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
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Access National CorporationMichael Clarke, 703-871-2100
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