Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank (Bank), reported third quarter 2015 net income of $3.9 million, or $0.37 per common share. This represents the Corporation’s 61st consecutive quarterly profit over its 63 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 November 02, 2015 and payable on November 25, 2015. The routine dividend reflects Management’s favorable performance outlook and comfort with a favorable capital position.
Overall, third quarter 2015 pretax earnings increased $988 thousand or 20% when compared to third quarter 2014 when removing the two nonrecurring items which positively impacted third quarter 2014 pretax earnings by $2.5 million. The increase was primarily due to increases in pretax income for both the banking and mortgage segments from third quarter 2014 of $162 thousand and $717 thousand, respectively, when excluding a nonrecurring $3.25 million release in the mortgage segment’s loan loss reserve for the same period in 2014. The banking segment’s increase was due to an increase in net interest income over third quarter 2014 of $973 thousand, and was partially offset by an increase in salaries and benefits of $530 thousand and an increase in other operating expense of $309 thousand due largely to enhancements in the Bank’s online banking platform. The mortgage segment’s increase over third quarter 2014 was due to an increase in mortgage loan originations of $4.6 million or 4% as well as an increase in the secondary margins on mortgage loans held for sale. This resulted in an increase of $953 thousand in non-interest income which was partially offset by an increase in non-interest expense of $268 thousand over 2014 due to costs related to the increased production volume.
Net interest margin for the first nine months of 2015 decreased from 3.78% to 3.69% when compared to the same period in 2014. On a linked quarter basis, the margin increased to 3.70% for the three months ended September 30, 2015 compared to 3.67% for the three months ended June 30, 2015.
On a consolidated basis, the Corporation reported annualized return on average assets of 1.40% for the three and nine month periods ended September 30, 2015. Meanwhile, the annualized return on average equity was 15.09% and 14.94% for the three and nine months ended September 30, 2015, respectively.
Total assets were $1.1 billion at September 30, 2015 and grew $65 million when compared to December 31, 2014. An increase in loans held for investment of $72.4 million and $16.5 million of growth in investment securities were partially offset by a decrease of $12.4 million in interest-bearing balances and a decrease in loans held for sale of $9.1 million. Loan growth in all categories of the loans held for investment portfolio occurred during the first three quarters of 2015. Overall, the portfolio of loans held for investment grew at an annualized rate of 12.4% with commercial real estate – owner occupied loans increasing by the largest dollar amount.
Total deposits at September 30, 2015 increased $176.0 million from December 31, 2014 due mainly to an increase in demand deposits of $81.4 million, an increase in savings and money market of $40.5 million, an increase in time deposits of $27.0 million, and a net increase in wholesale funding deposits of $23.4 million. Management continues to focus on expanding business banking relationships as evidenced by the 32.2% year-to-date growth in demand deposits.
Non-performing assets (NPAs) increased to $6.6 million at September 30, 2015 from $1.6 million at December 31, 2014, representing 0.59% and 0.15% of total assets, respectively, but declined from $7.4 million, or 0.64% of total assets as of June 30, 2015. The increase in NPAs from year end was mainly impacted by the addition of one loan totaling $6.6 million to non-accrual status in the first quarter of 2015. The Bank did not have other real estate owned at September 30, 2015 while Access Real Estate, LLC had other real estate owned with a carrying value of $500 thousand. The allowance for loan loss was $13.5 million and $13.4 million at September 30, 2015 and December 31, 2014, respectively, and represented 1.59% and 1.73% of total loans held for investment, respectively.
Book value per common share increased from $9.45 at December 31, 2014 to $10.23 at September 30, 2015. The ratio of total equity to total assets for Access National Corporation and its subsidiary bank was 9.6% at September 30, 2015, 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 | |||||||||||
(In Thousands Except for Share and Per Share Data) |
September 30, |
December 31, |
September 30, | ||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 11,085 | $ | 9,804 | $ | 8,227 | |||||
Interest-bearing balances and federal funds sold | 33,781 | 46,225 | 60,480 | ||||||||
Investment securities: | |||||||||||
Available-for-sale, at fair value | 141,572 | 125,080 | 127,422 | ||||||||
Held-to-maturity, at amortized cost (fair value of $14,487, $14,378 and $14,153) | 14,293 | 14,309 | 14,315 | ||||||||
Total investment securities | 155,865 | 139,389 | 141,737 | ||||||||
Restricted Stock, at amortized cost | 4,071 | 8,961 | 8,286 | ||||||||
Loans held for sale - at fair value | 35,904 | 45,026 | 42,283 | ||||||||
Loans held for investment net of allowance for loan losses of $13,474, $13,399 and $13,244, respectively | 835,563 | 763,204 | 713,868 | ||||||||
Premises, equipment and land, net | 6,811 | 6,926 | 7,036 | ||||||||
Other assets | 35,149 | 33,345 | 33,176 | ||||||||
Total assets | $ | 1,118,229 | $ | 1,052,880 | $ | 1,015,093 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
LIABILITIES | |||||||||||
Noninterest-bearing deposits | $ | 334,225 | $ | 252,875 | $ | 271,251 | |||||
Savings and interest-bearing deposits | 278,050 | 233,773 | 243,259 | ||||||||
Time deposits | 319,160 | 268,795 | 217,561 | ||||||||
Total deposits | 931,435 | 755,443 | 732,071 | ||||||||
Short-term borrowings | 59,699 | 185,635 | 175,592 | ||||||||
Long-term borrowings | 10,000 | - | - | ||||||||
Other liabilities and accrued expenses | 9,466 | 12,898 | 7,690 | ||||||||
Total Liabilities | 1,010,600 | 953,976 | 915,353 | ||||||||
SHAREHOLDERS' EQUITY | |||||||||||
Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 10,521,317, 10,469,569 and 10,448,819 shares, respectively | 8,785 | 8,742 | 8,725 | ||||||||
Additional paid in capital | 19,588 | 18,538 | 18,260 | ||||||||
Retained earnings | 79,048 | 72,168 | 73,781 | ||||||||
Accumulated other comprehensive income (loss), net | 208 | (544 | ) | (1,026 | ) | ||||||
Total shareholders' equity | 107,629 | 98,904 | 99,740 | ||||||||
Total liabilities and shareholders' equity | $ | 1,118,229 | $ | 1,052,880 | $ | 1,015,093 | |||||
Access National Corporation | ||||||||||||
Consolidated Statement of Operations | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||
(In Thousands Except for Share and Per Share Data) | (Unaudited) | (Unaudited) | ||||||||||
INTEREST INCOME | ||||||||||||
Interest and fees on loans | $ | 10,254 | $ | 9,133 | $ | 29,659 | $ | 26,446 | ||||
Interest on federal funds sold and bank balances | 34 | 27 | 95 | 72 | ||||||||
Interest and dividends on securities | 868 | 755 | 2,465 | 1,844 | ||||||||
Total interest income | 11,156 | 9,915 | 32,219 | 28,362 | ||||||||
INTEREST EXPENSE | ||||||||||||
Interest on deposits | 990 | 757 | 2,590 | 2,272 | ||||||||
Interest on other borrowings | 69 | 74 | 283 | 202 | ||||||||
Total interest expense | 1,059 | 831 | 2,873 | 2,474 | ||||||||
Net interest income | 10,097 | 9,084 | 29,346 | 25,888 | ||||||||
Provision for loan losses | - | - | 150 | - | ||||||||
Net interest income after provision for loan losses | 10,097 | 9,084 | 29,196 | 25,888 | ||||||||
NONINTEREST INCOME | ||||||||||||
Service charges and fees | 236 | 167 | 651 | 525 | ||||||||
Gain on sale of loans | 5,834 | 4,799 | 15,110 | 10,314 | ||||||||
Other Income | 342 | 247 | 4,037 | 2,946 | ||||||||
Total noninterest income | 6,412 | 5,213 | 19,798 | 13,785 | ||||||||
NONINTEREST EXPENSE | ||||||||||||
Salaries and benefits | 6,703 | 5,860 | 20,419 | 16,699 | ||||||||
Occupancy and equipment | 751 | 715 | 2,247 | 2,082 | ||||||||
Other operating expense | 3,025 | 108 | 8,713 | 4,777 | ||||||||
Total noninterest expense | 10,479 | 6,683 | 31,379 | 23,558 | ||||||||
Income before income tax | 6,030 | 7,614 | 17,615 | 16,115 | ||||||||
Income tax expense | 2,086 | 2,682 | 6,114 | 5,705 | ||||||||
NET INCOME | 3,944 | 4,932 | 11,501 | 10,410 | ||||||||
Earnings per common share: | ||||||||||||
Basic | $ | 0.37 | $ | 0.47 | $ | 1.09 | $ | 0.99 | ||||
Diluted | $ | 0.37 | $ | 0.47 | $ | 1.09 | $ | 0.99 | ||||
Average outstanding shares: | ||||||||||||
Basic | 10,519,954 | 10,440,986 | 10,504,086 | 10,414,384 | ||||||||
Diluted | 10,593,415 | 10,476,050 | 10,567,173 | 10,459,283 | ||||||||
Performance and Capital Ratios | ||||||||||||||||||||||||
(Dollars In Thousands) | Three Months | Three Months | Three Months Ended March 31, 2015 | Nine Months Ended September 30, 2015 | Nine Months Ended September 30, 2014 | Twelve Months Ended December 31, 2014 | ||||||||||||||||||
Return on average assets (annualized) | 1.40 | % | 1.44 | % | 1.36 | % | 1.40 | % | 1.48 | % | 1.45 | % | ||||||||||||
Return on average equity (annualized) | 15.09 | % | 15.54 | % | 14.19 | % | 14.94 | % | 14.65 | % | 14.47 | % | ||||||||||||
Net interest margin | 3.70 | % | 3.67 | % | 3.72 | % | 3.69 | % | 3.78 | % | 3.80 | % | ||||||||||||
Efficiency ratio - Bank only | 50.93 | % | 48.66 | % | 50.51 | % | 50.02 | % | 48.86 | % | 48.96 | % | ||||||||||||
Total average equity to earning assets | 9.57 | % | 9.58 | % | 9.93 | % | 9.69 | % | 10.39 | % | 10.37 | % | ||||||||||||
Averages | ||||||||||||||||||||||||
Assets | $ | 1,129,074 | $ | 1,108,029 | $ | 1,050,296 | $ | 1,096,088 | $ | 940,934 | $ | 958,067 | ||||||||||||
Loans held for investment | 833,341 | 814,393 | 781,990 | 810,096 | 715,454 | 721,863 | ||||||||||||||||||
Loans held for sale | 40,465 | 59,154 | 38,065 | 45,903 | 29,077 | 31,288 | ||||||||||||||||||
Interest-bearing deposits & federal funds sold | 59,216 | 54,026 | 46,828 | 53,402 | 44,190 | 44,939 | ||||||||||||||||||
Investment securities | 158,839 | 142,644 | 147,385 | 149,664 | 121,853 | 128,446 | ||||||||||||||||||
Earning assets | 1,092,472 | 1,070,016 | 1,014,351 | 1,059,232 | 912,289 | 927,845 | ||||||||||||||||||
Interest-bearing deposits | 600,854 | 535,671 | 499,467 | 545,702 | 480,599 | 477,267 | ||||||||||||||||||
Total deposits | 925,617 | 839,035 | 760,105 | 842,192 | 710,077 | 715,385 | ||||||||||||||||||
Repurchase agreements & federal funds purchased | 21,928 | 22,506 | 22,695 | 22,373 | 21,125 | 21,129 | ||||||||||||||||||
Short-term borrowings | 58,207 | 125,736 | 157,555 | 113,469 | 104,707 | 115,471 | ||||||||||||||||||
Long-term borrowings | 10,000 | 10,000 | 556 | 6,886 | - | - | ||||||||||||||||||
Equity | $ | 104,569 | $ | 102,560 | $ | 100,754 | $ | 102,642 | $ | 94,768 | $ | 96,227 | ||||||||||||
Banking segment - income before taxes | $ | 5,228 | $ | 5,134 | $ | 4,930 | $ | 15,292 | $ | 13,951 | $ | 18,889 | ||||||||||||
Mortgage segment - income before taxes | $ | 1,199 | $ | 1,383 | $ | 1,012 | $ | 3,594 | $ | 4,318 | $ | 5,043 | ||||||||||||
Wealth Management segment - loss before taxes | $ | (36 | ) | $ | (124 | ) | $ | (132 | ) | $ | (292 | ) | $ | (264 | ) | $ | (350 | ) | ||||||
Other segments - loss before taxes | $ | (361 | ) | $ | (309 | ) | $ | (309 | ) | $ | (979 | ) | $ | (1,890 | ) | $ | (2,072 | ) | ||||||
Allowance for loan losses/loans held for investment | 1.59 | % | 1.62 | % | 1.68 | % | 1.59 | % | 1.82 | % | 1.73 | % | ||||||||||||
Total NPA | $ | 6,616 | $ | 7,427 | $ | 6,784 | $ | 6,616 | $ | 1,826 | $ | 1,622 | ||||||||||||
NPA to total assets | 0.59 | % | 0.64 | % | 0.63 | % | 0.59 | % | 0.18 | % | 0.15 | % | ||||||||||||
Mortgage loan originations and brokered loans | $ | 119,988 | $ | 145,223 | $ | 114,541 | $ | 379,752 | $ | 295,158 | $ | 408,346 | ||||||||||||
Gain on sale of mortgage loans net hedging activity | $ | 5,220 | $ | 5,959 | $ | 3,058 | $ | 14,237 | $ | 8,723 | $ | 12,779 | ||||||||||||
Allowance for losses on mortgage loans sold | $ | 1,179 | $ | 1,187 | $ | 1,187 | $ | 1,179 | $ | 1,193 | $ | 1,198 | ||||||||||||
Wealth Management segment - assets under management | $ | 508,000 | $ | 546,000 | $ | 523,000 | $ | 508,000 | $ | 444,000 | $ | 450,372 | ||||||||||||
Book value per common share | $ | 10.23 | $ | 9.94 | $ | 9.75 | $ | 10.23 | $ | 9.55 | $ | 9.45 | ||||||||||||
Composition of Loan Portfolio | ||||||||||||||||||||||||
September 30, 2015 | June 30, 2015 | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||
(Dollars In Thousands) | Amount | Percentage of | Amount | Percentage of | Amount | Percentage of | Amount | Percentage of | ||||||||||||||||
Commercial real estate - owner occupied | $ | 223,801 | 26.36 | % | $ | 222,012 | 26.61 | % | $ | 210,131 | 26.46 | % | $ | 199,442 | 25.68 | % | ||||||||
Commercial real estate - non-owner occupied | 137,081 | 16.15 | 134,585 | 16.13 | 123,387 | 15.54 | 125,442 | 16.15 | ||||||||||||||||
Residential real estate | 196,580 | 23.15 | 198,418 | 23.79 | 191,914 | 24.16 | 194,213 | 25.01 | ||||||||||||||||
Commercial | 225,147 | 26.52 | 223,756 | 26.82 | 219,623 | 27.65 | 210,278 | 27.08 | ||||||||||||||||
Real estate construction | 57,664 | 6.79 | 47,037 | 5.64 | 43,290 | 5.45 | 41,080 | 5.29 | ||||||||||||||||
Consumer | 8,764 | 1.03 | 8,434 | 1.01 | 5,869 | 0.74 | 6,148 | 0.79 | ||||||||||||||||
Total loans | $ | 849,037 | 100.00 | % | $ | 834,242 | 100.00 | % | $ | 794,214 | 100.00 | % | $ | 776,603 | 100.00 | % | ||||||||
Less allowance for loan losses | 13,474 | 13,509 | 13,331 | 13,399 | ||||||||||||||||||||
$ | 835,563 | $ | 820,733 | $ | 780,883 | $ | 763,204 | |||||||||||||||||
Composition of Deposits | ||||||||||||||||||||||||
September 30, 2015 | June 30, 2015 | March 31, 2015 | December 31, 2014 | |||||||||||||||||||||
(Dollars In Thousands) | Amount | Percentage of | Amount | Percentage of | Amount | Percentage of | Amount | Percentage of | ||||||||||||||||
Demand deposits | $ | 334,225 | 35.88 | % | $ | 339,266 | 37.47 | % | $ | 290,294 | 36.92 | % | $ | 252,875 | 33.47 | % | ||||||||
Interest-bearing demand deposits | 120,400 | 12.93 | 110,294 | 12.18 | 127,504 | 16.21 | 116,654 | 15.44 | ||||||||||||||||
Savings and money market | 141,953 | 15.24 | 113,909 | 12.58 | 103,460 | 13.16 | 101,409 | 13.42 | ||||||||||||||||
CDARS-time deposit | 67,213 | 7.22 | 90,523 | 10.00 | 127,669 | 16.24 | 148,142 | 19.61 | ||||||||||||||||
CDARS-money market | 15,501 | 1.66 | 15,647 | 1.73 | 15,632 | 1.99 | 15,497 | 2.06 | ||||||||||||||||
Brokered deposits | 117,598 | 12.63 | 113,402 | 12.53 | 13,213 | 1.68 | 13,344 | 1.77 | ||||||||||||||||
Time deposits | 134,545 | 14.44 | 122,361 | 13.51 | 108,547 | 13.80 | 107,522 | 14.23 | ||||||||||||||||
Total Deposits | $ | 931,435 | 100.00 | % | $ | 905,402 | 100.00 | % | $ | 786,319 | 100.00 | % | $ | 755,443 | 100.00 | % | ||||||||
Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
September 30, 2015 | September 30, 2014 | |||||||||||||||||||
(Dollars In Thousands) | Average | Income / | Yield / | Average | Income / | Yield / | ||||||||||||||
Assets: | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Securities | $ | 159,450 | $ | 868 | 2.18 | % | $ | 142,013 | $ | 755 | 2.13 | % | ||||||||
Loans held for sale | 40,465 | 417 | 4.12 | % | 40,780 | 410 | 4.02 | % | ||||||||||||
Loans(1) | 833,341 | 9,837 | 4.72 | % | 726,985 | 8,723 | 4.80 | % | ||||||||||||
Interest-bearing balances and federal funds sold | 59,216 | 34 | 0.23 | % | 51,134 | 27 | 0.21 | % | ||||||||||||
Total interest-earning assets | 1,092,472 | 11,156 | 4.08 | % | 960,912 | 9,915 | 4.13 | % | ||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||
Cash and due from banks | 10,765 | 9,499 | ||||||||||||||||||
Premises, land and equipment | 6,893 | 8,232 | ||||||||||||||||||
Other assets | 32,470 | 31,664 | ||||||||||||||||||
Less: allowance for loan losses | (13,526 | ) | (13,227 | ) | ||||||||||||||||
Total noninterest-earning assets | 36,602 | 36,168 | ||||||||||||||||||
Total Assets | $ | 1,129,074 | $ | 997,080 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 112,776 | $ | 63 | 0.22 | % | $ | 121,737 | $ | 69 | 0.23 | % | ||||||||
Money market deposit accounts | 141,821 | 74 | 0.21 | % | 115,144 | 58 | 0.20 | % | ||||||||||||
Savings accounts | 14,845 | 20 | 0.54 | % | 3,824 | 4 | 0.42 | % | ||||||||||||
Time deposits | 331,412 | 833 | 1.01 | % | 259,262 | 626 | 0.97 | % | ||||||||||||
Total interest-bearing deposits | 600,854 | 990 | 0.66 | % | 499,967 | 757 | 0.61 | % | ||||||||||||
Borrowings: | ||||||||||||||||||||
FHLB short-term borrowings | 58,207 | 32 | 0.22 | % | 121,141 | 69 | 0.23 | % | ||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 21,928 | 5 | 0.09 | % | 19,955 | 5 | 0.10 | % | ||||||||||||
FHLB long-term borrowings | 10,000 | 32 | 1.28 | % | - | - | 0.00 | % | ||||||||||||
Total borrowings | 90,135 | 69 | 0.31 | % | 141,096 | 74 | 0.21 | % | ||||||||||||
Total interest-bearing deposits and borrowings | 690,989 | 1,059 | 0.61 | % | 641,063 | 831 | 0.52 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 324,763 | 247,814 | ||||||||||||||||||
Other liabilities | 8,753 | 11,341 | ||||||||||||||||||
Total liabilities | 1,024,505 | 900,218 | ||||||||||||||||||
Shareholders' Equity | 104,569 | 96,862 | ||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 1,129,074 | $ | 997,080 | ||||||||||||||||
Interest Spread(2) | 3.47 | % | 3.61 | % | ||||||||||||||||
Net Interest Margin(3) | $ | 10,097 | 3.70 | % | $ | 9,084 | 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. | |
Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||
September 30, 2015 | September 30, 2014 | |||||||||||||||||||
(Dollars In Thousands) | Average | Income / | Yield / | Average | Income / | Yield / | ||||||||||||||
Assets: | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Securities | $ | 149,831 | $ | 2,465 | 2.19 | % | $ | 123,301 | $ | 1,844 | 1.99 | % | ||||||||
Loans held for sale | 45,903 | 1,343 | 3.90 | % | 29,077 | 909 | 4.17 | % | ||||||||||||
Loans(1) | 810,096 | 28,316 | 4.66 | % | 715,454 | 25,537 | 4.76 | % | ||||||||||||
Interest-bearing balances and federal funds sold | 53,402 | 95 | 0.24 | % | 44,190 | 72 | 0.22 | % | ||||||||||||
Total interest-earning assets | 1,059,232 | 32,219 | 4.06 | % | 912,022 | 28,362 | 4.15 | % | ||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||
Cash and due from banks | 10,642 | 8,784 | ||||||||||||||||||
Premises, land and equipment | 6,921 | 8,331 | ||||||||||||||||||
Other assets | 32,731 | 24,994 | ||||||||||||||||||
Less: allowance for loan losses | (13,438 | ) | (13,197 | ) | ||||||||||||||||
Total noninterest-earning assets | 36,856 | 28,912 | ||||||||||||||||||
Total Assets | $ | 1,096,088 | $ | 940,934 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 114,885 | $ | 190 | 0.22 | % | $ | 112,443 | $ | 189 | 0.22 | % | ||||||||
Money market deposit accounts | 121,478 | 183 | 0.20 | % | 114,876 | 173 | 0.20 | % | ||||||||||||
Savings accounts | 10,956 | 37 | 0.45 | % | 3,352 | 9 | 0.36 | % | ||||||||||||
Time deposits | 298,383 | 2,180 | 0.97 | % | 249,928 | 1,901 | 1.01 | % | ||||||||||||
Total interest-bearing deposits | 545,702 | 2,590 | 0.63 | % | 480,599 | 2,272 | 0.63 | % | ||||||||||||
Borrowings: | ||||||||||||||||||||
FHLB short-term borrowings | 113,469 | 203 | 0.24 | % | 104,707 | 186 | 0.24 | % | ||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 22,373 | 16 | 0.10 | % | 21,125 | 16 | 0.10 | % | ||||||||||||
FHLB long-term borrowings | 6,886 | 64 | 1.24 | % | - | - | 0.00 | % | ||||||||||||
Total borrowings | 142,728 | 283 | 0.26 | % | 125,832 | 202 | 0.21 | % | ||||||||||||
Total interest-bearing deposits and borrowings | 688,430 | 2,873 | 0.56 | % | 606,431 | 2,474 | 0.54 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 296,490 | 229,478 | ||||||||||||||||||
Other liabilities | 8,526 | 10,257 | ||||||||||||||||||
Total liabilities | 993,446 | 846,166 | ||||||||||||||||||
Shareholders' Equity | 102,642 | 94,768 | ||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 1,096,088 | $ | 940,934 | ||||||||||||||||
Interest Spread(2) | 3.50 | % | 3.60 | % | ||||||||||||||||
Net Interest Margin(3) | $ | 29,346 | 3.69 | % | $ | 25,888 | 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. | |
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Contacts:
Michael Clarke, 703-871-2100