Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported record fourth quarter net income of $6.3 million, a $3.0 million increase over the $3.3 million recorded in the fourth quarter of 2011. This represents the company’s 7th consecutive record quarterly earnings and its 50th consecutive quarterly profit over its 13 year history. Net income per diluted common share was $0.60, an increase of 87.5% over the $0.32 reported in the fourth quarter of 2011.
Based on record earnings, strong capital and favorable outlook, the Board of Directors declared a cash dividend of $0.09 per share for holders of record as of February 11, 2013 and payable on February 25, 2013. This dividend is in addition to the $0.70 non-routine dividend paid in the fourth quarter of 2012 and represents a 1 cent increase from the prior quarter and an 8 cent cumulative increase over the past 2 years.
The $3.0 million increase in net income between the fourth quarter of 2012 and 2011 is mainly attributable to activity in our mortgage division. Net income increased 55.6% for the year ended December 31, 2012 totaling $17.7 million compared to $11.4 million for the year 2011. Net interest margin was 3.94% for 2012 compared to 3.82% for 2011. Diluted earnings per share were $1.71 compared to $1.10 in 2011.
Annualized return on average assets was 2.97% for the fourth quarter of 2012 compared to 1.61% for the same quarter of 2011. Annualized return on average equity was 26.80% for the quarter ended December 31, 2012 compared to 15.87% for last year.
Total assets amounted to $863.9 million compared to $809.8 million at December 31, 2011. The increase in assets is mainly attributable to a $46.8 million or 8% growth in net loans held for investment as well as a $16.4 million or 17% growth in loans held for sale. The growth in loans held for investment was driven by a 13.3% growth in commercial and industrial loans to the bank’s target market. The asset growth was funded by a 4% growth in total deposits as well as short-term borrowings from the Federal Home Loan Bank.
Total deposits at December 31, 2012 increased $26.5 million from December 31, 2011. As a result of management’s continued focus on expanding business banking relationships, noninterest-bearing deposits increased $50.3 million or 44.1% from December 31, 2011, and comprised 24.5% of the deposit portfolio, up from 17.66% at December 31, 2011.
Non-performing assets (NPAs) decreased to $2.7 million or 0.32% of total assets at December 31, 2012, down from $3.6 million or 0.43% of assets at September 30, 2012. The Corporation did not have other real estate owned at December 31, 2012. The allowance for loan losses totaled $12.5 million or 2.03% of total loans held for investment as of December 31, 2012.
Net of the $0.95 in dividends paid during the year, book value per common share increased 8.9% at December 31, 2012 to $8.85, compared to $8.13 at December 31, 2011. The ratio of total equity to total assets for Access National Corporation was 10.56% at December 31, 2012 and continued to exceed standards of being “Well Capitalized” as set forth under banking regulations.
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, | |||||
2012 | 2011 | |||||
(In Thousands) | (unaudited) | |||||
ASSETS | ||||||
Cash and due from banks | $ | 15,735 | $ | 5,362 | ||
Interest-bearing balances and federal funds sold | 22,206 | 38,547 | ||||
Investment securities: | ||||||
Available-for-sale, at fair value | 35,759 | 45,837 | ||||
Held-to-maturity, at amortized cost (fair value of $45,308 and $39,978) | 44,952 | 39,987 | ||||
Total investment securities | 80,711 | 85,824 | ||||
Restricted Stock, at amortized cost | 4,237 | 3,665 | ||||
Loans held for sale - at fair value | 111,542 | 95,126 | ||||
Loans held for investment net of allowance for loan losses of $12,500 and $11,738, respectively | 604,478 | 557,662 | ||||
Premises, equipment and land, net | 8,517 | 8,671 | ||||
Other assets | 16,488 | 14,901 | ||||
Total assets | $ | 863,914 | $ | 809,758 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
LIABILITIES | ||||||
Noninterest-bearing deposits | $ | 164,161 | $ | 113,885 | ||
Savings and interest-bearing deposits | 187,997 | 182,005 | ||||
Time deposits | 319,338 | 349,123 | ||||
Total deposits | 671,496 | 645,013 | ||||
Short-term borrowings | 83,091 | 59,904 | ||||
Long-term borrowings | - | 4,821 | ||||
Subordinated debentures | 6,186 | 6,186 | ||||
Other liabilities and accrued expenses | 11,874 | 11,019 | ||||
Total Liabilities | 772,647 | 726,943 | ||||
SHAREHOLDERS' EQUITY | ||||||
Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 10,317,767 and 10,192,649 shares, respectively | 8,615 | 8,511 | ||||
Additional paid in capital | 17,155 | 16,716 | ||||
Retained earnings | 65,404 | 57,529 | ||||
Accumulated other comprehensive income (loss), net | 93 | 59 | ||||
Total shareholders' equity | 91,267 | 82,815 | ||||
Total liabilities and shareholders' equity | $ | 863,914 | $ | 809,758 | ||
Access National Corporation | ||||||||||
Consolidated Statement of Operations | ||||||||||
Three Months Ended | Twelve Months Ended | |||||||||
December 31, 2012 | December 31, 2012 | December 31, 2011 | ||||||||
(In Thousands Except for Share and Per Share Data) | (unaudited) | (unaudited) | ||||||||
INTEREST INCOME | ||||||||||
Interest and fees on loans | $ | 8,699 | $ | 34,371 | $ | 32,808 | ||||
Interest on federal funds sold and bank balances | 17 | 79 | 143 | |||||||
Interest on securities | 475 | 2,266 | 2,216 | |||||||
Total interest income | 9,191 | 36,716 | 35,167 | |||||||
INTEREST EXPENSE | ||||||||||
Interest on deposits | 1,017 | 4,529 | 5,204 | |||||||
Interest on other borrowings | 202 | 636 | 1,846 | |||||||
Total interest expense | 1,219 | 5,165 | 7,050 | |||||||
Net interest income | 7,972 | 31,551 | 28,117 | |||||||
Provision for loan losses | 175 | 1,515 | 1,149 | |||||||
Net interest income after provision for loan losses | 7,797 | 30,036 | 26,968 | |||||||
NONINTEREST INCOME | ||||||||||
Service charges and fees | 179 | 666 | 693 | |||||||
Gain on sale of loans | 12,588 | 55,749 | 35,345 | |||||||
Other Income | 3,469 | (1,621 | ) | 391 | ||||||
Total noninterest income | 16,236 | 54,794 | 36,429 | |||||||
NONINTEREST EXPENSE | ||||||||||
Salaries and benefits | 7,655 | 31,481 | 25,415 | |||||||
Occupancy and equipment | 781 | 2,722 | 2,931 | |||||||
Other operating expense | 5,725 | 22,196 | 17,376 | |||||||
Total noninterest expense | 14,161 | 56,399 | 45,722 | |||||||
Income before income tax | 9,872 | 28,431 | 17,675 | |||||||
Income tax expense | 3,609 | 10,708 | 6,287 | |||||||
NET INCOME | $ | 6,263 | $ | 17,723 | $ | 11,388 | ||||
Earnings per common share: | ||||||||||
Basic | $ | 0.61 | $ | 1.73 | $ | 1.11 | ||||
Diluted | $ | 0.60 | $ | 1.71 | $ | 1.10 | ||||
Average outstanding shares: | ||||||||||
Basic | 10,305,209 | 10,253,656 | 10,277,801 | |||||||
Diluted | 10,400,568 | 10,363,267 | 10,344,325 | |||||||
Performance and Capital Ratios | |||||||||||||||
Three Months | Three Months | Twelve Months | Twelve Months | ||||||||||||
Ended | Ended | Ended | Ended | ||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||
(Dollars In Thousands) | 2012 | 2011 | 2012 | 2011 | |||||||||||
Return on average assets (annualized) | 2.97 | % | 1.61 | % | 2.15 | % | 1.50 | % | |||||||
Return on average equity (annualized) | 26.80 | % | 15.87 | % | 19.68 | % | 14.80 | % | |||||||
Net interest margin | 3.92 | % | 3.77 | % | 3.94 | % | 3.82 | % | |||||||
Efficiency ratio - Bank only | 47.79 | % | 53.85 | % | 51.71 | % | 52.92 | % | |||||||
Total average equity to earning assets | 11.49 | % | 10.52 | % | 11.24 | % | 10.46 | % | |||||||
Averages | |||||||||||||||
Assets | $ | 844,174 | $ | 822,190 | $ | 826,233 | $ | 758,994 | |||||||
Loans held for investment | 601,240 | 549,245 | 583,724 | 520,062 | |||||||||||
Loans held for sale | 88,799 | 91,962 | 78,543 | 51,774 | |||||||||||
Interest-bearing deposits & federal funds sold | 24,826 | 73,338 | 33,272 | 58,128 | |||||||||||
Investment securities | 99,075 | 80,670 | 105,520 | 105,042 | |||||||||||
Earning assets | 813,787 | 795,129 | 800,917 | 735,928 | |||||||||||
Interest-bearing deposits | 507,445 | 523,958 | 526,346 | 465,301 | |||||||||||
Total deposits | 682,781 | 648,856 | 672,693 | 565,450 | |||||||||||
Repurchase agreements & federal funds purchased | 26,825 | 35,655 | 26,744 | 36,612 | |||||||||||
Commercial paper & other short term borrowings | 20,429 | 30,326 | 14,748 | 59,220 | |||||||||||
Long-term borrowings | 7,314 | 11,592 | 9,201 | 12,382 | |||||||||||
Equity | $ | 93,470 | $ | 83,614 | $ | 90,047 | $ | 76,969 | |||||||
Banking segment - income before taxes | $ | 4,252 | $ | 3,516 | $ | 14,730 | $ | 13,972 | |||||||
Mortgage segment - income before taxes | $ | 5,790 | $ | 2,530 | $ | 15,656 | $ | 6,358 | |||||||
Other segments - income before taxes | $ | (170 | ) | $ | (888 | ) | $ | (1,955 | ) | $ | (2,655 | ) | |||
Mortgage loan originations and brokered loans | $ | 322,364 | $ | 279,681 | $ | 1,130,089 | $ | 831,564 | |||||||
Book value per common share | $ | 8.85 | $ | 8.13 | $ | 8.85 | $ | 8.13 | |||||||
Composition of Loan Portfolio | ||||||||||||
December 31, 2012 | December 31, 2011 | |||||||||||
Percentage of | Percentage of | |||||||||||
(Dollars In Thousands) | Amount | Total | Amount | Total | ||||||||
Commercial real estate-Owner Occupied | $ | 182,655 | 29.60 | % | $ | 171,599 | 30.14 | % | ||||
Commercial real estate-Income Producing | 107,213 | 17.38 | 104,976 | 18.44 | ||||||||
Residential real estate | 144,521 | 23.43 | 128,485 | 22.56 | ||||||||
Commercial | 149,389 | 24.21 | 131,816 | 23.15 | ||||||||
Real estate construction | 30,038 | 4.87 | 29,705 | 5.22 | ||||||||
Consumer | 3,162 | 0.51 | 2,819 | 0.49 | ||||||||
Total loans | $ | 616,978 | 100.00 | % | $ | 569,400 | 100.00 | % | ||||
Less allowance for loan losses | 12,500 | 11,738 | ||||||||||
$ | 604,478 | $ | 557,662 | |||||||||
Composition of Deposits | ||||||||||||
December 31, 2012 | December 31, 2011 | |||||||||||
Percentage of | Percentage of | |||||||||||
(Dollars In Thousands) | Amount | Total | Amount | Total | ||||||||
Demand deposits | $ | 164,161 | 24.45 | % | $ | 113,885 | 17.66 | % | ||||
Interest-bearing demand deposits | 71,015 | 10.58 | 59,798 | 9.27 | ||||||||
Savings and money market | 116,554 | 17.36 | 121,252 | 18.80 | ||||||||
CDARS-reciprocal time deposits | 170,835 | 25.44 | 192,326 | 29.82 | ||||||||
Brokered deposits | 29,277 | 4.36 | 31,228 | 4.84 | ||||||||
Time deposits | 119,654 | 17.82 | 126,524 | 19.61 | ||||||||
Total Deposits | $ | 671,496 | 100.00 | % | $ | 645,013 | 100.00 | % | ||||
Asset Quality Trend Profile | ||||||||||||||||||||
Twelve Months | Nine Months | Six Months | Three Months | Twelve Months | ||||||||||||||||
Ended | Ended | Ended | Ended | Ended | ||||||||||||||||
(Dollars In Thousands) | December 31, 2012 | September 30, 2012 | June 30, 2012 | March 31, 2012 | December 31, 2011 | |||||||||||||||
Total assets | $ | 863,914 | $ | 849,348 | $ | 841,709 | $ | 804,755 | $ | 809,758 | ||||||||||
Total loans held for investment | $ | 616,978 | $ | 590,619 | $ | 582,600 | $ | 573,315 | $ | 569,400 | ||||||||||
Allowance for loan losses - beginning balance | $ | 11,738 | $ | 11,738 | $ | 11,738 | $ | 11,738 | $ | 10,527 | ||||||||||
Charge offs | (2,165 | ) | (1,829 | ) | (1,425 | ) | (984 | ) | (1,232 | ) | ||||||||||
Recoveries | 1,412 | 799 | 528 | 469 | 1,295 | |||||||||||||||
Net charge offs | (753 | ) | (1,030 | ) | (897 | ) | (515 | ) | 63 | |||||||||||
Provision for loan losses | 1,515 | 1,340 | 1,190 | 718 | 1,149 | |||||||||||||||
Allowance for loan losses - ending balance | $ | 12,500 | $ | 12,048 | $ | 12,031 | $ | 11,941 | $ | 11,738 | ||||||||||
Allowance for loan losses/loans held for investment | 2.03 | % | 2.04 | % | 2.06 | % | 2.08 | % | 2.06 | % | ||||||||||
Delinquent 30 - 90 days | $ | - | $ | - | $ | 614 | $ | - | $ | 271 | ||||||||||
Percentage of loans delinquent | 0.00 | % | 0.00 | % | 0.11 | % | 0.00 | % | 0.05 | % | ||||||||||
Non-accrual loans | $ | 2,743 | $ | 3,626 | $ | 5,209 | $ | 5,350 | $ | 6,703 | ||||||||||
OREO | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Total NPA | $ | 2,743 | $ | 3,626 | $ | 5,209 | $ | 5,350 | $ | 6,703 | ||||||||||
NPA to total assets | 0.32 | % | 0.43 | % | 0.62 | % | 0.66 | % | 0.83 | % | ||||||||||
Allowance for loan losses/NPA | 455.71 | % | 332.27 | % | 230.97 | % | 223.20 | % | 175.12 | % | ||||||||||
OREO Expense | $ | 6 | $ | 1 | $ | 1 | $ | 2 | $ | 523 | ||||||||||
Gain on Sale of OREO | $ | - | $ | - | $ | - | $ | - | $ | 1,452 | ||||||||||
OREO expense net | $ | 6 | $ | 1 | $ | 1 | $ | 2 | $ | (929 | ) | |||||||||
Allowance for losses on mortgage loans sold | $ | 4,376 | $ | 4,802 | $ | 4,216 | $ | 2,874 | $ | 2,616 | ||||||||||
Provision for losses on mortgage loans sold | $ | 2,510 | $ | 2,186 | $ | 1,600 | $ | 258 | $ | 966 | ||||||||||
Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||||
December 31, 2012 | December 31, 2011 | |||||||||||||||||||||
Average | Income / | Yield / | Average | Income / | Yield / | |||||||||||||||||
(Dollars In Thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||
Assets: | ||||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||||
Securities | $ | 98,922 | $ | 475 | 1.92 | % | $ | 80,584 | $ | 506 | 2.51 | % | ||||||||||
Loans held for sale | 88,799 | 774 | 3.49 | % | 91,962 | 894 | 3.89 | % | ||||||||||||||
Loans(1) | 601,240 | 7,925 | 5.27 | % | 549,245 | 7,746 | 5.64 | % | ||||||||||||||
Interest-bearing balances and federal funds sold | 24,826 | 17 | 0.27 | % | 73,338 | 46 | 0.25 | % | ||||||||||||||
Total interest earning assets | 813,787 | 9,191 | 4.52 | % | 795,129 | 9,192 | 4.62 | % | ||||||||||||||
Noninterest earning assets: | ||||||||||||||||||||||
Cash and due from banks | 16,877 | 13,648 | ||||||||||||||||||||
Premises, land and equipment | 8,503 | 8,715 | ||||||||||||||||||||
Other assets | 17,124 | 16,553 | ||||||||||||||||||||
Less: allowance for loan losses | (12,117 | ) | (11,855 | ) | ||||||||||||||||||
Total noninterest earning assets | 30,387 | 27,061 | ||||||||||||||||||||
Total Assets | $ | 844,174 | $ | 822,190 | ||||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||
Interest-bearing demand deposits | $ | 82,543 | $ | 45 | 0.22 | % | $ | 73,529 | $ | 89 | 0.48 | % | ||||||||||
Money market deposit accounts | 110,919 | 99 | 0.36 | % | 105,739 | 132 | 0.50 | % | ||||||||||||||
Savings accounts | 2,512 | 1 | 0.16 | % | 2,697 | 2 | 0.30 | % | ||||||||||||||
Time deposits | 311,471 | 872 | 1.12 | % | 341,993 | 1,056 | 1.24 | % | ||||||||||||||
Total interest-bearing deposits | 507,445 | 1,017 | 0.80 | % | 523,958 | 1,279 | 0.98 | % | ||||||||||||||
Borrowings: | ||||||||||||||||||||||
FHLB Advances | 20,429 | 26 | 0.51 | % | - | - | 0.00 | % | ||||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 26,825 | 10 | 0.15 | % | 35,655 | 14 | 0.16 | % | ||||||||||||||
Other short-term borrowings | - | - | 0.00 | % | - | - | 0.00 | % | ||||||||||||||
FHLB Long-term borrowings | 1,128 | 112 | 39.72 | % | 5,406 | 48 | 3.55 | % | ||||||||||||||
FDIC Term Note | - | - | 0.00 | % | 30,326 | 299 | 3.94 | % | ||||||||||||||
Subordinated Debentures | 6,186 | 54 | 3.49 | % | 6,186 | 55 | 3.56 | % | ||||||||||||||
Total borrowings | 54,568 | 202 | 1.48 | % | 77,573 | 416 | 2.15 | % | ||||||||||||||
Total interest-bearing deposits and borrowings | 562,013 | 1,219 | 0.87 | % | 601,531 | 1,695 | 1.13 | % | ||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||
Demand deposits | 175,335 | 124,898 | ||||||||||||||||||||
Other liabilities | 13,356 | 12,147 | ||||||||||||||||||||
Total liabilities | 750,704 | 738,576 | ||||||||||||||||||||
Shareholders' Equity | 93,470 | 83,614 | ||||||||||||||||||||
Total Liabilities and Shareholders' Equity: | $ | 844,174 | $ | 822,190 | ||||||||||||||||||
Interest Spread(2) | 3.65 | % | 3.50 | % | ||||||||||||||||||
Net Interest Margin(3) | $ | 7,972 | 3.92 | % | $ | 7,497 | 3.77 | % | ||||||||||||||
(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, 2012 | December 31, 2011 | |||||||||||||||||||||
Average | Income / | Yield / | Average | Income / | Yield / | |||||||||||||||||
(Dollars In Thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||||
Assets: | ||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Securities | $ | 105,378 | $ | 2,266 | 2.15 | % | $ | 105,964 | $ | 2,216 | 2.09 | % | ||||||||||
Loans held for sale | 78,543 | 2,953 | 3.76 | % | 51,774 | 2,176 | 4.20 | % | ||||||||||||||
Loans(1) | 583,724 | 31,418 | 5.38 | % | 520,062 | 30,632 | 5.89 | % | ||||||||||||||
Interest-bearing balances and federal funds sold | 33,272 | 79 | 0.24 | % | 58,128 | 143 | 0.25 | % | ||||||||||||||
Total interest-earning assets | 800,917 | 36,716 | 4.58 | % | 735,928 | 35,167 | 4.78 | % | ||||||||||||||
Noninterest-earning assets: | ||||||||||||||||||||||
Cash and due from banks | 11,848 | 12,066 | ||||||||||||||||||||
Premises, land and equipment | 8,548 | 8,819 | ||||||||||||||||||||
Other assets | 16,914 | 13,304 | ||||||||||||||||||||
Less: allowance for loan losses | (11,994 | ) | (11,123 | ) | ||||||||||||||||||
Total noninterest-earning assets | 25,316 | 23,066 | ||||||||||||||||||||
Total Assets | $ | 826,233 | $ | 758,994 | ||||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||
Interest-bearing demand deposits | $ | 63,203 | $ | 171 | 0.27 | % | $ | 48,349 | $ | 227 | 0.47 | % | ||||||||||
Money market deposit accounts | 119,621 | 484 | 0.40 | % | 111,090 | 628 | 0.57 | % | ||||||||||||||
Savings accounts | 2,587 | 4 | 0.15 | % | 2,853 | 6 | 0.21 | % | ||||||||||||||
Time deposits | 340,935 | 3,870 | 1.14 | % | 303,009 | 4,343 | 1.43 | % | ||||||||||||||
Total interest-bearing deposits | 526,346 | 4,529 | 0.86 | % | 465,301 | 5,204 | 1.12 | % | ||||||||||||||
Borrowings: | ||||||||||||||||||||||
FHLB Advances | 11,141 | 65 | 0.58 | % | 8,458 | 42 | 0.50 | % | ||||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 26,744 | 38 | 0.14 | % | 36,612 | 67 | 0.18 | % | ||||||||||||||
Other short-term borrowings | - | - | 0.00 | % | 20,681 | 114 | 0.55 | % | ||||||||||||||
FHLB Long-term borrowings | 3,015 | 212 | 7.03 | % | 6,196 | 219 | 3.53 | % | ||||||||||||||
FDIC Term Note | 3,607 | 98 | 2.72 | % | 30,081 | 1,191 | 3.96 | % | ||||||||||||||
Subordinated Debentures | 6,186 | 223 | 3.60 | % | 6,186 | 213 | 3.44 | % | ||||||||||||||
Total borrowings | 50,693 | 636 | 1.25 | % | 108,214 | 1,846 | 1.71 | % | ||||||||||||||
Total interest-bearing deposits and borrowings | 577,039 | 5,165 | 0.90 | % | 573,515 | 7,050 | 1.23 | % | ||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||
Demand deposits | 146,347 | 100,149 | ||||||||||||||||||||
Other liabilities | 12,800 | 8,361 | ||||||||||||||||||||
Total liabilities | 736,186 | 682,025 | ||||||||||||||||||||
Shareholders' Equity | 90,047 | 76,969 | ||||||||||||||||||||
Total Liabilities and Shareholders' Equity: | $ | 826,233 | $ | 758,994 | ||||||||||||||||||
Interest Spread(2) | 3.69 | % | 3.55 | % | ||||||||||||||||||
Net Interest Margin(3) | $ | 31,551 | 3.94 | % | $ | 28,117 | 3.82 | % | ||||||||||||||
(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