UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
______________
FORM
8-K
Current
Report Pursuant to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
|
April
17, 2015
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|
|
Date
of Report
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|
|
(Date
of earliest event reported)
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|
Access National Corporation
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(Exact name of registrant as specified in its charter)
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Virginia
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000-49929
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82-0545425
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(State or other
jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer Identification No.)
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1800 Robert Fulton Drive, Suite 300, Reston, VA 20191
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(Address
of principal executive offices) (Zip
Code)
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(703) 871-2100
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(Registrant’s telephone number, including area code)
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n/a
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(Former name or former address, if changed since last report.)
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Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2.
below):
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
Access National Corporation (Nasdaq: ANCX) released its unaudited
financial results on April 17, 2015 for the quarter ended March 31,
2015. A copy of the press release detailing the summary results is
attached hereto as Exhibit 99.1.
Item 7.01 Regulation FD Disclosure.
Access National Corporation also announced on April 17, 2015 that its
Board of Directors declared a cash dividend of $0.15 per share to
shareholders of record as of May 4, 2015, for payment on May 22,
2015. A copy of the press release summarizing the announcement is
attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(a) - Not applicable.
(b) - Not applicable.
(c) - Not applicable.
(d) Exhibits.
Exhibit 99.1 Press Release, dated April 17, 2015
announcing first quarter 2015 financial results and quarterly dividend.
Signatures
Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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ACCESS NATIONAL CORPORATION
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(Registrant)
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Date:
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April 22, 2015
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By:
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/s/ Michael W. Clarke
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Name:
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Michael W. Clarke
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Title:
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President & Chief Executive Officer
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Exhibit 99.1
Access
National Increases Dividend, Reports First Quarter Earnings
RESTON, Va.--(BUSINESS WIRE)--April 17, 2015--Access National
Corporation (NASDAQ: ANCX), parent company for Access National Bank
(Bank), reported first quarter 2015 net income of $3.6 million, or $0.34
per share. This represents the Corporation’s 59th
consecutive quarterly profit over its 61 quarter history. Consistent
with management’s stated objective of a 40%-50% payout ratio against
core earnings, the Board of Directors declared a cash dividend of $0.15
per share for holders of record as of May 4, 2015 and payable on May 22,
2015. The increase in the routine dividend reflects Management’s
favorable performance outlook and comfort with a favorable capital
position.
First quarter 2015 pretax earnings increased $1.8 million or 47% when
compared to first quarter 2014 pretax earnings. The increase was
primarily due to increases in pretax income for both the banking and
mortgage segments from first quarter 2014 of $749 thousand and $1.0
million, respectively. The banking segment’s increase was due to an
increase in net interest income over first quarter 2014 of $1.2 million
and was partially offset by an increase in salaries and employee
benefits of $427 thousand. The mortgage segment’s increase over first
quarter 2014 was due to an increase in mortgage loan originations of
$44.0 million or 62.3%.
Net interest margin for the first quarter 2015 decreased to 3.72% from
3.78% for the same period in 2014. On a linked quarter basis, the margin
decreased from 3.83% for the three months ended December 31, 2014 due to
decreased yields in the investment and loan portfolios.
On a consolidated basis, the Corporation reported annualized return on
average assets of 1.36% and 1.10% for the three month periods ended
March 31, 2015 and 2014, respectively. Meanwhile, the annualized return
on average equity was 14.19% and 10.43% for the three month periods
ended March 31, 2015 and 2014, respectively.
Total assets at March 31, 2015 remained steady from December 31, 2014 at
$1.1 billion. Loans held for investment increased by $17.6 million while
loans held for sale increased by $12.1 million. These increases were
offset by a decrease in interest-bearing balances of $12.6 million. The
first quarter of 2015 reflected loan growth in the commercial real
estate – owner occupied, commercial and real estate construction
categories of the loans held for investment portfolio. Overall, the
portfolio of loans held for investment grew at an annualized rate of
9.1%.
Total deposits at March 31, 2015 increased $30.9 million when compared
to December 31, 2014. The increase was mainly due to an increase in
demand deposits of $37.4 million as well as an increase in savings and
interest-bearing demand deposits of $13.0 million. Offsetting these
increases was a decrease in time deposits of $19.6 million due mainly to
a decrease in Certificate of Deposit Account Registry Service (CDARS)
deposits totaling $20.3 million.
Non-performing assets (NPAs) increased to $6.8 million at March 31, 2015
from $2.5 million at December 31, 2014 representing 0.63% and 0.30% of
total assets, respectively. This increase in NPAs was due to the
addition of one $6 million loan to non-accrual status. The Bank did not
have other real estate owned at March 31, 2015 while Access Real Estate,
LLC had other real estate owned with a carrying value of $500 thousand.
The allowance for loan losses remained relatively unchanged at March 31,
2015 from December 31, 2014 at $13.3 million and $13.4 million,
respectively, or 1.68% and 1.73% of total loans held for investment as
of March 31, 2015 and December 31, 2014, respectively.
Book value per common share increased from $9.45 at December 31, 2014 to
$9.75 at March 31, 2015. The ratio of total equity to total assets for
Access National Corporation and its subsidiary bank was 9.60% at March
31, 2015 and continued to exceed standards of being “Well Capitalized”
as set forth under banking regulations.
Access National Corporation is the parent company of Access National
Bank, an independent, nationally chartered bank serving the business
community of the greater Washington 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.
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Access National Corporation
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Consolidated Balance Sheet
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March 31,
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December 31,
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March 31,
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2015
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2014
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2014
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(In Thousands Except for Share Data)
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(Unaudited)
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(Unaudited)
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ASSETS
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Cash and due from banks
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$
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11,324
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$
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9,804
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|
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$
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10,816
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|
|
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Interest-bearing balances and federal funds sold
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33,602
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46,225
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51,354
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Investment securities:
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Available-for-sale, at fair value
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122,027
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125,080
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90,595
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Held-to-maturity, at amortized cost (fair value of $14,524,
$14,378 and $10,938)
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|
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14,304
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14,309
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|
|
|
11,273
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Total investment securities
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136,331
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139,389
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|
|
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101,868
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|
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|
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|
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Restricted Stock, at amortized cost
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|
|
8,321
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|
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8,961
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|
|
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1,761
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|
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Loans held for sale - at fair value
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57,151
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45,026
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27,217
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|
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Loans held for investment net of allowance for loan losses of
$13,331, $13,399 and $13,171, respectively
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|
|
780,883
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|
|
763,204
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|
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703,686
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|
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|
|
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Premises, equipment and land, net
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6,889
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|
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6,926
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|
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8,368
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|
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Other assets
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34,701
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33,345
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|
|
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21,730
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|
|
|
|
|
|
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Total assets
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|
$
|
1,069,202
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|
$
|
1,052,880
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|
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$
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926,800
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LIABILITIES AND SHAREHOLDERS' EQUITY
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LIABILITIES
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Noninterest-bearing deposits
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$
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290,294
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$
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252,875
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$
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229,059
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Savings and interest-bearing deposits
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246,806
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233,773
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|
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239,795
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Time deposits
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249,219
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|
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268,795
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|
|
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336,570
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|
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|
|
|
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Total deposits
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786,319
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755,443
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805,424
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Short-term borrowings
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|
|
161,021
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|
|
186,377
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|
|
|
18,564
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|
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|
|
|
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Long-term borrowings
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|
|
10,000
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|
|
-
|
|
|
|
-
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|
|
|
|
|
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Other liabilities and accrued expenses
|
|
|
9,272
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|
|
12,156
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|
|
|
9,235
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|
|
|
|
|
|
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Total Liabilities
|
|
|
966,612
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|
|
953,976
|
|
|
|
833,223
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|
|
|
|
|
|
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SHAREHOLDERS' EQUITY
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|
|
|
|
|
|
Common stock $0.835 par value; 60,000,000 authorized; issued and
outstanding, 10,517,876, 10,469,569 and 10,402,324 shares,
respectively
|
|
|
8,782
|
|
|
8,742
|
|
|
|
8,686
|
|
|
|
|
|
|
|
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Additional paid in capital
|
|
|
19,378
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|
|
18,538
|
|
|
|
17,814
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|
|
|
|
|
|
|
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Retained earnings
|
|
|
74,276
|
|
|
72,168
|
|
|
|
68,392
|
|
|
|
|
|
|
|
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Accumulated other comprehensive income (loss), net
|
|
|
154
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|
|
(544
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)
|
|
|
(1,315
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)
|
|
|
|
|
|
|
|
Total shareholders' equity
|
|
|
102,590
|
|
|
98,904
|
|
|
|
93,577
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity
|
|
$
|
1,069,202
|
|
$
|
1,052,880
|
|
|
$
|
926,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Access National Corporation
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Consolidated Statement of Operations
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|
|
|
|
|
|
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Three Months Ended
|
|
|
|
March 31, 2015
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|
March 31, 2014
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(In Thousands Except for Share and Per Share Data)
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
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INTEREST INCOME
|
|
|
|
|
|
Interest and fees on loans
|
|
|
$
|
9,434
|
|
$
|
8,459
|
|
|
|
|
|
|
Interest on federal funds sold and bank balances
|
|
|
|
27
|
|
|
18
|
|
|
|
|
|
|
Interest and dividends on securities
|
|
|
|
815
|
|
|
468
|
Total interest income
|
|
|
|
10,276
|
|
|
8,945
|
|
|
|
|
|
|
INTEREST EXPENSE
|
|
|
|
|
|
Interest on deposits
|
|
|
|
733
|
|
|
728
|
|
|
|
|
|
|
Interest on other borrowings
|
|
|
|
107
|
|
|
76
|
Total interest expense
|
|
|
|
840
|
|
|
804
|
Net interest income
|
|
|
|
9,436
|
|
|
8,141
|
|
|
|
|
|
|
Provision for loan losses
|
|
|
|
-
|
|
|
-
|
Net interest income after provision for loan losses
|
|
|
|
9,436
|
|
|
8,141
|
|
|
|
|
|
|
NONINTEREST INCOME
|
|
|
|
|
|
Service charges and fees
|
|
|
|
197
|
|
|
177
|
|
|
|
|
|
|
Gain on sale of loans
|
|
|
|
3,571
|
|
|
1,728
|
|
|
|
|
|
|
Other Income
|
|
|
|
2,537
|
|
|
1,351
|
Total noninterest income
|
|
|
|
6,305
|
|
|
3,256
|
|
|
|
|
|
|
NONINTEREST EXPENSE
|
|
|
|
|
|
Salaries and benefits
|
|
|
|
6,717
|
|
|
4,887
|
|
|
|
|
|
|
Occupancy and equipment
|
|
|
|
754
|
|
|
707
|
|
|
|
|
|
|
Other operating expense
|
|
|
|
2,769
|
|
|
2,063
|
Total noninterest expense
|
|
|
|
10,240
|
|
|
7,657
|
Income before income tax
|
|
|
|
5,501
|
|
|
3,740
|
|
|
|
|
|
|
Income tax expense
|
|
|
|
1,928
|
|
|
1,326
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NET INCOME
|
|
|
|
3,573
|
|
|
2,414
|
|
|
|
|
|
|
Earnings per common share:
|
|
|
|
|
|
Basic
|
|
|
$
|
0.34
|
|
$
|
0.23
|
Diluted
|
|
|
$
|
0.34
|
|
$
|
0.23
|
|
|
|
|
|
|
Average outstanding shares:
|
|
|
|
|
|
Basic
|
|
|
|
10,473,366
|
|
|
10,391,080
|
Diluted
|
|
|
|
10,517,222
|
|
|
10,447,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance and Capital Ratios
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
|
|
Three Months
|
|
Twelve Months
|
|
Twelve Months
|
|
|
Ended
|
|
Ended
|
|
Ended
|
|
Ended
|
|
|
March 31,
|
|
March 31,
|
|
December 31,
|
|
December 31,
|
(Dollars In Thousands)
|
|
2015
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Return on average assets (annualized)
|
|
|
1.36
|
%
|
|
|
1.10
|
%
|
|
|
1.45
|
%
|
|
|
1.55
|
%
|
Return on average equity (annualized)
|
|
|
14.19
|
%
|
|
|
10.43
|
%
|
|
|
14.47
|
%
|
|
|
14.00
|
%
|
Net interest margin
|
|
|
3.72
|
%
|
|
|
3.78
|
%
|
|
|
3.80
|
%
|
|
|
3.85
|
%
|
Efficiency ratio - Bank only
|
|
|
50.51
|
%
|
|
|
50.98
|
%
|
|
|
48.96
|
%
|
|
|
49.50
|
%
|
Total average equity to earning assets
|
|
|
9.93
|
%
|
|
|
10.75
|
%
|
|
|
10.37
|
%
|
|
|
11.28
|
%
|
|
|
|
|
|
|
|
|
|
Averages
|
|
|
|
|
|
|
|
|
Assets
|
|
$
|
1,050,296
|
|
|
$
|
879,984
|
|
|
$
|
958,067
|
|
|
$
|
854,572
|
|
Loans held for investment
|
|
|
781,990
|
|
|
|
698,429
|
|
|
|
721,863
|
|
|
|
648,744
|
|
Loans held for sale
|
|
|
38,065
|
|
|
|
18,708
|
|
|
|
31,288
|
|
|
|
42,667
|
|
Interest-bearing deposits & federal funds sold
|
|
|
46,828
|
|
|
|
39,251
|
|
|
|
44,939
|
|
|
|
46,217
|
|
Investment securities
|
|
|
147,385
|
|
|
|
102,398
|
|
|
|
128,446
|
|
|
|
97,260
|
|
Earning assets
|
|
|
1,014,351
|
|
|
|
861,170
|
|
|
|
927,845
|
|
|
|
836,129
|
|
Interest-bearing deposits
|
|
|
499,467
|
|
|
|
441,757
|
|
|
|
477,267
|
|
|
|
485,860
|
|
Total deposits
|
|
|
760,105
|
|
|
|
638,211
|
|
|
|
715,385
|
|
|
|
678,531
|
|
Repurchase agreements & federal funds purchased
|
|
|
22,695
|
|
|
|
23,374
|
|
|
|
21,129
|
|
|
|
25,524
|
|
Short term borrowings
|
|
|
158,297
|
|
|
|
116,554
|
|
|
|
116,196
|
|
|
|
43,077
|
|
Long-term borrowings
|
|
|
556
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,135
|
|
Equity
|
|
$
|
100,754
|
|
|
$
|
92,593
|
|
|
$
|
96,227
|
|
|
$
|
94,352
|
|
|
|
|
|
|
|
|
|
|
Banking segment - income before taxes
|
|
$
|
4,930
|
|
|
$
|
4,181
|
|
|
$
|
18,889
|
|
|
$
|
17,330
|
|
Mortgage segment - income before taxes
|
|
$
|
1,012
|
|
|
$
|
3
|
|
|
$
|
5,043
|
|
|
$
|
4,879
|
|
Wealth Management segment - loss before taxes
|
|
$
|
(132
|
)
|
|
$
|
(8
|
)
|
|
$
|
(350
|
)
|
|
$
|
(751
|
)
|
Other segments - loss before taxes
|
|
$
|
(309
|
)
|
|
$
|
(436
|
)
|
|
$
|
(2,072
|
)
|
|
$
|
(1,017
|
)
|
|
|
|
|
|
|
|
|
|
Allowance for loan losses/loans held for investment
|
|
|
1.68
|
%
|
|
|
1.84
|
%
|
|
|
1.73
|
%
|
|
|
1.91
|
%
|
Total NPA
|
|
$
|
6,784
|
|
|
$
|
2,510
|
|
|
$
|
1,622
|
|
|
$
|
2,535
|
|
NPA to total assets
|
|
|
0.63
|
%
|
|
|
0.27
|
%
|
|
|
0.15
|
%
|
|
|
0.30
|
%
|
|
|
|
|
|
|
|
|
|
Mortgage loan originations and brokered loans
|
|
$
|
114,541
|
|
|
$
|
70,570
|
|
|
$
|
408,346
|
|
|
$
|
574,951
|
|
Gain on sale of mortgage loans net hedging activity
|
|
$
|
3,058
|
|
|
$
|
1,385
|
|
|
$
|
12,779
|
|
|
$
|
23,998
|
|
Allowance for losses on mortgage loans sold
|
|
$
|
1,187
|
|
|
$
|
4,645
|
|
|
$
|
1,198
|
|
|
$
|
4,645
|
|
|
|
|
|
|
|
|
|
|
Wealth Management segment - assets under management
|
|
$
|
523,000
|
|
|
$
|
432,000
|
|
|
$
|
450,372
|
|
|
$
|
257,000
|
|
|
|
|
.
|
|
|
|
|
|
|
|
Book value per common share
|
|
$
|
9.75
|
|
|
$
|
9.00
|
|
|
$
|
9.45
|
|
|
$
|
8.79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of Loan Portfolio
|
|
|
|
March 31, 2015
|
|
December 31, 2014
|
(Dollars In Thousands)
|
|
Amount
|
|
Percentage of Total
|
|
Amount
|
|
Percentage of Total
|
|
|
|
|
|
|
|
|
|
Commercial real estate - owner occupied
|
|
$
|
210,131
|
|
26.46
|
%
|
|
$
|
199,442
|
|
25.68
|
%
|
Commercial real estate - non-owner occupied
|
|
|
123,387
|
|
15.54
|
|
|
|
125,442
|
|
16.15
|
|
Residential real estate
|
|
|
191,914
|
|
24.16
|
|
|
|
194,213
|
|
25.01
|
|
Commercial
|
|
|
219,623
|
|
27.65
|
|
|
|
210,278
|
|
27.08
|
|
Real estate construction
|
|
|
43,290
|
|
5.45
|
|
|
|
41,080
|
|
5.29
|
|
Consumer
|
|
|
5,869
|
|
0.74
|
|
|
|
6,148
|
|
0.79
|
|
Total loans
|
|
$
|
794,214
|
|
100.00
|
%
|
|
$
|
776,603
|
|
100.00
|
%
|
Less allowance for loan losses
|
|
|
13,331
|
|
|
|
|
13,399
|
|
|
|
|
$
|
780,883
|
|
|
|
$
|
763,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Composition of Deposits
|
|
|
|
March 31, 2015
|
|
December 31, 2014
|
(Dollars In Thousands)
|
|
Amount
|
|
Percentage of Total
|
|
Amount
|
|
Percentage of Total
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
$
|
290,294
|
|
36.92
|
%
|
|
$
|
252,875
|
|
33.47
|
%
|
Interest-bearing demand deposits
|
|
|
127,504
|
|
16.21
|
|
|
|
116,654
|
|
15.44
|
|
Savings and money market
|
|
|
103,460
|
|
13.16
|
|
|
|
101,409
|
|
13.42
|
|
CDARS-time deposit
|
|
|
127,669
|
|
16.24
|
|
|
|
148,142
|
|
19.61
|
|
CDARS-money market
|
|
|
15,632
|
|
1.99
|
|
|
|
15,497
|
|
2.06
|
|
Brokered deposits
|
|
|
13,213
|
|
1.68
|
|
|
|
13,344
|
|
1.77
|
|
Time deposits
|
|
|
108,547
|
|
13.80
|
|
|
|
107,522
|
|
14.23
|
|
Total Deposits
|
|
$
|
786,319
|
|
100.00
|
%
|
|
$
|
755,443
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on Average Earning Assets and Rates on Average
Interest-Bearing Liabilities
|
Three Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2015
|
|
|
March 31, 2014
|
|
|
Average
|
|
Income /
|
|
Yield /
|
|
|
Average
|
|
Income /
|
|
Yield /
|
(Dollars In Thousands)
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|
Balance
|
|
Expense
|
|
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities
|
|
$
|
147,468
|
|
|
$
|
815
|
|
2.21
|
%
|
|
|
$
|
104,782
|
|
|
$
|
468
|
|
1.79
|
%
|
Loans held for sale
|
|
|
38,065
|
|
|
|
362
|
|
3.80
|
%
|
|
|
|
18,708
|
|
|
|
202
|
|
4.32
|
%
|
Loans(1)
|
|
|
781,990
|
|
|
|
9,072
|
|
4.64
|
%
|
|
|
|
698,429
|
|
|
|
8,257
|
|
4.73
|
%
|
Interest-bearing balances and federal funds sold
|
|
|
46,828
|
|
|
|
27
|
|
0.23
|
%
|
|
|
|
39,251
|
|
|
|
18
|
|
0.18
|
%
|
Total interest-earning assets
|
|
|
1,014,351
|
|
|
|
10,276
|
|
4.05
|
%
|
|
|
|
861,170
|
|
|
|
8,945
|
|
4.15
|
%
|
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
9,906
|
|
|
|
|
|
|
|
|
7,609
|
|
|
|
|
|
Premises, land and equipment
|
|
|
6,898
|
|
|
|
|
|
|
|
|
8,379
|
|
|
|
|
|
Other assets
|
|
|
32,478
|
|
|
|
|
|
|
|
|
16,007
|
|
|
|
|
|
Less: allowance for loan losses
|
|
|
(13,337
|
)
|
|
|
|
|
|
|
|
(13,181
|
)
|
|
|
|
|
Total noninterest-earning assets
|
|
|
35,945
|
|
|
|
|
|
|
|
|
18,814
|
|
|
|
|
|
Total Assets
|
|
$
|
1,050,296
|
|
|
|
|
|
|
|
$
|
879,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits
|
|
$
|
120,685
|
|
|
$
|
65
|
|
0.22
|
%
|
|
|
$
|
105,816
|
|
|
$
|
58
|
|
0.22
|
%
|
Money market deposit accounts
|
|
|
110,503
|
|
|
|
54
|
|
0.20
|
%
|
|
|
|
114,119
|
|
|
|
57
|
|
0.20
|
%
|
Savings accounts
|
|
|
7,848
|
|
|
|
7
|
|
0.36
|
%
|
|
|
|
2,868
|
|
|
|
2
|
|
0.28
|
%
|
Time deposits
|
|
|
260,431
|
|
|
|
607
|
|
0.93
|
%
|
|
|
|
218,954
|
|
|
|
611
|
|
1.12
|
%
|
Total interest-bearing deposits
|
|
|
499,467
|
|
|
|
733
|
|
0.59
|
%
|
|
|
|
441,757
|
|
|
|
728
|
|
0.66
|
%
|
Borrowings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB short-term borrowings
|
|
|
157,555
|
|
|
|
94
|
|
0.24
|
%
|
|
|
|
115,944
|
|
|
|
65
|
|
0.22
|
%
|
Securities sold under agreements to repurchase and federal funds
purchased
|
|
|
22,695
|
|
|
|
5
|
|
0.09
|
%
|
|
|
|
23,374
|
|
|
|
6
|
|
0.10
|
%
|
FHLB long-term borrowings
|
|
|
556
|
|
|
|
2
|
|
1.44
|
%
|
|
|
|
-
|
|
|
|
-
|
|
0.00
|
%
|
Deferred purchase liability
|
|
|
742
|
|
|
|
6
|
|
3.23
|
%
|
|
|
|
610
|
|
|
|
5
|
|
3.28
|
%
|
Total borrowings
|
|
|
181,548
|
|
|
|
107
|
|
0.24
|
%
|
|
|
|
139,928
|
|
|
|
76
|
|
0.22
|
%
|
Total interest-bearing deposits and borrowings
|
|
|
681,015
|
|
|
|
840
|
|
0.49
|
%
|
|
|
|
581,685
|
|
|
|
804
|
|
0.55
|
%
|
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand deposits
|
|
|
260,638
|
|
|
|
|
|
|
|
|
196,454
|
|
|
|
|
|
Other liabilities
|
|
|
7,889
|
|
|
|
|
|
|
|
|
9,251
|
|
|
|
|
|
Total liabilities
|
|
|
949,542
|
|
|
|
|
|
|
|
|
787,390
|
|
|
|
|
|
Shareholders' Equity
|
|
|
100,754
|
|
|
|
|
|
|
|
|
92,594
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity:
|
|
$
|
1,050,296
|
|
|
|
|
|
|
|
$
|
879,984
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Spread(2)
|
|
|
|
|
|
3.56
|
%
|
|
|
|
|
|
|
3.60
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin(3)
|
|
|
|
$
|
9,436
|
|
3.72
|
%
|
|
|
|
|
$
|
8,141
|
|
3.78
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
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