Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported fourth quarter net income of $3.3 million, a 47.7% increase over the $2.2 million recorded in the fourth quarter of 2010. This represents the company’s 46th consecutive quarterly profit over its 12 year history. Net income per dilutive common share was $0.32, an increase of 45.5% over the $0.22 reported in the fourth quarter of 2010.
Based on record earnings, strong capital and favorable outlook, the Board of Directors declared a cash dividend of $0.05 per share, representing the fourth increase over the last year for holders of record as of February 13, 2012 and payable February 24, 2012.
CEO Mike Clarke noted, “Since onset of the financial crisis, our shareholder-focused leadership has increased dividend payouts while increasing retained earnings by $33.9 million to $57.5 million. In turn, our book value per share has risen 54% over the same period, from $5.27 at December 31, 2006 to $8.13 at December 31, 2011. In the 12 months ended December 31, 2011, common shareholders experienced a 16.8% increase in book value and received $0.13 in payouts. Based upon the latest dividend action, the annual payout rate of $0.20 exceeds a 2.0% yield on last week’s ending market price of $9.25.” The company remains “Well Capitalized” under banking regulations and poised for measured and responsible growth as the total equity to assets ratio was 10.23% at December 31, 2011.
Net income for the year ended December 31, 2011 was $11.4 million ($1.10 diluted EPS), a 50% increase compared to $7.6 million ($0.72 diluted EPS) the same period in 2010.
Return on average assets annualized was 1.61% for the fourth quarter of 2011 compared to 1.08% for the fourth quarter of 2010. Return on average assets for the year ended December 31, 2011 was 1.50%, up from 0.98% in 2010. Return on average equity annualized was 15.9% for the fourth quarter of 2011 compared to 12.6% for the same period last year. Return on average equity was 14.80% compared to 10.85% last year.
Loans held for investment totaled $569.4 million compared to $491.5 million at December 31, 2010, an increase of $77.9 million as a result increased loan demand and a continued focus on expanding the commercial loan-driven relationships.
Total assets amounted to $809.8 million compared to $831.8 million at December 31, 2010. The decrease in assets was primarily attributable to a reduction in securities, interest-bearing balances and federal funds sold.
Commercial demand deposits have increased 35.6% from December 31, 2010 to $113.9 million at December 31, 2011 and represent 17.7% of total deposits at December 31, 2011. Savings and interest-bearing deposits increased $45.5 million from December 31, 2010 and time deposits decreased $58.3 million from year end December 31, 2010, primarily due to a deliberate reduction in non-core rate sensitive deposits.
Non-performing assets (NPA) totaled $6.7 million or 0.83% of total assets, down from 1.0% at September 30, 2011. Meanwhile, the allowance for loan losses totaled $11.7 million or 2.06% of total loans held for investment and 175% of NPA as of December 31, 2011.
Access National Corporation is the parent company of Access National Bank, an independent, nationally chartered bank serving the business community of the greater 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, | ||||||
2011 | 2010 | ||||||
(In Thousands) | (unaudited) | ||||||
ASSETS | |||||||
Cash and due from banks | $ | 5,362 | $ | 9,198 | |||
Interest-bearing balances and federal funds sold | 38,547 | 102,709 | |||||
Investment securities: | |||||||
Available-for-sale, at fair value | 45,837 | 124,307 | |||||
Held-to-maturity, at amortized cost (fair value of $39,978 and $0) | 39,987 | - | |||||
Restricted Stock, at amortized cost | 3,665 | 4,438 | |||||
Total investment securities | 89,489 | 128,745 | |||||
Loans held for sale - at fair value | 95,126 | 82,244 | |||||
Loans held for investment net of allowance for loan losses of $11,738 and $10,527, respectively | 557,662 | 481,002 | |||||
Premises, equipment and land | 8,671 | 8,934 | |||||
Other assets | 14,901 | 18,992 | |||||
Total assets | $ | 809,758 | $ | 831,824 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
LIABILITIES | |||||||
Noninterest-bearing deposits | $ | 113,885 | $ | 83,972 | |||
Savings and interest-bearing deposits | 182,005 | 158,352 | |||||
Time deposits | 349,123 | 385,524 | |||||
Total deposits | 645,013 | 627,848 | |||||
Short-term borrowings | 59,904 | 80,348 | |||||
Long-term borrowings | 4,821 | 37,034 | |||||
Subordinated debentures | 6,186 | 6,186 | |||||
Other liabilities and accrued expenses | 11,019 | 8,215 | |||||
Total Liabilities | 726,943 | 759,631 | |||||
SHAREHOLDERS' EQUITY | |||||||
Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 10,192,649 and 10,376,169 shares, respectively | 8,511 | 8,664 | |||||
Surplus | 16,716 | 17,794 | |||||
Retained earnings | 57,529 | 47,530 | |||||
Accumulated other comprehensive income | 59 | (1,795 | ) | ||||
Total shareholders' equity | 82,815 | 72,193 | |||||
Total liabilities and shareholders' equity | $ | 809,758 | $ | 831,824 | |||
Access National Corporation | |||||||||||
Consolidated Statement of Operations | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
December 31, | December 31, | December 31, | |||||||||
(In Thousands Except for Share Data) | 2011 | 2011 | 2010 | ||||||||
INTEREST INCOME | |||||||||||
Interest and fees on loans | $ | 8,640 | $ | 32,808 | $ | 32,691 | |||||
Interest on federal funds sold and bank balances | 46 | 143 | 210 | ||||||||
Interest on securities | 506 | 2,216 | 2,242 | ||||||||
Total interest income | 9,192 | 35,167 | 35,143 | ||||||||
INTEREST EXPENSE | |||||||||||
Interest on deposits | 1,279 | 5,204 | 7,633 | ||||||||
Interest on other borrowings | 416 | 1,846 | 2,481 | ||||||||
Total interest expense | 1,695 | 7,050 | 10,114 | ||||||||
Net interest income | 7,497 | 28,117 | 25,029 | ||||||||
Provision for loan losses | 213 | 1,149 | 2,816 | ||||||||
Net interest income after provision for loan losses | 7,284 | 26,968 | 22,213 | ||||||||
NONINTEREST INCOME | |||||||||||
Service charges and fees | 174 | 693 | 666 | ||||||||
Gain on sale of loans | 11,851 | 36,570 | 32,501 | ||||||||
Other Income | (237 | ) | (834 | ) | 1,493 | ||||||
Total noninterest income | 11,788 | 36,429 | 34,660 | ||||||||
NONINTEREST EXPENSE | |||||||||||
Salaries and benefits | 7,195 | 25,415 | 22,047 | ||||||||
Occupancy and equipment | 949 | 2,931 | 2,606 | ||||||||
Other operating expense | 5,770 | 17,376 | 20,118 | ||||||||
Total noninterest expense | 13,914 | 45,722 | 44,771 | ||||||||
Income before income tax | 5,158 | 17,675 | 12,102 | ||||||||
Income tax expense | 1,841 | 6,287 | 4,526 | ||||||||
NET INCOME | $ | 3,317 | $ | 11,388 | $ | 7,576 | |||||
Earnings per common share: | |||||||||||
Basic | $ | 0.33 | $ | 1.11 | $ | 0.72 | |||||
Diluted | $ | 0.32 | $ | 1.10 | $ | 0.72 | |||||
Average outstanding shares: | |||||||||||
Basic | 10,199,686 | 10,277,801 | 10,503,383 | ||||||||
Diluted | 10,279,923 | 10,344,325 | 10,525,258 | ||||||||
Performance and Capital Ratios | ||||||||||||||||||||||||
Twelve Months | Three Months | Three Months | Three Months | Three Months | Twelve Months | |||||||||||||||||||
Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
December 31, | December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||||||||||
(Dollars In Thousands) | 2011 | 2011 | 2011 | 2011 | 2011 | 2010 | ||||||||||||||||||
Return on average assets (annualized) | 1.50 | % | 1.61 | % | 1.69 | % | 1.51 | % | 1.20 | % | 0.98 | % | ||||||||||||
Return on average equity (annualized) | 14.80 | % | 15.87 | % | 15.92 | % | 13.92 | % | 12.53 | % | 10.85 | % | ||||||||||||
Net interest margin | 3.82 | % | 3.77 | % | 4.02 | % | 4.00 | % | 3.55 | % | 3.41 | % | ||||||||||||
Efficiency ratio - Bank only | 52.92 | % | 53.85 | % | 52.38 | % | 53.06 | % | 52.32 | % | 59.02 | % | ||||||||||||
Total equity to assets | 10.23 | % | 10.23 | % | 10.47 | % | 10.91 | % | 10.38 | % | 8.68 | % | ||||||||||||
Averages | ||||||||||||||||||||||||
Assets | 758,994 | 822,190 | 738,925 | 707,859 | 763,780 | 772,600 | ||||||||||||||||||
Loans held for investment | 520,062 | 549,245 | 527,258 | 508,010 | 494,920 | 475,726 | ||||||||||||||||||
Loans held for sale | 51,774 | 91,962 | 49,641 | 29,347 | 29,021 | 63,868 | ||||||||||||||||||
Interest-bearing deposits & federal funds sold | 58,128 | 73,338 | 50,509 | 28,575 | 80,249 | 86,531 | ||||||||||||||||||
Investment securities | 105,042 | 80,670 | 90,147 | 118,506 | 135,281 | 107,685 | ||||||||||||||||||
Earning assets | 735,929 | 795,129 | 717,666 | 684,439 | 739,472 | 733,810 | ||||||||||||||||||
Interest-bearing deposits | 465,301 | 523,958 | 454,558 | 387,478 | 486,785 | 498,028 | ||||||||||||||||||
Total deposits | 565,450 | 648,856 | 562,304 | 481,657 | 566,966 | 572,138 | ||||||||||||||||||
Repurchase agreements & federal funds sold | 36,612 | 35,655 | 37,627 | 37,097 | 36,064 | 29,202 | ||||||||||||||||||
Commercial paper & other short term borrowings | 59,220 | 30,326 | 34,338 | 93,625 | 66,637 | 38,088 | ||||||||||||||||||
Long-term borrowings | 12,382 | 11,592 | 12,099 | 12,652 | 13,204 | 45,423 | ||||||||||||||||||
Equity | 76,969 | 83,614 | 78,212 | 76,746 | 72,988 | 69,827 | ||||||||||||||||||
Banking segment - income before taxes | $ | 13,972 | $ | 3,516 | $ | 2,982 | $ | 4,126 | $ | 3,348 | $ | 8,760 | ||||||||||||
Mortgage segment - income before taxes | $ | 6,358 | $ | 2,530 | $ | 2,369 | $ | 748 | $ | 711 | $ | 4,983 | ||||||||||||
Other segments - income before taxes | $ | (2,655 | ) | $ | (888 | ) | $ | (531 | ) | $ | (729 | ) | $ | (507 | ) | $ | (1,641 | ) | ||||||
Mortgage loan originations | $ | 831,564 | $ | 279,681 | $ | 236,566 | $ | 175,905 | $ | 139,412 | $ | 908,959 | ||||||||||||
Allowance for losses on mortgage loans sold | $ | 2,616 | $ | 2,616 | $ | 2,395 | $ | 2,286 | $ | 2,113 | $ | 1,991 | ||||||||||||
Book value per common share | $ | 8.13 | $ | 8.13 | $ | 7.84 | $ | 7.56 | $ | 7.21 | $ | 6.96 | ||||||||||||
Composition of Loan Portfolio | ||||||||||||
December 31, 2011 | December 31, 2010 | |||||||||||
(Dollars In Thousands) | Amount | Percentage of | Amount | Percentage of | ||||||||
Commercial real estate-Owner Occupied | $ | 171,599 | 30.14 | % | $ | 137,169 | 27.91 | % | ||||
Commercial real estate-Income Producing | 102,904 | 18.07 | 80,830 | 16.44 | ||||||||
Residential real estate | 130,557 | 22.93 | 137,752 | 28.02 | ||||||||
Commercial | 131,816 | 23.15 | 94,798 | 19.29 | ||||||||
Real estate construction | 29,705 | 5.22 | 38,093 | 7.75 | ||||||||
Consumer | 2,819 | 0.49 | 2,887 | 0.59 | ||||||||
Total loans | $ | 569,400 | 100.00 | % | $ | 491,529 | 100.00 | % | ||||
Less allowance for loan losses | 11,738 | 10,527 | ||||||||||
$ | 557,662 | $ | 481,002 | |||||||||
Composition of Deposits | ||||||||||||
December 31, 2011 | December 31, 2010 | |||||||||||
(Dollars In Thousands) | Amount | Percentage of | Amount | Percentage of | ||||||||
Demand deposits | $ | 113,885 | 17.66 | % | $ | 83,972 | 13.37 | % | ||||
Interest-bearing demand deposits | 59,798 | 9.27 | 24,548 | 3.91 | ||||||||
Savings and money market | 121,252 | 18.80 | 110,967 | 21.31 | ||||||||
CDARS-reciprocal time deposits | 192,326 | 29.82 | 234,221 | 37.31 | ||||||||
Brokered deposits | 31,228 | 4.84 | 56,356 | 5.34 | ||||||||
Time deposits | 126,524 | 19.61 | 117,784 | 18.76 | ||||||||
Total Deposits | $ | 645,013 | 100.00 | % | $ | 627,848 | 100.00 | % | ||||
Asset Quality Trend Profile | ||||||||||||||||||||
Twelve Months | Twelve Months | Nine Months | Six Months | Three Months | ||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
(Dollars In Thousands) | December 31, 2011 | December 31, 2010 | September 30, 2011 | June 30, 2011 | March 31, 2011 | |||||||||||||||
Total assets | $ | 809,758 | $ | 831,824 | $ | 765,467 | $ | 713,016 | $ | 717,198 | ||||||||||
Total loans held for investment | $ | 569,400 | $ | 491,529 | $ | 542,582 | $ | 520,674 | $ | 497,469 | ||||||||||
Allowance for loan losses - beginning balance | 10,527 | $ | 9,127 | $ | 10,527 | $ | 10,527 | $ | 10,527 | |||||||||||
Charge offs | (1,232 | ) | (2,048 | ) | (944 | ) | (553 | ) | (184 | ) | ||||||||||
Recoveries | 1,295 | 632 | 1,019 | 862 | 156 | |||||||||||||||
Net charge offs | 63 | (1,416 | ) | 75 | 309 | (28 | ) | |||||||||||||
Provision for loan losses | 1,149 | 2,816 | 935 | 221 | 223 | |||||||||||||||
Allowance for loan losses - ending balance | 11,738 | $ | 10,527 | $ | 11,537 | $ | 11,057 | $ | 10,722 | |||||||||||
Allowance for loan losses/loans held for investment | 2.06 | % | 2.14 | % | 2.13 | % | 2.12 | % | 2.16 | % | ||||||||||
Delinquent 30 - 90 days | 271 | $ | 2,771 | $ | 4,226 | $ | 171 | $ | 2,100 | |||||||||||
Percentage of loans delinquent | 0.05 | % | 0.56 | % | 0.78 | % | 0.03 | % | 0.42 | % | ||||||||||
Non-accrual loans | $ | 6,703 | $ | 8,561 | $ | 7,077 | $ | 7,481 | $ | 9,163 | ||||||||||
OREO | $ | - | $ | 1,859 | $ | 590 | $ | 590 | $ | 1,859 | ||||||||||
Total NPA | $ | 6,703 | $ | 10,420 | $ | 7,667 | $ | 8,071 | $ | 11,022 | ||||||||||
NPA to total assets | 0.83 | % | 1.25 | % | 1.00 | % | 1.13 | % | 1.53 | % | ||||||||||
Allowance for loan losses/NPA | 175.12 | % | 101.03 | % | 150.48 | % | 137.00 | % | 97.28 | % | ||||||||||
OREO Expense | $ | 523 | $ | 2,335 | $ | 420 | $ | 395 | $ | 68 | ||||||||||
Gain on Sale of OREO | $ | 1,452 | $ | 1,253 | $ | 1,325 | $ | 1,325 | $ | 15 | ||||||||||
OREO expense net | $ | (929 | ) | $ | 1,082 | $ | (905 | ) | $ | (930 | ) | $ | 53 | |||||||
Allowance for losses on mortgage loans sold | $ | 2,616 | $ | 1,991 | $ | 2,395 | $ | 2,286 | $ | 2,113 | ||||||||||
Provision for losses on mortgage loans sold | $ | 966 | $ | 3,836 | $ | 527 | $ | 289 | $ | 126 | ||||||||||
Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||||||||||
December 31, 2011 | September 30, 2011 | December 31, 2010 | ||||||||||||||||||||||||||||
Average | Income / | Yield / | Average | Income / | Yield / | Average | Income / | Yield / | ||||||||||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||||||||||||
Securities | $ | 80,584 | $ | 506 | 2.51 | % | $ | 90,258 | $ | 497 | 2.20 | % | $ | 135,294 | $ | 705 | 2.08 | % | ||||||||||||
Loans held for sale | 91,962 | 894 | 3.89 | % | 49,641 | 591 | 4.76 | % | 107,474 | 1,181 | 4.40 | % | ||||||||||||||||||
Loans(1) | 549,245 | 7,746 | 5.64 | % | 527,258 | 7,763 | 5.89 | % | 485,710 | 7,471 | 6.15 | % | ||||||||||||||||||
Interest-bearing balances and federal funds sold | 73,338 | 46 | 0.25 | % | 50,509 | 25 | 0.20 | % | 66,377 | 38 | 0.23 | % | ||||||||||||||||||
Total interest earning assets | 795,129 | 9,192 | 4.62 | % | 717,666 | 8,876 | 4.95 | % | 794,855 | 9,395 | 4.73 | % | ||||||||||||||||||
Noninterest earning assets: | ||||||||||||||||||||||||||||||
Cash and due from banks | 13,648 | 10,373 | 14,715 | |||||||||||||||||||||||||||
Premises, land and equipment | 8,715 | 8,747 | 8,610 | |||||||||||||||||||||||||||
Other assets | 16,553 | 13,374 | 26,673 | |||||||||||||||||||||||||||
Less: allowance for loan losses | (11,855 | ) | (11,235 | ) | (9,880 | ) | ||||||||||||||||||||||||
Total noninterest earning assets | 27,061 | 21,259 | 40,118 | |||||||||||||||||||||||||||
Total Assets | $ | 822,190 | $ | 738,925 | $ | 834,973 | ||||||||||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 73,529 | $ | 89 | 0.48 | % | $ | 64,155 | $ | 85 | 0.53 | % | $ | 25,394 | $ | 34 | 0.54 | % | ||||||||||||
Money market deposit accounts | 105,739 | 132 | 0.50 | % | 105,718 | 146 | 0.55 | % | 134,918 | 241 | 0.71 | % | ||||||||||||||||||
Savings accounts | 2,697 | 2 | 0.30 | % | 2,962 | 1 | 0.14 | % | 3,820 | 3 | 0.31 | % | ||||||||||||||||||
Time deposits | 341,993 | 1,056 | 1.24 | % | 281,723 | 1,003 | 1.42 | % | 365,281 | 1,450 | 1.59 | % | ||||||||||||||||||
Total interest-bearing deposits | 523,958 | 1,279 | 0.98 | % | 454,558 | 1,235 | 1.09 | % | 529,413 | 1,728 | 1.31 | % | ||||||||||||||||||
Borrowings: | ||||||||||||||||||||||||||||||
FHLB Advances | - | - | 0.00 | % | 2,935 | 3 | 0.41 | % | 8,220 | 45 | 2.19 | % | ||||||||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 35,655 | 14 | 0.16 | % | 37,627 | 17 | 0.18 | % | 38,620 | 24 | 0.25 | % | ||||||||||||||||||
Other short-term borrowings | - | - | 0.00 | % | 7,183 | 9 | 0.50 | % | 42,182 | 79 | 0.75 | % | ||||||||||||||||||
FHLB Long-term borrowings | 5,406 | 48 | 3.55 | % | 5,913 | 54 | 3.65 | % | 7,572 | 69 | 3.65 | % | ||||||||||||||||||
FDIC Term Note | 30,326 | 299 | 3.94 | % | 29,999 | 299 | 3.99 | % | 29,998 | 299 | 3.99 | % | ||||||||||||||||||
Subordinated Debentures | 6,186 | 55 | 3.56 | % | 6,186 | 53 | 3.43 | % | 6,186 | 53 | 3.43 | % | ||||||||||||||||||
Total borrowings | 77,573 | 416 | 2.15 | % | 89,843 | 435 | 1.94 | % | 132,778 | 569 | 1.71 | % | ||||||||||||||||||
Total interest-bearing deposits and borrowings | 601,531 | 1,695 | 1.13 | % | 544,401 | 1,670 | 1.23 | % | 662,191 | 2,297 | 1.39 | % | ||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||
Demand deposits | 124,898 | 107,746 | 81,842 | |||||||||||||||||||||||||||
Other liabilities | 12,147 | 8,566 | 19,607 | |||||||||||||||||||||||||||
Total liabilities | 738,576 | 660,713 | 763,640 | |||||||||||||||||||||||||||
Shareholders' Equity | 83,614 | 78,212 | 71,333 | |||||||||||||||||||||||||||
Total Liabilities and Shareholders' Equity: | $ | 822,190 | $ | 738,925 | $ | 834,973 | ||||||||||||||||||||||||
Interest Spread(2) | 3.50 | % | 3.72 | % | 3.34 | % | ||||||||||||||||||||||||
Net Interest Margin(3) | $ | 7,497 | 3.77 | % | $ | 7,206 | 4.02 | % | $ | 7,098 | 3.57 | % | ||||||||||||||||||
(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, | ||||||||||||||||||||
December 31, 2011 | December 31, 2010 | |||||||||||||||||||
Average | Income / | Yield / | Average | Income / | Yield / | |||||||||||||||
(Dollars In Thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||
Assets: | ||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||
Securities | $ | 105,964 | $ | 2,216 | 2.09 | % | $ | 107,685 | $ | 2,242 | 2.08 | % | ||||||||
Loans held for sale | 51,774 | 2,176 | 4.20 | % | 63,868 | 2,982 | 4.67 | % | ||||||||||||
Loans(1) | 520,062 | 30,632 | 5.89 | % | 475,726 | 29,709 | 6.24 | % | ||||||||||||
Interest-bearing balances and federal funds sold | 58,128 | 143 | 0.25 | % | 86,531 | 210 | 0.24 | % | ||||||||||||
Total interest-earning assets | 735,928 | 35,167 | 4.78 | % | 733,810 | 35,143 | 4.79 | % | ||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||
Cash and due from banks | 12,066 | 10,927 | ||||||||||||||||||
Premises, land and equipment | 8,819 | 8,655 | ||||||||||||||||||
Other assets | 13,304 | 28,693 | ||||||||||||||||||
Less: allowance for loan losses | (11,123 | ) | (9,485 | ) | ||||||||||||||||
Total noninterest-earning assets | 23,066 | 38,790 | ||||||||||||||||||
Total Assets | $ | 758,994 | $ | 772,600 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 48,349 | $ | 227 | 0.47 | % | $ | 30,166 | $ | 183 | 0.61 | % | ||||||||
Money market deposit accounts | 111,090 | 628 | 0.57 | % | 132,761 | 1,345 | 1.01 | % | ||||||||||||
Savings accounts | 2,853 | 6 | 0.21 | % | 3,939 | 30 | 0.76 | % | ||||||||||||
Time deposits | 303,009 | 4,343 | 1.43 | % | 331,162 | 6,075 | 1.83 | % | ||||||||||||
Total interest-bearing deposits | 465,301 | 5,204 | 1.12 | % | 498,028 | 7,633 | 1.53 | % | ||||||||||||
Borrowings: | ||||||||||||||||||||
FHLB Advances | 8,458 | 42 | 0.50 | % | 11,413 | 429 | 3.76 | % | ||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 36,612 | 67 | 0.18 | % | 29,202 | 105 | 0.36 | % | ||||||||||||
Other short-term borrowings | 20,681 | 114 | 0.55 | % | 26,674 | 228 | 0.85 | % | ||||||||||||
FHLB Long-term borrowings | 6,196 | 219 | 3.53 | % | 9,239 | 312 | 3.38 | % | ||||||||||||
FDIC Term Note | 30,081 | 1,191 | 3.96 | % | 29,998 | 1,191 | 3.97 | % | ||||||||||||
Subordinated Debentures | 6,186 | 213 | 3.44 | % | 6,186 | 216 | 3.49 | % | ||||||||||||
Total borrowings | 108,214 | 1,846 | 1.71 | % | 112,712 | 2,481 | 2.20 | % | ||||||||||||
Total interest-bearing deposits and borrowings | 573,515 | 7,050 | 1.23 | % | 610,740 | 10,114 | 1.66 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 100,149 | 74,111 | ||||||||||||||||||
Other liabilities | 8,361 | 17,922 | ||||||||||||||||||
Total liabilities | 108,510 | 92,033 | ||||||||||||||||||
Shareholders' Equity | 76,969 | 69,827 | ||||||||||||||||||
Total Liabilities and Shareholders' Equity: | $ | 758,994 | $ | 772,600 | ||||||||||||||||
Interest Spread(2) | 3.55 | % | 3.13 | % | ||||||||||||||||
Net Interest Margin(3) | $ | 28,117 | 3.82 | % | $ | 25,029 | 3.41 | % | ||||||||||||
(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