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Form 8-K ACCESS NATIONAL CORP For: Jan 21

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January 22, 2015 4:20 PM EST


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934

�

January 21, 2015

Date of Report

(Date of earliest event reported)


Access National Corporation

(Exact name of registrant as specified in its charter)


Virginia

�

000-49929

�

82-0545425

(State or other

jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer Identification No.)

�


�

1800 Robert Fulton Drive, Suite 300, Reston, VA��20191

(Address of principal executive offices) (Zip Code)


�

(703) 871-2100

(Registrants telephone number, including area code)


�

n/a

(Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

� Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

� Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

� Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

� Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02�����������Results of Operations and Financial Condition.

Access National Corporation (Nasdaq: ANCX) released its unaudited financial results on January 21, 2015 for the quarter and year ended December 31, 2014.��A copy of the press release detailing the summary results is attached hereto as Exhibit 99.1.��

Item 7.01 ����������Regulation FD Disclosure.

Access National Corporation also announced on January 21, 2015 that its Board of Directors declared a cash dividend of $0.14 per share to shareholders of record as of February 5, 2015, for payment on February 25, 2015.��A copy of the press release summarizing the announcement is attached hereto as Exhibit 99.1.��

Item 9.01�����������Financial Statements and Exhibits.

(a)

-

Not applicable.

(b)

-

Not applicable.

(c)

-

Not applicable.

�

(d)

Exhibits.

�

�

Exhibit 99.1

Press Release, dated January 21, 2015 announcing fourth quarter 2014 financial results and quarterly dividend.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ACCESS NATIONAL CORPORATION

(Registrant)

�
Date: January 22, 2015 By:

/s/ Michael W. Clarke

Name:

Michael W. Clarke

Title:

President & Chief Executive Officer

Exhibit 99.1

Access National Declares Dividend, Reports Fourth Quarter Earnings

RESTON, Va.--(BUSINESS WIRE)--January 21, 2015--Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank (Bank), reported fourth quarter 2014 net income of $3.5 million, or $0.34 per common share diluted.

According to CEO Michael Clarke, We take great satisfaction in reporting on the exceptional results achieved during the fourth quarter and all of 2014. During these periods, we also celebrated the milestones of our 15th anniversary on December 1 and surpassed the $1 billion asset threshold during the third quarter. We are very grateful to our clients who recognize the tremendous value delivered by our professional staff. He continued, The fourth quarter of 2014 represented our 58th consecutive quarterly profit over our 60 quarter history. Our profitability this quarter enabled the Board of Directors to declare a cash dividend of $0.14 per share for holders of record as of February 05, 2015 and payable on February 25, 2015. The cash dividend is in addition to a $0.35 special cash dividend declared in December 2014 and is consistent with our objective of a routine dividend payout equal to 40%-50% of core earnings.

Fourth quarter 2014 pretax earnings rose by $452 thousand or 9.1% when compared to fourth quarter pretax earnings 2013. This increase was due mainly to an increase in the mortgage segment pretax income of $491 thousand which was driven by a 37% or $30.8 million increase in mortgage loan originations when comparing fourth quarter 2014 to the same period in 2013. Pretax earnings for the year 2014 were $21.5 million, up $1.1 million or 5.2% from $20.4 million for the year 2013. Year over year, the banking segment pretax earnings increased $1.6 million or 9.0%, the mortgage segment pretax earnings increased by $164 thousand or 3.4% due to a $3.25 million nonrecurring pretax reserve release as reported in the third quarter of 2014, and the wealth management segment pretax loss decreased $401 thousand or 53.4%. Offsetting these increases was an increase in the other segments pretax loss of $1.1 million or 104% due mainly to a $707 thousand nonrecurring pretax impairment recorded in third quarter 2014.

Net interest margin for the year 2014 decreased from 3.85% to 3.80% when compared to 2013. On a linked quarter basis, the margin increased to 3.83% for the three months ended December 31, 2014 compared to 3.78% for the three months ended September 30, 2014.

On a consolidated basis, the Corporation reported annualized return on average assets of 1.39% and 1.45% for the three and twelve month periods ended December 31, 2014, respectively. Meanwhile, the annualized return on average equity was 13.98% and 14.47% for the three and twelve month periods ended December 31, 2014, respectively.

Total assets at December 31, 2014 amounted to $1.05 billion compared to $847.2 million at December 31, 2013, an overall increase of $205.7 million. An increase in loans held for investment of $89.3 million, a $30.9 million increase in interest-bearing balances, a $46.6 million growth in investment securities, a growth in loans held for sale of $20.7 million, and a $17.6 million increase in other assets due mainly to a $15 million BOLI purchase accounted for the majority of this increase. The fourth quarter of 2014 reflected loan growth in all categories of the loans held for investment portfolio with the exception of consumer loans. For the year, the portfolio of loans held for investment grew 13.0% or $89.5 million.

Total deposits at December 31, 2014 increased $182.5 million from December 31, 2013 due mainly to increases in Certificate of Deposit Account Registry Service (CDARS) deposits totaling $100.6 million, demand deposits of $63.0 million, and interest-bearing demand deposits of $30.9 million. Management continues to focus on expanding business banking relationships as evidenced by the 33.2% annual growth in demand deposits.

Non-performing assets (NPAs) decreased 36.0% to $1.6 million at December 31, 2014 from $2.5 million at December 31, 2013, representing 0.15% and 0.30% of total assets, respectively. The Bank did not have other real estate owned at December 31, 2014 while Access Real Estate, LLC had other real estate owned with a carrying value of $500 thousand. The allowance for loan losses was $13.4 million and $13.1 million or 1.73% and 1.91% of total loans held for investment as of December 31, 2014 and December 31, 2013, respectively.

Book value per common share increased from $8.79 at December 31, 2013 to $9.45 at December 31, 2014. The ratio of total equity to total assets for Access National Corporation and its subsidiary bank was 9.4% at December 31, 2014, within the Corporations target range of 8.00% to 10.50%.

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 Companys 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 Companys 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 Companys Annual Report on Form 10-K and other SEC filings.

� �
Access National Corporation
Consolidated Balance Sheet
� � � � �
December 31, December 31,
2014 2013
(Dollars In Thousands) � (Unaudited) � �
�
ASSETS
�
Cash and due from banks $ 9,804 $ 8,117
�
Interest-bearing balances and federal funds sold 46,225 15,302
�
Investment securities:
Available-for-sale, at fair value 125,080 76,552

Held-to-maturity, at amortized cost (fair value of $14,378 and $15,659)

�

14,309

� � 16,277 �
Total investment securities 139,389 92,829
�
Restricted Stock, at amortized cost 8,961 8,559
�
Loans held for sale - at fair value 45,026 24,353
�

Loans held for investment net of allowance for loan losses of $13,399 and $13,136, respectively

763,204 673,919
�
Premises, equipment and land, net 6,926 8,389
�
Other assets 33,345 15,714
� �
Total assets $ 1,052,880 � $ 847,182 �
�
LIABILITIES AND SHAREHOLDERS' EQUITY
�
LIABILITIES
Noninterest-bearing deposits $ 252,875 $ 189,908
�
Savings and interest-bearing deposits 233,773 200,196
�
Time deposits � 268,795 � � 182,868 �
�
Total deposits 755,443 572,972
�
Short-term borrowings 185,635 172,855
�
Other liabilities and accrued expenses 12,898 10,221
� �
Total Liabilities � 953,976 � � 756,048 �
�
SHAREHOLDERS' EQUITY

Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 10,469,569, and 10,369,420 shares, respectively

8,742 8,659
�
Additional paid in capital 18,538 17,320
�
Retained earnings 72,168 67,121
�
Accumulated other comprehensive loss, net (544 ) (1,966 )
� �
Total shareholders' equity � 98,904 � � 91,134 �
� �
Total liabilities and shareholders' equity $ 1,052,880 � $ 847,182 �
�
� � � �
Access National Corporation
Consolidated Statement of Operations
� � � � � � � � �
Three Months Ended Twelve Months Ended
December 31, 2014 December 31, 2013 December 31, 2014 December 31, 2013
(In Thousands Except for Share and Per Share Data) � (unaudited) � (unaudited) � (unaudited) � �
�
INTEREST INCOME
Interest and fees on loans $ 9,256 $ 8,373 $ 35,702 $ 33,841
�
Interest on federal funds sold and bank balances 30 31 102 107
�
Interest on securities � 853 � 489 � 2,697 � 1,928
Total interest income 10,139 8,893 38,501 35,876
�
INTEREST EXPENSE
Interest on deposits 709 720 2,981 3,486
�
Interest on other borrowings � 90 � 61 � 292 � 226

Total interest expense

� 799 � 781 � 3,273 � 3,712
Net interest income 9,340 8,112 35,228 32,164
�
Provision for loan losses � - � - � - � 675
Net interest income after provision for loan losses 9,340 8,112 35,228 31,489
�
NONINTEREST INCOME
Service charges and fees 170 196 695 691
�
Gain on sale of loans 4,832 2,929 15,146 21,109
�
Other Income � 513 � 1,079 � 3,459 � 6,350
Total noninterest income 5,515 4,204 19,300 28,150
�
NONINTEREST EXPENSE
Salaries and benefits 5,955 4,749 22,654 25,289
�
Occupancy and equipment 739 618 2,821 2,579
�
Other operating expense � 2,766 � 2,006 � 7,543 � 11,330
Total noninterest expense � 9,460 � 7,373 � 33,018 � 39,198
Income before income tax 5,395 4,943 21,510 20,441
�
Income tax expense � 1,880 � 1,749 � 7,585 � 7,234
NET INCOME � 3,515 � 3,194 � 13,925 � 13,207
�
Earnings per common share:
Basic $ 0.34 $ 0.31 $ 1.33 $ 1.28
Diluted $ 0.34 $ 0.31 $ 1.33 $ 1.27
�
Average outstanding shares:
Basic 10,453,115 10,343,158 10,424,067 10,319,802
Diluted 10,489,516 10,406,086 10,466,841 10,403,155
�
� � � � � �
Performance and Capital Ratios
� � � � � � � � � � � � �
Three Months Three Months Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended Ended Ended
December 31, September 30, June 30, March 31, December 31, December 31,
(Dollars In Thousands Except Per Share Data) � 2014 � 2014 � 2014 � 2014 � 2014 � 2013
�
Return on average assets (annualized) 1.39 % 1.98 % 1.30 % 1.10 % 1.45 % 1.55 %
Return on average equity (annualized) 13.98 % 20.37 % 12.93 % 10.43 % 14.47 % 14.00 %
Net interest margin 3.83 % 3.78 % 3.80 % 3.78 % 3.80 % 3.85 %
Efficiency ratio - Bank only 49.23 % 47.37 % 48.44 % 50.98 % 48.96 % 49.50 %
Total average equity to earning assets 10.32 % 10.08 % 10.38 % 10.75 % 10.37 % 11.28 %
�
Averages
Assets $ 1,008,907 $ 997,080 $ 944,452 $ 879,984 $ 958,067 $ 854,572
Loans held for investment 740,883 726,985 720,634 698,429 721,863 648,744
Loans held for sale 37,848 40,780 27,502 18,708 31,288 42,667
Interest-bearing deposits & federal funds sold 47,156 51,134 42,055 39,251 44,939 46,217
Investment securities 148,010 141,649 121,080 102,398 128,446 97,260
Earning assets 974,796 960,912 912,889 861,170 927,845 836,129
Interest-bearing deposits 467,378 499,967 499,435 441,757 477,267 485,860
Total deposits 731,134 747,780 743,037 638,211 715,385 678,531
Repurchase agreements & federal funds purchased 21,143 19,955 20,082 23,374 21,129 25,524
Short-term borrowings 147,413 121,141 76,978 115,944 115,471 46,212
Equity $ 100,558 $ 96,862 $ 94,800 $ 92,593 $ 96,227 $ 94,352
�
Banking segment - income before taxes $ 4,938 $ 5,066 $ 4,704 $ 4,181 $ 18,889 $ 17,330
Mortgage segment - income before taxes $ 725 $ 3,732 $ 583 $ 3 $ 5,043 $ 4,879
Wealth Management segment - loss before taxes $ (86 ) $ (108 ) $ (148 ) $ (8 ) $ (350 ) $ (751 )
Other segments - loss before taxes $ (182 ) $ (1,076 ) $ (378 ) $ (436 ) $ (2,072 ) $ (1,017 )
�
Allowance for loan losses/loans held for investment 1.73 % 1.82 % 1.78 % 1.84 % 1.73 % 1.91 %
Total NPA 1,622 1,826 1,872 2,510 1,622 2,535
NPA to total assets 0.15 % 0.18 % 0.19 % 0.27 % 0.15 % 0.30 %
�
Mortgage loan originations and brokered loans $ 113,595 $ 114,931 $ 109,250 $ 70,570 $ 408,346 $ 574,951
Gain on sale of mortgage loans net hedging activity $ 4,056 $ 4,280 $ 3,059 $ 1,384 $ 12,779 $ 23,998
Allowance for losses on mortgage loans sold $ 1,198 $ 1,193 $ 4,633 $ 4,645 $ 1,198 $ 4,645
�
Wealth Management segment - assets under management $ 450,372 $ 444,000 $ 454,000 $ 432,000 $ 450,372 $ 257,000
�
Book value per common share $ 9.45 $ 9.55 $ 9.22 $ 9.00 $ 9.45 $ 8.79
Dividends paid per share $ 0.14 $ 0.13 $ 0.12 $ 0.11 $ 0.50 $ 1.11
� � � � � � � � � � � � �
� � � � � � � � � �
Composition of Loan Portfolio � � � � � � � � � � � � � � � � � � � �
� � December 31, 2014 � September 30, 2014 � June 30, 2014 � March 31, 2014 � December 31, 2013
(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 $ 199,442 25.68 % $ 195,104 26.83 % $ 190,895 25.79 % $ 204,725 28.56 % $ 196,804 28.65 %
Commercial real estate - non-owner occupied 125,442 16.15 115,488 15.88 110,968 14.99 93,366 13.02 90,676 13.20
Residential real estate 194,208 25.01 191,658 26.36 179,018 24.19 176,914 24.68 173,639 25.27
Commercial 210,278 27.08 186,715 25.68 211,742 28.61 192,890 26.91 182,220 26.52
Real estate construction 41,085 5.29 31,463 4.33 40,520 5.47 42,766 5.97 38,842 5.65
Consumer � 6,148 � 0.79 � � 6,684 � 0.92 � � 6,982 � 0.95 � � 6,196 � 0.86 � � 4,874 � 0.71 �
Total loans $ 776,603 100.00 % $ 727,112 100.00 % $ 740,125 100.00 % $ 716,857 100.00 % $ 687,055 100.00 %
Less allowance for loan losses � 13,399 � 13,244 � 13,211 � 13,171 � 13,136
$ 763,204 $ 713,868 $ 726,914 $ 703,686 $ 673,919
�
� � � � � � � � � �
Composition of Deposits � � � � � � � � � � � � � � � � � � � �
� � December 31, 2014 � September 30, 2014 � June 30, 2014 � March 31, 2014 � December 31, 2013
(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 $ 252,875 33.47 % $ 271,251 37.05 % $ 271,225 34.26 % $ 229,059 28.44 % $ 189,908 33.14 %
Interest-bearing demand deposits 116,654 15.44 126,898 17.33 120,122 15.17 116,195 14.43 85,735 14.96
Savings and money market 116,906 15.48 116,361 15.90 115,365 14.57 123,358 15.32 114,169 19.93
CDARS-time deposits 148,142 19.61 96,703 13.21 155,480 19.64 200,142 24.85 47,535 8.30
Brokered deposits 13,344 1.77 11,830 1.62 13,334 1.68 13,709 1.69 14,103 2.46
Time deposits � 107,522 � 14.23 � � 109,028 � 14.89 � � 116,227 � 14.68 � � 122,961 � 15.27 � � 121,522 � 21.21 �
Total Deposits $ 755,443 � 100.00 % $ 732,071 � 100.00 % $ 791,753 � 100.00 % $ 805,424 � 100.00 % $ 572,972 � 100.00 %
�
�
�
Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities
Three Months Ended
� � � � � � � � � � � � �
� � December 31, 2014 � December 31, 2013
Average � Income / � Yield / � Average � Income / � Yield /
(Dollars In Thousands) � Balance � Expense � Rate � Balance � Expense � Rate
�
Assets:
Interest earning assets:
Securities $ 148,909 $ 853 2.29 % $ 98,089 $ 489 1.99 %
Loans held for sale 37,848 388 4.10 % 20,528 197 3.84 %
Loans(1) 740,883 8,868 4.79 % 667,146 8,176 4.90 %
Interest-bearing balances and federal funds sold � 47,156 � � � 30 � 0.25 % � 48,473 � � � 31 � 0.26 %
Total interest earning assets 974,796 10,139 4.16 % 834,236 8,893 4.26 %
Noninterest earning assets:
Cash and due from banks 9,344 7,546
Premises, land and equipment 6,998 8,447
Other assets 31,061 12,023
Less: allowance for loan losses � (13,293 ) � (13,111 )
Total noninterest earning assets � 34,110 � � 14,905 �
Total Assets $ 1,008,906 � $ 849,141 �
�
Liabilities and Shareholders' Equity:
Interest-bearing deposits:
Interest-bearing demand deposits $ 122,004 $ 67 0.22 % $ 81,509 $ 43 0.21 %
Money market deposit accounts 116,129 59 0.20 % 121,496 61 0.20 %
Savings accounts 5,463 5 0.37 % 2,647 2 0.30 %
Time deposits � 223,782 � � � 578 � 1.03 % � 202,613 � � � 614 � 1.21 %
Total interest-bearing deposits 467,378 709 0.61 % 408,265 720 0.71 %
Borrowings:
FHLB Advances 147,413 85 0.23 % 99,130 55 0.22 %
Securities sold under agreements to repurchase and federal funds purchased � 21,143 � � � 5 � 0.09 % � 25,145 � � � 6 � 0.10 %
Total borrowings � 168,556 � � � 90 � 0.21 % � 124,275 � � � 61 � 0.20 %
Total interest-bearing deposits and borrowings 635,934 799 0.50 % 532,540 781 0.59 %
Noninterest-bearing liabilities:
Demand deposits 263,756 209,204
Other liabilities � 8,658 � � 11,634 �
Total liabilities 908,348 753,378
Shareholders' Equity � 100,558 � � 95,763 �
Total Liabilities and Shareholders' Equity: $ 1,008,906 � $ 849,141 �
�
Interest Spread(2) 3.66 % 3.68 %
�
Net Interest Margin(3) $ 9,340 � 3.83 % $ 8,112 � 3.89 %
�

(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, 2014 December 31, 2013
Average Income / Yield / Average Income / Yield /
Balance � Expense � Rate Balance � Expense � Rate
(Dollars In Thousands)
Assets:
Interest earning assets:
Securities $ 129,755 $ 2,697 2.08 % $ 98,501 $ 1,928 1.96 %
Loans held for sale 31,288 1,297 4.15 % 42,667 1,505 3.53 %
Loans(1) 721,863 34,405 4.77 % 648,744 32,336 4.98 %
Interest-bearing balances and federal funds sold � 44,939 � � � 102 � 0.23 % � 46,217 � � � 107 � 0.23 %
Total interest earning assets 927,845 38,501 4.15 % 836,129 35,876 4.29 %
Noninterest earning assets:
Cash and due from banks 8,925 9,852
Premises, land and equipment 7,995 8,480
Other assets 26,523 13,035
Less: allowance for loan losses � (13,221 ) � (12,924 )
Total noninterest earning assets � 30,222 � � 18,443 �
Total Assets $ 958,067 � $ 854,572 �
�
Liabilities and Shareholders' Equity:
Interest-bearing deposits:
Interest-bearing demand deposits $ 114,853 $ 256 0.22 % $ 75,706 $ 148 0.20 %
Money market deposit accounts 115,192 232 0.20 % 120,307 282 0.23 %
Savings accounts 3,884 14 0.36 % 2,483 5 0.20 %
Time deposits � 243,338 � � � 2,479 � 1.02 % � 287,364 � � � 3,051 � 1.06 %
Total interest-bearing deposits 477,267 2,981 0.62 % 485,860 3,486 0.72 %
Borrowings:
FHLB Advances 115,471 271 0.23 % 43,077 97 0.23 %
Securities sold under agreements to repurchase and federal funds purchased 21,129 21 0.10 % 25,524 26 0.10 %
Subordinated Debentures � - � � � - � 0.00 % � 3,135 � � � 103 � 3.29 %
Total borrowings � 136,600 � � � 292 � 0.21 % � 71,736 � � � 226 � 0.32 %
Total interest-bearing deposits and borrowings 613,867 3,273 0.53 % 557,596 3,712 0.67 %
Noninterest-bearing liabilities:
Demand deposits 238,118 192,671
Other liabilities � 9,855 � � 9,953 �
Total liabilities 861,840 760,220
Shareholders' Equity � 96,227 � � 94,352 �
Total Liabilities and Shareholders' Equity: $ 958,067 � $ 854,572 �
�
Interest Spread(2) 3.62 % 3.63 %
�
Net Interest Margin(3) $ 35,228 � 3.80 % $ 32,164 � 3.85 %

(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.

CONTACT:
Access National Corporation
Michael Clarke, 703-871-2100


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