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Form 8-K ACCESS NATIONAL CORP For: Jan 21

January 27, 2016 12:34 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, 2016

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

(Registrant’s 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, 2016 for the quarter and year ended December 31, 2015.  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, 2016 that its Board of Directors declared a cash dividend of $0.15 per share to shareholders of record as of February 5, 2016, for payment on February 25, 2016.  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, 2016 announcing fourth quarter 2015 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 27, 2016 By:

/s/ Michael W. Clarke

Name:

Michael W. Clarke

Title:

President & Chief Executive Officer

Exhibit 99.1

Access National Annual and Quarterly Earnings Rise, Declares Dividend

RESTON, Va.--(BUSINESS WIRE)--January 21, 2016--Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank (Bank), reported fourth quarter 2015 net income of $3.9 million, or $0.37 per common share. This represents the Corporation’s 62nd consecutive quarterly profit over its 64 quarter history. Consistent with management’s stated objective of a 40%-50% payout ratio against core earnings, the Board of Directors declared a cash dividend of $0.15 per share for holders of record as of February 05, 2016 and payable on February 25, 2016. The routine dividend reflects Management’s favorable performance outlook and comfort with a favorable capital position.

Fourth quarter 2015 pretax earnings rose by $586 thousand or 10.9% when compared to fourth quarter 2014 pretax earnings. Fourth quarter 2015 pretax income for the banking segment rose $376 thousand from fourth quarter 2014 due to increases in net interest income of $862 thousand and other income of $370 thousand due largely to returns on the Bank’s investments in Small Business Investment Companies. These increases were partially offset by an increase in salaries and benefits of $331 thousand and an increase in other operating expense of $525 thousand due in part to enhancements in the Bank’s online banking platform. The mortgage segment’s increase of $328 thousand over fourth quarter 2014 was due mainly to an increase in gains recorded on secondary mortgage activity, net of the hedging impact.

Pretax earnings for 2015 were $23.6 million, up $2.1 million or 9.7% from $21.5 million for the year 2014. Year over year, the banking segment pretax earnings increased $1.7 million or 9.1%. Net interest income increased $4.1 million, from $34.5 million in 2014 to $38.6 million in 2015. Offsetting this increase in net interest income were increases in salaries and employee benefits of $1.6 million, due to increased group health costs as well as additions to staffing, and other expenses of $1.5 million, due largely to the increase in operational expenses such as FDIC insurance, business and franchise taxes and data processing costs. Decreased losses in the other operating segment of $837 thousand pretax were due mainly to a nonrecurring pretax impairment recorded in third quarter 2014 of $707 thousand.

The net interest margin decreased from 3.80% to 3.68% when comparing 2014 to 2015. On a linked quarter basis, the margin decreased to 3.63% for the three months ended December 31, 2015 when compared to 3.70% for the three months ended September 30, 2015.

On a consolidated basis, the Corporation reported annualized return on average assets of 1.35% and 1.39% for the three and twelve month periods ended December 31, 2015, respectively. Meanwhile, the annualized return on average equity was 14.53% and 14.83% for the three and twelve month periods ended December 31, 2015, respectively.

Total assets were $1.2 billion at December 31, 2015 and grew $126 million when compared to December 31, 2014. An increase in loans held for investment of $110.9 million and a $35.1 million growth in investment securities was partially offset by a decrease of $21.6 million in interest-bearing balances. During the fourth quarter of 2015, commercial loan growth was the leading driver of a 14.3% annualized growth of loans held for investment.

Total deposits at December 31, 2015 were $913.7 million, an increase of $158.3 million when compared to December 31, 2014. Non-interest bearing deposits grew at a rate of 21.7%, from $252.9 million at December 31, 2014 to $307.8 million at December 31, 2015 due to management’s continued focus on expanding business banking relationships. Interest bearing deposits increased $103.4 million, from $502.6 million at December 31, 2014 to $605.9 million at December 31, 2015. A targeted marketing campaign was the majority of the reason for growth in this category which saw an increase in savings and money markets of $48.6 million and an increase in time deposits of $28.5 million.


Non-performing assets (NPAs) increased to $7.4 million at December 31, 2015 from $1.6 million at December 31, 2014, representing 0.63% and 0.15% of total assets, respectively. The increase in NPAs from year end 2014 was mainly impacted by the addition of two loans, one totaling $6.6 million which was added in the first quarter of 2015 and the second totaling $1.0 million which was added in the fourth quarter of 2015. The Bank did not have other real estate owned at December 31, 2015 while Access Real Estate, LLC had other real estate owned with a carrying value of $500 thousand. The allowance for loan loss was $13.6 million and $13.4 million at December 31, 2015 and December 31, 2014, respectively, and represented 1.53% and 1.73% of total loans held for investment at December 31, 2015 and December 31, 2014, respectively.

Book value per common share increased from $9.45 at December 31, 2014 to $10.35 at December 31, 2015. The ratio of total equity to total assets for Access National Corporation and its subsidiary bank was 9.3% at December 31, 2015, within the Corporation’s 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 Company’s intent, belief, or expectation with respect to matters such as financial performance. Such statements are necessarily based on assumptions and estimates and are inherently subject to a variety of risks and uncertainties concerning the Company’s operations and business environment, which are difficult to predict and beyond control of the Company. Such risks and uncertainties could cause the actual results of the Company to differ materially from those matters expressed or implied in such forward-looking statements. For an explanation of certain risks and uncertainties associated with forward-looking statements, please refer to the Company’s Annual Report on Form 10-K and other SEC filings.


Access National Corporation    
Consolidated Balance Sheet
           
  December 31, December 31,
2015 2014
(In Thousands Except for Share and Per Share Data)   (Unaudited)    
 
ASSETS
 
Cash and due from banks $ 11,291 $ 9,804
 
Interest-bearing balances and federal funds sold 24,598 46,225
 
Investment securities:
Available-for-sale, at fair value 160,162 125,080
Held-to-maturity, at amortized cost (fair value of $14,314 and $14,378)   14,287     14,309  
Total investment securities 174,449 139,389
 
Restricted Stock, at amortized cost 7,259 8,961
 
Loans held for sale - at fair value 44,135 45,026
 
Loans held for investment
net of allowance for loan losses of $13,563 and $13,399, respectively 873,915 763,204
 
Premises, equipment and land, net 6,689 6,926
 
Other assets 36,212 33,345
   
Total assets $ 1,178,548   $ 1,052,880  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
LIABILITIES
Noninterest-bearing deposits $ 307,797 $ 252,875
 
Savings and interest-bearing deposits 293,711 233,773
 
Time deposits   312,236     268,795  
 
Total deposits 913,744 755,443
 
Short-term borrowings 91,129 185,635
 
Long-term borrowings 55,000 -
 
Other liabilities and accrued expenses 9,537 12,898
   
Total Liabilities   1,069,410     953,976  
 
SHAREHOLDERS' EQUITY
Common stock $0.835 par value; 60,000,000 authorized;
issued and outstanding, 10,544,751 and 10,469,569, respectively 8,805 8,742
 
Additional paid in capital 19,953 18,538
 
Retained earnings 81,385 72,168
 
Accumulated other comprehensive income (loss), net (1,005 ) (544 )
   
Total shareholders' equity   109,138     98,904  
   
Total liabilities and shareholders' equity $ 1,178,548   $ 1,052,880  
                   

Access National Corporation    
Consolidated Statement of Operations
                       
  Three Months Ended Twelve Months Ended
December 31, 2015   December 31, 2014 December 31, 2015 December 31, 2014
(In Thousands Except for Share and Per Share Data)   (unaudited)   (unaudited)    
 
INTEREST INCOME
Interest and fees on loans $ 10,396 $ 9,256 $ 40,055 $ 35,702
 
Interest on federal funds sold and bank balances 34 30 129 102
 
Interest and dividends on securities   1,017   853   3,482   2,697
Total interest income 11,447 10,139 43,666 38,501
 
INTEREST EXPENSE
Interest on deposits 1,058 709 3,648 2,981
 
Interest on other borrowings   188   90   471   292
Total interest expense   1,246   799   4,119   3,273
Net interest income 10,201 9,340 39,547 35,228
 
Provision for loan losses   -   -   150   -
Net interest income after provision for loan losses 10,201 9,340 39,397 35,228
 
NONINTEREST INCOME
Service charges and fees 252 170 903 695
 
Gain on sale of loans 4,523 4,832 19,633 15,146
 
Other Income   1,492   513   5,529   3,459
Total noninterest income 6,267 5,515 26,065 19,300
 
NONINTEREST EXPENSE
Salaries and benefits 6,547 5,955 26,966 22,654
 
Occupancy and equipment 793 739 3,040 2,821
 
Other operating expense   3,147   2,766   11,860   7,543
Total noninterest expense   10,487   9,460   41,866   33,018
Income before income tax 5,981 5,395 23,596 21,510
 
Income tax expense   2,063   1,880   8,177   7,585
NET INCOME   3,918   3,515   15,419   13,925
 
Earnings per common share:
Basic $ 0.37 $ 0.34 $ 1.46 $ 1.33
Diluted $ 0.37 $ 0.34 $ 1.46 $ 1.33
 
Average outstanding shares:
Basic 10,539,772 10,453,115 10,513,008 10,424,067
Diluted 10,625,967 10,489,516 10,581,871 10,466,841
                       
 

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)   2015   2015   2015   2015   2015   2014
 
Return on average assets (annualized) 1.35 % 1.40 % 1.44 % 1.36 % 1.39 % 1.45 %
Return on average equity (annualized) 14.53 % 15.09 % 15.54 % 14.19 % 14.83 % 14.47 %
Net interest margin 3.63 % 3.70 % 3.67 % 3.72 % 3.68 % 3.80 %
Efficiency ratio - Bank only 51.51 % 50.93 % 48.66 % 50.51 % 50.41 % 48.96 %
Total average equity to earning assets 9.60 % 9.57 % 9.58 % 9.93 % 9.67 % 10.37 %
 
Averages
Assets $ 1,161,080 $ 1,129,074 $ 1,108,029 $ 1,050,296 $ 1,112,470 $ 958,067
Loans held for investment 866,402 833,341 814,393 781,990 824,288 721,863
Loans held for sale 30,719 40,465 59,154 38,065 42,076 31,288
Interest-bearing deposits & federal funds sold 50,678 59,216 54,026 46,828 52,716 44,939
Investment securities 174,838 158,839 142,644 147,385 156,010 128,446
Earning assets 1,122,915 1,092,472 1,070,016 1,014,351 1,075,284 927,845
Interest-bearing deposits 614,775 600,854 535,671 499,467 563,112 477,267
Total deposits 939,403 925,617 839,035 760,105 866,695 715,385
Repurchase agreements & federal funds purchased 20,961 21,928 22,506 22,695 22,017 21,129
FHLB short term borrowings 28,261 58,207 125,736 157,555 91,992 115,471
FHLB long-term borrowings 54,511 10,000 10,000 556 18,890 -
Equity $ 107,823 $ 104,569 $ 102,560 $ 100,754 $ 103,948 $ 96,227
 
Allowance for loan losses/loans held for investment 1.53 % 1.59 % 1.62 % 1.68 % 1.53 % 1.73 %
Total NPA $ 7,417 $ 6,616 $ 7,427 $ 6,784 $ 7,417 $ 1,622
NPA to total assets 0.63 % 0.59 % 0.64 % 0.63 % 0.63 % 0.15 %
 
Mortgage loan originations and brokered loans $ 105,128 $ 119,855 $ 145,223 $ 114,541 $ 484,747 $ 408,346
Gain on sale of mortgage loans net hedging activity $ 4,291 $ 5,220 $ 5,959 $ 3,058 $ 18,528 $ 12,779
Allowance for losses on mortgage loans sold $ 1,029 $ 1,179 $ 1,187 $ 1,187 $ 1,029 $ 1,198
 
Wealth Management segment - assets under management $ 611,000 $ 508,000 $ 546,000 $ 523,000 $ 611,000 $ 450,372
 
Book value per common share $ 10.35 $ 10.23 $ 9.94 $ 9.75 $ 10.35 $ 9.45
                                                 

Composition of Loan Portfolio              
                                                           
    December 31, 2015     September 30, 2015     June 30, 2015     March 31, 2015     December 31, 2014
(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 $ 219,877 24.77 % $ 223,801 26.36 % $ 222,012 26.61 % $ 210,131 26.46 % $ 199,442 25.68 %
Commercial real estate - non-owner occupied 147,580 16.63 137,081 16.15 134,585 16.13 123,387 15.54 125,442 16.15
Residential real estate 201,447 22.70 196,580 23.15 198,418 23.79 191,914 24.16 194,213 25.01
Commercial 242,527 27.33 225,147 26.52 223,756 26.82 219,623 27.65 210,278 27.08
Real estate construction 66,003 7.44 57,664 6.79 47,037 5.64 43,290 5.45 41,080 5.29
Consumer   10,044   1.13     8,764   1.03     8,434   1.01     5,869   0.74     6,148   0.79  
Total loans $ 887,478 100.00 % $ 849,037 100.00 % $ 834,242 100.00 % $ 794,214 100.00 % $ 776,603 100.00 %
Less allowance for loan losses   13,563   13,474   13,509   13,331   13,399
$ 873,915 $ 835,563 $ 820,733 $ 780,883 $ 763,204
                                                                     
Composition of Deposits                          
                                                           
    December 31, 2015   September 30, 2015   June 30, 2015   March 31, 2015   December 31, 2014
(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 $ 307,797 33.69 % $ 334,225 35.88 % $ 339,266 37.47 % $ 290,294 36.92 % $ 252,875 33.47 %
Interest-bearing demand deposits 127,980 14.00 120,400 12.93 110,294 12.18 127,504 16.21 116,654 15.44
Savings and money market 150,021 16.42 141,953 15.24 113,909 12.58 103,460 13.16 101,409 13.42
CDARS-time deposit 73,017 7.99 67,213 7.22 90,523 10.00 127,669 16.24 148,142 19.61
CDARS-money market 15,517 1.70 15,501 1.66 15,647 1.73 15,632 1.99 15,497 2.06
Brokered deposits 103,390 11.31 117,598 12.63 113,402 12.53 13,213 1.68 13,344 1.77
Time deposits 136,022   14.89       134,545   14.44       122,361   13.51       108,547   13.80       107,522   14.23  
Total Deposits $ 913,744   100.00 %   $ 931,435   100.00 %   $ 905,402   100.00 %   $ 786,319   100.00 %   $ 755,443   100.00 %
                                                   

   
Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities
Three Months Ended
       
                         
    December 31, 2015   December 31, 2014
Average Income / Yield / Average Income / Yield /
(Dollars In Thousands)   Balance   Expense   Rate   Balance   Expense   Rate
 
Assets:
Interest-earning assets:
Securities $ 175,116 $ 1,017 2.32 % $ 148,909 $ 853 2.29 %
Loans held for sale 30,719 307 4.00 % 37,848 388 4.10 %
Loans(1) 866,402 10,089 4.66 % 740,883 8,868 4.79 %
Interest-bearing balances and federal funds sold   50,678       34   0.27 %   47,156       30   0.25 %
Total interest-earning assets 1,122,915 11,447 4.08 % 974,796 10,139 4.16 %
Noninterest-earning assets:
Cash and due from banks 10,673 9,344
Premises, land and equipment 6,769 6,998
Other assets 34,233 31,061
Less: allowance for loan losses   (13,510 )   (13,293 )
Total noninterest-earning assets   38,165     34,110  
Total Assets $ 1,161,080   $ 1,008,906  
 
Liabilities and Shareholders' Equity:
Interest-bearing deposits:
Interest-bearing demand deposits $ 134,115 $ 75 0.22 % $ 122,004 $ 67 0.22 %
Money market deposit accounts 142,792 81 0.23 % 116,129 59 0.20 %
Savings accounts 21,469 29 0.54 % 5,463 5 0.37 %
Time deposits   316,399       873   1.10 %   223,782       578   1.03 %
Total interest-bearing deposits 614,775 1,058 0.69 % 467,378 709 0.61 %
Borrowings:
FHLB short-term borrowings 28,261 28 0.40 % 147,413 85 0.23 %
Securities sold under agreements to repurchase and federal funds purchased 20,961 5 0.10 % 21,143 5 0.09 %
FHLB long-term borrowings   54,511       155   1.14 %   -       -   0.00 %
Total borrowings   103,733       188   0.72 %   168,556       90   0.21 %
Total interest-bearing deposits and borrowings 718,508 1,246 0.69 % 635,934 799 0.50 %
Noninterest-bearing liabilities:
Demand deposits 324,628 263,756
Other liabilities   10,121     8,658  
Total liabilities 1,053,257 908,348
Shareholders' Equity   107,823     100,558  
Total Liabilities and Shareholders' Equity $ 1,161,080   $ 1,008,906  
 
Interest Spread(2) 3.38 % 3.66 %
 
Net Interest Margin(3) $ 10,201   3.63 % $ 9,340   3.83 %
                         
 
(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, 2015   December 31, 2014
Average

Income /

Yield /

Average

Income /

Yield /

(Dollars In Thousands)   Balance   Expense   Rate   Balance   Expense   Rate
 
Assets:
Interest-earning assets:
Securities $ 156,204 $ 3,482 2.23 % $ 129,755 $ 2,697 2.08 %
Loans held for sale 42,076 1,650 3.92 % 31,288 1,297 4.15 %
Loans(1) 824,288 38,405 4.66 % 721,863 34,405 4.77 %
Interest-bearing balances and federal funds sold   52,716       129   0.24 %   44,939       102   0.23 %
Total interest-earning assets 1,075,284 43,666 4.06 % 927,845 38,501 4.15 %
Noninterest-earning assets:
Cash and due from banks 10,650 8,925
Premises, land and equipment 6,882 7,995
Other assets 33,110 26,523
Less: allowance for loan losses   (13,456 )   (13,221 )
Total noninterest-earning assets   37,186     30,222  
Total Assets $ 1,112,470   $ 958,067  
 
Liabilities and Shareholders' Equity:
Interest-bearing deposits:
Interest-bearing demand deposits $ 119,732 $ 265 0.22 % $ 114,853 $ 256 0.22 %
Money market deposit accounts 126,850 264 0.21 % 115,192 232 0.20 %
Savings accounts 13,606 66 0.49 % 3,884 14 0.36 %
Time deposits   302,924       3,053   1.01 %   243,338       2,479   1.02 %
Total interest-bearing deposits 563,112 3,648 0.65 % 477,267 2,981 0.62 %
Borrowings:
FHLB short-term borrowings 91,992 231 0.25 % 115,471 271 0.23 %
Securities sold under agreements to repurchase and federal funds purchased 22,017 21 0.10 % 21,129 21 0.10 %
FHLB long-term borrowings   18,890       219   1.16 %   -       -   0.00 %
Total borrowings   132,899       471   0.35 %   136,600       292   0.21 %
Total interest-bearing deposits and borrowings 696,011 4,119 0.59 % 613,867 3,273 0.53 %
Noninterest-bearing liabilities:
Demand deposits 303,583 238,118
Other liabilities   8,928     9,855  
Total liabilities 1,008,522 861,840
Shareholders' Equity   103,948     96,227  
Total Liabilities and Shareholders' Equity $ 1,112,470   $ 958,067  
 
Interest Spread(2) 3.47 % 3.62 %
 
Net Interest Margin(3) $ 39,547   3.68 % $ 35,228   3.80 %
                         
 
(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
           
Three Months Ended Commercial Mortgage Wealth Consolidated
December 31, 2015   Banking Banking Management Other Eliminations Totals
(In Thousands)
Revenues:
Interest income $ 11,241 $ 307 $ - $ 6 $ (107 ) $ 11,447
Gain on sale of loans - 4,523 - - - 4,523
Other revenues   969   (4 )   746     348     (315 )   1,744
Total revenues   12,210   4,826     746     354     (422 )   17,714
 
Expenses:
Interest expense 1,251 33 - 69 (107 ) 1,246
Salaries and employee benefits 3,491 2,556 500 - - 6,547
Other expenses   2,154   1,184     376     541     (315 )   3,940
Total operating expenses   6,896   3,773     876     610     (422 )   11,733
 
Income (loss) before income taxes $ 5,314 $ 1,053   $ (130 ) $ (256 ) $ -   $ 5,981
 
Total assets $ 1,133,916   $ 46,077     $ 3,205     $ 16,837     $ (21,487 ) $ 1,178,548
 
 
Three Months Ended Commercial Mortgage Wealth Consolidated
December 31, 2014   Banking Banking Management Other Eliminations Totals
(In Thousands)
Revenues:
Interest income $ 9,925 $ 388 $ - $ 4 $ (178 ) $ 10,139
Gain on sale of loans - 4,832 - - - 4,832
Other revenues   599   (623 )   542     471     (306 )   683
Total revenues   10,524   4,597     542     475     (484 )   15,654
 
Expenses:
Interest expense 797 102 5 73 (178 ) 799
Salaries and employee benefits 3,160 2,385 410 - - 5,955
Other expenses   1,629   1,385     213     584     (306 )   3,505
Total operating expenses   5,586   3,872     628     657     (484 )   10,259
 
Income (loss) before income taxes $ 4,938 $ 725   $ (86 ) $ (182 ) $ -   $ 5,395
 
Total assets $ 1,006,576 $ 47,160   $ 1,624   $ 17,791   $ (20,271 ) $ 1,052,880
 

 
Segment Reporting
           
Twelve Months Ended Commercial Mortgage Wealth Consolidated
December 31, 2015   Banking Banking Management Other Eliminations Totals
(In Thousands)
Revenues:
Interest income $ 42,763 $ 1,650 $ - $ 16 $ (763 ) $ 43,666
Gain on sale of loans - 19,633 - - - 19,633
Other revenues   3,229   388     2,671     1,391     (1,247 )   6,432
Total revenues   45,992   21,671     2,671     1,407     (2,010 )   69,731
 
Expenses:
Interest expense 4,135 467 - 280 (763 ) 4,119
Salaries and employee benefits 13,519 11,470 1,977 - - 26,966
Other expenses   7,732   5,087     1,116     2,362     (1,247 )   15,050
Total operating expenses   25,386   17,024     3,093     2,642     (2,010 )   46,135
 
Income (loss) before income taxes $ 20,606 $ 4,647   $ (422 ) $ (1,235 ) $ -   $ 23,596
 
Total assets $ 1,133,916 $ 46,077   $ 3,205   $ 16,837   $ (21,487 ) $ 1,178,548
 
 
Twelve Months Ended Commercial Mortgage Wealth Consolidated
December 31, 2014   Banking Banking Management Other Eliminations Totals
(In Thousands)
Revenues:
Interest income $ 37,816 $ 1,297 $ - $ 13 $ (625 ) $ 38,501
Gain on sale of loans - 15,146 - - - 15,146
Other revenues   2,454   (614 )   2,126     1,388     (1,200 )   4,154
Total revenues   40,270   15,829     2,126     1,401     (1,825 )   57,801
 
Expenses:
Interest expense 3,264 281 21 332 (625 ) 3,273
Salaries and employee benefits 11,897 9,212 1,545 - - 22,654
Other expenses   6,220   1,293     910     3,141     (1,200 )   10,364
Total operating expenses   21,381   10,786     2,476     3,473     (1,825 )   36,291
 
Income (loss) before income taxes $ 18,889 $ 5,043   $ (350 ) $ (2,072 ) $ -   $ 21,510
 
Total assets $ 1,006,576 $ 47,160   $ 1,624   $ 17,791   $ (20,271 ) $ 1,052,880

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



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