Access National Corporation (NASDAQ: ANCX) (the
“Corporation” or “Access”), parent company for Access National Bank
(the “Bank”) and Middleburg Investment Group, reported second
quarter 2017 net income of $3.85 million, or $0.19 per common
share. Excluding merger related one-time charges, net income was
$7.46 million or $0.37 per diluted share. This represents the
Corporation’s 68th consecutive quarterly profit over its 70 quarter
history. Consistent with management’s stated objective of a 40% to
50% dividend payout ratio against core earnings, the Board of
Directors declared a dividend of $0.15 per share for common
shareholders of record as of August 14, 2017 and payable on August
25, 2017.
Highlights
- Strategic merger with Middleburg
Financial Corporation (NASDAQ: MBRG) closed on schedule April 1,
2017 and data/office integrations remain on schedule for August 4,
2017;
- Reported second quarter earnings of
$3.85 million or $0.19 per diluted share. Excluding $5.2 million in
pre-tax merger related costs ($3.6 million after-tax), earnings
were $7.46 million or $0.37 per diluted share;
- Tangible book value1 per common share
was $11.32 at June 30, 2017, an increase of $0.09 from the prior
period after considering merger costs;
- Loans held for investment were $1.93
billion at June 30, 2017 compared to $943 million at June 30, 2016,
a year-over-year growth of 204.5%. Exclusive of purchased loans,
linked quarter growth was $38 million or 7.8% annualized; and
- Non-interest bearing demand deposits of
$660 million were 30.2% of total deposits at June 30, 2017 compared
to $392 million at June 30, 2016, a year-over-year growth of
168.4%.
The transformative combination of Access National with
Middleburg Financial was consummated on April 1, 2017 as announced
October 24, 2016. “While most of the expected overhead efficiencies
have yet to be realized, management’s excitement and confidence
over the financial benefits of this combination strengthen daily.
The evidence of our confidence is best illustrated by the organic
growth in the loan portfolio and the positive quality migration of
core deposits in spite of significant management distraction
towards integration and conversion activities,” said Michael
Clarke, President and Chief Executive Officer of Access. He
continued, “We remain committed to delivering the base line
economic assumptions behind the merger and are confident that
future financial results will fortify and advance shareholder
interests.”
Second quarter 2017 pre-tax earnings were $5.9 million, up $1.8
million from first quarter 2017, and included pre-tax merger
related costs of $5.2 million. The commercial banking segment’s net
interest income grew $12.5 million when compared to the first
quarter of 2017 and was offset by an increase in salaries and
employee benefits of $3.8 million. The mortgage banking segment has
been relatively unaffected by the merger, contributing pre-tax
earnings of $1.2 million or 20% of the consolidated total. The
wealth services segment saw a $1.1 million increase in revenue
which was offset by an increase in operating expenses of $849
thousand when comparing the second quarter of 2017 to the first
quarter of 2017. The earnings contributions from wealth services
will be developing over the next few quarters as the unprofitable
operations of the legacy Access segment are integrated with and
suppress the profitable operations of Middleburg Investment Group.
Departure of underperforming personnel and loss of select
underpriced accounts during the second quarter transition will
result in reduced overhead of a greater magnitude than loss of
revenue contribution from associated lost business. The leadership
of Middleburg Investment Group and the expanded capabilities
resulting from the merger are enhancing the client value
proposition in a way that will produce consistent and growing fee
income.
The net interest margin increased to 3.91% from 3.46% when
comparing second quarter to first quarter 2017. Second quarter net
interest margin exclusive of the $1.9 million credit mark accretion
for the acquired loan portfolio and the $34 thousand in liability
discount amortization was 3.61% for the three months ended June 30,
2017.
Total assets were $2.8 billion at June 30, 2017, up from $1.4
billion at March 31, 2017. Organic growth in loans held for
investment excluding the growth attributed to the acquired loan
portfolio was $38.0 million on a linked quarter basis due mainly to
growth in commercial real estate of $29.7 million and commercial of
$10.3 million. The organic growth from the linked period reflects
intended migration as the residential and consumer loan categories
decreased while commercial, commercial real estate and construction
categories grew.
Total deposits at June 30, 2017 were $2.2 billion, an increase
of $1.0 billion when compared to March 31, 2017. At June 30, 2017,
non-interest bearing deposits which represent 30.2% of the deposit
portfolio were $660.5 million, an increase of $283.8 million from
the linked quarter. While non-interest bearing demand deposits
remain the largest and most attractive source of funding for the
Corporation, the combination of legacy Middleburg’s significant low
cost interest-bearing demand deposits and legacy Access’
non-interest bearing demand deposits accounted for $1.1 billion or
51.0% of total deposits at June 30, 2017. Interest-bearing deposits
increased to $1.5 billion at June 30, 2017, an increase of $746.4
million from the prior quarter. Brokered deposits as a percentage
of the deposit portfolio decreased quarter over quarter, from 9.5%
of the portfolio at March 31, 2017 to 4.6% at June 30, 2017.
Exclusive of purchased deposits, wholesale deposits declined $52.8
million on a linked quarter basis. The go-forward strategy places a
high priority on the maintenance and expansion of core deposits,
particularly high value demand deposit relationships.
As a result of the strategic merger, the loan to deposit ratio
dropped to 88.2% at June 30, 2017 from 92.7% in the prior period.
Appropriately leveraging the loan to deposit ratio in future
periods represents an earnings growth opportunity.
Non-performing assets (“NPAs”) increased to $9.0 million at June
30, 2017 from $5.2 million at March 31, 2017, representing 0.32%
and 0.37% of total assets, respectively. Included in the NPAs total
is $2.4 million in other real estate owned. The allowance for loan
loss was $14.7 million and $13.7 million at June 30, 2017 and March
31, 2017, respectively, and represented 0.76% of total loans held
for investment at June 30, 2017 and 1.28% of total loans held for
investment at March 31, 2017. The remaining credit and fair value
marks on the loans acquired in the merger totaled $16.0 million at
June 30, 2017.
Tangible book value2 per common share increased from $11.23 at
March 31, 2017 to $11.32 at June 30, 2017. The tangible common
equity ratio for Access National Corporation and its subsidiary
bank was 8.97% at June 30, 2017, within the Corporation’s target
range of 8.00% to 10.50%.
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".
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. 2 Non-GAAP financial
information.
Access National Corporation
Consolidated Balance Sheet June 30
December 31, June 30, 2017 2016 2016 (In Thousands Except
for Share and Per Share Data) (Unaudited)
(Unaudited)
ASSETS Cash and due from
banks $ 19,772 $ 9,186 $ 14,994 Interest-bearing balances
and federal funds sold 46,889 81,873 66,541 Investment
securities: Available-for-sale, at fair value 402,557 194,090
173,558 Held-to-maturity, at amortized cost (fair value of $16,449,
$9,293 and $9,487, respectively) 15,786 9,200
9,228 Total investment securities 418,343 203,290
182,786 Restricted Stock, at amortized cost 8,742 10,092
7,159 Loans held for sale - at fair value 34,954 35,676
55,116
Loans held for investment net of allowance
for loan losses of $14,671, $16,008 and $13,834, respectively
1,913,674 1,033,690 928,895 Premises, equipment and land,
net 29,363 7,084 6,822 Goodwill and intangible assets
184,194 1,833 1,857 Other assets 101,059 47,984 40,701
Total assets $ 2,756,990 $ 1,430,708
$ 1,304,871
LIABILITIES AND SHAREHOLDERS'
EQUITY LIABILITIES Noninterest-bearing deposits $
660,481 $ 362,036 $ 392,269 Interest-bearing demand deposits
454,675 126,189 123,638 Savings and money market deposits
611,708 314,396 242,026 Time deposits 460,342
251,706 286,612 Total deposits
2,187,206 1,054,327 1,044,545 Short-term borrowings 55,429
186,009 56,763 Long-term borrowings 80,000 60,000 75,000
Trust Preferred Debentures 3,843 - - Other
liabilities and accrued expenses 15,644 9,842 10,177
Total Liabilities 2,342,122 1,310,178
1,186,485
SHAREHOLDERS' EQUITY
Common stock $0.835 par value; 60,000,000
authorized; issued and outstanding, 20,378,994, 10,636,242 and
10,583,594, respectively
17,016 8,881 8,837 Additional paid in capital 303,997 21,779
20,625 Retained earnings 94,664 91,439 87,188
Accumulated other comprehensive income (loss), net (809 ) (1,569 )
1,736 Total shareholders' equity
414,868 120,530 118,386
Total liabilities and shareholders' equity $ 2,756,990
$ 1,430,708 $ 1,304,871
Access
National Corporation Consolidated Statement of
Operations Three Months Ended
Six Months Ended June 30, 2017 June 30, 2016
June 30, 2017 June 30, 2016 (In Thousands Except for
Share and Per Share Data) (unaudited)
(unaudited)
INTEREST INCOME Interest and fees on
loans $ 23,746 $ 11,354 $ 35,945 $ 22,230 Interest on
federal funds sold and bank balances 221 96 352 166 Interest
and dividends on securities 3,172 886 4,396
1,921 Total interest income 27,139 12,336 40,693 24,317
INTEREST EXPENSE Interest on deposits 2,419 1,274
3,921 2,425 Interest on other borrowings 545
301 907 581 Total interest expense 2,964
1,575 4,828 3,006 Net interest income 24,175
10,761 35,865 21,311 Provision for loan losses 900
120 2,300 120 Net interest income after
provision for loan losses 23,275 10,641 33,565 21,191
NONINTEREST INCOME Service charges and fees 669 239 949 499
Gain on sale of loans 6,046 7,273 9,391 11,103 Other
Income 2,170 1,661 4,548 4,390 Total
noninterest income 8,885 9,173 14,888 15,992
NONINTEREST
EXPENSE Salaries and benefits 12,660 8,407 20,700 16,075
Occupancy and equipment 1,981 749 2,801 1,510 Other
operating expense 11,585 3,147 14,920
5,847 Total noninterest expense 26,226 12,303
38,421 23,432 Income before income tax 5,934 7,511 10,032
13,751 Income tax expense 2,088 2,633
3,579 4,778
NET INCOME $ 3,846 $ 4,878 $ 6,453 $
8,973 Earnings per common share: Basic $ 0.19 $ 0.46 $ 0.42
$ 0.85 Diluted $ 0.19 $ 0.46 $ 0.41 $ 0.84 Average
outstanding shares: Basic 20,335,070 10,576,516 15,529,934
10,564,833 Diluted 20,453,991 10,639,167 15,655,613 10,622,763
Performance and
Capital Ratios
Three Months Three Months
Six Months Six Months Twelve Months
Ended Ended Ended Ended Ended
June 30, March 31, June 30, June 30,
December 31, (Dollars In Thousands)
2017
2017 2017 2016
2016 Return on average assets (annualized) 0.55 %
0.74 % 0.62 % 1.45 % 1.27 % Return on average equity (annualized)
3.73 % 8.57 % 4.83 % 15.89 % 14.11 % Net interest margin 3.91 %
3.46 % 3.75 % 3.56 % 3.52 % Efficiency ratio - Bank only 59.23 %
53.26 % 57.30 % 50.64 % 49.59 % Total average equity to earning
assets 16.68 % 8.99 % 13.95 % 9.43 % 9.36 % Tangible common equity
ratio (1) 8.97 % 8.65 % 8.97 % 8.94 % 8.31 %
Averages
Assets $ 2,789,088 $ 1,401,652 $ 2,096,372 $ 1,238,662 $ 1,288,582
Loans held for investment 1,896,824 1,052,167 1,474,551 910,300
939,837 Loans held for sale 28,254 24,461 26,368 39,982 47,060
Interest-bearing deposits & federal funds sold 121,572 64,628
94,174 68,435 67,457 Investment securities 422,792 209,533 316,345
179,600 189,585 Earning assets 2,471,036 1,353,360 1,913,515
1,197,547 1,242,923 Interest-bearing deposits 1,523,997 761,075
1,143,566 634,692 662,271 Total deposits 2,163,567 1,096,309
1,631,078 962,973 1,021,624 Repurchase agreements & federal
funds purchased 53,949 28,369 41,148 15,712 16,270 FHLB short term
borrowings 57,824 86,200 71,934 68,791 56,522 FHLB long-term
borrowings 79,892 59,556 69,698 69,478 68,525 Trust Preferred debt
3,824 - 1,919 - - Equity $ 412,146 $ 121,724 $ 266,951 $ 112,908 $
116,296 Allowance for loan losses/loans held for investment
0.76 % 1.28 % 0.76 % 1.47 % 1.53 % Total NPA $
8,954
$ 5,244 $ 6,506 $ 1,866 $ 6,922 NPA to total assets
0.32
% 0.37 % 0.24 % 0.14 % 0.48 % Mortgage loan originations and
brokered loans $ 116,958 $ 94,500 $ 211,458 $ 260,644 $ 544,866
Gain on sale of mortgage loans net hedging activity $ 5,421 $ 3,416
$ 8,837 $ 9,814 $ 23,835 Allowance for losses on mortgage loans
sold $ 1,029 $ 1,029 $ 1,029 $ 1,029 $ 1,029 Wealth Services
segment - assets under management $ 1,927,629 $ 676,865 $ 1,927,629
$ 625,000 $ 667,300 Book value per common share $ 20.36 $
11.40 $ 20.36 $ 11.19 $ 11.33 Tangible book value per common
share (1) $ 11.32 $ 11.23 $ 11.32 $ 11.01 $ 11.16
(1) Non-GAAP financial information.
Composition of Loan Portfolio
June 30, 2017
March 31, 2017 December 31, 2016
September 30, 2016 June 30, 2016
Percentage Percentage
Percentage Percentage
Percentage
(Dollars In Thousands)
Amount of Total Amount
of Total Amount of Total
Amount of Total Amount
of Total
Commercial real estate - owner
occupied
$ 401,853 20.84 % $ 262,431 23.87 % $ 250,440 23.87 % $ 238,224
24.65 % $ 235,735 25.01 % Commercial real estate - non-owner
occupied 377,037 19.55 205,452 17.59 184,688 17.59 174,342 18.04
153,206 16.25 Residential real estate 525,649 27.26 212,007 19.47
204,413 19.47 202,605 20.96 208,311 22.10 Commercial 476,055 24.69
294,451 29.67 311,486 29.67 264,794 27.40 257,139 27.28 Real estate
construction 124,186 6.44 91,614 8.75 91,822 8.75 79,621 8.24
79,200 8.39 Consumer 23,565 1.22 6,836
0.65 6,849 0.65 6,959
0.71 9,138 0.97
Total
loans $ 1,928,345 100.00 % $ 1,072,791 100.00 % $ 1,049,698
100.00 % $ 966,545 100.00 % $ 942,729 100.00 % Less allowance for
loan losses 14,671 13,727 16,008 14,696
13,834 $ 1,913,674 $ 1,059,064 $ 1,033,690 $ 951,849 $
928,895
Composition of Deposits
June 30,
2017 March 31, 2017 December 31,
2016 September 30, 2016 June 30,
2016
Percentage Percentage
Percentage Percentage
Percentage
(Dollars In Thousands)
Amount of Total Amount
of Total Amount of Total
Amount of Total Amount
of Total
Demand deposits $ 660,481 30.20 % $ 376,674 32.56 % $
362,036 34.34 % $ 409,558 36.73 % $ 392,269 37.55 %
Interest-bearing demand deposits 454,675 20.79 141,981 12.27
126,189 11.97 124,856 11.20 123,638 11.84 Savings and money market
562,581 25.72 284,182 24.56 270,310 25.64 265,308 23.79 206,566
19.78 CDARS time deposits 39,746 1.82 41,369 3.58 34,290 3.25
36,948 3.31 53,212 5.09 CDARS/ICS non-maturity deposits 44,009 2.01
42,960 3.71 40,925 3.88 46,156 4.14 35,247 3.37 Brokered deposits
101,419 4.64 110,254 9.53 57,389 5.44 68,483 6.14 69,139 6.62 Time
deposits 324,295 14.82 159,570
13.79 163,188 15.48
163,744 14.69 164,474
15.75 Total Deposits $ 2,187,206 100.00 %
$ 1,156,990 100.00 % $ 1,054,327 100.00
% $ 1,115,053 100.00 % $ 1,044,545
100.00 %
Yield on Average Earning Assets and Rates
on Average Interest-Bearing Liabilities Three Months
Ended
June 30, 2017 June 30,
2016 Average Income / Yield /
Average Income / Yield / (Dollars In
Thousands)
Balance Expense
Rate Balance Expense
Rate Assets: Interest-earning assets:
Securities $ 424,387 $ 3,172 2.99 % $ 181,327 $ 886 1.95 % Loans
held for sale 28,254 297 4.20 % 45,357 437 3.85 % Loans(1)
1,896,824 23,449 4.94 % 915,218 10,917 4.77 % Interest-bearing
balances and federal funds sold 121,572
221 0.73 % 84,007 96 0.46
%
Total interest-earning assets 2,471,037
27,139 4.39 %
1,225,909 12,336 4.03 %
Noninterest-earning assets: Cash and due from banks 17,131
12,513 Premises, land and equipment 29,459 6,959 Other assets
285,518 36,775 Less: allowance for loan losses (14,057 )
(13,652 )
Total noninterest-earning assets
318,051 42,595 Total
Assets $ 2,789,088 $
1,268,504 Liabilities and Shareholders'
Equity: Interest-bearing deposits: Interest-bearing
demand deposits $ 472,065 $ 345 0.29 % $ 133,147 $ 126 0.38 % Money
market deposit accounts 367,590 478 0.52 % 190,324 166 0.35 %
Savings accounts 191,409 212 0.44 % 32,520 43 0.53 % Time deposits
492,932 1,384 1.12 %
301,372 939 1.25 %
Total
interest-bearing deposits 1,523,996 2,419 0.63 %
657,363 1,274 0.78 %
Borrowings: FHLB
short-term borrowings and subordinated debt 61,649 332 2.15 %
51,154 88 0.69 % Securities sold under agreements to repurchase and
fed funds purchased 53,949 26 0.19 % 13,981 4 0.11 % FHLB long-term
borrowings 79,892 188 0.94 %
74,341 209 1.12 %
Total
borrowings 195,490
546 1.12 %
139,476
301 0.86 %
Total interest-bearing deposits and
borrowings 1,719,486 2,965 0.69 %
796,839
1,575 0.79 %
Noninterest-bearing liabilities: Demand
deposits 639,570 348,056 Other liabilities 17,886
8,861
Total liabilities 2,376,942
1,153,756 Shareholders' Equity 412,146
114,748
Total Liabilities and Shareholders' Equity
$ 2,789,088 $ 1,268,504
Interest Spread(2) 3.70 % 3.23 % Net Interest
Margin(3) $ 24,174 3.91 % $ 10,761 3.51 %
(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, 2017
June 30, 2016 Average Income /
Yield / Average Income / Yield /
(Dollars In Thousands)
Balance
Expense Rate
Balance Expense
Rate Assets: Interest-earning assets:
Securities $ 318,422 $ 4,396 2.76 % $ 179,600 $ 1,921 2.14 % Loans
held for sale 26,368 547 4.15 % 39,982 781 3.91 % Loans(1)
1,474,551 35,398 4.80 % 910,300 21,449 4.71 % Interest-bearing
balances and federal funds sold 94,174
352 0.75 % 68,435
166 0.49 %
Total interest-earning
assets 1,913,515 40,693 4.25 %
1,198,317
24,317 4.06 %
Noninterest-earning assets: Cash and
due from banks 14,416 12,110 Premises, land and equipment 18,280
6,843 Other assets 164,945 35,008 Less: allowance for loan losses
(14,784 ) (13,616 )
Total noninterest-earning
assets 182,857 40,345
Total Assets $ 2,096,372 $
1,238,662 Liabilities and Shareholders'
Equity: Interest-bearing deposits: Interest-bearing
demand deposits $ 307,685 $ 498 0.32 % $ 129,064 $ 233 0.36 % Money
market deposit accounts 313,339 823 0.53 % 166,273 265 0.32 %
Savings accounts 126,103 302 0.48 % 33,609 90 0.54 % Time deposits
396,439 2,298 1.16
% 305,746 1,837
1.20 %
Total interest-bearing deposits 1,143,566
3,921 0.69 %
634,692 2,425 0.76 %
Borrowings: FHLB short-term borrowings and subordinated debt
73,853 498 1.35 % 68,791 211 0.61 % Securities sold under
agreements to repurchase and fed funds purchased 41,148 42 0.20 %
15,712 7 0.09 % FHLB long-term borrowings 69,698
368 1.06 % 69,478
363 1.04 %
Total
borrowings 184,699
908 0.98 %
153,981
581 0.75 %
Total
interest-bearing deposits and borrowings 1,328,265
4,829 0.73 %
788,673 3,006 0.76 %
Noninterest-bearing liabilities: Demand deposits 487,511
328,281 Other liabilities 13,645 8,800
Total liabilities 1,829,421 1,125,754
Shareholders' Equity 266,951 112,908
Total Liabilities and Shareholders' Equity $
2,096,372 $ 1,238,662
Interest Spread(2) 3.53 % 3.30 % Net Interest Margin(3) $
35,864 3.75 % $ 21,311 3.56 %
(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
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 )
1,824 328 (323 ) 2,840
Total revenues 28,620 5,651 1,827
334 (407 ) 36,025
Expenses: Interest expense 2,854 16 - 179 (84 ) 2,965 Salaries and
employee benefits 8,240 3,193 1,227 - - 12,660 Other expenses
7,922 1,256 452 5,160
(323 ) 14,467 Total operating expenses
19,016 4,465 1,679 5,339
(407 ) 30,092 Income (loss) before income
taxes $ 9,604 $ 1,186 $ 148 $ (5,005 ) $ - $
5,933 Total assets $ 2,685,238 $ 37,923
$ 41,437 $ 418,877
$ (426,485 ) $ 2,756,990
Three Months
Ended Commercial Mortgage Wealth
Consolidated June 30, 2016
Banking Banking Management Other
Eliminations Totals (In Thousands) Revenues: Interest
income $ 12,092 $ 437 $ - $ 6 $ (199 ) $ 12,336 Gain on sale of
loans - 7,273 - - - 7,273 Other revenues 1,290 (134 )
718 342 (316 ) 1,900
Total revenues 13,382 7,576 718
348 (515 ) 21,509 Expenses:
Interest expense 1,580 127 - 67 (199 ) 1,575 Salaries and employee
benefits 4,165 3,714 528 - - 8,407 Other expenses 1,867
1,567 259 639 (316
) 4,016 Total operating expenses 7,612 5,408
787 706 (515 )
13,998 Income (loss) before income taxes $ 5,770 $ 2,168
$ (69 ) $ (358 ) $ - $ 7,511 Total assets $
1,245,441 $ 60,831 $ 2,861 $ 17,772 $ (22,034
) $ 1,304,871 Segment Reporting
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
2,578 664 (646 ) 5,498
Total revenues 42,779 10,372 2,581
676 (826 ) 55,582 Expenses:
Interest expense 4,724 43 - 242 (180 ) 4,829 Salaries and employee
benefits 12,658 6,224 1,818 - - 20,700 Other expenses 11,449
2,097 691 6,431 (646 )
20,022 Total operating expenses 28,831 8,364
2,509 6,673 (826 ) 45,551
Income (loss) before income taxes $ 13,948 $ 2,008 $ 72
$ (5,997 ) $ - $ 10,031 Total assets $
2,685,238 $ 37,923 $ 41,437
$ 418,877 $ (426,485 ) $
2,756,990
Six Months Ended Commercial
Mortgage Wealth Consolidated June 30,
2016 Banking Banking
Management Other Eliminations Totals
(In Thousands) Revenues: Interest income $ 23,848 $ 781 $ - $ 10 $
(322 ) $ 24,317 Gain on sale of loans - 11,103 - - - 11,103 Other
revenues 2,226 1,113 1,496 689
(635 ) 4,889 Total revenues 26,074
12,997 1,496 699 (957 )
40,309 Expenses: Interest expense 3,016 178 - 134
(322 ) 3,006 Salaries and employee benefits 8,088 6,899 1,088 - -
16,075 Other expenses 3,707 2,636 550
1,219 (635 ) 7,477 Total operating
expenses 14,811 9,713 1,638
1,353 (957 ) 26,558 Income (loss)
before income taxes $ 11,263 $ 3,284 $ (142 ) $ (654 ) $ - $
13,751 Total assets $ 1,245,441 $ 60,831 $ 2,861 $
17,772 $ (22,034 ) $ 1,304,871
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version on businesswire.com: http://www.businesswire.com/news/home/20170801006773/en/
Access National CorporationMichael Clarke, 703-871-2100
Access National Corp. (NASDAQ:ANCX)
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Access National Corp. (NASDAQ:ANCX)
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