Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported first quarter net income of $3.4 million, a 50.3% increase over the $2.3 million recorded in the first quarter of 2011. This represents the company’s 47th consecutive quarterly profit over its 12 year history. Net income per dilutive common share was $0.33, an increase of 50.0% over the $0.22 reported in the first quarter of 2011.
Based on record earnings, strong capital and favorable outlook, the Board of Directors declared a cash dividend of $0.06 per share, representing the fifth increase over the last six quarters for holders of record as of May 2, 2012 and payable May 25, 2012.
During the first quarter of 2012 the Company experienced continued growth in earnings attributable to both core earnings from the banking segment and record earnings from the mortgage banking segment. Net interest margin for the first quarter of 2012 was 3.91%, up from 3.77% in the fourth quarter of 2011 and 3.55% in the first quarter of 2011.
Return on average assets annualized was 1.66% for the first quarter of 2012 compared to 1.61% for the fourth quarter of 2011 and 1.20% for the first quarter of 2011. Return on average equity annualized was 16.03% for the first quarter of 2012 compared to 15.87% for the fourth quarter of 2011 and 12.53% for the first quarter of 2011.
Loans held for investment totaled $573.3 million, compared to $569.4 million at December 31, 2011 and $497.5 million at March 31, 2011.
Total assets amounted to $804.8 million compared to $809.8 million at December 31, 2011. The decrease in assets was primarily attributable to the payoff of a $30.0 million senior unsecured note that was issued under the Temporary Liquidity Guarantee Program and was substantially offset by the increase in deposits.
Total deposits increased $22.2 million from $645.0 million at December 31, 2011 to $667.2 million at March 31, 2012. Demand deposits increased $23.0 million to $136.9 million from $113.9 million at December 31, 2011. Savings and interest-bearing deposits increased $11.4 million from December 31, 2011 and time deposits decreased $12.2 million from December 31, 2011. The overall increase in deposits allowed the Company to decrease its borrowings which, coupled with other factors, contributed to the increase in net interest margin.
Non-performing assets (NPA) at March 31, 2012 totaled $5.4 million or 0.66% of total assets, down from $6.7 million and 0.83% of total assets at December 31, 2011. The allowance for loan losses totaled $11.9 million or 2.08% of total loans held for investment and 223.2% of NPA as of March 31, 2012.
Book value per common share increased 16% to $8.37 at March 31, 2012 compared to $7.21 as of the March 31, 2011. The company remains “Well Capitalized” under banking regulations and poised for measured and responsible growth as the total equity to assets ratio was 10.64% at March 31, 2012.
Access National Corporation is the parent company of Access National Bank, an independent bank serving the business community of the DC Metropolitan area. Additional information is available at www.AccessNationalBank.com. Shares 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, | |||||||||
| 2012 | 2011 | 2011 | |||||||||
| (In Thousands) | (unaudited) | (unaudited) | |||||||||
| ASSETS | |||||||||||
| Cash and due from banks | $ | 6,769 | $ | 5,362 | 9,308 | ||||||
| Interest-bearing balances and federal funds sold | 30,009 | 38,547 | 32,693 | ||||||||
| Investment securities: | |||||||||||
| Available-for-sale, at fair value | 38,209 | 45,837 | 124,983 | ||||||||
| Held-to-maturity, at amortized cost (fair value of $64,802, $39,978 and $0) | 64,950 | 39,987 | - | ||||||||
| Restricted Stock, at amortized cost | 3,665 | 3,665 | 4,438 | ||||||||
| Total investment securities | 106,824 | 89,489 | 129,421 | ||||||||
| Loans held for sale - at fair value | 75,552 | 95,126 | 33,689 | ||||||||
| Loans held for investment | |||||||||||
| net of allowance for loan losses of $11,941, $11,738 | |||||||||||
| and $10,722, respectively | 561,374 | 557,662 | 486,747 | ||||||||
| Premises, equipment and land | 8,584 | 8,671 | 8,876 | ||||||||
| Other assets | 15,643 | 14,901 | 16,464 | ||||||||
| Total assets | $ | 804,755 | $ | 809,758 | $ | 717,198 | |||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
| LIABILITIES | |||||||||||
| Noninterest-bearing deposits | $ | 136,895 | $ | 113,885 | 87,597 | ||||||
| Savings and interest-bearing deposits | 193,396 | 182,005 | 148,485 | ||||||||
| Time deposits | 336,934 | 349,123 | 260,077 | ||||||||
| Total deposits | 667,225 | 645,013 | 496,159 | ||||||||
| Short-term borrowings | 32,343 | 59,904 | 127,053 | ||||||||
| Long-term borrowings | 3,268 | 4,821 | 6,482 | ||||||||
| Subordinated debentures | 6,186 | 6,186 | 6,186 | ||||||||
| Other liabilities and accrued expenses | 10,126 | 11,019 | 6,846 | ||||||||
| Total Liabilities | 719,148 | 726,943 | 642,726 | ||||||||
| SHAREHOLDERS' EQUITY | |||||||||||
| Common stock $0.835 par value; 60,000,000 authorized; | |||||||||||
| issued and outstanding, 10,228,761, 10,192,649 | |||||||||||
| and 10,330,508 shares, respectively | 8,541 | 8,511 | 8,626 | ||||||||
| Additional paid in capital | 16,613 | 16,716 | 17,572 | ||||||||
| Retained earnings | 60,434 | 57,529 | 49,595 | ||||||||
| Accumulated other comprehensive income | 19 | 59 | (1,321 | ) | |||||||
| Total shareholders' equity | 85,607 | 82,815 | 74,472 | ||||||||
| Total liabilities and shareholders' equity | $ | 804,755 | $ | 809,758 | $ | 717,198 | |||||
| Access National Corporation | |||||||||
| Consolidated Statement of Operations | |||||||||
| Three Months Ended | |||||||||
| March 31, 2012 | March 31, 2011 | ||||||||
| (In Thousands Except for Share and Per Share Data) | (unaudited) | (unaudited) | |||||||
| INTEREST INCOME | |||||||||
| Interest and fees on loans | 8,671 | 7,882 | |||||||
| Interest on federal funds sold and bank balances | 31 | 55 | |||||||
| Interest on securities | 649 | 633 | |||||||
| Total interest income | 9,351 | 8,570 | |||||||
| INTEREST EXPENSE | |||||||||
| Interest on deposits | 1,273 | 1,511 | |||||||
| Interest on other borrowings | 210 | 492 | |||||||
| Total interest expense | 1,483 | 2,003 | |||||||
| Net interest income | 7,868 | 6,567 | |||||||
| Provision for loan losses | 718 | 223 | |||||||
| Net interest income after provision for loan losses | 7,150 | 6,344 | |||||||
| NONINTEREST INCOME | |||||||||
| Service charges and fees | 177 | 173 | |||||||
| Gain on sale of loans | 10,944 | 5,516 | |||||||
| Other Income | 980 | 150 | |||||||
| Total noninterest income | 12,101 | 5,839 | |||||||
| NONINTEREST EXPENSE | |||||||||
| Salaries and benefits | 8,335 | 5,393 | |||||||
| Occupancy and equipment | 651 | 665 | |||||||
| Other operating expense | 4,778 | 2,573 | |||||||
| Total noninterest expense | 13,764 | 8,631 | |||||||
| Income before income tax | 5,487 | 3,552 | |||||||
| Income tax expense | 2,050 | 1,265 | |||||||
| NET INCOME | 3,437 | 2,287 | |||||||
| Earnings per common share: | |||||||||
| Basic | $ | 0.34 | $ | 0.22 | |||||
| Diluted | $ | 0.33 | $ | 0.22 | |||||
| Average outstanding shares: | |||||||||
| Basic | 10,200,656 | 10,359,386 | |||||||
| Diluted | 10,312,845 | 10,404,677 | |||||||
| Performance and Capital Ratios | ||||||||||||||||||||||||||||||
| Three Months | Twelve Months | Three Months | Three Months | Three Months | Three Months | Twelve Months | ||||||||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||||
March 31, | December 31, | December 31, | September 30, | June 30, | March 31, | December 31, | ||||||||||||||||||||||||
| (Dollars In Thousands) | 2012 | 2011 | 2011 | 2011 | 2011 | 2011 | 2010 | |||||||||||||||||||||||
| Return on average assets (annualized) | 1.66 | % | 1.50 | % | 1.61 | % | 1.69 | % | 1.51 | % | 1.20 | % | 0.98 | % | ||||||||||||||||
| Return on average equity (annualized) | 16.03 | % | 14.80 | % | 15.87 | % | 15.92 | % | 13.92 | % | 12.53 | % | 10.85 | % | ||||||||||||||||
| Net interest margin | 3.91 | % | 3.82 | % | 3.77 | % | 4.02 | % | 4.00 | % | 3.55 | % | 3.41 | % | ||||||||||||||||
| Efficiency ratio - Bank only | 52.17 | % | 52.92 | % | 53.85 | % | 52.38 | % | 53.06 | % | 52.32 | % | 59.02 | % | ||||||||||||||||
| Total equity to assets | 10.64 | % | 10.23 | % | 10.23 | % | 10.47 | % | 10.91 | % | 10.38 | % | 8.68 | % | ||||||||||||||||
| Averages | ||||||||||||||||||||||||||||||
| Assets | $ | 827,438 | $ | 758,994 | $ | 822,190 | $ | 738,925 | $ | 707,859 | $ | 763,780 | $ | 772,600 | ||||||||||||||||
| Loans held for investment | 568,351 | 520,062 | 549,245 | 527,258 | 508,010 | 494,920 | 475,726 | |||||||||||||||||||||||
| Loans held for sale | 79,575 | 51,774 | 91,962 | 49,641 | 29,347 | 29,021 | 63,868 | |||||||||||||||||||||||
| Interest-bearing deposits & federal funds sold | 50,471 | 58,128 | 73,338 | 50,509 | 28,575 | 80,250 | 86,531 | |||||||||||||||||||||||
| Investment securities | 106,487 | 105,964 | 80,584 | 90,258 | 118,506 | 135,281 | 107,685 | |||||||||||||||||||||||
| Earning assets | 804,884 | 735,929 | 795,129 | 717,666 | 684,439 | 739,472 | 733,810 | |||||||||||||||||||||||
| Interest-bearing deposits | 558,029 | 465,301 | 523,958 | 454,558 | 387,478 | 486,785 | 498,028 | |||||||||||||||||||||||
| Total deposits | 670,327 | 565,450 | 648,856 | 562,304 | 481,657 | 566,966 | 572,138 | |||||||||||||||||||||||
| Repurchase agreements & federal funds sold | 28,426 | 36,612 | 35,655 | 37,627 | 37,097 | 36,064 | 29,202 | |||||||||||||||||||||||
| Commercial paper & other short term borrowings | 1,203 | 59,220 | 30,326 | 34,338 | 93,625 | 66,637 | 38,088 | |||||||||||||||||||||||
| Long-term borrowings | 19,255 | 12,382 | 11,592 | 12,099 | 12,652 | 13,204 | 45,423 | |||||||||||||||||||||||
| Equity | $ | 85,801 | $ | 76,969 | $ | 83,614 | $ | 78,212 | $ | 76,746 | $ | 72,988 | $ | 69,827 | ||||||||||||||||
| Banking segment - income before taxes | $ | 3,240 | $ | 13,972 | $ | 3,516 | $ | 2,982 | $ | 4,126 | $ | 3,348 | $ | 8,760 | ||||||||||||||||
| Mortgage segment - income before taxes | $ | 2,832 | $ | 6,358 | $ | 2,530 | $ | 2,369 | $ | 748 | $ | 711 | $ | 4,983 | ||||||||||||||||
| Other segments - income before taxes | $ | (585 | ) | $ | (2,655 | ) | $ | (888 | ) | $ | (531 | ) | $ | (729 | ) | $ | (507 | ) | $ | (1,641 | ) | |||||||||
| Mortgage loan originations | $ | 257,295 | $ | 831,564 | $ | 279,681 | $ | 236,566 | $ | 175,905 | $ | 139,412 | $ | 908,959 | ||||||||||||||||
| Allowance for losses on mortgage loans sold | $ | 2,874 | $ | 2,616 | $ | 2,616 | $ | 2,395 | $ | 2,286 | $ | 2,113 | $ | 1,991 | ||||||||||||||||
| Book value per common share | $ | 8.37 | $ | 8.13 | $ | 8.13 | $ | 7.84 | $ | 7.56 | $ | 7.21 | $ | 6.96 | ||||||||||||||||
| Composition of Loan Portfolio | ||||||||||||
| March 31, 2012 | December 31, 2011 | |||||||||||
| (Dollars In Thousands) | Amount | Percentage of | Amount | Percentage of | ||||||||
| Commercial real estate - owner occupied | $ | 170,207 | 29.69 | % | $ | 171,599 | 30.14 | % | ||||
| Commercial real estate - non-owner occupied | 106,177 | 18.52 | 104,976 | 18.44 | ||||||||
| Residential real estate | 128,509 | 22.42 | 128,485 | 22.56 | ||||||||
| Commercial | 138,285 | 24.12 | 131,816 | 23.15 | ||||||||
| Real estate construction | 26,816 | 4.68 | 29,705 | 5.22 | ||||||||
| Consumer | 3,321 | 0.57 | 2,819 | 0.49 | ||||||||
| Total loans | $ | 573,315 | 100.00 | % | $ | 569,400 | 100.00 | % | ||||
| Less allowance for loan losses | 11,941 | 11,738 | ||||||||||
| $ | 561,374 | $ | 557,662 | |||||||||
| Composition of Deposits | ||||||||||||
| March 31, 2012 | December 31, 2011 | |||||||||||
| (Dollars In Thousands) | Amount | Percentage of Total | Amount | Percentage of Total | ||||||||
| Demand deposits | $ | 136,894 | 20.52 | % | $ | 113,885 | 17.66 | % | ||||
| Interest-bearing demand deposits | 62,997 | 9.44 | 59,798 | 9.27 | ||||||||
| Savings and money market | 124,747 | 18.70 | 121,252 | 18.80 | ||||||||
| CDARS-reciprocal time deposits | 177,259 | 26.57 | 192,326 | 29.82 | ||||||||
| Brokered deposits | 34,760 | 5.20 | 31,228 | 4.84 | ||||||||
| Time deposits | 130,568 | 19.57 | 126,524 | 19.61 | ||||||||
| Total Deposits | $ | 667,225 | 100.00 | % | $ | 645,013 | 100.00 | % | ||||
| Asset Quality Trend Profile | ||||||||||||||||||||||||
| Three Months | Twelve Months | Twelve Months | Nine Months | Six Months | Three Months | |||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
| (Dollars In Thousands) | March 31, 2012 | December 31, 2011 | December 31, 2010 | September 30, 2011 | June 30, 2011 | March 31, 2011 | ||||||||||||||||||
| Total assets | $ | 804,755 | $ | 809,758 | $ | 831,824 | $ | 765,467 | $ | 713,016 | $ | 717,198 | ||||||||||||
| Total loans held for investment | $ | 573,315 | $ | 569,400 | $ | 491,529 | $ | 542,582 | $ | 520,674 | $ | 497,469 | ||||||||||||
| Allowance for loan losses - beginning balance | $ | 11,738 | 10,527 | $ | 9,127 | $ | 10,527 | $ | 10,527 | $ | 10,527 | |||||||||||||
| Charge offs | (984 | ) | (1,232 | ) | (2,048 | ) | (944 | ) | (553 | ) | (184 | ) | ||||||||||||
| Recoveries | 469 | 1,295 | 632 | 1,019 | 862 | 156 | ||||||||||||||||||
| Net charge offs | (515 | ) | 63 | (1,416 | ) | 75 | 309 | (28 | ) | |||||||||||||||
| Provision for loan losses | 718 | 1,149 | 2,816 | 935 | 221 | 223 | ||||||||||||||||||
| Allowance for loan losses - ending balance | $ | 11,941 | 11,738 | $ | 10,527 | $ | 11,537 | $ | 11,057 | $ | 10,722 | |||||||||||||
| Allowance for loan losses/loans held for investment | 2.08 | % | 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 | 0.00 | % | 0.05 | % | 0.56 | % | 0.78 | % | 0.03 | % | 0.42 | % | ||||||||||||
| Non-accrual loans | $ | 5,350 | $ | 6,703 | $ | 8,561 | $ | 7,077 | $ | 7,481 | $ | 9,163 | ||||||||||||
| OREO | $ | - | $ | - | $ | 1,859 | $ | 590 | $ | 590 | $ | 1,859 | ||||||||||||
| Total NPA | $ | 5,350 | $ | 6,703 | $ | 10,420 | $ | 7,667 | $ | 8,071 | $ | 11,022 | ||||||||||||
| NPA to total assets | 0.66 | % | 0.83 | % | 1.25 | % | 1.00 | % | 1.13 | % | 1.53 | % | ||||||||||||
| Allowance for loan losses/NPA | 223.20 | % | 175.12 | % | 101.03 | % | 150.48 | % | 137.00 | % | 97.28 | % | ||||||||||||
| OREO Expense | $ | 2 | $ | 523 | $ | 2,335 | $ | 420 | $ | 395 | $ | 68 | ||||||||||||
| Gain on Sale of OREO | $ | - | $ | 1,452 | $ | 1,253 | $ | 1,325 | $ | 1,325 | $ | 15 | ||||||||||||
| OREO expense net | $ | 2 | $ | (929 | ) | $ | 1,082 | $ | (905 | ) | $ | (930 | ) | $ | 53 | |||||||||
| Allowance for losses on mortgage loans sold | $ | 2,874 | $ | 2,616 | $ | 1,991 | $ | 2,395 | $ | 2,286 | $ | 2,113 | ||||||||||||
| Provision for losses on mortgage loans sold | $ | 258 | $ | 966 | $ | 3,836 | $ | 527 | $ | 289 | $ | 126 | ||||||||||||
| Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||
| Three Month Period Ended | ||||||||||||||||||||||||||||||
| March 31, 2012 | December 31, 2011 | March 31, 2011 | ||||||||||||||||||||||||||||
| 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, at amortized cost(1) | $ | 106,487 | $ | 649 | 2.44 | % | $ | 80,584 | $ | 506 | 2.51 | % | $ | 135,281 | $ | 633 | 1.87 | % | ||||||||||||
| Loans held for sale | 79,575 | 850 | 4.27 | % | 91,962 | 894 | 3.89 | % | 29,021 | 349 | 4.81 | % | ||||||||||||||||||
| Loans(2) | 568,351 | 7,821 | 5.50 | % | 549,245 | 7,746 | 5.64 | % | 494,920 | 7,533 | 6.09 | % | ||||||||||||||||||
| Interest-bearing balances and federal funds sold | 50,471 | 31 | 0.25 | % | 73,338 | 46 | 0.25 | % | 80,250 | 55 | 0.27 | % | ||||||||||||||||||
| Total interest earning assets | 804,884 | 9,351 | 4.65 | % | 795,129 | 9,192 | 4.62 | % | 739,472 | 8,570 | 4.64 | % | ||||||||||||||||||
| Non-interest earning assets: | ||||||||||||||||||||||||||||||
| Cash and due from banks | 8,966 | 13,648 | 12,180 | |||||||||||||||||||||||||||
| Premises, land, and equipment | 8,641 | 8,715 | 8,927 | |||||||||||||||||||||||||||
| Other assets | 16,754 | 16,553 | 13,798 | |||||||||||||||||||||||||||
| Less: allowance for loan losses | (11,807 | ) | (11,855 | ) | (10,597 | ) | ||||||||||||||||||||||||
| Total non-interest earning assets | 22,554 | 27,061 | 24,308 | |||||||||||||||||||||||||||
| Total Assets | $ | 827,438 | $ | 822,190 | $ | 763,780 | ||||||||||||||||||||||||
| Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 62,243 | $ | 51 | 0.33 | % | $ | 73,529 | $ | 89 | 0.48 | % | $ | 23,425 | $ | 27 | 0.46 | % | ||||||||||||
| Money market deposit accounts | 130,362 | 146 | 0.45 | % | 105,739 | 132 | 0.50 | % | 124,176 | 194 | 0.62 | % | ||||||||||||||||||
| Savings accounts | 2,557 | 1 | 0.16 | % | 2,697 | 2 | 0.30 | % | 2,905 | 1 | 0.14 | % | ||||||||||||||||||
| Time deposits | 362,867 | 1,075 | 1.19 | % | 341,993 | 1,056 | 1.24 | % | 336,279 | 1,289 | 1.53 | % | ||||||||||||||||||
| Total interest-bearing deposits | 558,029 | 1,273 | 0.91 | % | 523,958 | 1,279 | 0.98 | % | 486,785 | 1,511 | 1.24 | % | ||||||||||||||||||
| Borrowings: | ||||||||||||||||||||||||||||||
| FHLB Advances | 1,203 | 4 | 1.33 | % | - | - | 0.00 | % | 4,523 | 15 | 1.33 | % | ||||||||||||||||||
| Securities sold under agreements to repurchase and federal fund purchased | 28,426 | 10 | 0.14 | % | 35,655 | 14 | 0.16 | % | 36,064 | 18 | 0.20 | % | ||||||||||||||||||
| Other short-term borrowings | - | - | 0.00 | % | - | - | 0.00 | % | 32,115 | 49 | 0.61 | % | ||||||||||||||||||
| FHLB long-term borrowings | 4,750 | 41 | 3.45 | % | 5,406 | 48 | 3.55 | % | 7,018 | 62 | 3.53 | % | ||||||||||||||||||
| Senior unsecured term note | 14,505 | 98 | 2.70 | % | 30,326 | 299 | 3.94 | % | 29,999 | 295 | 3.93 | % | ||||||||||||||||||
| Subordinated Debentures | 6,186 | 57 | 3.69 | % | 6,186 | 55 | 3.56 | % | 6,186 | 53 | 3.43 | % | ||||||||||||||||||
| Total borrowings | 55,070 | 210 | 1.53 | % | 77,573 | 416 | 2.15 | % | 115,905 | 492 | 1.70 | % | ||||||||||||||||||
| Total interest-bearing liabilities | 613,099 | 1,483 | 0.97 | % | 601,531 | 1,695 | 1.13 | % | 602,690 | 2,003 | 1.33 | % | ||||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||
| Demand deposits | 112,298 | 124,898 | 80,181 | |||||||||||||||||||||||||||
| Other liabilities | 16,240 | 12,147 | 7,921 | |||||||||||||||||||||||||||
| Total liabilities | 741,637 | 738,576 | 690,792 | |||||||||||||||||||||||||||
| Shareholders' Equity | 85,801 | 83,614 | 72,988 | |||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity: | $ | 827,438 | $ | 822,190 | $ | 763,780 | ||||||||||||||||||||||||
| Interest spread(3) | 3.68 | % | 3.50 | % | 3.31 | % | ||||||||||||||||||||||||
| Net interest margin(4) | $ | 7,868 | 3.91 | % | $ | 7,497 | 3.77 | % | $ | 6,567 | 3.55 | % | ||||||||||||||||||
| (1) Includes restricted stock. | ||||||||||||||||||||||||||||||
| (2) Loans placed on nonaccrual status are included in loan balances. | ||||||||||||||||||||||||||||||
| (3) Interest spread is the average yield earned on earning assets, less the average rate incurred on interest-bearing liabilities. | ||||||||||||||||||||||||||||||
| (4) Net interest margin is net interest income, expressed as a percentage of average earning assets. | ||||||||||||||||||||||||||||||
Contacts:
Michael Clarke, 703-871-2100
