Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank (Bank), reported fourth quarter 2014 net income of $3.5 million, or $0.34 per common share diluted.
According to CEO Michael Clarke, “We take great satisfaction in reporting on the exceptional results achieved during the fourth quarter and all of 2014. During these periods, we also celebrated the milestones of our 15th anniversary on December 1 and surpassed the $1 billion asset threshold during the third quarter. We are very grateful to our clients who recognize the tremendous value delivered by our professional staff.” He continued, “The fourth quarter of 2014 represented our 58th consecutive quarterly profit over our 60 quarter history. Our profitability this quarter enabled the Board of Directors to declare a cash dividend of $0.14 per share for holders of record as of February 05, 2015 and payable on February 25, 2015. The cash dividend is in addition to a $0.35 special cash dividend declared in December 2014 and is consistent with our objective of a routine dividend payout equal to 40%-50% of core earnings.”
Fourth quarter 2014 pretax earnings rose by $452 thousand or 9.1% when compared to fourth quarter pretax earnings 2013. This increase was due mainly to an increase in the mortgage segment pretax income of $491 thousand which was driven by a 37% or $30.8 million increase in mortgage loan originations when comparing fourth quarter 2014 to the same period in 2013. Pretax earnings for the year 2014 were $21.5 million, up $1.1 million or 5.2% from $20.4 million for the year 2013. Year over year, the banking segment pretax earnings increased $1.6 million or 9.0%, the mortgage segment pretax earnings increased by $164 thousand or 3.4% due to a $3.25 million nonrecurring pretax reserve release as reported in the third quarter of 2014, and the wealth management segment pretax loss decreased $401 thousand or 53.4%. Offsetting these increases was an increase in the other segments pretax loss of $1.1 million or 104% due mainly to a $707 thousand nonrecurring pretax impairment recorded in third quarter 2014.
Net interest margin for the year 2014 decreased from 3.85% to 3.80% when compared to 2013. On a linked quarter basis, the margin increased to 3.83% for the three months ended December 31, 2014 compared to 3.78% for the three months ended September 30, 2014.
On a consolidated basis, the Corporation reported annualized return on average assets of 1.39% and 1.45% for the three and twelve month periods ended December 31, 2014, respectively. Meanwhile, the annualized return on average equity was 13.98% and 14.47% for the three and twelve month periods ended December 31, 2014, respectively.
Total assets at December 31, 2014 amounted to $1.05 billion compared to $847.2 million at December 31, 2013, an overall increase of $205.7 million. An increase in loans held for investment of $89.3 million, a $30.9 million increase in interest-bearing balances, a $46.6 million growth in investment securities, a growth in loans held for sale of $20.7 million, and a $17.6 million increase in other assets due mainly to a $15 million BOLI purchase accounted for the majority of this increase. The fourth quarter of 2014 reflected loan growth in all categories of the loans held for investment portfolio with the exception of consumer loans. For the year, the portfolio of loans held for investment grew 13.0% or $89.5 million.
Total deposits at December 31, 2014 increased $182.5 million from December 31, 2013 due mainly to increases in Certificate of Deposit Account Registry Service (CDARS) deposits totaling $100.6 million, demand deposits of $63.0 million, and interest-bearing demand deposits of $30.9 million. Management continues to focus on expanding business banking relationships as evidenced by the 33.2% annual growth in demand deposits.
Non-performing assets (NPAs) decreased 36.0% to $1.6 million at December 31, 2014 from $2.5 million at December 31, 2013, representing 0.15% and 0.30% of total assets, respectively. The Bank did not have other real estate owned at December 31, 2014 while Access Real Estate, LLC had other real estate owned with a carrying value of $500 thousand. The allowance for loan losses was $13.4 million and $13.1 million or 1.73% and 1.91% of total loans held for investment as of December 31, 2014 and December 31, 2013, respectively.
Book value per common share increased from $8.79 at December 31, 2013 to $9.45 at December 31, 2014. The ratio of total equity to total assets for Access National Corporation and its subsidiary bank was 9.4% at December 31, 2014, within the Corporation’s target range of 8.00% to 10.50%.
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.
Access National Corporation | ||||||||
Consolidated Balance Sheet | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
(Dollars In Thousands) | (Unaudited) | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 9,804 | $ | 8,117 | ||||
Interest-bearing balances and federal funds sold | 46,225 | 15,302 | ||||||
Investment securities: | ||||||||
Available-for-sale, at fair value | 125,080 | 76,552 | ||||||
Held-to-maturity, at amortized cost (fair value of $14,378 and $15,659) | 14,309 | 16,277 | ||||||
Total investment securities | 139,389 | 92,829 | ||||||
Restricted Stock, at amortized cost | 8,961 | 8,559 | ||||||
Loans held for sale - at fair value | 45,026 | 24,353 | ||||||
Loans held for investment net of allowance for loan losses of $13,399 and $13,136, respectively | 763,204 | 673,919 | ||||||
Premises, equipment and land, net | 6,926 | 8,389 | ||||||
Other assets | 33,345 | 15,714 | ||||||
Total assets | $ | 1,052,880 | $ | 847,182 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
LIABILITIES | ||||||||
Noninterest-bearing deposits | $ | 252,875 | $ | 189,908 | ||||
Savings and interest-bearing deposits | 233,773 | 200,196 | ||||||
Time deposits | 268,795 | 182,868 | ||||||
Total deposits | 755,443 | 572,972 | ||||||
Short-term borrowings | 185,635 | 172,855 | ||||||
Other liabilities and accrued expenses | 12,898 | 10,221 | ||||||
Total Liabilities | 953,976 | 756,048 | ||||||
SHAREHOLDERS' EQUITY | ||||||||
Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 10,469,569, and 10,369,420 shares, respectively | 8,742 | 8,659 | ||||||
Additional paid in capital | 18,538 | 17,320 | ||||||
Retained earnings | 72,168 | 67,121 | ||||||
Accumulated other comprehensive loss, net | (544 | ) | (1,966 | ) | ||||
Total shareholders' equity | 98,904 | 91,134 | ||||||
Total liabilities and shareholders' equity | $ | 1,052,880 | $ | 847,182 | ||||
Access National Corporation | ||||||||||||
Consolidated Statement of Operations | ||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2014 | December 31, 2013 | |||||||||
(In Thousands Except for Share and Per Share Data) | (unaudited) | (unaudited) | (unaudited) | |||||||||
INTEREST INCOME | ||||||||||||
Interest and fees on loans | $ | 9,256 | $ | 8,373 | $ | 35,702 | $ | 33,841 | ||||
Interest on federal funds sold and bank balances | 30 | 31 | 102 | 107 | ||||||||
Interest on securities | 853 | 489 | 2,697 | 1,928 | ||||||||
Total interest income | 10,139 | 8,893 | 38,501 | 35,876 | ||||||||
INTEREST EXPENSE | ||||||||||||
Interest on deposits | 709 | 720 | 2,981 | 3,486 | ||||||||
Interest on other borrowings | 90 | 61 | 292 | 226 | ||||||||
Total interest expense | 799 | 781 | 3,273 | 3,712 | ||||||||
Net interest income | 9,340 | 8,112 | 35,228 | 32,164 | ||||||||
Provision for loan losses | - | - | - | 675 | ||||||||
Net interest income after provision for loan losses | 9,340 | 8,112 | 35,228 | 31,489 | ||||||||
NONINTEREST INCOME | ||||||||||||
Service charges and fees | 170 | 196 | 695 | 691 | ||||||||
Gain on sale of loans | 4,832 | 2,929 | 15,146 | 21,109 | ||||||||
Other Income | 513 | 1,079 | 3,459 | 6,350 | ||||||||
Total noninterest income | 5,515 | 4,204 | 19,300 | 28,150 | ||||||||
NONINTEREST EXPENSE | ||||||||||||
Salaries and benefits | 5,955 | 4,749 | 22,654 | 25,289 | ||||||||
Occupancy and equipment | 739 | 618 | 2,821 | 2,579 | ||||||||
Other operating expense | 2,766 | 2,006 | 7,543 | 11,330 | ||||||||
Total noninterest expense | 9,460 | 7,373 | 33,018 | 39,198 | ||||||||
Income before income tax | 5,395 | 4,943 | 21,510 | 20,441 | ||||||||
Income tax expense | 1,880 | 1,749 | 7,585 | 7,234 | ||||||||
NET INCOME | 3,515 | 3,194 | 13,925 | 13,207 | ||||||||
Earnings per common share: | ||||||||||||
Basic | $ | 0.34 | $ | 0.31 | $ | 1.33 | $ | 1.28 | ||||
Diluted | $ | 0.34 | $ | 0.31 | $ | 1.33 | $ | 1.27 | ||||
Average outstanding shares: | ||||||||||||
Basic | 10,453,115 | 10,343,158 | 10,424,067 | 10,319,802 | ||||||||
Diluted | 10,489,516 | 10,406,086 | 10,466,841 | 10,403,155 | ||||||||
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 Except Per Share Data) | 2014 | 2014 | 2014 | 2014 | 2014 | 2013 | ||||||||||||||||||
Return on average assets (annualized) | 1.39 | % | 1.98 | % | 1.30 | % | 1.10 | % | 1.45 | % | 1.55 | % | ||||||||||||
Return on average equity (annualized) | 13.98 | % | 20.37 | % | 12.93 | % | 10.43 | % | 14.47 | % | 14.00 | % | ||||||||||||
Net interest margin | 3.83 | % | 3.78 | % | 3.80 | % | 3.78 | % | 3.80 | % | 3.85 | % | ||||||||||||
Efficiency ratio - Bank only | 49.23 | % | 47.37 | % | 48.44 | % | 50.98 | % | 48.96 | % | 49.50 | % | ||||||||||||
Total average equity to earning assets | 10.32 | % | 10.08 | % | 10.38 | % | 10.75 | % | 10.37 | % | 11.28 | % | ||||||||||||
Averages | ||||||||||||||||||||||||
Assets | $ | 1,008,907 | $ | 997,080 | $ | 944,452 | $ | 879,984 | $ | 958,067 | $ | 854,572 | ||||||||||||
Loans held for investment | 740,883 | 726,985 | 720,634 | 698,429 | 721,863 | 648,744 | ||||||||||||||||||
Loans held for sale | 37,848 | 40,780 | 27,502 | 18,708 | 31,288 | 42,667 | ||||||||||||||||||
Interest-bearing deposits & federal funds sold | 47,156 | 51,134 | 42,055 | 39,251 | 44,939 | 46,217 | ||||||||||||||||||
Investment securities | 148,010 | 141,649 | 121,080 | 102,398 | 128,446 | 97,260 | ||||||||||||||||||
Earning assets | 974,796 | 960,912 | 912,889 | 861,170 | 927,845 | 836,129 | ||||||||||||||||||
Interest-bearing deposits | 467,378 | 499,967 | 499,435 | 441,757 | 477,267 | 485,860 | ||||||||||||||||||
Total deposits | 731,134 | 747,780 | 743,037 | 638,211 | 715,385 | 678,531 | ||||||||||||||||||
Repurchase agreements & federal funds purchased | 21,143 | 19,955 | 20,082 | 23,374 | 21,129 | 25,524 | ||||||||||||||||||
Short-term borrowings | 147,413 | 121,141 | 76,978 | 115,944 | 115,471 | 46,212 | ||||||||||||||||||
Equity | $ | 100,558 | $ | 96,862 | $ | 94,800 | $ | 92,593 | $ | 96,227 | $ | 94,352 | ||||||||||||
Banking segment - income before taxes | $ | 4,938 | $ | 5,066 | $ | 4,704 | $ | 4,181 | $ | 18,889 | $ | 17,330 | ||||||||||||
Mortgage segment - income before taxes | $ | 725 | $ | 3,732 | $ | 583 | $ | 3 | $ | 5,043 | $ | 4,879 | ||||||||||||
Wealth Management segment - loss before taxes | $ | (86 | ) | $ | (108 | ) | $ | (148 | ) | $ | (8 | ) | $ | (350 | ) | $ | (751 | ) | ||||||
Other segments - loss before taxes | $ | (182 | ) | $ | (1,076 | ) | $ | (378 | ) | $ | (436 | ) | $ | (2,072 | ) | $ | (1,017 | ) | ||||||
Allowance for loan losses/loans held for investment | 1.73 | % | 1.82 | % | 1.78 | % | 1.84 | % | 1.73 | % | 1.91 | % | ||||||||||||
Total NPA | 1,622 | 1,826 | 1,872 | 2,510 | 1,622 | 2,535 | ||||||||||||||||||
NPA to total assets | 0.15 | % | 0.18 | % | 0.19 | % | 0.27 | % | 0.15 | % | 0.30 | % | ||||||||||||
Mortgage loan originations and brokered loans | $ | 113,595 | $ | 114,931 | $ | 109,250 | $ | 70,570 | $ | 408,346 | $ | 574,951 | ||||||||||||
Gain on sale of mortgage loans net hedging activity | $ | 4,056 | $ | 4,280 | $ | 3,059 | $ | 1,384 | $ | 12,779 | $ | 23,998 | ||||||||||||
Allowance for losses on mortgage loans sold | $ | 1,198 | $ | 1,193 | $ | 4,633 | $ | 4,645 | $ | 1,198 | $ | 4,645 | ||||||||||||
Wealth Management segment - assets under management | $ | 450,372 | $ | 444,000 | $ | 454,000 | $ | 432,000 | $ | 450,372 | $ | 257,000 | ||||||||||||
Book value per common share | $ | 9.45 | $ | 9.55 | $ | 9.22 | $ | 9.00 | $ | 9.45 | $ | 8.79 | ||||||||||||
Dividends paid per share | $ | 0.14 | $ | 0.13 | $ | 0.12 | $ | 0.11 | $ | 0.50 | $ | 1.11 | ||||||||||||
Composition of Loan Portfolio | ||||||||||||||||||||||||||||||
December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
(Dollars In Thousands) | Amount | Percentage of | Amount | Percentage of | Amount | Percentage of | Amount | Percentage of | Amount | Percentage of | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | 199,442 | 25.68 | % | $ | 195,104 | 26.83 | % | $ | 190,895 | 25.79 | % | $ | 204,725 | 28.56 | % | $ | 196,804 | 28.65 | % | ||||||||||
Commercial real estate - non-owner occupied | 125,442 | 16.15 | 115,488 | 15.88 | 110,968 | 14.99 | 93,366 | 13.02 | 90,676 | 13.20 | ||||||||||||||||||||
Residential real estate | 194,208 | 25.01 | 191,658 | 26.36 | 179,018 | 24.19 | 176,914 | 24.68 | 173,639 | 25.27 | ||||||||||||||||||||
Commercial | 210,278 | 27.08 | 186,715 | 25.68 | 211,742 | 28.61 | 192,890 | 26.91 | 182,220 | 26.52 | ||||||||||||||||||||
Real estate construction | 41,085 | 5.29 | 31,463 | 4.33 | 40,520 | 5.47 | 42,766 | 5.97 | 38,842 | 5.65 | ||||||||||||||||||||
Consumer | 6,148 | 0.79 | 6,684 | 0.92 | 6,982 | 0.95 | 6,196 | 0.86 | 4,874 | 0.71 | ||||||||||||||||||||
Total loans | $ | 776,603 | 100.00 | % | $ | 727,112 | 100.00 | % | $ | 740,125 | 100.00 | % | $ | 716,857 | 100.00 | % | $ | 687,055 | 100.00 | % | ||||||||||
Less allowance for loan losses | 13,399 | 13,244 | 13,211 | 13,171 | 13,136 | |||||||||||||||||||||||||
$ | 763,204 | $ | 713,868 | $ | 726,914 | $ | 703,686 | $ | 673,919 | |||||||||||||||||||||
Composition of Deposits | ||||||||||||||||||||||||||||||
December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||||
(Dollars In Thousands) | Amount | Percentage of | Amount | Percentage of | Amount | Percentage of | Amount | Percentage of | Amount | Percentage of | ||||||||||||||||||||
Demand deposits | $ | 252,875 | 33.47 | % | $ | 271,251 | 37.05 | % | $ | 271,225 | 34.26 | % | $ | 229,059 | 28.44 | % | $ | 189,908 | 33.14 | % | ||||||||||
Interest-bearing demand deposits | 116,654 | 15.44 | 126,898 | 17.33 | 120,122 | 15.17 | 116,195 | 14.43 | 85,735 | 14.96 | ||||||||||||||||||||
Savings and money market | 116,906 | 15.48 | 116,361 | 15.90 | 115,365 | 14.57 | 123,358 | 15.32 | 114,169 | 19.93 | ||||||||||||||||||||
CDARS-time deposits | 148,142 | 19.61 | 96,703 | 13.21 | 155,480 | 19.64 | 200,142 | 24.85 | 47,535 | 8.30 | ||||||||||||||||||||
Brokered deposits | 13,344 | 1.77 | 11,830 | 1.62 | 13,334 | 1.68 | 13,709 | 1.69 | 14,103 | 2.46 | ||||||||||||||||||||
Time deposits | 107,522 | 14.23 | 109,028 | 14.89 | 116,227 | 14.68 | 122,961 | 15.27 | 121,522 | 21.21 | ||||||||||||||||||||
Total Deposits | $ | 755,443 | 100.00 | % | $ | 732,071 | 100.00 | % | $ | 791,753 | 100.00 | % | $ | 805,424 | 100.00 | % | $ | 572,972 | 100.00 | % | ||||||||||
Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||||||||
Average | Income / | Yield / | Average | Income / | Yield / | |||||||||||||||
(Dollars In Thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||
Assets: | ||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||
Securities | $ | 148,909 | $ | 853 | 2.29 | % | $ | 98,089 | $ | 489 | 1.99 | % | ||||||||
Loans held for sale | 37,848 | 388 | 4.10 | % | 20,528 | 197 | 3.84 | % | ||||||||||||
Loans(1) | 740,883 | 8,868 | 4.79 | % | 667,146 | 8,176 | 4.90 | % | ||||||||||||
Interest-bearing balances and federal funds sold | 47,156 | 30 | 0.25 | % | 48,473 | 31 | 0.26 | % | ||||||||||||
Total interest earning assets | 974,796 | 10,139 | 4.16 | % | 834,236 | 8,893 | 4.26 | % | ||||||||||||
Noninterest earning assets: | ||||||||||||||||||||
Cash and due from banks | 9,344 | 7,546 | ||||||||||||||||||
Premises, land and equipment | 6,998 | 8,447 | ||||||||||||||||||
Other assets | 31,061 | 12,023 | ||||||||||||||||||
Less: allowance for loan losses | (13,293 | ) | (13,111 | ) | ||||||||||||||||
Total noninterest earning assets | 34,110 | 14,905 | ||||||||||||||||||
Total Assets | $ | 1,008,906 | $ | 849,141 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 122,004 | $ | 67 | 0.22 | % | $ | 81,509 | $ | 43 | 0.21 | % | ||||||||
Money market deposit accounts | 116,129 | 59 | 0.20 | % | 121,496 | 61 | 0.20 | % | ||||||||||||
Savings accounts | 5,463 | 5 | 0.37 | % | 2,647 | 2 | 0.30 | % | ||||||||||||
Time deposits | 223,782 | 578 | 1.03 | % | 202,613 | 614 | 1.21 | % | ||||||||||||
Total interest-bearing deposits | 467,378 | 709 | 0.61 | % | 408,265 | 720 | 0.71 | % | ||||||||||||
Borrowings: | ||||||||||||||||||||
FHLB Advances | 147,413 | 85 | 0.23 | % | 99,130 | 55 | 0.22 | % | ||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 21,143 | 5 | 0.09 | % | 25,145 | 6 | 0.10 | % | ||||||||||||
Total borrowings | 168,556 | 90 | 0.21 | % | 124,275 | 61 | 0.20 | % | ||||||||||||
Total interest-bearing deposits and borrowings | 635,934 | 799 | 0.50 | % | 532,540 | 781 | 0.59 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 263,756 | 209,204 | ||||||||||||||||||
Other liabilities | 8,658 | 11,634 | ||||||||||||||||||
Total liabilities | 908,348 | 753,378 | ||||||||||||||||||
Shareholders' Equity | 100,558 | 95,763 | ||||||||||||||||||
Total Liabilities and Shareholders' Equity: | $ | 1,008,906 | $ | 849,141 | ||||||||||||||||
Interest Spread(2) | 3.66 | % | 3.68 | % | ||||||||||||||||
Net Interest Margin(3) | $ | 9,340 | 3.83 | % | $ | 8,112 | 3.89 | % |
(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, 2014 | December 31, 2013 | |||||||||||||||||||
Average | Income / | Yield / | Average | Income / | Yield / | |||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||
Securities | $ | 129,755 | $ | 2,697 | 2.08 | % | $ | 98,501 | $ | 1,928 | 1.96 | % | ||||||||
Loans held for sale | 31,288 | 1,297 | 4.15 | % | 42,667 | 1,505 | 3.53 | % | ||||||||||||
Loans(1) | 721,863 | 34,405 | 4.77 | % | 648,744 | 32,336 | 4.98 | % | ||||||||||||
Interest-bearing balances and federal funds sold | 44,939 | 102 | 0.23 | % | 46,217 | 107 | 0.23 | % | ||||||||||||
Total interest earning assets | 927,845 | 38,501 | 4.15 | % | 836,129 | 35,876 | 4.29 | % | ||||||||||||
Noninterest earning assets: | ||||||||||||||||||||
Cash and due from banks | 8,925 | 9,852 | ||||||||||||||||||
Premises, land and equipment | 7,995 | 8,480 | ||||||||||||||||||
Other assets | 26,523 | 13,035 | ||||||||||||||||||
Less: allowance for loan losses | (13,221 | ) | (12,924 | ) | ||||||||||||||||
Total noninterest earning assets | 30,222 | 18,443 | ||||||||||||||||||
Total Assets | $ | 958,067 | $ | 854,572 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 114,853 | $ | 256 | 0.22 | % | $ | 75,706 | $ | 148 | 0.20 | % | ||||||||
Money market deposit accounts | 115,192 | 232 | 0.20 | % | 120,307 | 282 | 0.23 | % | ||||||||||||
Savings accounts | 3,884 | 14 | 0.36 | % | 2,483 | 5 | 0.20 | % | ||||||||||||
Time deposits | 243,338 | 2,479 | 1.02 | % | 287,364 | 3,051 | 1.06 | % | ||||||||||||
Total interest-bearing deposits | 477,267 | 2,981 | 0.62 | % | 485,860 | 3,486 | 0.72 | % | ||||||||||||
Borrowings: | ||||||||||||||||||||
FHLB Advances | 115,471 | 271 | 0.23 | % | 43,077 | 97 | 0.23 | % | ||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 21,129 | 21 | 0.10 | % | 25,524 | 26 | 0.10 | % | ||||||||||||
Subordinated Debentures | - | - | 0.00 | % | 3,135 | 103 | 3.29 | % | ||||||||||||
Total borrowings | 136,600 | 292 | 0.21 | % | 71,736 | 226 | 0.32 | % | ||||||||||||
Total interest-bearing deposits and borrowings | 613,867 | 3,273 | 0.53 | % | 557,596 | 3,712 | 0.67 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 238,118 | 192,671 | ||||||||||||||||||
Other liabilities | 9,855 | 9,953 | ||||||||||||||||||
Total liabilities | 861,840 | 760,220 | ||||||||||||||||||
Shareholders' Equity | 96,227 | 94,352 | ||||||||||||||||||
Total Liabilities and Shareholders' Equity: | $ | 958,067 | $ | 854,572 | ||||||||||||||||
Interest Spread(2) | 3.62 | % | 3.63 | % | ||||||||||||||||
Net Interest Margin(3) | $ | 35,228 | 3.80 | % | $ | 32,164 | 3.85 | % |
(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. |
Contacts:
Michael Clarke, 703-871-2100