Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank (Bank), reported first quarter 2016 net income of $4.1 million, or $0.39 per common share. This represents the Corporation’s 63rd consecutive quarterly profit over its 65 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 2, 2016 and payable on May 25, 2016. The routine dividend reflects Management’s favorable performance outlook and comfort with a favorable capital position.
First quarter 2016 pretax earnings rose by $739 thousand or 13.4% when compared to first quarter 2015 pretax earnings. First quarter 2016 pretax income for the banking segment rose $563 thousand from first quarter 2015 due to increases in net interest income of $1.1 million and other income of $217 thousand due largely to returns on the Bank’s investments in Small Business Investment Companies. These increases were partially offset by an increase in salaries and benefits of $696 thousand due to addition of staffing throughout the third and fourth quarters of 2015. The mortgage segment’s pretax earnings increase of $104 thousand over first quarter 2015 was due mainly to an increase in gains recorded on secondary mortgage activity due to more favorable gain on sale margins.
The net interest margin decreased from 3.72% to 3.61% when comparing first quarter 2015 to first quarter 2016. On a linked quarter basis, the margin decreased from 3.63% for the three months ended December 31, 2015 when compared to 3.61% for the three months ended March 31, 2016.
On a consolidated basis, the Corporation reported annualized return on average assets of 1.35% and 1.36% for the three month periods ended March 31, 2016 and 2015, respectively. Meanwhile, the annualized return on average equity was 14.75% and 14.19% for the three month periods ended March 31, 2016 and 2015, respectively.
Total assets were $1.2 billion at March 31, 2016 and grew $38.5 million and $147.8 million when compared to December 31, 2015 and March 31, 2015, respectively. The $38.5 million growth in assets since December 31, 2015 was due mainly to an increase in loans held for investment of $27.2 million and a $5.8 million increase in loans held for sale. An increase in loans held for investment of $120.5 million and a $35.7 million growth in investment securities was partially offset by a decrease of $7.2 million in loans held for sale when comparing first quarter 2016 to first quarter 2015. Commercial loan growth continues to remain the leading driver of a year over year growth rate of loans held for investment of 15.2%.
Total deposits at March 31, 2016 were $960.5 million, an increase of $46.7 million and $174.1 million when compared to December 31, 2015 and March 31, 2015, respectively. At March 31, 2016, non-interest bearing deposits were $335.2 million, an increase of $27.4 million from the December 31, 2015 figure and an increase of $44.9 million from the March 31, 2015 figure. The year-over-year growth rate in non-interest bearing deposits of 15.5% was due to management’s continued focus on expanding business banking relationships. Interest bearing deposits increased to $625.2 million at March 31, 2016, an increase of $19.3 million since December 31, 2015 and an increase of $129.2 million when compared to the March 31, 2015 balances. A targeted marketing campaign was the majority of the reason for growth in this category which saw a year-over-year increase in savings and money market accounts of $46.2 million and an increase in time deposits of $34.2 million. The remainder of the year-over-year increase is attributable to increased funding in the wholesale market of $52.4 million.
Non-performing assets (NPAs) increased to $7.3 million at March 31, 2016 from $6.8 million at March 31, 2015, representing 0.60% and 0.63% of total assets, respectively. Reflected in the NPA figure at March 31, 2016 is other real estate owned totaling $129 thousand. Access Real Estate, LLC also had other real estate owned with a carrying value of $500 thousand at March 31, 2016. The allowance for loan loss was $13.6 million and $13.3 million at March 31, 2016 and March 31, 2015, respectively, and represented 1.49% and 1.68% of total loans held for investment at March 31, 2016 and 2015, respectively.
Book value per common share increased from $9.75 at March 31, 2015 to $10.79 at March 31, 2016. The tangible common equity ratio for Access National Corporation and its subsidiary bank was 9.23% at March 31, 2016, 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 | ||||||||||
March 31, | December 31, | March 31, | ||||||||
2016 | 2015 | 2015 | ||||||||
(In Thousands Except for Share and Per Share Data) | (Unaudited) | (Audited) | (Unaudited) | |||||||
ASSETS | ||||||||||
Cash and due from banks | $ | 14,522 | $ | 11,291 | $ | 11,324 | ||||
Interest-bearing balances and federal funds sold | 27,110 | 24,598 | 33,602 | |||||||
Investment securities: | ||||||||||
Available-for-sale, at fair value | 162,720 | 160,162 | 122,027 | |||||||
Held-to-maturity, at amortized cost (fair value of $9,487, $14,314 and $14,524) | 9,295 | 14,287 | 14,304 | |||||||
Total investment securities | 172,015 | 174,449 | 136,331 | |||||||
Restricted Stock, at amortized cost | 7,159 | 7,259 | 8,321 | |||||||
Loans held for sale - at fair value | 49,977 | 44,135 | 57,151 | |||||||
Loans held for investment net of allowance for loan losses of $13,614, $13,563 and $13,331, respectively | 901,068 | 873,915 | 780,883 | |||||||
Premises, equipment and land, net | 6,852 | 6,689 | 6,889 | |||||||
Other assets | 38,332 | 36,212 | 34,701 | |||||||
Total assets | $ | 1,217,035 | $ | 1,178,548 | $ | 1,069,202 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
LIABILITIES | ||||||||||
Noninterest-bearing deposits | $ | 335,219 | $ | 307,797 | $ | 290,294 | ||||
Savings and interest-bearing deposits | 308,986 | 293,711 | 246,806 | |||||||
Time deposits | 316,252 | 312,236 | 249,219 | |||||||
Total deposits | 960,457 | 913,744 | 786,319 | |||||||
Short-term borrowings | 77,467 | 91,129 | 160,529 | |||||||
Long-term borrowings | 55,000 | 55,000 | 10,000 | |||||||
Other liabilities and accrued expenses | 10,070 | 9,537 | 9,764 | |||||||
Total Liabilities | 1,102,994 | 1,069,410 | 966,612 | |||||||
SHAREHOLDERS' EQUITY | ||||||||||
Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 10,570,056, 10,544,751 and 10,517,876, respectively | 8,826 | 8,805 | 8,782 | |||||||
Additional paid in capital | 20,386 | 19,953 | 19,378 | |||||||
Retained earnings | 83,897 | 81,385 | 74,276 | |||||||
Accumulated other comprehensive income (loss), net | 932 | (1,005 | ) | 154 | ||||||
Total shareholders' equity | 114,041 | 109,138 | 102,590 | |||||||
Total liabilities and shareholders' equity | $ | 1,217,035 | $ | 1,178,548 | $ | 1,069,202 | ||||
Access National Corporation | ||||||
Consolidated Statement of Operations | ||||||
Three Months Ended | ||||||
March 31, 2016 | March 31, 2015 | |||||
(In Thousands Except for Share and Per Share Data) | (unaudited) | |||||
INTEREST INCOME | ||||||
Interest and fees on loans | $ | 10,876 | $ | 9,434 | ||
Interest on federal funds sold and bank balances | 70 | 27 | ||||
Interest and dividends on securities | 1,035 | 815 | ||||
Total interest income | 11,981 | 10,276 | ||||
INTEREST EXPENSE | ||||||
Interest on deposits | 1,150 | 733 | ||||
Interest on other borrowings | 281 | 101 | ||||
Total interest expense | 1,431 | 834 | ||||
Net interest income | 10,550 | 9,442 | ||||
Provision for loan losses | - | - | ||||
Net interest income after provision for loan losses | 10,550 | 9,442 | ||||
NONINTEREST INCOME | ||||||
Service charges and fees | 260 | 197 | ||||
Gain on sale of loans | 3,830 | 3,571 | ||||
Other Income | 2,729 | 2,537 | ||||
Total noninterest income | 6,819 | 6,305 | ||||
NONINTEREST EXPENSE | ||||||
Salaries and benefits | 7,668 | 6,717 | ||||
Occupancy and equipment | 761 | 754 | ||||
Other operating expense | 2,700 | 2,775 | ||||
Total noninterest expense | 11,129 | 10,246 | ||||
Income before income tax | 6,240 | 5,501 | ||||
Income tax expense | 2,145 | 1,928 | ||||
NET INCOME | 4,095 | 3,573 | ||||
Earnings per common share: | ||||||
Basic | $ | 0.39 | $ | 0.34 | ||
Diluted | $ | 0.39 | $ | 0.34 | ||
Average outstanding shares: | ||||||
Basic | 10,553,150 | 10,473,366 | ||||
Diluted | 10,606,359 | 10,517,222 | ||||
Performance and Capital Ratios | ||||||||||||||||||||||||
Three Months | Three Months | Three Months | Three Months | Three Months | Twelve Months | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||||
(Dollars In Thousands) | 2016 | 2015 | 2015 | 2015 | 2015 | 2015 | ||||||||||||||||||
Return on average assets (annualized) | 1.35 | % | 1.35 | % | 1.40 | % | 1.44 | % | 1.36 | % | 1.39 | % | ||||||||||||
Return on average equity (annualized) | 14.75 | % | 14.53 | % | 15.09 | % | 15.54 | % | 14.19 | % | 14.83 | % | ||||||||||||
Net interest margin | 3.61 | % | 3.63 | % | 3.70 | % | 3.67 | % | 3.72 | % | 3.68 | % | ||||||||||||
Efficiency ratio - Bank only | 51.20 | % | 51.51 | % | 50.93 | % | 48.66 | % | 50.51 | % | 50.41 | % | ||||||||||||
Total average equity to earning assets | 9.50 | % | 9.60 | % | 9.57 | % | 9.58 | % | 9.93 | % | 9.67 | % | ||||||||||||
Tangible common equity ratio | 9.23 | % | 9.12 | % | 9.50 | % | 8.85 | % | 9.47 | % | 9.12 | % | ||||||||||||
Averages | ||||||||||||||||||||||||
Assets | $ | 1,208,864 | $ | 1,161,080 | $ | 1,129,074 | $ | 1,108,029 | $ | 1,050,296 | $ | 1,112,470 | ||||||||||||
Loans held for investment | 905,382 | 866,402 | 833,341 | 814,393 | 781,990 | 824,288 | ||||||||||||||||||
Loans held for sale | 34,607 | 30,719 | 40,465 | 59,154 | 38,065 | 42,076 | ||||||||||||||||||
Interest-bearing deposits & federal funds sold | 52,862 | 50,678 | 59,216 | 54,026 | 46,828 | 52,716 | ||||||||||||||||||
Investment securities | 176,448 | 174,838 | 158,839 | 142,644 | 147,385 | 156,010 | ||||||||||||||||||
Earning assets | 1,169,183 | 1,122,915 | 1,092,472 | 1,070,016 | 1,014,351 | 1,075,284 | ||||||||||||||||||
Interest-bearing deposits | 612,021 | 614,775 | 600,854 | 535,671 | 499,467 | 563,112 | ||||||||||||||||||
Total deposits | 920,528 | 939,403 | 925,617 | 839,035 | 760,105 | 866,695 | ||||||||||||||||||
Repurchase agreements & federal funds purchased | 17,442 | 20,961 | 21,928 | 22,506 | 22,695 | 22,017 | ||||||||||||||||||
FHLB short term borrowings | 86,429 | 28,261 | 58,207 | 125,736 | 157,555 | 91,992 | ||||||||||||||||||
FHLB long-term borrowings | 64,615 | 54,511 | 10,000 | 10,000 | 556 | 18,890 | ||||||||||||||||||
Equity | $ | 111,068 | $ | 107,823 | $ | 104,569 | $ | 102,560 | $ | 100,754 | $ | 103,948 | ||||||||||||
Allowance for loan losses/loans held for investment | 1.49 | % | 1.53 | % | 1.59 | % | 1.62 | % | 1.68 | % | 1.53 | % | ||||||||||||
Total NPA | $ | 7,349 | $ | 7,417 | $ | 6,616 | $ | 7,427 | $ | 6,784 | $ | 7,417 | ||||||||||||
NPA to total assets | 0.60 | % | 0.63 | % | 0.59 | % | 0.64 | % | 0.63 | % | 0.63 | % | ||||||||||||
Mortgage loan originations and brokered loans | $ | 106,622 | $ | 105,128 | $ | 119,855 | $ | 145,223 | $ | 114,541 | $ | 484,747 | ||||||||||||
Gain on sale of mortgage loans net hedging activity | $ | 3,235 | $ | 4,291 | $ | 5,220 | $ | 5,959 | $ | 3,058 | $ | 18,528 | ||||||||||||
Allowance for losses on mortgage loans sold | $ | 1,029 | $ | 1,029 | $ | 1,179 | $ | 1,187 | $ | 1,187 | $ | 1,029 | ||||||||||||
Wealth Management segment - assets under management | $ | 611,000 | $ | 611,000 | $ | 508,000 | $ | 546,000 | $ | 523,000 | $ | 611,000 | ||||||||||||
Book value per common share | $ | 10.79 | $ | 10.35 | $ | 10.23 | $ | 9.94 | $ | 9.75 | $ | 10.35 | ||||||||||||
Composition of Loan Portfolio | ||||||||||||||||||||||||||||||
March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | ||||||||||||||||||||||||||
(Dollars In Thousands) | Amount | Percentage of Total | Amount | Percentage of Total | Amount | Percentage of Total | Amount | Percentage of Total | Amount | Percentage of Total | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | 217,954 | 23.83 | % | $ | 219,877 | 24.77 | % | $ | 223,801 | 25.22 | % | $ | 222,012 | 26.61 | % | $ | 210,131 | 26.46 | % | ||||||||||
Commercial real estate - non-owner occupied | 153,433 | 16.77 | 147,580 | 16.63 | 137,081 | 15.45 | 134,585 | 16.13 | 123,387 | 15.54 | ||||||||||||||||||||
Residential real estate | 202,858 | 22.18 | 201,447 | 22.70 | 196,580 | 23.15 | 198,418 | 23.79 | 191,914 | 24.16 | ||||||||||||||||||||
Commercial | 258,520 | 28.26 | 242,527 | 27.33 | 225,147 | 25.37 | 223,756 | 26.82 | 219,623 | 27.65 | ||||||||||||||||||||
Real estate construction | 72,055 | 7.88 | 66,003 | 7.44 | 57,664 | 6.50 | 47,037 | 5.64 | 43,290 | 5.45 | ||||||||||||||||||||
Consumer | 9,862 | 1.08 | 10,044 | 1.13 | 8,764 | 0.99 | 8,434 | 1.01 | 5,869 | 0.74 | ||||||||||||||||||||
Total loans | $ | 914,682 | 100.00 | % | $ | 887,478 | 100.00 | % | $ | 849,037 | 96.67 | % | $ | 834,242 | 100.00 | % | $ | 794,214 | 100.00 | % | ||||||||||
Less allowance for loan losses | 13,614 | 13,563 | 13,474 | 13,509 | 13,331 | |||||||||||||||||||||||||
$ | 901,068 | $ | 873,915 | $ | 835,563 | $ | 820,733 | $ | 780,883 | |||||||||||||||||||||
Composition of Deposits | ||||||||||||||||||||||||||||||
March 31, 2016 | December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | ||||||||||||||||||||||||||
(Dollars In Thousands) | Amount | Percentage of Total | Amount | Percentage of Total | Amount | Percentage of Total | Amount | Percentage of Total | Amount | Percentage of Total | ||||||||||||||||||||
Demand deposits | $ | 335,219 | 34.90 | % | $ | 307,797 | 33.69 | % | $ | 334,225 | 35.88 | % | $ | 339,266 | 37.47 | % | $ | 290,294 | 36.92 | % | ||||||||||
Interest-bearing demand deposits | 123,876 | 12.90 | 127,980 | 14.00 | 120,400 | 12.93 | 110,294 | 12.18 | 127,504 | 16.21 | ||||||||||||||||||||
Savings and money market | 149,679 | 15.59 | 150,021 | 16.42 | 141,953 | 15.24 | 113,909 | 12.58 | 103,460 | 13.16 | ||||||||||||||||||||
CDARS-time deposit | 67,540 | 7.03 | 73,017 | 7.99 | 67,213 | 7.22 | 90,523 | 10.00 | 127,669 | 16.24 | ||||||||||||||||||||
CDARS-non maturity deposits | 35,238 | 3.67 | 15,517 | 1.70 | 15,501 | 1.66 | 15,647 | 1.73 | 15,632 | 1.99 | ||||||||||||||||||||
Brokered deposits | 106,150 | 11.05 | 103,390 | 11.31 | 117,598 | 12.63 | 113,402 | 12.53 | 13,213 | 1.68 | ||||||||||||||||||||
Time deposits | 142,755 | 14.86 | 136,022 | 14.89 | 134,545 | 14.44 | 122,361 | 13.51 | 108,547 | 13.80 | ||||||||||||||||||||
Total Deposits | $ | 960,457 | 100.00 | % | $ | 913,744 | 100.00 | % | $ | 931,435 | 100.00 | % | $ | 905,402 | 100.00 | % | $ | 786,319 | 100.00 | % | ||||||||||
Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, 2016 | March 31, 2015 | |||||||||||||||||||
Average | Income / | Yield / | Average | Income / | Yield / | |||||||||||||||
(Dollars In Thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||
Assets: | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Securities | $ | 176,332 | $ | 1,035 | 2.35 | % | $ | 147,468 | $ | 815 | 2.21 | % | ||||||||
Loans held for sale | 34,607 | 344 | 3.98 | % | 38,065 | 362 | 3.80 | % | ||||||||||||
Loans(1) | 905,382 | 10,532 | 4.65 | % | 781,990 | 9,072 | 4.64 | % | ||||||||||||
Interest-bearing balances and federal funds sold | 52,862 | 70 | 0.53 | % | 46,828 | 27 | 0.23 | % | ||||||||||||
Total interest-earning assets | 1,169,183 | 11,981 | 4.10 | % | 1,014,351 | 10,276 | 4.05 | % | ||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||
Cash and due from banks | 11,707 | 9,906 | ||||||||||||||||||
Premises, land and equipment | 6,676 | 6,898 | ||||||||||||||||||
Other assets | 34,878 | 32,478 | ||||||||||||||||||
Less: allowance for loan losses | (13,580 | ) | (13,337 | ) | ||||||||||||||||
Total noninterest-earning assets | 39,681 | 35,945 | ||||||||||||||||||
Total Assets | $ | 1,208,864 | $ | 1,050,296 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 124,982 | $ | 107 | 0.34 | % | $ | 120,685 | $ | 65 | 0.22 | % | ||||||||
Money market deposit accounts | 142,221 | 98 | 0.28 | % | 110,503 | 54 | 0.20 | % | ||||||||||||
Savings accounts | 34,698 | 47 | 0.54 | % | 7,848 | 7 | 0.36 | % | ||||||||||||
Time deposits | 310,120 | 898 | 1.16 | % | 260,431 | 607 | 0.93 | % | ||||||||||||
Total interest-bearing deposits | 612,021 | 1,150 | 0.75 | % | 499,467 | 733 | 0.59 | % | ||||||||||||
Borrowings: | ||||||||||||||||||||
FHLB short-term borrowings | 86,429 | 123 | 0.57 | % | 157,555 | 94 | 0.24 | % | ||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 17,442 | 4 | 0.09 | % | 22,695 | 5 | 0.09 | % | ||||||||||||
FHLB long-term borrowings | 64,615 | 154 | 0.95 | % | 556 | 2 | 1.44 | % | ||||||||||||
Total borrowings | 168,486 | 281 | 0.67 | % | 180,806 | 101 | 0.22 | % | ||||||||||||
Total interest-bearing deposits and borrowings | 780,507 | 1,431 | 0.73 | % | 680,273 | 834 | 0.49 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 308,507 | 260,638 | ||||||||||||||||||
Other liabilities | 8,782 | 8,631 | ||||||||||||||||||
Total liabilities | 1,097,796 | 949,542 | ||||||||||||||||||
Shareholders' Equity | 111,068 | 100,754 | ||||||||||||||||||
Total Liabilities and Shareholders' Equity | $ | 1,208,864 | $ | 1,050,296 | ||||||||||||||||
Interest Spread(2) | 3.37 | % | 3.56 | % | ||||||||||||||||
Net Interest Margin(3) | $ | 10,550 | 3.61 | % | $ | 9,442 | 3.72 | % | ||||||||||||
(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 | Wealth | Consolidated | |||||||||||||||||
March 31, 2016 | Banking | Banking | Management | Other | Eliminations | Totals | |||||||||||||||
(In Thousands) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Interest income | $ | 11,756 | $ | 344 | $ | - | $ | 4 | $ | (123 | ) | $ | 11,981 | ||||||||
Gain on sale of loans | - | 3,830 | - | - | - | 3,830 | |||||||||||||||
Other revenues | 936 | 1,247 | 778 | 347 | (319 | ) | 2,989 | ||||||||||||||
Total revenues | 12,692 | 5,421 | 778 | 351 | (442 | ) | 18,800 | ||||||||||||||
Expenses: | |||||||||||||||||||||
Interest expense | 1,436 | 51 | - | 67 | (123 | ) | 1,431 | ||||||||||||||
Salaries and employee benefits | 3,923 | 3,185 | 560 | - | - | 7,668 | |||||||||||||||
Other expenses | 1,840 | 1,069 | 291 | 580 | (319 | ) | 3,461 | ||||||||||||||
Total operating expenses | 7,199 | 4,305 | 851 | 647 | (442 | ) | 12,560 | ||||||||||||||
Income (loss) before income taxes | $ | 5,493 | $ | 1,116 | $ | (73 | ) | $ | (296 | ) | $ | - | $ | 6,240 | |||||||
Total assets | $ | 1,185,681 | $ | 32,716 | $ | 2,686 | $ | 17,283 | $ | (21,331 | ) | $ | 1,217,035 | ||||||||
Three Months Ended | Commercial | Mortgage | Wealth | Consolidated | |||||||||||||||||
March 31, 2015 | Banking | Banking | Management | Other | Eliminations | Totals | |||||||||||||||
(In Thousands) | |||||||||||||||||||||
Revenues: | |||||||||||||||||||||
Interest income | $ | 10,080 | $ | 362 | $ | - | $ | 3 | $ | (169 | ) | $ | 10,276 | ||||||||
Gain on sale of loans | - | 3,571 | - | - | - | 3,571 | |||||||||||||||
Other revenues | 719 | 1,425 | 545 | 346 | (301 | ) | 2,734 | ||||||||||||||
Total revenues | 10,799 | 5,358 | 545 | 349 | (470 | ) | 16,581 | ||||||||||||||
Expenses: | |||||||||||||||||||||
Interest expense | 838 | 95 | - | 64 | (169 | ) | 828 | ||||||||||||||
Salaries and employee benefits | 3,227 | 3,026 | 464 | - | - | 6,717 | |||||||||||||||
Other expenses | 1,804 | 1,225 | 213 | 594 | (301 | ) | 3,535 | ||||||||||||||
Total operating expenses | 5,869 | 4,346 | 677 | 658 | (470 | ) | 11,080 | ||||||||||||||
Income (loss) before income taxes | $ | 4,930 | $ | 1,012 | $ | (132 | ) | $ | (309 | ) | $ | - | $ | 5,501 | |||||||
Total assets | $ | 1,010,045 | $ | 60,042 | $ | 1,284 | $ | 15,741 | $ | (17,910 | ) | $ | 1,069,202 | ||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20160415005105/en/
Contacts:
Michael Clarke, 703-871-2100