Access National Corporation (NASDAQ: ANCX) (the
“Corporation” or “Access”), parent company for Access National Bank
(the “Bank”) and Middleburg Investment Group, reported second
quarter 2018 net income of $9.0 million, or $0.43 per diluted
share. This represents the Corporation’s 72nd consecutive quarterly
profit over its 74 quarter history. Consistent with management’s
objective of a 40% dividend payout ratio against level and
sustainable earnings, the Board of Directors declared a dividend of
$0.16 per share for common shareholders of record as of August 09,
2018 and payable on August 24, 2018. This dividend represents a
$0.01 increase from the prior quarter.
Highlights
- For the three month period ended June
30, 2018, net income increased 10.8% compared to the preceding
period and 20.0% compared to the same period of the prior year
(after a tax adjusted add back for merger costs in the prior
year);
- Loans held for investment increased
$59.3 million (12.3% annualized) during the three-month period to
$2.0 billion at June 30, 2018;
- Tangible book value1 per common share
was $11.99 at June 30, 2018, an increase of $0.34 from the linked
quarter; and
- Demand deposits of $1.2 billion at June
30, 2018 comprised 56% of total deposits, inclusive of $719.9
million of non-interest bearing demand deposits or 34% of the
deposit portfolio. Non-interest bearing demand deposits increased
$13.7 million during the three month period and $59.4 million
during the twelve month period ended June 30, 2018.
According to CEO Michael Clarke, “Not only did we experience
strong increases in nominal earnings during this period, we
exceeded our strategic profitability measures with Return on
Tangible Common Equity (ROTCE) of 13.74% compared to the target of
13.25%, and Return on Assets of 1.26% compared to the target of
1.25%. While modest margin compression was a drag on performance
(down 3 basis points), our team focused this quarter on delivering
solid loan growth and maintaining an attractive core deposit base.
Non-interest bearing demand deposits, our largest and most valued
source of funding, increased $13.7 million during the quarter and
comprised 34% of total deposits. We place a priority focus on
maintaining and expanding commercial checking accounts with
businesses that value a trusted advisor relationship and
sophisticated treasury management solutions.”
Both fee income businesses, wealth management and mortgage, made
meaningful contributions to deliver 17% of pre-tax income, up from
12% during the prior three months. Mr. Clarke concluded: “Our brand
of relationship banking with complementary and valued-added fee
income services resonates well with our target market and gives us
the financial levers to deliver results and drive long term
shareholder value.” For the wealth segment, pre-tax income rose to
$1.0 million for the three months ended June 30, 2018 compared to
$0.3 million for the prior period. This increase is primarily
attributable to a one-time fee associated with an estate
settlement. On a linked quarter basis, the mortgage segment margins
decreased while origination volume increased, resulting in pretax
earnings of $0.9 million for the three months ended June 30, 2018
compared to $0.9 million for the prior quarter. Mortgage
originations were $123.2 million for the three months ended June
30, 2018, compared to $84.4 million for the three months ended
March 31, 2018 and $117.0 million for the three months ended June
30, 2017. The Corporation’s efficiency ratio continues to improve
and is within the stated strategic target threshold of 65% or
better.
The net interest margin on a fully tax equivalent (non-GAAP)
basis decreased to 3.67% from 3.70% when comparing second quarter
2018 to the linked quarter. This decrease is primarily attributed
to changes in the Corporation’s funding mix. Net purchase mark
accretion included in net interest income was $781 thousand for the
second quarter 2018 and $773 thousand for the linked quarter.
Loans Held for Investment increased $59.3 million during the
quarter to $2.0 billion at June 30, 2018. The growth experienced
during the quarter reversed a decline during the prior quarter
which was attributed to seasonal factors led by pay downs on lines
of credit to commercial and industrial borrowers. During the recent
quarter, many of those lines of credit have been re-drawn and new
borrowers added to the portfolio. As of June 30, 2018, commercial
and industrial loans as well as owner occupied commercial real
estate loans combined to account for 48% of the loan portfolio
reflecting the Corporation’s continued focus on lower-middle-market
businesses. The Corporation’s priority focus is on expanding
borrowers in these portfolios as a driver of future growth in the
loan portfolio along with related core deposits.
Noninterest-bearing deposits at June 30, 2018 were $719.9
million, an increase of $13.7 million compared to the first quarter
of 2018. Noninterest-bearing deposits remain the largest and most
attractive source of funding for the Corporation, comprising 34% of
the deposit portfolio. When combined with interest-bearing demand
deposit accounts, total transaction accounts comprise 56% of the
total deposit portfolio, reducing reliance of non-core and more
price sensitive funding.
Total deposits at June 30, 2018 were $2.1 billion, down $70.2
million from the $2.2 billion at March 31, 2018. The decrease in
interest-bearing deposits was most pronounced in the “rate
sensitive” categories of brokered deposits and CDARS while all
interest-bearing deposit categories experienced rate motivated
runoff. Our strategy places a high priority on the maintenance and
expansion of core deposits, particularly transaction accounts.
Premium interest rates are targeted to existing high value core
depositors and used offensively to acquire new accounts in
selective market segments.
Short-term borrowings increased $146.5 million during the three
months ended June 30, 2018. This increase is attributable primarily
to a few large dollar deposit account balance fluctuations during
the quarter.
Asset quality remains strong for the quarter. Non-performing
assets (“NPAs”) decreased to $6.0 million at June 30, 2018 from
$7.5 million at March 31, 2018, representing 0.21% and 0.26% of
total assets, respectively. Included in the NPA total is $1.9
million in other real estate owned. The allowance for loan loss was
$16.5 million and $15.8 million at June 30, 2018 and December 31,
2017, respectively, and represented 0.83% and 0.80% of total loans
held for investment, respectively.
Tangible book value2 per common share increased to $11.99 at
June 30, 2018 from $11.52 at December 31, 2017. The tangible common
equity ratio for Access National Corporation and its subsidiary
bank was 9.12% at June 30, 2018, within the Corporation’s target
range of 8.50% to 9.50%.
Access National Corporation is the parent company of Access
National Bank and Middleburg Investment Group serving Northern and
Central Virginia. 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".
Access National Corporation will hold a conference call on
Friday, July 27, 2018 at 9:00 a.m. Eastern Time during which
management will review earnings and performance trends. Callers
wishing to participate may call toll-free by dialing (844)
348-3796; international callers wishing to participate may do so by
dialing (213) 358-0951. The conference ID number is 8569152.
Forward-Looking Statements
The information presented herein contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 regarding expectations or predictions of future
financial or business performance or conditions. Forward-looking
statements may be identified by words such as "may," "could,"
"will," "expect," "believe," "anticipate," "forecast," "intend,"
"plan," "prospects," "estimate," "potential," or by variations of
such words or by similar expressions. These forward-looking
statements are subject to numerous assumptions, risks and
uncertainties which change over time. Forward-looking statements in
this report may include, but are not limited to, statements about
projected impacts of and financial results generated by the merger
of Access and Middleburg Financial Corporation (“Middleburg”).
Forward-looking statements speak only as of the date they are made
and Access assumes no duty to update forward-looking
statements.
In addition to factors previously disclosed in Access's reports
filed with the SEC and those identified elsewhere in this release,
the following factors, among others, could cause actual results to
differ materially from the results expressed in or implied by
forward-looking statements and historical performance: changes in
asset quality and credit risk; changes in interest rates and
capital markets; the introduction, timing and success of business
initiatives; competitive conditions; and the inability to recognize
cost savings or revenues or to implement integration plans
associated with the merger of Access and Middleburg.
____________________1 Non-GAAP financial information. See
“Reconciliation of Non-GAAP Financial Measures” at end of release.2
Non-GAAP financial information. See “Reconciliation of Non-GAAP
Financial Measures” at end of release.
Access National Corporation Consolidated Balance
Sheet - Unaudited
(In Thousands Except for Share and Per Share
Data) June 30,2018 March 31,2018 December
31,2017 June 30,2017
ASSETS Cash and due from banks $ 17,346 $ 17,084 $
29,855 $ 19,772 Interest-bearing balances and federal funds
sold 105,626 127,280 92,458 46,889 Investment securities:
Available-for-sale, at fair value 421,975 401,411 406,067 401,169
Marketable equity, at fair value 1,340 1,351 1,379 1,388
Held-to-maturity, amortized cost (fair value of $ 16,419, $15,657,
$16,379, and $16,449, respectively) 16,350
15,676 15,721
15,786 Total investment securities 439,665 418,438 423,167
418,343 Restricted Stock, at amortized cost 23,742 16,502
16,572 8,742 Loans held for sale - at fair value 51,365
30,008 31,999 34,954
Loans held for investment net of allowance
for loan losses of $16,543, $15,928, $15,805, and $14,671,
respectively
1,967,646 1,908,983 1,963,104 1,913,674 Premises, equipment
and land, net 28,082 28,111 27,797 29,363 Goodwill and
intangible assets, net 184,838 185,646 185,161 184,194 Other
assets 102,275 101,796 103,781 101,059
Total assets $ 2,920,585 $
2,833,848 $ 2,873,894 $ 2,756,990
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES Noninterest-bearing deposits $ 719,873 $ 706,128
$ 744,960 $ 660,481 Interest-bearing demand deposits 477,329
511,850 496,677 454,675 Savings and interest-bearing
deposits 625,120 659,615 623,889 611,708 Time deposits
304,398 319,335
368,622 460,342 Total deposits
2,126,720 2,196,928 2,234,148 2,187,206 Short-term
borrowings 289,934 143,413 145,993 55,429 Long-term
borrowings 45,000 40,000 40,000 80,000 Trust preferred
debentures 3,922 3,903 3,883 3,843 Other liabilities and
accrued expenses 20,727 22,951 28,246 15,644
Total Liabilities 2,486,303
2,407,195 2,452,270
2,342,122
SHAREHOLDERS'
EQUITY
Common stock $0.835 par value; 60,000,000
authorized; issued and outstanding, 20,796,193, 20,695,946,
20,534,163, and 20,378,994, respectively
17,365 17,281 17,146 17,016 Additional paid in capital
314,367 311,675 307,670 303,997 Retained earnings 109,690
103,834 98,584 94,664 Accumulated other comprehensive (loss)
income, net (7,140 ) (6,137 ) (1,776 ) (809 )
Total shareholders' equity
434,282 426,653 421,624
414,868
Total liabilities and shareholders' equity $
2,920,585 $ 2,833,848 $ 2,873,894
$ 2,756,990
Access National
Corporation Consolidated Statement of Operations -
Unaudited Three Months Ended Six Months
Ended (In Thousands Except for Share and Per Share Data)
June 30, 2018 March 31, 2018 June 30, 2017
June 30, 2018 June 30, 2017
INTEREST INCOME Interest and fees on loans $ 24,143 $ 23,411
$ 23,746 $ 47,554 $ 35,945 Interest on federal funds sold
and bank balances 437 517 221 954 352 Interest and dividends
on securities 2,642 2,680 3,172 5,322
4,396 Total interest income 27,222 26,608 27,139 53,830
40,693
INTEREST EXPENSE Interest on deposits 3,017
2,798 2,419 5,815 3,921 Interest on other borrowings
1,190 565 545 1,755 907 Total interest
expense 4,207 3,363 2,964 7,570
4,828 Net interest income 23,015 23,245 24,175 46,260 35,865
Provision for loan losses 652 750 900
1,402 2,300 Net interest income after provision for loan
losses 22,363 22,495 23,275 44,858 33,565
NONINTEREST
INCOME Service charges and fees 494 477 669 971 949 Gain
on sale of loans 4,196 2,792 6,046 6,988 9,391 Other Income
4,400 4,126 2,170 8,526 4,548
Total noninterest income 9,090 7,395 8,885 16,485 14,888
NONINTEREST EXPENSE Salaries and benefits 12,529 11,728
12,660 24,257 20,700 Occupancy and equipment 1,640 2,241
1,981 3,881 2,801 Other operating expense 6,257
6,005 11,585 12,262 14,920 Total
noninterest expense 20,426 19,974 26,226
40,400 38,421 Income before income tax 11,027 9,916
5,934 20,943 10,032 Income tax expense 2,065
1,830 2,088 3,895 3,579
NET INCOME
8,962 8,086 3,846 17,048 6,453
Earnings per common share: Basic $ 0.43 $ 0.39 $ 0.19 $ 0.82
$ 0.42 Diluted $ 0.43 $ 0.39 $ 0.19 $ 0.82 $ 0.41 Average
outstanding shares: Basic 20,736,727 20,619,817 20,335,070
20,678,272 15,529,934 Diluted 20,822,853 20,715,188 20,453,991
20,769,020 15,655,613
Performance and Capital
Ratios - Unaudited
(Dollars In
Thousands)
Three MonthsEndedJune
30,2018 Three MonthsEndedMarch
31,2018 Three MonthsEndedJune
30,2017 Six MonthsEndedJune
30,2018 Six MonthsEndedJune
30,2017 Twelve
MonthsEndedDecember 312017
Return on average assets (annualized)
1.26% 1.06% 0.55% 1.17% 0.62% 0.67% Return on average tangible
equity (annualized) (1) 13.74% 13.57% 6.87% 13.93% 7.52% 7.72% Net
interest margin - fully tax equivalent basis (1) 3.67% 3.70% 3.98%
3.68% 3.81% 3.88% Net interest margin 3.62% 3.65% 3.91% 3.64% 3.75%
3.81% Cost of funds 0.98% 0.79% 0.69% 0.88% 0.73% 0.73% Access
National Bank efficiency ratio (2) 57.36% 59.65% 59.23% 58.20%
57.30% 55.72% Access National Corporation efficiency ratio (2)
63.62% 65.19% 79.33% 64.39% 75.70% 69.61% Total average equity to
earning assets 16.86% 16.59% 16.68% 16.73% 13.95% 14.82% Tangible
common equity ratio (1) 9.12% 9.10% 8.97% 9.12% 8.97% 8.79%
Averages Assets $ 2,848,307 $ 2,856,201 $ 2,789,088 $
2,852,359 $ 2,096,372 $ 2,453,894 Loans held for investment
1,935,422 1,950,077 1,896,824 1,942,700 1,474,551 1,704,040 Loans
held for sale 41,515 21,257 28,254 31,442 26,368 27,881
Interest-bearing deposits & federal funds sold 110,800 136,969
121,572 123,812 94,174 104,566 Investment securities 444,779
434,003 422,792 439,421 316,345 362,614 Earning assets 2,541,454
2,548,836 2,471,037 2,545,115 1,913,515 2,212,020 Interest-bearing
deposits 1,440,998 1,517,030 1,523,996 1,478,811 1,143,566
1,327,262 Total deposits 2,114,617 2,215,222 2,163,566 2,164,723
1,631,078 1,922,249 Repurchase agreements & federal funds
purchased 56,693 57,344 53,949 57,017 41,148 48,378 FHLB short term
borrowings 180,348 91,002 57,824 135,922 71,934 67,907 FHLB
long-term borrowings 42,088 40,000 79,892 41,050 69,698 66,329
Trust Preferred debt 3,911 3,891 3,824 3,901 1,919 2,691 Equity $
428,590 $ 422,780 $ 412,146 $ 425,699 $ 266,951 $ 327,738 Tangible
equity (1) $ 243,232 $ 238,381 $ 223,891 $ 240,803 $ 171,716 $
213,756 Allowance for loan losses $ 16,543 $ 15,928 $ 14,671
$ 16,543 $ 14,671 $ 15,805 Allowance for loan losses/loans held for
investment 0.83% 0.83% 0.76% 0.83% 0.76% 0.80% Remaining purchase
marks on performing loans $ 11,335 $ 10,415 $ 15,880 $ 11,335 $
15,880 $ 11,241 Purchased credit impaired loans $ 4,632 $ 4,702 $
7,237 $ 4,632 $ 7,237 $ 4,969 Remaining purchase marks on credit
impaired loans $ 1,720 $ 1,749 $ 2,296 $ 1,720 $ 2,296 $ 1,175
Total NPA $ 6,049 $ 7,453 $ 8,954 $ 6,049 $ 8,954 $ 5,270 NPA to
total assets 0.21% 0.26% 0.32% 0.21% 0.32% 0.18% Mortgage
loan originations and brokered loans $ 123,157 $ 84,411 $ 116,958 $
207,568 $ 211,458 $ 432,678 Gain on sale of mortgage loans net
hedging activity $ 4,251 $ 3,273 $ 5,421 $ 7,524 $ 8,837 $ 19,192
Allowance for losses on mortgage loans sold $ 953 $ 953 $ 1,029 $
953 $ 1,029 $ 953 Wealth Services segment - assets under
management $ 1,949,992 $ 1,942,526 $ 1,927,629 $ 1,949,992 $
1,927,629 $ 1,955,720 Book value per common share $ 20.88 $
20.62 $ 20.36 $ 20.88 $ 20.36 $ 20.53 Tangible book value
per common share (1) $ 11.99 $ 11.65 $ 11.32 $ 11.99 $ 11.32 $
11.52
(1) Non-GAAP financial
information. See "Reconciliation of Non-GAAP Financial Measures" at
end of release.
(2) Efficiency ratio is non-interest
expense divided by the sum of net interest income and non-interest
income.
Composition of Loan Portfolio - Unaudited
June 30, 2018 March 31,
2018 December 31, 2017 September 30,
2017 June 30, 2017 (Dollars In Thousands)
Amount
Percentage ofTotal
Amount
Percentage ofTotal
Amount
Percentage ofTotal
Amount
Percentage ofTotal
Amount
Percentage ofTotal
Commercial real estate - owner occupied $ 478,928 24.13 % $
462,298 24.02 % $ 467,082 23.60 % $ 443,128 22.50 % $ 401,853 20.84
% Commercial real estate - non-owner occupied 457,940 23.08 419,139
21.77 436,083 22.04 435,181 22.09 377,037 19.55 Residential real
estate 460,269 23.20 476,366 24.75 489,669 24.74 512,621 26.03
525,649 27.26 Commercial 464,270 23.40 437,287 22.72 463,652 23.43
449,450 22.82 476,055 24.69 Real estate construction 99,164 5.00
104,528 5.43 97,481 4.93 104,193 5.29 124,186 6.44 Consumer
23,618 1.19 25,293 1.31
24,942 1.26 25,087 1.27
23,565 1.22
Total loans $ 1,984,189 100.00 % $
1,924,911 100.00 % $ 1,978,909 100.00 % $ 1,969,660 100.00 % $
1,928,345 100.00 % Less allowance for loan losses 16,543
15,928 15,805 15,692 14,671 $ 1,967,646
$ 1,908,983 $ 1,963,104 $ 1,953,968 $ 1,913,674
Composition of Deposits - Unaudited
June 30, 2018 March 31, 2018
December 31, 2017 September 30, 2017
June 30, 2017 (Dollars In Thousands)
Amount
Percentage ofTotal
Amount
Percentage ofTotal
Amount
Percentage ofTotal
Amount
Percentage ofTotal
Amount
Percentage ofTotal
Demand deposits $ 719,873 33.85 % $ 706,128 32.14 % $
744,960 33.34 % $ 710,691 31.09 % $ 660,481 30.20 %
Interest-bearing demand deposits 462,355 21.74 501,745 22.84
486,621 21.78 480,620 21.02 454,675 20.79 Savings and money market
585,673 27.54 616,879 28.08 580,827 26.00 616,596 26.97 562,581
25.72 CDARS time deposits 13,666 0.64 17,247 0.78 21,582 0.97
37,836 1.65 39,746 1.82 CDARS/ICS non-maturity deposits 53,233 2.50
50,233 2.29 48,011 2.15 47,219 2.07 44,009 2.01 Brokered deposits
17,590 0.83 23,244 1.06 51,028 2.28 71,090 3.11 101,419 4.64 Time
deposits 274,330 12.90 281,452
12.81 301,119 13.48
322,160 14.09 324,295
14.82 Total Deposits $ 2,126,720 100.00 %
$ 2,196,928 100.00 % $ 2,234,148 100.00
% $ 2,286,212 100.00 % $ 2,187,206
100.00 %
Yield on Average Earning Assets and Rates
on Average Interest-Bearing Liabilities Three Months Ended -
Unaudited
June 30, 2018 March
31, 2018 June 30, 2017 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 $ 453,717 $ 2,643 2.33 % $ 440,533 $ 2,679 2.43 % $
424,387 $ 3,172 2.99 % Loans held for sale 41,515 477 4.59 % 21,257
227 4.27 % 28,254 297 4.20 % Loans(1) 1,935,422 23,663 4.89 %
1,950,077 23,187 4.76 % 1,896,824 23,449 4.94 % Interest-bearing
balances and federal funds sold 110,800
439 1.59 % 136,969 515
1.50 % 121,572 221 0.73 %
Total interest-earning assets 2,541,454
27,222 4.28 %
2,548,836 26,608
4.18 %
2,471,037 27,139 4.39 %
Noninterest-earning assets: Cash and due from banks 15,953
18,261 17,131 Premises, land and equipment 28,087 28,333 29,459
Other assets 279,127 276,819 285,518 Less: allowance for loan
losses (16,314 ) (16,048 ) (14,057 )
Total
noninterest-earning assets 306,853
307,365 318,051 Total
Assets $ 2,848,307 $
2,856,201 $ 2,789,088
Liabilities and Shareholders' Equity: Interest-bearing
deposits: Interest-bearing demand deposits $ 490,619 $ 680 0.55
% $ 502,621 $ 590 0.47 % $ 472,065 $ 345 0.29 % Money market
deposit accounts 466,538 1,047 0.90 % 494,707 930 0.75 % 367,590
478 0.52 % Savings accounts 174,392 233 0.53 % 173,509 209 0.48 %
191,409 212 0.44 % Time deposits 309,449
1,057 1.37 % 346,193
1,069 1.24 % 492,932
1,384 1.12 %
Total interest-bearing deposits
1,440,998 3,017 0.84 %
1,517,030 2,798
0.74 %
1,523,996 2,419 0.63 %
Borrowings: FHLB
short-term borrowings 180,348 866 1.92 % 91,002 350 1.54 % 57,825
221 1.53 % Securities sold under agreements to repurchase and
federal funds purchased 56,693 14 0.10 % 57,344 14 0.10 % 53,949 26
0.19 % Subordinated debentures 3,911 84 8.63 % 3,891 75 7.71 %
3,824 111 11.61 % FHLB long-term borrowings 42,088
226 2.14 % 40,000
126 1.26 % 79,892 188
0.94 %
Total borrowings 283,040
1,190 1.68 %
192,237 565 1.18 %
195,490 546 1.12 %
Total interest-bearing deposits and borrowings
1,724,038 4,207 0.98 %
1,709,267 3,363
0.79 %
1,719,486 2,965 0.69 %
Noninterest-bearing
liabilities: Demand deposits 673,619 698,192 639,570 Other
liabilities 22,060 25,962 17,886
Total liabilities 2,419,717 2,433,421
2,376,942 Shareholders' Equity 428,590
422,780 412,146
Total Liabilities and
Shareholders' Equity $ 2,848,307 $
2,856,201 $ 2,789,088
Interest Spread(2) 3.30 % 3.39 % 3.70 % Net Interest
Margin(3) $ 23,015 3.62 % $ 23,245 3.65 % $ 24,174
3.91 %
(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 - Unaudited
June 30, 2018 June 30, 2017
Average Income / Yield /
Average Income / Yield / (Dollars In
Thousands)
Balance Expense
Rate Balance Expense
Rate Assets: Interest-earning assets:
Securities $ 447,161 $ 5,322 2.38 % $ 318,422 $ 4,396 2.76 % Loans
held for sale 31,442 704 4.48 % 26,368 547 4.15 % Loans(1)
1,942,700 46,850 4.82 % 1,474,551 35,398 4.80 % Interest-bearing
balances and federal funds sold 123,812
954 1.54 % 94,174 352
0.75 %
Total interest-earning assets
2,545,115 53,830 4.23 %
1,913,515 40,693 4.25 %
Noninterest-earning
assets: Cash and due from banks 17,100 14,416 Premises, land
and equipment 28,210 18,280 Other assets 278,116 164,945 Less:
allowance for loan losses (16,182 ) (14,784 )
Total noninterest-earning assets 307,244
182,857 Total Assets $
2,852,359 $ 2,096,372
Liabilities and Shareholders' Equity: Interest-bearing
deposits: Interest-bearing demand deposits $ 496,587 $ 1,270
0.51 % $ 307,685 $ 498 0.32 % Money market deposit accounts 480,551
1,977 0.82 % 313,339 823 0.53 % Savings accounts 173,960 442 0.51 %
126,103 302 0.48 % Time deposits 327,713
2,126 1.30 % 396,439
2,298 1.16 %
Total interest-bearing deposits
1,478,811 5,815 0.79 %
1,143,566 3,921
0.69 %
Borrowings: FHLB short-term borrowings 135,922 1,216
1.79 % 71,934 387 1.35 % Securities sold under agreements to
repurchase and federal funds purchased 57,017 28 0.10 % 41,148 42
0.20 % Subordinated debentures 3,901 159 8.17 % 1,919 111 11.57 %
FHLB long-term borrowings 41,050 352
1.71 % 69,698 368 1.06 %
Total borrowings 237,890
1,755 1.48 %
184,699
908 0.98 %
Total interest-bearing deposits
and borrowings 1,716,701 7,570 0.88 %
1,328,265 4,829 0.73 %
Noninterest-bearing
liabilities: Demand deposits 685,912 487,511 Other liabilities
24,048 13,645
Total liabilities
2,426,660 1,829,421 Shareholders' Equity
425,699 266,951
Total Liabilities and
Shareholders' Equity $ 2,852,359 $
2,096,372 Interest Spread(2) 3.35 % 3.53 %
Net Interest Margin(3) $ 46,260 3.64 % $ 35,864
3.75 %
(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.
Segment Reporting - Unaudited
Three Months Ended
Commercial Mortgage Trust & Wealth
Consolidated June 30, 2018 Banking
Banking Management Other Eliminations
Totals (In Thousands) Revenues: Interest income $ 26,841 $
477 $ 3 $ 6 $ (105 ) $ 27,222 Gain on sale of loans - 4,196 - - -
4,196 Other revenues 1,634 373 2,726
491 (330 ) 4,894 Total revenues
28,475 5,046 2,729 497
(435 ) 36,312 Expenses: Interest expense 4,130 39 -
143 (105 ) 4,207 Salaries and employee benefits 8,324 3,130 1,075 -
- 12,529 Other expenses 6,292 971 660
956 (330 ) 8,549 Total operating
expenses 18,746 4,140 1,735
1,099 (435 ) 25,285 Income (loss)
before income taxes $ 9,729 $ 906 $ 994 $ (602 ) $ -
$ 11,027 Total assets $ 2,871,045 $ 40,293 $ 12,301 $
23,435 $ (26,489 ) $ 2,920,585
Three Months
Ended Commercial Mortgage Trust &
Wealth Consolidated March 31, 2018
Banking Banking Management Other
Eliminations Totals (In Thousands) Revenues: Interest
income $ 26,287 $ 227 $ 2 $ 6 $ 86 $ 26,608 Gain on sale of loans -
2,792 - - - 2,792 Other revenues 1,505 1,269
1,741 418 (330 ) 4,603 Total
revenues 27,792 4,288 1,743 424
(244 ) 34,003 Expenses: Interest
expense 3,294 (152 ) - 135 86 3,363 Salaries and employee benefits
7,928 2,877 948 - (25 ) 11,728 Other expenses 7,285
706 482 828 (305 ) 8,996
Total operating expenses 18,507 3,431
1,430 963 (244 ) 24,087 Income
(loss) before income taxes $ 9,285 $ 857 $ 313 $ (539 ) $ 0
$ 9,916 Total assets $ 2,781,867 $ 39,416 $
11,078 $ 22,494 $ (21,007 ) $ 2,833,848
Three Months Ended Commercial Mortgage
Trust & Wealth Consolidated
June 30, 2017
Banking
Banking Management Other Eliminations
Totals (In Thousands) Revenues: Interest income $ 26,917 $
297 $ 3 $ 6 $ (84 ) $ 27,139 Gain on sale of loans - 6,046 - - -
6,046 Other revenues 1,703 (692 ) 1,824
327 (323 ) 2,839 Total revenues 28,620
5,651 1,827 333 (407 )
36,024 Expenses: Interest expense 2,854 16 - 178 (84
) 2,964 Salaries and employee benefits 8,240 3,193 1,227 - - 12,660
Other expenses 7,922 1,256 452
5,159 (323 ) 14,466 Total operating expenses
19,016 4,465 1,679 5,337
(407 ) 30,090 Income (loss) before income
taxes $ 9,604 $ 1,186 $ 148 $ (5,004 ) $ - $ 5,934
Total assets $ 2,685,238 $ 37,923 $ 41,437 $ 418,877
$ (426,485 ) $ 2,756,990
Segment Reporting -
Unaudited
Six Months
Ended Commercial Mortgage Trust &
Wealth Consolidated June 30, 2018
Banking Banking Management Other
Eliminations Totals (In Thousands) Revenues: Interest
income $ 53,128 $ 704 $ 5 $ 12 $ (19 ) $ 53,830 Gain on sale of
loans - 6,988 - - - 6,988 Other revenues 3,139 1,642
4,467 909 (660 ) 9,497
Total revenues 56,267 9,334 4,472
921 (679 ) 70,315 Expenses:
Interest expense 7,424 (113 ) - 278 (19 ) 7,570 Salaries and
employee benefits 16,252 6,007 2,023 - (25 ) 24,257 Other expenses
13,577 1,677 1,142 1,784
(635 ) 17,545 Total operating expenses 37,253
7,571 3,165 2,062 (679 )
49,372 Income (loss) before income taxes $ 19,014 $
1,763 $ 1,307 $ (1,141 ) $ - $ 20,943 Total
assets $ 2,871,045 $ 40,293 $ 12,301 $ 23,435 $
(26,489 ) $ 2,920,585
Six Months Ended
Commercial Mortgage Trust & Wealth
Consolidated June 30, 2017 Banking
Banking Management Other Eliminations
Totals (In Thousands) Revenues: Interest income $ 40,311 $
547 $ 3 $ 12 $ (180 ) $ 40,693 Gain on sale of loans - 9,391 - - -
9,391 Other revenues 2,468 434 2,578
663 (646 ) 5,497 Total revenues
42,779 10,372 2,581 675
(826 ) 55,581 Expenses: Interest expense 4,724 43 -
241 (180 ) 4,828 Salaries and employee benefits 12,658 6,224 1,818
- - 20,700 Other expenses 11,449 2,097
691 6,430 (646 ) 20,021 Total operating
expenses 28,831 8,364 2,509
6,671 (826 ) 45,549 Income (loss)
before income taxes $ 13,948 $ 2,008 $ 72 $ (5,996 ) $ -
$ 10,032 Total assets $ 2,685,238 $ 37,923 $
41,437 $ 418,877 $ (426,485 ) $ 2,756,990
Reconciliation of Non-GAAP Financial
Measures - Unaudited
The press release contains certain financial information
determined by methods other than in accordance with generally
accepted accounting policies in the United States (GAAP). These
non-GAAP financial measures are “tangible book value per common
shares”, “tangible common equity ratio”, and “net interest margin
on a fully tax equivalent basis.” This non-GAAP disclosure has
limitations as an analytical tool and should not be considered in
isolation or as a substitute for analysis of the Corporation’s
results as reported under GAAP, nor is it necessarily comparable to
non-GAAP performance measures that may be presented by other
companies. Management uses these non-GAAP measures in its analysis
of our performance because it believes these measures are material
and will be used as a measure of our performance by investors.
Three Months
Three Months Three Months Six Months Six
Months Twelve Months Ended Ended
Ended Ended Ended Ended June 30,
March 31, June 30, June 30, June 30,
December 31, (Dollars In Thousands)
2018 2018
2017 2018
2017 2017
Book value per common share $ 20.88 $ 20.62 $ 20.36 $ 20.88 $ 20.36
$ 20.53 Effect of intangible assets $ (8.89 ) $ (8.97 ) $ (9.04 ) $
(8.89 ) $ (9.04 ) $ (9.01 ) Tangible book value per common share $
11.99 $ 11.65 $ 11.32 $ 11.99 $ 11.32 $ 11.52 Common
equity ratio 14.87 % 15.06 % 15.05 % 14.87 % 15.05 % 14.67 % Effect
of intangible assets -5.75 % -5.96 % -6.08 %
-5.75 % -6.08 % -5.88 % Tangible common equity
ratio 9.12 % 9.10 % 8.97 % 9.12 % 8.97 % 8.79 % Net
interest margin 3.62 % 3.65 % 3.91 % 3.64 % 3.75 % 3.81 % Effect of
tax exempt securities and loans 0.05 % 0.05 %
0.07 % 0.04 % 0.06 % 0.07 % Net interest
margin - fully tax equivalent basis 3.67 % 3.70 % 3.98 % 3.68 %
3.81 % 3.88 % Return on average equity 8.36 % 7.06 %
3.73 % 8.01 % 4.83 % 5.03 % Effect of intangible assets 5.38
% 6.51 % 3.14 % 5.92 % 2.69 %
2.69 % Return on average tangible equity 13.74 % 13.57 % 6.87 %
13.93 % 7.52 % 7.72 % Average equity $ 428,590 $
422,780 $ 412,146 $ 425,699 $ 266,951 $ 327,738 Effect of average
intangible assets $ 185,358 $ 184,399 $ 188,255
$ 184,896 $ 95,235 $ 125,330 Average
tangible equity $ 243,232 $ 238,381 $ 223,891 $ 240,803 $ 171,716 $
202,408
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Access National CorporationMichael W. ClarkeCEO703-871-2100
Grafico Azioni Access National Corp. (NASDAQ:ANCX)
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