Access National Announces First Quarter 2018 Earnings

RESTON, Va.--()--Access National Corporation (NASDAQ: ANCX) (the “Corporation” or “Access”), parent company for Access National Bank (the “Bank”) and Middleburg Investment Group, reported first quarter 2018 net income of $8.1 million, or $0.39 per diluted share. This represents the Corporation’s 71st consecutive quarterly profit over its 73 quarter history. Consistent with management’s stated objective of a 40% dividend payout ratio against baseline earnings, the Board of Directors declared a dividend of $0.15 per share for common shareholders of record as of May 10, 2018 and payable on May 25, 2018.

Highlights

  • First quarter net income of $8.1 million or $0.39 per diluted share;
  • Tangible book value1 per common share was $11.65 at March 31, 2018, an increase of $0.13 from the linked quarter;
  • Loans held for investment were $1.92 billion at March 31, 2018 compared to $1.07 billion at March 31, 2017, a year-over-year increase of 79.4%; and
  • Non-interest bearing demand deposits of $706.1 million were 32.1% of total deposits at March 31, 2018 compared to $376.7 million at March 31, 2017, a year-over-year increase of 87.5%.

The period ended March 31, 2018 represented the first quarter of operations free of material merger and integration costs related to the acquisition of Middleburg Financial Corporation. According to Access CEO Michael Clarke, “We are encouraged by our earnings in this first quarter of 2018 but have room for improvement. The earnings are directionally consistent with the metric upon which the acquisition was structured. However, we are disappointed in the lack of growth in total loans and deposits on a linked quarter basis. We attribute the lack of growth to seasonal factors. We are confident in executing our strategy and ability to deliver against our stated strategic financial targets.

Total deposits dropped $37.2 million or 1.7% from December 31, 2017 to March 31, 2018; however, demand deposits, savings and money market accounts grew $12.3 million. Strength and focus on core deposits are evidenced by the steady 55.0% contribution of demand deposits to total deposits.

Comparing March 31, 2018 figures to the linked quarter, total loans held for investment declined $54.0 million. Seasonal reductions of $37.6 million in revolving commercial lines of credit as well as reductions in commercial mortgage loans totaling $21.7 million account for the decrease. The reductions in these loan balances did not reflect the loss of any valued, targeted relationships.”

Mr. Clarke concluded, “The hard work of conversion is behind us. The focus now is on expanding the existing valued client relationships and acquiring new targeted clients on an accelerated basis. Continued execution of our plan should translate into improved operating efficiencies and improved relative performance that builds shareholder value.”

First quarter 2018 pre-tax earnings were $9.9 million, up from the $9.0 million reported in the fourth quarter of 2017. The commercial banking segment’s net interest income declined $728 thousand from the linked quarter, from $23.7 million to $23.0 million, due mainly to the decrease in average balances of loans held for investment coupled with the decrease in yield on earnings assets. During the fourth quarter of 2017, management planned for and made a strategic sale and disposition of $25.7 million in loans. The commercial banking segment’s other expense reflected a decrease of $1.5 million when compared to the prior quarter as fourth quarter 2017 included a pre-tax impairment charge of $3.1 million.

The net interest margin on a fully tax equivalent (non-GAAP) basis decreased to 3.70% from 3.83% when comparing first quarter 2018 to fourth quarter 2017. The decrease in net interest margin was due to a $451 thousand decrease in the recognized credit mark accretion, from $1.5 million in the fourth quarter of 2017 to $774 thousand in the first quarter of 2018 (a 7 basis point decrease), as well as to the decrease in the federal tax rate, from 35% in fourth quarter 2017 to 21% in the first quarter 2018, which reduced fully tax equivalent income by $324 thousand in the first quarter of 2018 (a 5 basis point decrease).

Total deposits at March 31, 2018 were $2.20 billion, down slightly from the $2.23 billion at December 31, 2017. While noninterest-bearing deposits saw a $38.8 million decrease from the linked quarter to $706.1 million, noninterest-bearing deposits remain the largest and most attractive source of funding for the Corporation, comprising 32.1% of the deposit portfolio. Interest-bearing deposits remained consistent between the first quarter of 2018 and the linked quarter. The Corporation continues to replace its brokered deposits with high value demand deposit relationships as evidenced by the $27.8 million decrease in brokered deposits, from $51.0 million at December 31, 2017 to $23.2 million at March 31, 2018. The go-forward strategy places a high priority on the maintenance and expansion of core deposits.

Non-performing assets (“NPAs”) increased to $7.5 million at March 31, 2018 from $5.3 million at December 31, 2017, representing 0.26% and 0.18% of total assets, respectively. Included in the NPA total is $643 thousand in other real estate owned. The allowance for loan loss was $15.9 million and $15.8 million at March 31, 2018 and December 31, 2017, respectively, and represented 0.83% and 0.80% of total loans held for investment, respectively. The remaining credit and fair value marks on the loans acquired in the merger totaled $12.2 million at March 31, 2018.

Tangible book value2 per common share increased to $11.65 at March 31, 2018 from $11.52 at December 31, 2017. The tangible common equity ratio for Access National Corporation and its subsidiary bank was 9.10% at March 31, 2018, within the Corporation’s target range of 8.50% to 9.50%.

Access National Corporation is the parent company of Access National Bank and Middleburg Investment Group serving Northern and Central Virginia. 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".

Forward-Looking Statements

The information presented herein contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding expectations or predictions of future financial or business performance or conditions. Forward-looking statements may be identified by words such as "may," "could," "will," "expect," "believe," "anticipate," "forecast," "intend," "plan," "prospects," "estimate," "potential," or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. Forward-looking statements in this report may include, but are not limited to, statements about projected impacts of and financial results generated by the merger of Access and Middleburg Financial Corporation (“Middleburg”). Forward-looking statements speak only as of the date they are made and Access assumes no duty to update forward-looking statements.

In addition to factors previously disclosed in Access's reports filed with the SEC and those identified elsewhere in this release, the following factors, among others, could cause actual results to differ materially from the results expressed in or implied by forward-looking statements and historical performance: changes in asset quality and credit risk; changes in interest rates and capital markets; the introduction, timing and success of business initiatives; competitive conditions; and the inability to recognize cost savings or revenues or to implement integration plans associated with the merger of Access and Middleburg.

__________________________
1 Non-GAAP financial information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.
2 Non-GAAP financial information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.

     
Access National Corporation
Consolidated Balance Sheet - Unaudited
             
March 31, December 31, March 31,
(In Thousands Except for Share and Per Share Data)   2018   2017   2017
 
ASSETS
 
Cash and due from banks $ 17,084 $ 29,855 $ 11,740
 
Interest-bearing balances and federal funds sold 127,280 92,458 31,866
 
Investment securities:
Available-for-sale, at fair value 402,762 407,446 190,129

Held-to-maturity, amortized cost (fair value of $15,657, $16,379 and $9,273, respectively)

  15,676     15,721     9,186  
Total investment securities 418,438 423,167 199,315
 
Restricted Stock, at amortized cost 16,502 16,572 6,324
 
Loans held for sale - at fair value 30,008 31,999 36,299
 

Loans held for investment net of allowance for loan losses of $15,928, $15,805 and $13,727, respectively

1,908,983 1,963,104 1,059,064
 
Premises, equipment and land, net 28,111 27,797 7,097
 
Goodwill and intangible assets, net 185,646 185,161 1,821
 
Other assets 101,796 103,781 47,821
     
Total assets $ 2,833,848   $ 2,873,894   $ 1,401,347  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
LIABILITIES
Noninterest-bearing deposits $ 706,128 $ 744,960 $ 376,674
 
Interest-bearing demand deposits 511,850 496,677 141,981
 
Savings and interest-bearing deposits 659,615 623,889 330,124
 
Time deposits   319,335     368,622     308,211  
 
Total deposits 2,196,928 2,234,148 1,156,990
 
Short-term borrowings 143,413 145,993 61,827
 
Long-term borrowings 40,000 40,000 50,000
 
Trust preferred debentures 3,903 3,883 -
 
Other liabilities and accrued expenses 22,951 28,246 9,596
     
Total Liabilities   2,407,195     2,452,270     1,278,413  
 
SHAREHOLDERS' EQUITY

Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 20,695,946, 20,534,163 and 10,787,490 , respectively

17,281 17,146 9,008
 
Additional paid in capital 311,675 307,670 24,254
 
Retained earnings 103,955 98,584 91,198
 
Accumulated other comprehensive income (loss), net (6,258 ) (1,776 ) (1,526 )
     
Total shareholders' equity   426,653     421,624     122,934  
     
Total liabilities and shareholders' equity $ 2,833,848   $ 2,873,894   $ 1,401,347  
 
   
Access National Corporation
Consolidated Statement of Operations - Unaudited
         
Three Months Ended
(In Thousands Except for Share and Per Share Data)   March 31, 2018   March 31, 2017
 
INTEREST INCOME
Interest and fees on loans $ 23,411 $ 12,199
 
Interest on federal funds sold and bank balances 517 131
 
Interest and dividends on securities   2,680   1,224
Total interest income 26,608 13,554
 
INTEREST EXPENSE
Interest on deposits 2,798 1,502
 
Interest on other borrowings   565   362
Total interest expense   3,363   1,864
Net interest income 23,245 11,690
 
Provision for loan losses   750   1,400
Net interest income after provision for loan losses 22,495 10,290
 
NONINTEREST INCOME
Service charges and fees 477 280
 
Gain on sale of loans 2,792 3,345
 
Other Income   4,126   2,378
Total noninterest income 7,395 6,003
 
NONINTEREST EXPENSE
Salaries and benefits 11,728 8,040
 
Occupancy and equipment 2,241 820
 
Other operating expense   6,005   4,886
Total noninterest expense   19,974   13,746
Income before income tax 9,916 2,547
 
Income tax expense   1,830   1,178
NET INCOME   8,086   1,369
 
Earnings per common share:
Basic $ 0.39 $ 0.13
Diluted $ 0.39 $ 0.13
 
Average outstanding shares:
Basic 20,619,817 10,724,798
Diluted 20,715,188 10,857,235
 
           
Performance and Capital Ratios - Unaudited
                         
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)   2018   2017   2017   2017   2017   2017
 
Return on average assets (annualized) 1.06% 0.43% 0.96% 0.55% 0.74% 0.67%
Return on average equity (annualized) 7.06% 3.09% 6.69% 3.73% 8.57% 5.03%
Return on average tangible equity (annualized) (1) 13.57% 5.06% 11.89% 6.73% 8.70% 7.72%
Net interest margin - fully tax equivalent basis (1) 3.70% 3.83% 4.41% 4.28% 3.85% 3.88%
Net interest margin 3.65% 3.77% 3.76% 3.91% 3.46% 3.81%
Efficiency ratio - Bank only 59.65% 51.48% 57.56% 59.23% 53.26% 55.72%
Total average equity to earning assets 16.59% 15.55% 16.00% 16.68% 8.99% 14.82%
Tangible common equity ratio (1) 9.10% 8.79% 8.85% 8.97% 8.65% 8.79%
 
Averages
Assets $ 2,856,201 $ 2,837,834 $ 2,922,105 $ 2,789,088 $ 1,401,652 $ 2,453,894
Loans held for investment 1,950,077 1,965,608 2,002,842 1,896,824 1,052,167 1,704,040
Loans held for sale 21,257 30,006 28,734 28,254 24,461 27,881
Interest-bearing deposits & federal funds sold 136,969 102,095 136,222 121,572 64,628 104,566
Investment securities 434,003 420,218 437,628 422,792 209,533 362,614
Earning assets 2,548,836 2,536,000 2,617,443 2,471,036 1,353,360 2,212,020
Interest-bearing deposits 1,517,030 1,528,133 1,566,286 1,523,997 761,075 1,327,262
Total deposits 2,215,222 2,247,225 2,277,759 2,163,567 1,096,309 1,922,249
Repurchase agreements & federal funds purchased 57,344 54,702 58,149 53,949 28,369 48,378
FHLB short term borrowings 91,002 68,300 59,697 57,824 86,200 67,907
FHLB long-term borrowings 40,000 46,304 82,790 79,892 59,556 66,329
Trust Preferred debt 3,891 3,871 3,029 3,824 - 2,691
Equity $ 422,780 $ 394,319 $ 418,678 $ 412,146 $ 121,724 $ 327,738
Tangible equity (1) $ 238,381 $ 240,754 $ 235,526 $ 228,480 $ 119,896 $ 213,756
 
Allowance for loan losses $ 15,928 $ 15,805 $ 15,692 $ 14,671 $ 13,727 $ 15,805
Allowance for loan losses/loans held for investment 0.83% 0.80% 0.80% 0.76% 1.28% 0.80%
Remaining fair value marks on purchased performing loans $ 10,415 $ 11,241 $ 12,444 $ 13,584 NA $ 11,241
Purchased credit impaired loans $ 4,702 $ 4,969 $ 5,184 $ 7,237 NA $ 4,969
Remaining fair value marks on purchased credit impaired loans $ 1,749 $ 1,175 $ 694 $ 2,296 NA $ 1,175
Total NPA $ 7,453 $ 5,270 $ 7,817 $ 8,954 $ 5,244 $ 5,270
NPA to total assets 0.26% 0.18% 0.27% 0.32% 0.37% 0.18%
 
Mortgage loan originations and brokered loans $ 84,411 $ 113,513 $ 107,706 $ 116,958 $ 202,206 $ 432,678
Gain on sale of mortgage loans net hedging activity $ 3,273 $ 4,984 $ 5,371 $ 5,421 $ 3,416 $ 19,192
Allowance for losses on mortgage loans sold $ 953 $ 953 $ 987 $ 1,029 $ 1,029 $ 953
 
Wealth Services segment - assets under management $ 1,942,526 $ 1,955,720 $ 1,935,780 $ 1,927,629 $ 676,865 $ 1,955,720
 
Book value per common share $ 20.62 $ 20.53 $ 20.55 $ 20.36 $ 11.40 $ 20.53
 
Tangible book value per common share (1) $ 11.65 $ 11.52 $ 11.64 $ 11.32 $ 11.23 $ 11.52
                         
 
(1) Non-GAAP financial information. See "Reconciliation of Non-GAAP Financial Measures" at end of release.
 
                 

Composition of Loan Portfolio - Unaudited

    March 31, 2018   December 31, 2017   September 30, 2017   June 30, 2017   March 31, 2017
(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 $ 462,298 24.02 % $ 467,082 23.60 % $ 443,128 22.50 % $ 401,853 20.84 % $ 262,431 24.46 %
Commercial real estate - non-owner occupied 419,139 21.77 436,083 22.04 435,181 22.09 377,037 19.55 205,452 19.15
Residential real estate 476,366 24.75 489,669 24.74 512,621 26.03 525,649 27.26 212,007 19.76
Commercial 437,287 22.72 463,652 23.43 449,450 22.82 476,055 24.69 294,451 27.45
Real estate construction 104,528 5.43 97,481 4.93 104,193 5.29 124,186 6.44 91,614 8.54
Consumer   25,293   1.31     24,942   1.26     25,087   1.27     23,565   1.22     6,836   0.64  
Total loans $ 1,924,911 100.00 % $ 1,978,909 100.00 % $ 1,969,660 100.00 % $ 1,928,345 100.00 % $ 1,072,791 100.00 %
Less allowance for loan losses   15,928   15,805   15,692   14,671   13,727
$ 1,908,983 $ 1,963,104 $ 1,953,968 $ 1,913,674 $ 1,059,064
 

 

               

Composition of Deposits - Unaudited

    March 31, 2018   December 31, 2017   September 30, 2017   June 30, 2017   March 31, 2017
(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 $ 706,128 32.14 % $ 744,960 33.34 % $ 710,691 31.09 % $ 660,481 30.20 % $ 376,674 32.56 %
Interest-bearing demand deposits 501,745 22.84 486,621 21.78 480,620 21.02 454,675 20.79 141,981 12.27
Savings and money market 616,879 28.08 580,827 26.00 616,596 26.97 562,581 25.72 284,182 24.56
CDARS time deposits 17,247 0.78 21,582 0.97 37,836 1.65 39,746 1.82 41,369 3.58
CDARS/ICS non-maturity deposits 50,233 2.29 48,011 2.15 47,219 2.07 44,009 2.01 42,960 3.71
Brokered deposits 23,244 1.06 51,028 2.28 71,090 3.11 101,419 4.64 110,254 9.53
Time deposits   281,452   12.81       301,119   13.48       322,160   14.09       324,295   14.82       159,570   13.79  
Total Deposits $ 2,196,928   100.00 %   $ 2,234,148   100.00 %   $ 2,286,212   100.00 %   $ 2,187,206   100.00 %   $ 1,156,990   100.00 %
 
         
Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities
Three Months Ended - Unaudited
 
                         
    March 31, 2018   March 31, 2017
Average Income / Yield / Average Income / Yield /
(Dollars In Thousands)   Balance   Expense   Rate   Balance   Expense   Rate
 
Assets:
Interest-earning assets:
Securities $ 440,533 $ 2,679 2.43 % $ 212,104 $ 1,224 2.31 %
Loans held for sale 21,257 227 4.27 % 24,461 250 4.09 %
Loans(1) 1,950,077 23,187 4.76 % 1,052,167 11,949 4.54 %
Interest-bearing balances and federal funds sold   136,969       515   1.50 %   64,628       131   0.81 %
Total interest-earning assets   2,548,836   26,608 4.18 %   1,353,360   13,554 4.01 %
Noninterest-earning assets:
Cash and due from banks 18,261 11,700
Premises, land and equipment 28,333 7,102
Other assets 276,819 45,009
Less: allowance for loan losses   (16,048 )   (15,519 )
Total noninterest-earning assets   307,365     48,292  
Total Assets $ 2,856,201   $ 1,401,652  
 
Liabilities and Shareholders' Equity:
Interest-bearing deposits:
Interest-bearing demand deposits $ 502,621 $ 590 0.47 % $ 141,315 $ 153 0.43 %
Money market deposit accounts 494,707 930 0.75 % 258,786 345 0.53 %
Savings accounts 173,509 209 0.48 % 61,001 90 0.59 %
Time deposits   346,193       1,069   1.24 %   299,973       914   1.22 %
Total interest-bearing deposits 1,517,030 2,798 0.74 % 761,075 1,502 0.79 %
Borrowings:
FHLB short-term borrowings 91,002 350 1.54 % 28,367 16 0.23 %
Securities sold under agreements to repurchase and federal funds purchased 57,344 14 0.10 % 86,200 166 0.77 %
Subordinated debentures 3,891 75 7.71 % - - 0.00 %
FHLB long-term borrowings   40,000       126   1.26 %   59,555       180   1.21 %
Total borrowings   192,237       565   1.18 %   174,122       362   0.83 %
Total interest-bearing deposits and borrowings 1,709,267 3,363 0.79 % 935,197 1,864 0.80 %
Noninterest-bearing liabilities:
Demand deposits 698,192 335,234
Other liabilities   25,962     9,497  
Total liabilities 2,433,421 1,279,928
Shareholders' Equity   422,780     121,724  
Total Liabilities and Shareholders' Equity $ 2,856,201   $ 1,401,652  
 
Interest Spread(2) 3.39 % 3.21 %
 
Net Interest Margin(3) $ 23,245   3.65 % $ 11,690   3.46 %
                         
 
(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 - Unaudited
           
Three Months Ended Commercial Mortgage Trust & Wealth Consolidated
March 31, 2018   Banking Banking Management Other Eliminations Totals
(In Thousands)
Revenues:
Interest income $ 26,287 $ 227 $ 2 $ 6 $ 86 $ 26,608
Gain on sale of loans - 2,792 - - - 2,792
Other revenues   1,505   1,269     1,741     418     (330 )   4,603
Total revenues   27,792   4,288     1,743     424     (244 )   34,003
 
Expenses:
Interest expense 3,294 (152 ) - 135 86 3,363
Salaries and employee benefits 7,928 2,877 948 - (25 ) 11,728
Other expenses   7,285   706     482     828     (305 )   8,996
Total operating expenses   18,507   3,431     1,430     963     (244 )   24,087
 
Income (loss) before income taxes $ 9,285 $ 857   $ 313   $ (539 ) $ -   $ 9,916
 
Total assets $ 2,781,867 $ 39,416   $ 11,078   $ 22,494   $ (21,007 ) $ 2,833,848
 
 
Three Months Ended Commercial Mortgage Trust & Wealth Consolidated
December 31, 2017   Banking Banking Management Other Eliminations Totals
(In Thousands)
Revenues:
Interest income $ 26,837 $ 295 $ - $ 8 $ (45 ) $ 27,095
Gain on sale of loans 136 4,959 - - - 5,095
Other revenues   1,825   (1 )   1,793     478     (509 )   3,586
Total revenues   28,798   5,253     1,793     486     (554 )   35,776
 
Expenses:
Interest expense 3,116 (24 ) - 135 (45 ) 3,182
Salaries and employee benefits 8,116 2,836 1,163 - - 12,115
Other expenses   8,825   1,092     919     1,131     (509 )   11,458
Total operating expenses   20,057   3,904     2,082     1,266     (554 )   26,755
 
Income (loss) before income taxes $ 8,741 $ 1,349   $ (289 ) $ (780 ) $ -   $ 9,021
 
Total assets $ 2,827,041 $ 31,999   $ 10,967   $ 21,727   $ (17,840 ) $ 2,873,894
 
 
Three Months Ended Commercial Mortgage Wealth Consolidated
March 31, 2017   Banking Banking Management Other Eliminations Totals
(In Thousands)
Revenues:
Interest income $ 13,394 $ 250 $ - $ 6 $ (96 ) $ 13,554
Gain on sale of loans - 3,345 - - - 3,345
Other revenues   765   1,126     754     336     (323 )   2,658
Total revenues   14,159   4,721     754     342     (419 )   19,557
 
Expenses:
Interest expense 1,870 27 - 63 (96 ) 1,864
Salaries and employee benefits 4,418 3,031 591 - - 8,040
Other expenses   3,527   841     239     2,822     (323 )   7,106
Total operating expenses   9,815   3,899     830     2,885     (419 )   17,010
 
Income (loss) before income taxes $ 4,344 $ 822   $ (76 ) $ (2,543 ) $ -   $ 2,547
 
Total assets $ 1,351,257 $ 52,447   $ 2,739   $ 20,657   $ (25,753 ) $ 1,401,347
 

Reconciliation of Non-GAAP Financial Measures - Unaudited

The press release contains certain financial information determined by methods other than in accordance with generally accepted accounting policies in the United States (GAAP). These non-GAAP financial measures are “tangible book value per common shares”, “tangible common equity ratio”, and “net interest margin on a fully tax equivalent basis.” This non-GAAP disclosure has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Corporation’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management uses these non-GAAP measures in its analysis of our performance because it believes these measures are material and will be used as a measure of our performance by investors.

           
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)     2018       2017       2017       2017       2017       2017  
 
 
Book value per common share $ 20.62 $ 20.53 $ 20.55 $ 20.36 $ 11.40 $ 20.53
Effect of intangible assets $ (8.97 ) $ (9.01 ) $ (8.91 ) $ (9.04 ) $ (0.17 ) $ (9.01 )
Tangible book value per common share $ 11.65 $ 11.52 $ 11.64 $ 11.32 $ 11.23 $ 11.52
 
 
Common equity ratio 15.06 % 14.67 % 14.62 % 15.05 % 8.77 % 14.67 %
Effect of intangible assets   -5.96 %   -5.88 %   -5.77 %   -6.08 %   -0.12 %   -5.88 %
Tangible common equity ratio 9.10 % 8.79 % 8.85 % 8.97 % 8.65 % 8.79 %
 
 
Net interest margin 3.65 % 3.77 % 3.76 % 3.91 % 3.46 % 3.81 %
Effect of tax exempt securities and loans   0.05 %   0.06 %   0.10 %   0.06 %   0.06 %   0.07 %
Net interest margin - fully tax equivalent basis 3.70 % 3.83 % 3.86 % 3.97 % 3.52 % 3.88 %
 
 
Return on average equity 7.06 % 3.09 % 6.69 % 3.73 % 8.57 % 5.03 %
Effect of intangible assets   6.51 %   1.97 %   5.20 %   3.00 %   0.13 %   2.69 %
Return on average tangible equity 13.57 % 5.06 % 11.89 % 6.73 % 8.70 % 7.72 %
 
 
Average equity $ 422,780 $ 394,319 $ 418,678 $ 412,146 $ 121,724 $ 327,738
Effect of average intangible assets $ 184,399   $ 153,565   $ 183,152   $ 183,666   $ 1,828   $ 125,330  
Average tangible equity $ 238,381 $ 240,754 $ 235,526 $ 228,480 $ 119,896 $ 202,408
 

Contacts

Access National Corporation
Michael Clarke, 703-871-2100

Release Summary

ANCX releases Q1 Earnings and Declares Dividend

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Contacts

Access National Corporation
Michael Clarke, 703-871-2100