RESTON, Va.--()--Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported first quarter net income of $2.3 million, a 88.1% increase over the $1.2 million recorded in the first quarter of 2010. This represents the company’s 43rd consecutive quarterly profit. Net income per diluted common share was $0.22, an increase of 100.0% over the $0.11 reported in the first quarter of 2010.
The Board of Directors also declared a cash dividend of $0.03 per share for shareholders of record as of May 5, 2011 and payable on May 25, 2011. The dividend represents a $0.01 increase over the per share dividend paid in the prior quarter on February 25, 2011.
Income before taxes from the banking segment increased 129% to $3.3 million for the first quarter of 2011 compared to $1.5 million for the first quarter 2010. The banking segment contributed 94% of consolidated earnings in the first quarter of 2011 compared to a contribution rate of 77% in the first quarter of 2010. In the first quarter 2011, the mortgage segment contributed $711 thousand in pre-tax earnings on mortgage origination volume of $122 million compared to a contribution of $778 thousand on origination volume of $149 million in the first quarter of 2010.
Return on average assets was 1.20% for the first quarter of 2011 compared to 0.74% for the first quarter of 2010. Return on average equity was 12.53% for the quarter ended March 31, 2011 compared to 7.01% for the same period last year. Book value per common share was $7.21 at March 31, 2011 compared to $6.52 at March 31, 2010, an increase of 10.6%.
Assets totaled $717.2 million at March 31, 2011 compared to $831.8 at December 31, 2010, a decrease of $114.6 million. The decrease in assets occurred in loans held for sale and interest-bearing balances and federal funds sold, indirectly a result of a 54% quarter over quarter reduction in mortgage origination volume.
Deposits totaled $496.2 million at March 31, 2011 compared to $627.8 million at December 31, 2010. In spite of a $4 million increase in Demand Deposits during the quarter ended March 31, 2011, overall deposits declined due to a deliberate reduction in brokered and CDAR deposits. The redemption of brokered and CDAR deposits consumed cash proceeds from interest-bearing balances and Loans Held for Sale.
Non-performing assets (NPAs, including Troubled Debt Restructurings or TDRs) totaled approximately $11.0 million or 1.53% of assets at March 31, 2011, compared to $10.4 million or 1.25% of assets at December 31, 2010. NPAs are comprised of non-accrual loans totaling $9.1 million and other real estate owned of $1.9 million. The allowance for loan losses totaled $10.7 million or 2.16% of total loans held for investment as of March 31, 2011.
Access National Corporation and its subsidiary bank continue to exceed standards of being “Well Capitalized” as defined under banking regulations. The ratio of total equity to total assets at March 31, 2011 was 10.38%.
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 | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| (In Thousands) | 2011 | 2010 | 2010 | |||||||||
| ASSETS | ||||||||||||
| Cash and due from banks | $ | 9,308 | $ | 9,198 | $ | 4,346 | ||||||
| Interest-bearing balances and federal funds sold | 32,693 | 102,709 | 14,651 | |||||||||
| Securities available for sale - at fair value | 129,421 | 128,745 | 77,687 | |||||||||
| Loans held for sale - at fair value | 33,689 | 82,244 | 49,705 | |||||||||
|
Loans held for investment net of allowance for loan losses of $10,722, $10,527 and $9,256, respectively |
486,747 | 481,002 | 460,472 | |||||||||
| Premises, equipment and land | 8,876 | 8,934 | 8,694 | |||||||||
| Other assets | 16,464 | 18,992 | 21,826 | |||||||||
| Total assets | $ | 717,198 | $ | 831,824 | $ | 637,381 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
| LIABILITIES | ||||||||||||
| Noninterest-bearing deposits | $ | 87,597 | $ | 83,972 | $ | 68,058 | ||||||
| Savings and interest-bearing deposits | 148,485 | 158,352 | 154,087 | |||||||||
| Time deposits | 260,077 | 385,524 | 238,055 | |||||||||
| Total deposits | 496,159 | 627,848 | 460,200 | |||||||||
| Short-term borrowings | 127,053 | 80,348 | 52,923 | |||||||||
| Long-term borrowings | 6,482 | 37,034 | 40,360 | |||||||||
| Subordinated debentures | 6,186 | 6,186 | 6,186 | |||||||||
| Other liabilities and accrued expenses | 6,846 | 8,215 | 8,495 | |||||||||
| Total Liabilities | 642,726 | 759,631 | 568,164 | |||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||
|
Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 10,330,508, 10,376,169 and 10,615,313 shares, respectively |
8,626 | 8,664 | 8,864 | |||||||||
| Surplus | 17,572 | 17,794 | 18,931 | |||||||||
| Retained earnings | 49,595 | 47,530 | 41,487 | |||||||||
| Accumulated other comprehensive income | (1,321 | ) | (1,795 | ) | (65 | ) | ||||||
| Total shareholders' equity | 74,472 | 72,193 | 69,217 | |||||||||
| Total liabilities and shareholders' equity | $ | 717,198 | $ | 831,824 | $ | 637,381 | ||||||
| Access National Corporation | |||||||||
| Consolidated Statement of Operations | |||||||||
| Three Months Ended | |||||||||
| March 31, 2011 | December 31, 2010 | March 31, 2010 | |||||||
| (In Thousands Except for Share Data) | (unaudited) | ||||||||
| INTEREST INCOME | |||||||||
| Interest and fees on loans | $ | 7,882 | $ | 8,652 | $ | 7,872 | |||
| Interest on federal funds sold and bank balances | 55 | 38 | 37 | ||||||
| Interest on securities | 633 | 705 | 350 | ||||||
| Total interest income | 8,570 | 9,395 | 8,259 | ||||||
| INTEREST EXPENSE | |||||||||
| Interest on deposits | 1,511 | 1,728 | 1,968 | ||||||
| Interest on other borrowings | 492 | 569 | 706 | ||||||
| Total interest expense | 2,003 | 2,297 | 2,674 | ||||||
| Net interest income | 6,567 | 7,098 | 5,585 | ||||||
| Provision for loan losses | 223 | 1,495 | 198 | ||||||
| Net interest income after provision for loan losses | 6,344 | 5,603 | 5,387 | ||||||
| NONINTEREST INCOME | |||||||||
| Service charges and fees | 173 | 176 | 160 | ||||||
| Gain on sale of loans | 5,516 | 8,406 | 5,240 | ||||||
| Other Income | 150 | 2,368 | 623 | ||||||
| Total noninterest income | 5,839 | 10,950 | 6,023 | ||||||
| NONINTEREST EXPENSE | |||||||||
| Salaries and benefits | 5,393 | 5,452 | 5,252 | ||||||
| Occupancy and equipment | 665 | 663 | 684 | ||||||
| Other operating expense | 2,573 | 6,842 | 3,567 | ||||||
| Total noninterest expense | 8,631 | 12,957 | 9,503 | ||||||
| Income before income tax | 3,552 | 3,596 | 1,907 | ||||||
| Income tax expense | 1,265 | 1,350 | 691 | ||||||
| NET INCOME | $ | 2,287 | $ | 2,246 | $ | 1,216 | |||
| Earnings per common share: | |||||||||
| Basic | $ | 0.22 | $ | 0.22 | $ | 0.12 | |||
| Diluted | $ | 0.22 | $ | 0.22 | $ | 0.11 | |||
| Average outstanding shares: | |||||||||
| Basic | 10,359,386 | 10,393,762 | 10,572,017 | ||||||
| Diluted | 10,404,677 | 10,423,668 | 10,589,506 | ||||||
| Performance and Capital Ratios | ||||||||||||||||||||||||||||
| Three Months | Three Months | Three Months | Three Months | Three Months | Twelve Months | Twelve Months | ||||||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | Ended | ||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, |
December 31, |
December 31, | ||||||||||||||||||||||
| (Dollars In Thousands) | 2011 | 2010 | 2010 | 2010 | 2010 | 2010 | 2009 | |||||||||||||||||||||
| Return on average assets (annualized) | 1.20 | % | 1.08 | % | 1.21 | % | 0.84 | % | 0.74 | % | 0.98 | % | 1.35 | % | ||||||||||||||
| Return on average equity (annualized) | 12.53 | % | 12.60 | % | 13.87 | % | 9.24 | % | 7.01 | % | 10.85 | % | 15.04 | % | ||||||||||||||
| Net interest margin | 3.55 | % | 3.57 | % | 3.36 | % | 3.16 | % | 3.58 | % | 3.41 | % | 3.42 | % | ||||||||||||||
| Efficiency ratio - Bank only | 52.32 | % | 54.98 | % | 58.64 | % | 53.39 | % | 71.71 | % | 59.02 | % | 60.41 | % | ||||||||||||||
| Total equity to assets | 10.38 | % | 8.68 | % | 9.03 | % | 8.91 | % | 10.86 | % | 8.68 | % | 10.16 | % | ||||||||||||||
| Averages | ||||||||||||||||||||||||||||
| Assets | $ | 763,780 | $ | 834,973 | $ | 802,357 | $ | 798,037 | $ | 654,622 | $ | 772,600 | $ | 714,970 | ||||||||||||||
| Loans held for investment | 494,920 | 485,710 | 471,308 | 469,122 | 476,713 | 475,726 | 490,393 | |||||||||||||||||||||
| Loans held for sale | 29,021 | 107,474 | 70,913 | 44,984 | 31,528 | 63,868 | 65,780 | |||||||||||||||||||||
| Interest-bearing deposits & federal funds sold | 80,249 | 66,377 | 88,014 | 128,864 | 62,813 | 86,531 | 64,128 | |||||||||||||||||||||
| Investment securities | 132,873 | 135,468 | 127,913 | 114,061 | 53,193 | 107,940 | 69,758 | |||||||||||||||||||||
| Earning assets | 739,472 | 794,855 | 757,702 | 756,754 | 624,128 | 733,810 | 689,153 | |||||||||||||||||||||
| Interest-bearing deposits | 486,785 | 529,413 | 528,590 | 531,442 | 400,918 | 498,028 | 441,199 | |||||||||||||||||||||
| Total deposits | 566,966 | 611,255 | 603,460 | 604,851 | 468,208 | 572,138 | 519,477 | |||||||||||||||||||||
| Repurchase agreements & federal funds sold | 36,064 | 38,620 | 28,376 | 25,307 | 24,356 | 29,202 | 23,460 | |||||||||||||||||||||
| Commercial paper & other short term borrowings | 66,637 | 50,402 | 34,653 | 34,365 | 32,775 | 38,088 | 41,316 | |||||||||||||||||||||
| Long-term borrowings | 13,204 | 43,757 | 44,311 | 44,864 | 48,828 | 45,423 | 56,839 | |||||||||||||||||||||
| Equity | 72,988 | 71,333 | 70,272 | 70,112 | 69,386 | 69,827 | 64,054 | |||||||||||||||||||||
| Banking segment - income before taxes | $ | 3,348 | $ | 2,285 | $ | 2,428 | $ | 2,586 | $ | 1,461 | $ | 8,760 | $ | 4,225 | ||||||||||||||
| Mortgage segment - income before taxes | $ | 711 | $ | 1,691 | $ | 1,939 | $ | 575 | $ | 778 | $ | 4,983 | $ | 12,579 | ||||||||||||||
| Other segments - income before taxes | $ | (507 | ) | $ | (380 | ) | $ | (442 | ) | $ | (487 | ) | $ | (332 | ) | $ | (1,641 | ) | $ | (1,315 | ) | |||||||
| Mortgage loan originations | $ | 122,215 | $ | 263,629 | $ | 231,804 | $ | 180,365 | $ | 148,941 | $ | 824,738 | $ | 1,517,397 | ||||||||||||||
| Allowance for losses on mortgage loans sold | $ | 2,113 | $ | 1,991 | $ | 4,488 | $ | 3,630 | $ | 3,768 | $ | 1,991 | $ | 3,332 | ||||||||||||||
| Book value per common share | $ | 7.21 | $ | 6.96 | $ | 6.95 | $ | 6.71 | $ | 6.52 | $ | 6.96 | $ | 6.43 | ||||||||||||||
| Asset Quality Trend Profile | ||||||||||||||||||||||||
| Three Months | Twelve Months | Nine Months | Six Months | Three Months | Twelve Months | |||||||||||||||||||
| Ended | Ended | Ended | Ended | Ended | Ended | |||||||||||||||||||
| (Dollars In Thousands) | March 31, 2011 | December 31, 2010 | September 30, 2010 | June 30, 2010 | March 31, 2010 | December 31, 2009 | ||||||||||||||||||
| Total assets | $ | 717,198 | $ | 831,824 | $ | 804,838 | $ | 790,570 | $ | 637,381 | $ | 666,879 | ||||||||||||
| Total loans held for investment | $ | 497,469 | $ | 491,529 | $ | 478,327 | $ | 468,883 | $ | 469,728 | $ | 486,564 | ||||||||||||
| Allowance for loan losses - beginning balance | $ | 10,527 | $ | 9,127 | $ | 9,127 | $ | 9,127 | $ | 9,127 | $ | 7,462 | ||||||||||||
| Charge offs | (184 | ) | (2,048 | ) | (1,231 | ) | (974 | ) | (393 | ) | (5,310 | ) | ||||||||||||
| Recoveries | 156 | 632 | 505 | 449 | 324 | 911 | ||||||||||||||||||
| Net charge offs | (28 | ) | (1,416 | ) | (726 | ) | (525 | ) | (69 | ) | (4,399 | ) | ||||||||||||
| Provision for loan losses | 223 | 2,816 | 1,321 | 746 | 198 | 6,064 | ||||||||||||||||||
| Allowance for loan losses - ending balance | $ | 10,722 | $ | 10,527 | $ | 9,722 | $ | 9,348 | $ | 9,256 | $ | 9,127 | ||||||||||||
| Allowance for loan losses/loans held for investment | 2.16 | % | 2.14 | % | 2.03 | % | 1.99 | % | 1.97 | % | 1.88 | % | ||||||||||||
| Delinquent 30 - 90 days | $ | 2,100 | $ | 2,771 | $ | 840 | $ | 358 | $ | 845 | $ | 1,267 | ||||||||||||
| Percentage of loans delinquent | 0.42 | % | 0.56 | % | 0.18 | % | 0.08 | % | 0.18 | % | 0.26 | % | ||||||||||||
| Non-accrual loans | $ | 9,163 | $ | 8,561 | $ | 6,952 | $ | 6,752 | $ | 9,447 | $ | 7,032 | ||||||||||||
| OREO | $ | 1,859 | $ | 1,859 | $ | 3,276 | $ | 5,334 | $ | 4,073 | $ | 5,111 | ||||||||||||
| Total NPA | $ | 11,022 | $ | 10,420 | $ | 10,228 | $ | 12,086 | $ | 13,520 | $ | 12,143 | ||||||||||||
| NPA to total assets | 1.53 | % | 1.25 | % | 1.27 | % | 1.53 | % | 2.12 | % | 1.82 | % | ||||||||||||
| Allowance for loan losses/NPA | 97.28 | % | 101.03 | % | 95.06 | % | 77.35 | % | 68.47 | % | 75.16 | % | ||||||||||||
| OREO Expense | $ | 68 | $ | 2,335 | $ | 1,324 | $ | 676 | $ | 459 | $ | 1,497 | ||||||||||||
| Gain on Sale of OREO | $ | 15 | $ | 1,253 | $ | 349 | $ | - | $ | (98 | ) | $ | - | |||||||||||
| OREO expense net | $ | 53 | $ | 1,082 | $ | 975 | $ | 676 | $ | 557 | $ | 1,497 | ||||||||||||
| Allowance for losses on mortgage loans sold | $ | 2,113 | $ | 1,991 | $ | 4,488 | $ | 3,630 | $ | 3,768 | $ | 3,332 | ||||||||||||
| Provision for losses on mortgage loans sold | $ | 126 | $ | 3,836 | $ | 2,400 | $ | 1,100 | $ | 500 | $ | 5,050 | ||||||||||||
| Composition of Loan Portfolio | ||||||||||||||||||||||||
| March 31, 2011 | December 31, 2010 | March 31, 2010 | ||||||||||||||||||||||
| (Dollars In Thousands) | Amount |
Percentage of |
Amount |
Percentage of |
Amount |
Percentage of |
||||||||||||||||||
| Commercial real estate | $ | 216,145 | 43.45 | % | $ | 218,013 | 44.35 | % | $ | 215,969 | 45.98 | % | ||||||||||||
| Residential real estate | 133,302 | 26.80 | 137,771 | 28.03 | 140,195 | 29.85 | ||||||||||||||||||
| Commercial | 109,046 | 21.92 | 94,765 | 19.28 | 72,193 | 15.37 | ||||||||||||||||||
| Real estate construction | 36,303 | 7.30 | 38,093 | 7.75 | 39,910 | 8.50 | ||||||||||||||||||
| Consumer | 2,673 | 0.53 | 2,887 | 0.59 | 1,461 | 0.30 | ||||||||||||||||||
| Total loans | $ | 497,469 | 100.00 | % | $ | 491,529 | 100.00 | % | $ | 469,728 | 100.00 | % | ||||||||||||
| Less allowance for loan losses | 10,722 | 10,527 | 9,256 | |||||||||||||||||||||
| $ | 486,747 | $ | 481,002 | $ | 460,472 | |||||||||||||||||||
| Composition of Deposits | ||||||||||||||||||||||||
| March 31, 2011 | December 31, 2010 | March 31, 2010 | ||||||||||||||||||||||
| (Dollars In Thousands) | Amount |
Percentage of |
Amount |
Percentage of |
Amount |
Percentage of |
||||||||||||||||||
| Demand deposits | $ | 87,597 | 17.66 | % | $ | 83,972 | 13.37 | % | $ | 68,058 | 14.79 | % | ||||||||||||
| Interest-bearing demand deposits | 21,459 | 4.32 | 24,548 | 3.91 | 28,378 | 6.17 | ||||||||||||||||||
| Savings and money market | 127,026 | 25.60 | 110,967 | 17.67 | 100,688 | 21.88 | ||||||||||||||||||
| CDARS-reciprocal time deposits | 132,115 | 26.63 | 234,221 | 37.31 | 81,881 | 17.79 | ||||||||||||||||||
| Brokered deposits | 13,425 | 2.71 | 56,356 | 8.98 | 76,570 | 16.64 | ||||||||||||||||||
| Time deposits | 114,537 | 23.08 | 117,784 | 18.76 | 104,625 | 22.73 | ||||||||||||||||||
| Total Deposits | $ | 496,159 | 100.00 | % | $ | 627,848 | 100.00 | % | $ | 460,200 | 100.00 | % | ||||||||||||
| Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||
| Three Month Period Ended | ||||||||||||||||||||||||||||||
| March 31, 2011 | December 31, 2010 | March 31, 2010 | ||||||||||||||||||||||||||||
|
Average Balance |
Income / Expense |
Yield / Rate |
Average Balance |
Income / Expense |
Yield / Rate |
Average Balance |
Income / Expense |
Yield / Rate |
||||||||||||||||||||||
| (Dollars In Thousands) | ||||||||||||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||||
| Interest earning assets: | ||||||||||||||||||||||||||||||
| Securities, at amortized cost(1) | $ | 135,281 | $ | 633 | 1.87 | % | $ | 135,294 | $ | 705 | 2.08 | % | $ | 53,073 | $ | 350 | 2.64 | % | ||||||||||||
| Loans held for sale | 29,021 | 349 | 4.81 | % | 107,474 | 1,181 | 4.40 | % | 31,528 | 389 | 4.94 | % | ||||||||||||||||||
| Loans(2) | 494,920 | 7,533 | 6.09 | % | 485,710 | 7,471 | 6.15 | % | 476,713 | 7,483 | 6.28 | % | ||||||||||||||||||
| Interest-bearing balances and federal funds sold | 80,250 | 55 | 0.27 | % | 66,377 | 38 | 0.23 | % | 62,813 | 37 | 0.24 | % | ||||||||||||||||||
| Total interest earning assets | 739,472 | 8,570 | 4.64 | % | 794,855 | 9,395 | 4.73 | % | 624,127 | 8,259 | 5.29 | % | ||||||||||||||||||
| Non-interest earning assets: | ||||||||||||||||||||||||||||||
| Cash and due from banks | 12,180 | 14,715 | 7,205 | |||||||||||||||||||||||||||
| Premises, land, and equipment | 8,927 | 8,610 | 8,731 | |||||||||||||||||||||||||||
| Other assets | 13,798 | 26,673 | 23,930 | |||||||||||||||||||||||||||
| Less: allowance for loan losses | (10,597 | ) | (9,880 | ) | (9,371 | ) | ||||||||||||||||||||||||
| Total noninterest earning assets | 24,308 | 40,118 | 30,495 | |||||||||||||||||||||||||||
| Total Assets | $ | 763,780 | $ | 834,973 | $ | 654,622 | ||||||||||||||||||||||||
| Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 23,425 | $ | 27 | 0.46 | % | $ | 25,394 | $ | 34 | 0.54 | % | $ | 23,484 | $ | 43 | 0.73 | % | ||||||||||||
| Money market deposit accounts | 124,176 | 194 | 0.62 | % | 134,918 | 241 | 0.71 | % | 129,783 | 393 | 1.21 | % | ||||||||||||||||||
| Savings accounts | 2,905 | 1 | 0.14 | % | 3,820 | 3 | 0.31 | % | 4,135 | 10 | 0.97 | % | ||||||||||||||||||
| Time deposits | 336,279 | 1,289 | 1.53 | % | 365,281 | 1,450 | 1.59 | % | 243,516 | 1,522 | 2.50 | % | ||||||||||||||||||
| Total interest-bearing deposits | 486,785 | 1,511 | 1.24 | % | 529,413 | 1,728 | 1.31 | % | 400,918 | 1,968 | 1.96 | % | ||||||||||||||||||
| Borrowings: | ||||||||||||||||||||||||||||||
| FHLB Advances | 4,523 | 15 | 1.33 | % | 8,220 | 45 | 2.19 | % | 17,708 | 203 | 4.59 | % | ||||||||||||||||||
| Securities sold under agreements to repurchase and federal fund purchased | 36,064 | 18 | 0.20 | % | 38,620 | 24 | 0.25 | % | 24,356 | 28 | 0.46 | % | ||||||||||||||||||
| Other short-term borrowings | 32,115 | 49 | 0.61 | % | 42,182 | 79 | 0.75 | % | 15,067 | 34 | 0.90 | % | ||||||||||||||||||
| FHLB long-term borrowings | 7,018 | 62 | 3.53 | % | 7,572 | 69 | 3.65 | % | 12,645 | 94 | 2.97 | % | ||||||||||||||||||
| FDIC term note | 29,999 | 295 | 3.93 | % | 29,998 | 299 | 3.99 | % | 29,997 | 295 | 3.93 | % | ||||||||||||||||||
| Subordinated Debentures | 6,186 | 53 | 3.43 | % | 6,186 | 53 | 3.43 | % | 6,186 | 52 | 3.36 | % | ||||||||||||||||||
| Total borrowings | 115,905 | 492 | 1.70 | % | 132,778 | 569 | 1.71 | % | 105,959 | 706 | 2.67 | % | ||||||||||||||||||
| Total interest-bearing liabilities | 602,690 | 2,003 | 1.33 | % | 662,191 | 2,297 | 1.39 | % | 506,877 | 2,674 | 2.11 | % | ||||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||
| Demand deposits | 80,181 | 81,842 | 67,291 | |||||||||||||||||||||||||||
| Other liabilities | 7,921 | 19,607 | 11,068 | |||||||||||||||||||||||||||
| Total Liabilities | 690,792 | 763,640 | 585,236 | |||||||||||||||||||||||||||
| Shareholders' Equity | 72,988 | 71,333 | 69,386 | |||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity: | $ | 763,780 | $ | 834,973 | $ | 654,622 | ||||||||||||||||||||||||
| Interest spread(3) | 3.31 | % | 3.34 | % | 3.18 | % | ||||||||||||||||||||||||
| Net interest margin(4) | $ | 6,567 | 3.55 | % | $ | 7,098 | 3.57 | % | $ | 5,585 | 3.58 | % | ||||||||||||||||||
| (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. |
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