 19.92 | 83,173 | 16.92 | 85,826 | 17.94 | |||||||||||
Residential real estate | 131,399 | 24.22 | 135,440 | 27.55 | 137,745 | 28.80 | |||||||||||
Commercial | 115,696 | 21.32 | 94,765 | 19.28 | 78,556 | 16.42 | |||||||||||
Real estate construction | 39,825 | 7.34 | 38,093 | 7.75 | 37,066 | 7.75 | |||||||||||
Consumer | 2,582 | 0.48 | 2,887 | 0.59 | 1,386 | 0.29 | |||||||||||
Total loans | $ | 542,582 | 100.00 | % | $ | 491,529 | 100.00 | % | $ | 478,327 | 100.00 | % | |||||
Less allowance for loan losses | 11,537 | 10,527 | 9,722 | ||||||||||||||
$ | 531,045 | $ | 481,002 | $ | 468,605 | ||||||||||||
Composition of Deposits | ||||||||||||||||||
September 30, 2011 | December 31, 2010 | September 30, 2010 | ||||||||||||||||
(Dollars In Thousands) | Amount |
Percentage of |
Amount |
Percentage of |
Amount |
Percentage of |
||||||||||||
Demand deposits | $ | 115,110 | 19.28 | % | $ | 83,972 | 13.37 | % | $ | 87,446 | 14.41 | % | ||||||
Interest-bearing demand deposits | 63,140 | 10.58 | 24,548 | 3.91 | 26,021 | 4.29 | ||||||||||||
Savings and money market | 104,533 | 17.51 | 133,804 | 21.31 | 109,816 | 18.09 | ||||||||||||
CDARS-reciprocal time deposits | 164,340 | 27.54 | 234,221 | 37.31 | 208,670 | 34.38 | ||||||||||||
Brokered deposits | 30,203 | 5.06 | 33,519 | 5.34 | 59,795 | 9.85 | ||||||||||||
Time deposits | 119,576 | 20.03 | 117,784 | 18.76 | 115,209 | 18.98 | ||||||||||||
Total Deposits | $ | 596,902 | 100.00 | % | $ | 627,848 | 100.00 | % | $ | 606,957 | 100.00 | % | ||||||
Asset Quality Trend Profile | ||||||||||||||||||||
Nine Months | Six Months | Three Months | Nine Months | Twelve Months | ||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
(Dollars In Thousands) | September 30, 2011 | June 30, 2011 | March 31, 2011 | September 30, 2010 | December 31, 2010 | |||||||||||||||
Total assets | $ | 765,467 | $ | 713,016 | $ | 717,198 | $ | 804,838 | $ | 831,824 | ||||||||||
Total loans held for investment | $ | 542,582 | $ | 520,674 | $ | 497,469 | $ | 478,327 | $ | 491,529 | ||||||||||
Allowance for loan losses - beginning balance | $ | 10,527 | $ | 10,527 | $ | 10,527 | $ | 9,127 | $ | 9,127 | ||||||||||
Charge offs | (944 | ) | (553 | ) | (184 | ) | (1,231 | ) | (2,048 | ) | ||||||||||
Recoveries | 1,019 | 862 | 156 | 505 | 632 | |||||||||||||||
Net charge offs | 75 | 309 | (28 | ) | (726 | ) | (1,416 | ) | ||||||||||||
Provision for loan losses | 935 | 221 | 223 | 1,321 | 2,816 | |||||||||||||||
Allowance for loan losses - ending balance | $ | 11,537 | $ | 11,057 | $ | 10,722 | $ | 9,722 | $ | 10,527 | ||||||||||
Allowance for loan losses/loans held for investment | 2.13 | % | 2.12 | % | 2.16 | % | 2.03 | % | 2.14 | % | ||||||||||
Delinquent 30 - 90 days | $ | 4,226 | $ | 171 | $ | 2,100 | $ | 840 | $ | 2,771 | ||||||||||
Percentage of loans delinquent | 0.78 | % | 0.03 | % | 0.42 | % | 0.18 | % | 0.56 | % | ||||||||||
Non-accrual loans | $ | 7,077 | $ | 7,481 | $ | 9,163 | $ | 6,952 | $ | 8,561 | ||||||||||
OREO | $ | 590 | $ | 590 | $ | 1,859 | $ | 3,276 | $ | 1,859 | ||||||||||
Total NPA | $ | 7,667 | $ | 8,071 | $ | 11,022 | $ | 10,228 | $ | 10,420 | ||||||||||
NPA to total assets | 1.00 | % | 1.13 | % | 1.53 | % | 1.27 | % | 1.25 | % | ||||||||||
Allowance for loan losses/NPA | 150.48 | % | 137.00 | % | 97.28 | % | 95.06 | % | 101.03 | % | ||||||||||
OREO Expense | $ | 420 | $ | 395 | $ | 68 | $ | 1,324 | $ | 2,335 | ||||||||||
Gain on Sale of OREO | $ | 1,325 | $ | 1,325 | $ | 15 | $ | 349 | $ | 1,253 | ||||||||||
OREO expense net | $ | (905 | ) | $ | (930 | ) | $ | 53 | $ | 975 | $ | 1,082 | ||||||||
Allowance for losses on mortgage loans sold | $ | 2,395 | $ | 2,286 | $ | 2,113 | $ | 4,488 | $ | 1,991 | ||||||||||
Provision for losses on mortgage loans sold | $ | 527 | $ | 289 | $ | 126 | $ | 2,400 | $ | 3,836 | ||||||||||
Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||
September 30, 2011 | June 30, 2011 | September 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 | $ | 90,258 | $ | 497 | 2.20 | % | $ | 118,506 | $ | 580 | 1.96 | % | $ | 127,467 | $ | 583 | 1.83 | % | ||||||||||||
Loans held for sale | 49,641 | 591 | 4.76 | % | 29,348 | 342 | 4.66 | % | 70,913 | 840 | 4.74 | % | ||||||||||||||||||
Loans(1) | 527,258 | 7,763 | 5.89 | % | 508,010 | 7,590 | 5.98 | % | 471,308 | 7,350 | 6.24 | % | ||||||||||||||||||
Interest-bearing balances and federal funds sold | 50,509 | 25 | 0.20 | % | 28,575 | 17 | 0.24 | % | 88,014 | 58 | 0.26 | % | ||||||||||||||||||
Total interest earning assets | 717,666 | 8,876 | 4.95 | % | 684,439 | 8,529 | 4.98 | % | 757,702 | 8,831 | 4.66 | % | ||||||||||||||||||
Noninterest earning assets: | ||||||||||||||||||||||||||||||
Cash and due from banks | 10,373 | 10,870 | 12,516 | |||||||||||||||||||||||||||
Premises, land and equipment | 8,747 | 8,843 | 8,609 | |||||||||||||||||||||||||||
Other assets | 13,374 | 13,204 | 33,155 | |||||||||||||||||||||||||||
Less: allowance for loan losses | (11,235 | ) | (10,789 | ) | (9,625 | ) | ||||||||||||||||||||||||
Total noninterest earning assets | 21,259 | 22,128 | 44,655 | |||||||||||||||||||||||||||
Total Assets | $ | 738,925 | $ | 706,567 | $ | 802,357 | ||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 64,155 | $ | 85 | 0.53 | % | $ | 23,431 | $ | 26 | 0.44 | % | $ | 34,217 | $ | 47 | 0.55 | % | ||||||||||||
Money market deposit accounts | 105,718 | 146 | 0.55 | % | 108,988 | 156 | 0.57 | % | 133,866 | 319 | 0.95 | % | ||||||||||||||||||
Savings accounts | 2,962 | 1 | 0.14 | % | 2,848 | 2 | 0.28 | % | 3,862 | 9 | 0.93 | % | ||||||||||||||||||
Time deposits | 281,723 | 1,003 | 1.42 | % | 252,211 | 995 | 1.58 | % | 356,644 | 1,513 | 1.70 | % | ||||||||||||||||||
Total interest-bearing deposits | 454,558 | 1,235 | 1.09 | % | 387,478 | 1,179 | 1.22 | % | 528,589 | 1,888 | 1.43 | % | ||||||||||||||||||
Borrowings: | ||||||||||||||||||||||||||||||
FHLB Advances | 2,935 | 3 | 0.41 | % | 26,484 | 24 | 0.36 | % | 8,202 | 71 | 3.46 | % | ||||||||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 37,627 | 17 | 0.18 | % | 37,097 | 19 | 0.20 | % | 28,376 | 23 | 0.32 | % | ||||||||||||||||||
Other short-term borrowings | 7,183 | 9 | 0.50 | % | 37,142 | 56 | 0.60 | % | 26,451 | 61 | 0.92 | % | ||||||||||||||||||
FHLB Long-term borrowings | 5,913 | 54 | 3.65 | % | 6,466 | 55 | 3.40 | % | 8,127 | 73 | 3.59 | % | ||||||||||||||||||
FDIC Term Note | 29,999 | 299 | 3.99 | % | 29,999 | 297 | 3.96 | % | 29,998 | 299 | 3.99 | % | ||||||||||||||||||
Subordinated Debentures | 6,186 | 53 | 3.43 | % | 6,186 | 52 | 3.36 | % | 6,186 | 57 | 3.69 | % | ||||||||||||||||||
Total borrowings | 89,843 | 435 | 1.94 | % | 143,374 | 503 | 1.40 | % | 107,340 | 584 | 2.18 | % | ||||||||||||||||||
Total interest-bearing deposits and borrowings | 544,401 | 1,670 | 1.23 | % | 530,852 | 1,682 | 1.27 | % | 635,929 | 2,472 | 1.55 | % | ||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||
Demand deposits | 107,746 | 94,179 | 74,870 | |||||||||||||||||||||||||||
Other liabilities | 8,566 | 5,643 | 21,286 | |||||||||||||||||||||||||||
Total liabilities | 660,713 | 630,674 | 732,085 | |||||||||||||||||||||||||||
Shareholders' Equity | 78,212 | 75,893 | 70,272 | |||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity: | $ | 738,925 | $ | 706,567 | $ | 802,357 | ||||||||||||||||||||||||
Interest Spread(2) | 3.72 | % | 3.72 | % | 3.11 | % | ||||||||||||||||||||||||
Net Interest Margin(3) | $ | 7,206 | 4.02 | % | $ | 6,847 | 4.00 | % | $ | 6,359 | 3.36 | % |
(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, 2011 | September 30, 2010 | |||||||||||||||||||
Average | Income / | Yield / | Average | Income / | Yield / | |||||||||||||||
(Dollars In Thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||
Assets: | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Securities | $ | 114,517 | $ | 1,710 | 1.99 | % | $ | 98,381 | $ | 1,537 | 2.08 | % | ||||||||
Loans held for sale | 36,068 | 1,282 | 4.74 | % | 49,144 | 1,801 | 4.89 | % | ||||||||||||
Loans(1) | 510,177 | 22,886 | 5.98 | % | 472,361 | 22,238 | 6.28 | % | ||||||||||||
Interest-bearing balances and federal funds sold | 53,002 | 97 | 0.24 | % | 93,323 | 172 | 0.25 | % | ||||||||||||
Total interest-earning assets | 713,764 | 25,975 | 4.85 | % | 713,209 | 25,748 | 4.81 | % | ||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||
Cash and due from banks | 11,297 | 9,652 | ||||||||||||||||||
Premises, land and equipment | 8,847 | 8,671 | ||||||||||||||||||
Other assets | 13,394 | 28,788 | ||||||||||||||||||
Less: allowance for loan losses | (10,876 | ) | (9,352 | ) | ||||||||||||||||
Total noninterest-earning assets | 22,662 | 37,759 | ||||||||||||||||||
Total Assets | $ | 736,426 | $ | 750,968 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 37,153 | $ | 138 | 0.50 | % | $ | 31,774 | $ | 150 | 0.63 | % | ||||||||
Money market deposit accounts | 112,893 | 496 | 0.59 | % | 132,034 | 1,103 | 1.11 | % | ||||||||||||
Savings accounts | 2,905 | 4 | 0.18 | % | 3,979 | 28 | 0.94 | % | ||||||||||||
Time deposits | 289,871 | 3,287 | 1.51 | % | 319,664 | 4,624 | 1.93 | % | ||||||||||||
Total interest-bearing deposits | 442,822 | 3,925 | 1.18 | % | 487,451 | 5,905 | 1.62 | % | ||||||||||||
Borrowings: | ||||||||||||||||||||
FHLB Advances | 11,308 | 42 | 0.50 | % | 12,489 | 384 | 4.10 | % | ||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 36,935 | 53 | 0.19 | % | 26,028 | 81 | 0.41 | % | ||||||||||||
Other short-term borrowings | 25,389 | 114 | 0.60 | % | 21,449 | 150 | 0.93 | % | ||||||||||||
FHLB Long-term borrowings | 6,462 | 171 | 3.53 | % | 9,801 | 243 | 3.31 | % | ||||||||||||
FDIC Term Note | 29,999 | 892 | 3.96 | % | 29,997 | 892 | 3.96 | % | ||||||||||||
Subordinated Debentures | 6,186 | 158 | 3.41 | % | 6,186 | 162 | 3.49 | % | ||||||||||||
Total borrowings | 116,279 | 1,430 | 1.64 | % | 105,950 | 1,912 | 2.41 | % | ||||||||||||
Total interest-bearing deposits and borrowings | 559,101 | 5,355 | 1.28 | % | 593,401 | 7,817 | 1.76 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 94,297 | 71,507 | ||||||||||||||||||
Other liabilities | 7,254 | 15,820 | ||||||||||||||||||
Total liabilities | 101,551 | 87,327 | ||||||||||||||||||
Shareholders' Equity | 75,774 | 70,240 | ||||||||||||||||||
Total Liabilities and Shareholders' Equity: | $ | 736,426 | $ | 750,968 | ||||||||||||||||
Interest Spread(2) | 3.58 | % | 3.06 | % | ||||||||||||||||
Net Interest Margin(3) | $ | 20,620 | 3.85 | % | $ | 17,931 | 3.35 | % |
(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. |
CONTACT:
Access National Corporation
Michael Clarke, 703-871-2100