Attached files
| file | filename |
|---|---|
| 8-K - ACCESS NATIONAL CORP. 8-K - ACCESS NATIONAL CORP | a6590209.htm |
Exhibit 99.1
Access National Announces Q4 Earnings Increase, Dividend Increase and Strategic Leadership Adjustment
RESTON, Va.--(BUSINESS WIRE)--January 26, 2011--Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported fourth quarter net income of $2.2 million, a 10% increase over the $2.0 million recorded in the fourth quarter of 2009. This represents the company’s 42nd consecutive quarterly profit.
The Board of Directors also declared a cash dividend of $0.02 per share for shareholders of record as of February 10, 2011, representing a 100% increase over per share dividends paid in recent periods. The dividend will be paid on February 25, 2011.
Effective today, January 26, 2011, the Board of Directors elected Director James L. (Ted) Jadlos as Chairman, taking the place of the Lead Independent Director and Chairman positions occupied by John W. (Skip) Edgemond and Michael W. Clarke, respectively. Messrs. Edgemond and Clarke remain Directors and Mr. Clarke remains Chief Executive Officer. Mr. Jadlos agreed to expand his outside Director role in light of time availability following the sale of his own business, his increased ownership position, and interest in cultivating and shaping strategic opportunities that serve shareholder value. Mr. Jadlos has served as a Director of the Corporation since it was formed in 2002 and has served as a Director of Access National Bank since 2000.
Return on average assets was 1.08% for the fourth quarter and 0.98% for the year. Return on average equity was 12.60% for the fourth quarter and 10.85% for the year. Book value per common share was $6.96 at December 31, 2010, compared to $6.43 at December 31, 2009, an 8.2% year over year increase.
Earnings per diluted share were $0.22 for the quarter ended December 31, 2010, compared to $0.19 per diluted share in the fourth quarter of 2009. Net income for the year ended December 31, 2010 totaled $7.6 million or $0.72 per diluted share, compared to net income of $9.6 million or $0.92 per diluted share for the year ended December 31, 2009. The decrease in earnings is primarily due to a decrease in income generated from the mortgage banking segment as a result of a 42% decline in year over year origination volume. Net income from the banking segment totaled approximately $5.5 million, up 96% from the prior year.
Assets totaled $831.8 million at December 31, 2010 compared to $666.9, an increase of $164.9 million or 24.7% composed primarily of increases in cash and investment securities.
The company was successful in deploying its loan portfolio strategies in 2010. Access National Bank dominated regional volumes reported for SBA Guaranteed loans. In the quarter ended December 31, 2010, the Small Business Administration (SBA) reported regional loan volume of $24 million for Access National Bank, compared to just $4 million of volume for the second largest bank lender. For the calendar year 2010, SBA reported volume of $35 million for the company compared to $11 million for the second highest volume bank lender. The SBA activity was an important component of a larger focus on expanding core business relationships, upgrading credit and relationship profiles of new accounts and exiting targeted borrowers and loan types. Success in execution is further evidenced by a 30% year over year increase in commercial and industrial loans and a 20% increase in business demand deposit balances Overall, loans held for investment totaled $491.5 million at December 31, 2010 compared to $486.6 million at December 31, 2009. Loans held for sale totaled $82.2 million at December 31, 2010, up $6.0 million from the prior year.
Investment securities totaled $128.7 million at December 31, 2010 compared to $47.8 million at December 31, 2009. The growth in the investment portfolio is attributable to deposit growth and moderate net loan growth. All of the securities purchased in 2010 were government agencies.
Deposits totaled $627.8 million at December 31, 2010 compared to $466.6 million at December 31, 2009. Non-interest-bearing deposit balances totaled approximately $84.0 million compared to $69.8 million at December 31, 2009, a 20% increase.
Non-performing assets (NPAs, including Troubled Debt Restructurings or TDRs) totaled approximately $10.4 million or 1.25% of assets at December 31, 2010, down from $12.1 million or 1.82% of assets at December 31, 2009. NPAs are comprised of non-accrual loans totaling $8.5 million and other real estate owned of $1.9 million. The allowance for loan losses totaled $10.5 million or 2.14% of total loans held for investment as of December 31, 2010, compared to $9.1 million or 1.9% at December 31, 2009.
During the fourth quarter, Access National Mortgage reached settlement arrangements with its two largest mortgage investors wherein payments of $3.75 million were made to release the company from known and unknown repurchase obligations associated with approximately $3 billion of mortgage loans. Loans covered under the agreements included a disproportionate share of the non-prime and wholesale channel loans sold by the company during the applicable period that pose, in the company’s estimation and experience, the greatest repurchase potential. The wholesale and non-prime loan programs were terminated by the company in 2007. After removal of loans covered under the referenced settlement agreements and accounting for repayments, the company estimates approximately $2.9 billion of loans sold with remaining balances outstanding for which there may be potential liability: $1.9 billion in government insured loans, $826 million in prime loans and less than $200 million in non-prime loans.
With respect to ongoing repurchase liability, the company’s loss experience in order of magnitude has been greatest to lowest in non-prime loans, prime loans and government loans, respectively. The company has undertaken an extensive analysis of historical run-off rates, claim rates and loss rates given validated claims, in order to formulate a methodology for evaluating loss potential of claims.
The $3.75 million settlement was paid from the existing allowance for loan losses on mortgage loans sold. The company estimates that its remaining reserve of $2 million is adequate for all current and future exposure on previous period loan sales that are not covered under the referenced agreements. The company continues to apply a loss reserve methodology to current production that results in a provision expense in each period. Since adoption of representation and warranty loss reserve accounting in 2006, the reserve has proven adequate in each period to absorb all validated claims. Following this activity, the mortgage segment contributed net income before tax of $1.7 million or 47% of consolidated earnings for the three months ended December 31, 2010.
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 | ||||||||
| December 31, | December 31, | |||||||
| (In Thousands) | 2010 | 2009 | ||||||
| ASSETS | ||||||||
| Cash and due from banks | $ | 9,198 | $ | 5,965 | ||||
| Interest-bearing balances and federal funds sold | 102,709 | 25,256 | ||||||
| Securities available for sale - at fair value | 128,745 | 47,838 | ||||||
| Loans held for sale - at fair value | 82,244 | 76,232 | ||||||
| Loans held for investment | ||||||||
| net of allowance for loan losses of $10,527 and $9,127, | ||||||||
| respectively | 481,002 | 477,437 | ||||||
| Premises, equipment and land | 8,934 | 8,759 | ||||||
| Other assets | 18,992 | 25,392 | ||||||
| Total assets | $ | 831,824 | $ | 666,879 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| LIABILITIES | ||||||||
| Noninterest-bearing deposits | $ | 83,972 | $ | 69,782 | ||||
| Savings and interest-bearing deposits | 158,352 | 138,988 | ||||||
| Time deposits | 385,524 | 257,875 | ||||||
| Total deposits | 627,848 | 466,645 | ||||||
| Short-term borrowings | 80,348 | 64,249 | ||||||
| Long-term borrowings | 37,034 | 46,330 | ||||||
| Subordinated debentures | 6,186 | 6,186 | ||||||
| Other liabilities and accrued expenses | 8,215 | 15,691 | ||||||
| Total Liabilities | 759,631 | 599,101 | ||||||
| SHAREHOLDERS' EQUITY | ||||||||
| Common stock $0.835 par value; 60,000,000 authorized; | ||||||||
| issued and outstanding, 10,376,169, | ||||||||
| and 10,537,428 shares, respectively | 8,664 | 8,799 | ||||||
| Surplus | 17,794 | 18,552 | ||||||
| Retained earnings | 47,530 | 40,377 | ||||||
| Accumulated other comprehensive income | (1,795 | ) | 50 | |||||
| Total shareholders' equity | 72,193 | 67,778 | ||||||
| Total liabilities and shareholders' equity | $ | 831,824 | $ | 666,879 | ||||
| Access National Corporation | ||||||||||||
| Consolidated Statement of Operations | ||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||
| December 31, | December 31, | December 31, | ||||||||||
| (In Thousands Except for Share Data) | 2010 | 2010 | 2009 | |||||||||
| INTEREST INCOME | ||||||||||||
| Interest and fees on loans | $ | 8,652 | $ | 32,691 | $ | 34,334 | ||||||
| Interest on federal funds sold and bank balances | 38 | 210 | 154 | |||||||||
| Interest on securities | 705 | 2,242 | 3,038 | |||||||||
| Total interest income | 9,395 | 35,143 | 37,526 | |||||||||
| INTEREST EXPENSE | ||||||||||||
| Interest on deposits | 1,728 | 7,633 | 10,568 | |||||||||
| Interest on other borrowings | 569 | 2,481 | 3,400 | |||||||||
| Total interest expense | 2,297 | 10,114 | 13,968 | |||||||||
| Net interest income | 7,098 | 25,029 | 23,558 | |||||||||
| Provision for loan losses | 1,495 | 2,816 | 6,064 | |||||||||
| Net interest income after provision for loan losses | 5,603 | 22,213 | 17,494 | |||||||||
| NONINTEREST INCOME | ||||||||||||
| Service charges and fees | 176 | 666 | 536 | |||||||||
| Gain on sale of loans | 8,406 | 32,501 | 49,262 | |||||||||
| Other Income | 2,368 | 1,493 | 7,168 | |||||||||
| Total noninterest income | 10,950 | 34,660 | 56,966 | |||||||||
| NONINTEREST EXPENSE | ||||||||||||
| Salaries and benefits | 5,452 | 22,047 | 28,122 | |||||||||
| Occupancy and equipment | 663 | 2,606 | 2,497 | |||||||||
| Other operating expense | 6,842 | 20,118 | 28,352 | |||||||||
| Total noninterest expense | 12,957 | 44,771 | 58,971 | |||||||||
| Income before income tax | 3,596 | 12,102 | 15,489 | |||||||||
| Income tax expense | 1,350 | 4,526 | 5,854 | |||||||||
| NET INCOME | $ | 2,246 | $ | 7,576 | $ | 9,635 | ||||||
| Earnings per common share: | ||||||||||||
| Basic | $ | 0.22 | $ | 0.72 | $ | 0.93 | ||||||
| Diluted | $ | 0.22 | $ | 0.72 | $ | 0.92 | ||||||
| Average outstanding shares: | ||||||||||||
| Basic | 10,393,762 | 10,503,383 | 10,391,348 | |||||||||
| Diluted | 10,423,668 | 10,525,258 | 10,432,857 | |||||||||
| Performance and Capital Ratios | ||||||||||||||||||||||||||
| Three Months | Three Months | Three Months | Three Months | Twelve Months | Twelve Months | |||||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, |
December 31, |
December 31, | |||||||||||||||||||||
| (Dollars In Thousands) | 2010 | 2010 | 2010 | 2010 | 2010 | 2009 | ||||||||||||||||||||
| Return on average assets (annualized) | 1.08 | % | 1.21 | % | 0.84 | % | 0.74 | % | 0.98 | % | 1.35 | % | ||||||||||||||
| Return on average equity (annualized) | 12.60 | % | 13.87 | % | 9.24 | % | 7.01 | % | 10.85 | % | 15.24 | % | ||||||||||||||
| Net interest margin | 3.57 | % | 3.36 | % | 3.16 | % | 3.58 | % | 3.41 | % | 3.42 | % | ||||||||||||||
| Efficiency ratio - Bank only | 54.98 | % | 58.64 | % | 53.39 | % | 71.71 | % | 59.02 | % | 60.41 | % | ||||||||||||||
| Total equity to assets | 8.68 | % | 9.03 | % | 8.91 | % | 10.86 | % | 8.68 | % | 10.16 | % | ||||||||||||||
| Averages | ||||||||||||||||||||||||||
| Assets | 834,973 | 802,357 | 798,037 | 654,622 | 772,600 | 714,970 | ||||||||||||||||||||
| Loans held for investment | 485,710 | 471,308 | 469,122 | 476,713 | 475,726 | 490,393 | ||||||||||||||||||||
| Loans held for sale | 107,474 | 70,913 | 44,984 | 31,528 | 63,868 | 65,780 | ||||||||||||||||||||
|
Interest bearing deposits & federal funds sold |
66,377 | 88,014 | 128,864 | 62,813 | 86,531 | 64,128 | ||||||||||||||||||||
| Investment securities | 135,468 | 127,913 | 114,061 | 53,193 | 107,940 | 69,758 | ||||||||||||||||||||
| Earning assets | 794,855 | 757,702 | 756,754 | 624,128 | 733,810 | 689,153 | ||||||||||||||||||||
| Interest bearing deposits | 529,413 | 528,590 | 531,442 | 400,918 | 498,028 | 441,199 | ||||||||||||||||||||
| Total deposits | 611,255 | 603,460 | 604,851 | 468,208 | 572,138 | 519,477 | ||||||||||||||||||||
| Repurchase agreements & federal funds sold | 38,620 | 28,376 | 25,307 | 24,356 | 29,202 | 23,460 | ||||||||||||||||||||
| Commercial paper & other short term borrowings | 50,402 | 34,653 | 34,365 | 32,775 | 38,088 | 41,316 | ||||||||||||||||||||
| Long-term borrowings | 43,757 | 44,311 | 44,864 | 48,828 | 45,423 | 56,839 | ||||||||||||||||||||
| Equity | 71,333 | 70,272 | 70,112 | 69,386 | 69,827 | 64,054 | ||||||||||||||||||||
| Banking segment - income before taxes | $ | 2,285 | $ | 2,428 | $ | 2,586 | $ | 1,461 | $ | 8,760 | $ | 4,225 | ||||||||||||||
| Mortgage segment - income before taxes | $ | 1,691 | $ | 1,939 | $ | 575 | $ | 778 | $ | 4,983 | $ | 12,579 | ||||||||||||||
| Other segments - income before taxes | $ | (380 | ) | $ | (442 | ) | $ | (487 | ) | $ | (332 | ) | $ | (1,641 | ) | $ | (1,315 | ) | ||||||||
| Mortgage loan originations (excludes brokered loans) | $ | 263,629 | $ | 231,804 | $ | 180,365 | $ | 148,941 | $ | 824,738 | $ | 1,517,397 | ||||||||||||||
| Allowance for losses on mortgage loans sold | $ | 1,991 | $ | 4,488 | $ | 3,630 | $ | 3,768 | $ | 1,991 | $ | 3,332 | ||||||||||||||
| Asset Quality Trend Profile | ||||||||||||||||||||
| Twelve Months | Nine Months | Six Months | Three Months | Twelve Months | ||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
| (Dollars In Thousands) |
December 31, 2010 |
September 30, 2010 |
June 30, 2010 |
March 31, 2010 |
December 31, 2009 |
|||||||||||||||
| Total assets | $ | 831,824 | $ | 804,838 | $ | 790,570 | $ | 637,381 | $ | 666,879 | ||||||||||
| Total loans held for investment | $ | 491,529 | $ | 478,327 | $ | 468,883 | $ | 469,728 | $ | 486,564 | ||||||||||
| Allowance for loan losses - beginning balance | $ | 9,127 | $ | 9,127 | $ | 9,127 | $ | 9,127 | $ | 7,462 | ||||||||||
| Charge offs | (2,048 | ) | (1,231 | ) | (974 | ) | (393 | ) | (5,310 | ) | ||||||||||
| Recoveries | 632 | 505 | 449 | 324 | 911 | |||||||||||||||
| Net charge offs | (1,416 | ) | (726 | ) | (525 | ) | (69 | ) | (4,399 | ) | ||||||||||
| Provision for loan losses | 2,816 | 1,321 | 746 | 198 | 6,064 | |||||||||||||||
| Allowance for loan losses - ending balance | $ | 10,527 | $ | 9,722 | $ | 9,348 | $ | 9,256 | $ | 9,127 | ||||||||||
| Allowance for loan losses/loans held for investment | 2.14 | % | 2.03 | % | 1.99 | % | 1.97 | % | 1.88 | % | ||||||||||
| Delinquent 30 - 90 days | $ | 2,771 | $ | 840 | $ | 358 | $ | 845 | $ | 1,267 | ||||||||||
| Percentage of loans delinquent | 0.56 | % | 0.18 | % | 0.08 | % | 0.18 | % | 0.26 | % | ||||||||||
| Non-accrual loans | $ | 8,561 | $ | 6,952 | $ | 6,752 | $ | 9,447 | $ | 7,032 | ||||||||||
| OREO | $ | 1,859 | $ | 3,276 | $ | 5,334 | $ | 4,073 | $ | 5,111 | ||||||||||
| Total NPA | $ | 10,420 | $ | 10,228 | $ | 12,086 | $ | 13,520 | $ | 12,143 | ||||||||||
| NPA to total assets | 1.25 | % | 1.27 | % | 1.53 | % | 2.12 | % | 1.82 | % | ||||||||||
| Allowance for loan losses/NPA | 101.03 | % | 95.06 | % | 77.35 | % | 68.47 | % | 75.16 | % | ||||||||||
| OREO Expense | $ | 2,335 | $ | 1,324 | $ | 676 | $ | 459 | $ | 1,497 | ||||||||||
| Gain on sale of OREO | $ | 1,253 | $ | 349 | $ | - | $ | (98 | ) | $ | - | |||||||||
| OREO expense net | $ | 1,082 | $ | 975 | $ | 676 | $ | 557 | $ | 1,497 | ||||||||||
| Allowance for losses on mortgage loans sold | $ | 1,991 | $ | 4,488 | $ | 3,630 | $ | 3,768 | $ | 3,332 | ||||||||||
| Provision for losses on mortgage loans sold | $ | 3,836 | $ | 2,400 | $ | 1,100 | $ | 500 | $ | 5,050 | ||||||||||
| Composition of Loan Portfolio | |||||||||
| December 31, 2010 |
December 31, 2009 |
||||||||
| (Dollars In Thousands) | Amount |
Percentage |
Amount |
Percentage |
|||||
| Commercial | $ 94,765 | 19.28% | $ 72,628 | 14.93% | |||||
| Commercial real estate | 218,013 | 44.35 | 220,301 | 45.28 | |||||
| Real estate construction | 38,093 | 7.75 | 41,508 | 8.53 | |||||
| Residential real estate | 137,771 | 28.03 | 150,792 | 30.99 | |||||
| Consumer and other | 2,887 | 0.59 | 1,335 | 0.27 | |||||
| Total loans | $ 491,529 | 100.00% | $ 486,564 | 100.00% | |||||
| Less allowance for loan losses | 10,527 | 9,127 | |||||||
| $ 481,002 | $ 477,437 | ||||||||
| Composition of Deposits | ||||||||||||
| December 31, 2010 | December 31, 2009 | |||||||||||
| (Dollars In Thousands) | Amount |
Percentage |
Amount |
Percentage |
||||||||
| Demand deposits | $ | 83,972 | 13.37 | % | $ | 69,782 | 14.95 | % | ||||
| Interest-bearing demand deposits | 24,548 | 3.91 | 25,918 | 5.56 | ||||||||
| Savings and money market | 110,967 | 17.67 | 103,070 | 22.09 | ||||||||
| CDARS-reciprocal time deposits | 234,221 | 37.31 | 41,550 | 8.90 | ||||||||
| Brokered deposits | 56,356 | 8.98 | 129,660 | 27.79 | ||||||||
| Time deposits | 117,784 | 18.76 | 96,665 | 20.71 | ||||||||
| Total Deposits | $ | 627,848 | 100.00 | % | $ | 466,645 | 100.00 | % | ||||
| Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | |||||||||||||||||||||
| Three Months Ended, | |||||||||||||||||||||
| December 31, 2010 | |||||||||||||||||||||
| December 31, 2010 | December 31, 2009 | ||||||||||||||||||||
| Average | Income / | Yield / | Average | Income / | Yield / | ||||||||||||||||
| Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||
| (Dollars In Thousands) | |||||||||||||||||||||
| Assets: | |||||||||||||||||||||
| Interest earning assets: | |||||||||||||||||||||
| Securities | $ | 135,294 | $ | 705 | 2.08 | % | $ | 55,333 | $ | 485 | 3.51 | % | |||||||||
| Loans held for sale | 107,474 | 1,181 | 4.40 | % | 55,760 | 712 | 5.11 | % | |||||||||||||
| Loans(1) | 485,710 | 7,471 | 6.15 | % | 487,479 | 7,704 | 6.32 | % | |||||||||||||
| Interest-bearing balances and federal funds sold | 66,377 | 38 | 0.23 | % | 59,475 | 42 | 0.28 | % | |||||||||||||
| Total interest earning assets | 794,855 | 9,395 | 4.73 | % | 658,047 | 8,943 | 5.44 | % | |||||||||||||
| Noninterest earning assets: | |||||||||||||||||||||
| Cash and due from banks | 14,715 | 7,947 | |||||||||||||||||||
| Premises, land and equipment | 8,610 | 12,360 | |||||||||||||||||||
| Other assets | 26,673 | 16,023 | |||||||||||||||||||
| Less: allowance for loan losses | (9,880 | ) | (8,500 | ) | |||||||||||||||||
| Total noninterest earning assets | 40,118 | 27,830 | |||||||||||||||||||
| Total Assets | $ | 834,973 | $ | 685,877 | |||||||||||||||||
| Liabilities and Shareholders' Equity: | |||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||
| Interest-bearing demand deposits | $ | 25,394 | $ | 34 | 0.54 | % | $ | 27,169 | $ | 55 | 0.81 | % | |||||||||
| Money market deposit accounts | 134,918 | 241 | 0.71 | % | 108,792 | 392 | 1.44 | % | |||||||||||||
| Savings accounts | 3,820 | 3 | 0.31 | % | 4,511 | 12 | 1.06 | % | |||||||||||||
| Time deposits | 365,281 | 1,450 | 1.59 | % | 276,849 | 1,822 | 2.63 | % | |||||||||||||
| Total interest-bearing deposits | 529,413 | 1,728 | 1.31 | % | 417,321 | 2,281 | 2.19 | % | |||||||||||||
| Borrowings: | |||||||||||||||||||||
| FHLB Advances | 8,220 | 45 | 2.19 | % | 22,285 | 238 | 4.27 | % | |||||||||||||
| Securities sold under agreements to repurchase and federal funds purchased | 38,620 | 24 | 0.25 | % | 20,780 | 24 | 0.46 | % | |||||||||||||
| Other short-term borrowings | 42,182 | 79 | 0.75 | % | 17,023 | 42 | 0.99 | % | |||||||||||||
| FHLB Long-term borrowings | 7,572 | 69 | 3.65 | % | 17,282 | 141 | 3.26 | % | |||||||||||||
| FDIC Term Note | 29,998 | 299 | 3.99 | % | 29,996 | 299 | 3.99 | % | |||||||||||||
| Subordinated Debentures | 6,186 | 53 | 3.43 | % | 6,186 | 53 | 3.43 | % | |||||||||||||
| Total borrowings | 132,778 | 569 | 1.71 | % | 113,552 | 797 | 2.81 | % | |||||||||||||
| Total interest-bearing deposits and borrowings | 662,191 | 2,297 | 1.39 | % | 530,873 | 3,078 | 2.32 | % | |||||||||||||
| Noninterest-bearing liabilities: | |||||||||||||||||||||
| Demand deposits | 81,842 | 79,085 | |||||||||||||||||||
| Other liabilities | 19,607 | 8,059 | |||||||||||||||||||
| Total liabilities | 763,640 | 618,017 | |||||||||||||||||||
| Shareholders' Equity | 71,333 | 67,860 | |||||||||||||||||||
| Total Liabilities and Shareholders' Equity: | $ | 834,973 | $ | 685,877 | |||||||||||||||||
| Interest Spread(2) | 3.34 | % | 3.12 | % | |||||||||||||||||
| Net Interest Margin(3) | $ | 7,098 | 3.57 | % | $ | 5,865 | 3.57 | % | |||||||||||||
| (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 | ||||||||||||||||||||
| Twelve Months Ended, | ||||||||||||||||||||
| December 31, 2010 | ||||||||||||||||||||
| December 31, 2010 | December 31, 2009 | |||||||||||||||||||
| Average | Income / | Yield / | Average | Income / | Yield / | |||||||||||||||
| (Dollars In Thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||
| Assets: | ||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||
| Securities | $ | 107,685 | $ | 2,242 | 2.08 | % | $ | 68,852 | $ | 3,038 | 4.41 | % | ||||||||
| Loans held for sale | 63,868 | 2,982 | 4.67 | % | 65,780 | 3,361 | 5.11 | % | ||||||||||||
| Loans(1) | 475,726 | 29,709 | 6.24 | % | 490,393 | 30,973 | 6.32 | % | ||||||||||||
| Interest-bearing balances and federal funds sold | 86,531 | 210 | 0.24 | % | 64,128 | 154 | 0.24 | % | ||||||||||||
| Total interest-earning assets | 733,810 | 35,143 | 4.79 | % | 689,153 | 37,526 | 5.45 | % | ||||||||||||
| Noninterest-earning assets: | ||||||||||||||||||||
| Cash and due from banks | 10,927 | 6,748 | ||||||||||||||||||
| Premises, land and equipment | 8,655 | 8,991 | ||||||||||||||||||
| Other assets | 28,693 | 18,143 | ||||||||||||||||||
| Less: allowance for loan losses |
(9,485 |
) | (8,065 | ) | ||||||||||||||||
| Total noninterest-earning assets | 38,790 | 25,817 | ||||||||||||||||||
| Total Assets |
$ |
772,600 |
$ |
714,970 |
||||||||||||||||
| Liabilities and Shareholders' Equity: | ||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||
| Interest-bearing demand deposits | $ | 30,166 | $ | 183 | 0.61 | % | $ | 27,224 | $ | 278 | 1.02 | % | ||||||||
| Money market deposit accounts | 132,761 | 1,345 | 1.01 | % | 92,682 | 1,403 | 1.51 | % | ||||||||||||
| Savings accounts | 3,939 | 30 | 0.76 | % | 4,470 | 60 | 1.34 | % | ||||||||||||
| Time deposits | 331,162 | 6,075 | 1.83 | % | 316,823 | 8,827 | 2.79 | % | ||||||||||||
| Total interest-bearing deposits | 498,028 | 7,633 | 1.53 | % | 441,199 | 10,568 | 2.40 | % | ||||||||||||
| Borrowings: | ||||||||||||||||||||
| FHLB Advances | 11,413 | 429 | 3.76 | % | 23,676 | 979 | 4.13 | % | ||||||||||||
| Securities sold under agreements to repurchase and federal funds purchased | 29,202 | 105 | 0.36 | % | 23,460 | 115 | 0.49 | % | ||||||||||||
| Other short-term borrowings | 26,674 | 228 | 0.85 | % | 17,640 | 167 | 0.95 | % | ||||||||||||
| FHLB Long-term borrowings | 9,239 | 312 | 3.38 | % | 24,026 | 833 | 3.47 | % | ||||||||||||
| FDIC Term Note | 29,998 | 1,191 | 3.97 | % | 26,627 | 1,068 | 4.01 | % | ||||||||||||
| Subordinated Debentures | 6,186 | 216 | 3.49 | % | 6,186 | 238 | 3.85 | % | ||||||||||||
| Total borrowings | 112,712 | 2,481 | 2.20 | % | 121,615 | 3,400 | 2.80 | % | ||||||||||||
| Total interest-bearing deposits and borrowings | 610,740 | 10,114 | 1.66 | % | 562,814 | 13,968 | 2.48 | % | ||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||
| Demand deposits | 74,111 | 78,278 | ||||||||||||||||||
| Other liabilities | 17,922 | 9,824 | ||||||||||||||||||
| Total liabilities | 92,033 | 650,916 | ||||||||||||||||||
| Shareholders' Equity | 69,827 | 64,054 | ||||||||||||||||||
| Total Liabilities and Shareholders' Equity: |
$ |
772,600 |
$ |
714,970 |
||||||||||||||||
| Interest Spread(2) | 3.13 | % | 2.97 | % | ||||||||||||||||
| Net Interest Margin(3) | $ | 25,029 | 3.41 | % | $ | 23,558 | 3.42 | % | ||||||||||||
| (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. |
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CONTACT:
Access National Corporation
Michael Clarke, 703-871-2100