Last10K.com

Access National Corp (ANCX) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Access National Corp

CIK: 1176316 Ticker: ANCX

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.


The following information was filed by Access National Corp (ANCX) on Thursday, January 22, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Access National Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Access National Corp.

Continue

Assess how Access National Corp's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Access National Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2015 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Bank-owned Life Insurance
Bank-owned Life Insurance (details Textual)
Borrowings
Borrowings (details Textual)
Borrowings (details)
Borrowings (tables)
Capital Requirements
Capital Requirements (details)
Capital Requirements (tables)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (details Textual)
Commitments And Contingent Liabilities (details)
Commitments And Contingent Liabilities (details1)
Commitments And Contingent Liabilities (tables)
Deposits
Deposits (details 1)
Deposits (details Textual)
Deposits (details)
Deposits (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Employee Benefits
Employee Benefits (details Textual)
Fair Value Measurements
Fair Value Measurements (details 1)
Fair Value Measurements (details 2)
Fair Value Measurements (details 3)
Fair Value Measurements (details 4)
Fair Value Measurements (details)
Fair Value Measurements (tables)
Financial Instruments With Off-balance-sheet Risk
Financial Instruments With Off-balance-sheet Risk (details Textual)
Income Taxes
Income Taxes (details 1)
Income Taxes (details 2)
Income Taxes (details)
Income Taxes (tables)
Loans And The Allowance For Loan Losses
Loans And The Allowance For Loan Losses (details 1)
Loans And The Allowance For Loan Losses (details 2)
Loans And The Allowance For Loan Losses (details 3)
Loans And The Allowance For Loan Losses (details 4)
Loans And The Allowance For Loan Losses (details 5)
Loans And The Allowance For Loan Losses (details 6)
Loans And The Allowance For Loan Losses (details 7)
Loans And The Allowance For Loan Losses (details Textual)
Loans And The Allowance For Loan Losses (details)
Loans And The Allowance For Loan Losses (tables)
Other Expenses
Other Expenses (details)
Other Expenses (tables)
Parent Corporation Only Statements
Parent Corporation Only Statements (detail)
Parent Corporation Only Statements (details 2)
Parent Corporation Only Statements (details 3)
Parent Corporation Only Statements (details1)
Parent Corporation Only Statements (tables)
Premises And Equipment
Premises And Equipment (details Textual)
Premises And Equipment (details)
Premises And Equipment (tables)
Related Party Transactions
Related Party Transactions (details Textual)
Securities
Securities (details 1)
Securities (details 2)
Securities (details 3)
Securities (details Textual)
Securities (details)
Securities (tables)
Segment Reporting
Segment Reporting (details)
Segment Reporting (tables)
Stock Option Plan
Stock Option Plan (details 1)
Stock Option Plan (details 2)
Stock Option Plan (details Textual)
Stock Option Plan (details)
Stock Option Plan (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details Textual)
Summary Of Significant Accounting Policies (policies)
Ticker: ANCX
CIK: 1176316
Form Type: 10-K Annual Report
Accession Number: 0001144204-15-015436
Submitted to the SEC: Wed Mar 11 2015 5:31:15 PM EST
Accepted by the SEC: Wed Mar 11 2015
Period: Wednesday, December 31, 2014
Industry: Savings Institution Federally Chartered

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/ancx/0001144204-15-015436.htm