Last10K.com

Access National Corp (ANCX) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Access National Corp

CIK: 1176316 Ticker: ANCX

Exhibit 99.1

Access National Declares Dividend, Reports Fourth Quarter Earnings

RESTON, Va.--(BUSINESS WIRE)--January 20, 2017--

Access National Corporation (NASDAQ: ANCX) (the “Corporation” or “Access”), parent company for Access National Bank (Bank), reported fourth quarter 2016 net income of $3.0 million, or $0.28 per common share. This represents the Corporation’s 66th consecutive quarterly profit over its 68 quarter history. Consistent with management’s stated objective of a 40%-50% dividend payout ratio against core earnings, the Board of Directors declared a cash dividend of $0.15 per share for common shareholders of record as of February 3, 2017 and payable on February 24, 2017. This quarterly dividend continues to affirm management’s favorable outlook on forward earnings and capital adequacy even after consideration of its upcoming merger with Middleburg Financial Corporation (“Middleburg”).

Highlights

  • Strategic merger with Middleburg announced October 24, 2016, on track to close during second quarter 2017;
  • Reported earnings reflect $864 thousand in merger related costs;
  • Book value per common share grew 9.5% to $11.33 at December 31, 2016 when compared to $10.35 at December 31, 2015;
  • Loans held for investment grew $83.2 million or 34.4% on an annualized basis, surpassing the $1 billion dollar threshold; and
  • Demand deposits account for 34.3% of total deposits at December 31, 2016, while wholesale funding was reduced by $19.0 million from third quarter 2016.

Due mainly to merger related costs of $864 thousand, fourth quarter 2016 pretax earnings declined $1.0 million or 17.3% when compared to fourth quarter 2015 pretax earnings. An increase of $459 thousand in the commercial banking segment’s salaries and employee benefits due to expansion was offset by reductions in other expenses not related to the provision that had been elevated the prior year due to enhancements in the Bank’s online banking platform. The mortgage segment’s pretax earnings increase of $313 thousand over fourth quarter 2015 was due mainly to an increase in gains recorded on secondary mortgage activity due to more favorable gain on sale margins.

The net interest margin decreased from 3.63% to 3.46% when comparing fourth quarter 2015 to fourth quarter 2016. On a linked quarter basis, the margin decreased from 3.49% for the three months ended September 30, 2016 when compared to 3.46% for the three months ended December 31, 2016.

On a consolidated basis, the Corporation reported a return on average assets of 1.27% and a return on average equity of 14.11% for the year even after consideration of the merger related costs that impacted fourth quarter 2016 annualized return on average assets and average equity. Annualized, the fourth quarter return on average assets was 0.89% for the three month period ended December 31, 2016, while the annualized return on average equity was 9.97% for the three month period ended December 31, 2016.

Total assets were $1.4 billion at December 31, 2016 and grew $252.2 million when compared to December 31, 2015. The $252.2 million growth in assets since December 31, 2015 was due mainly to an increase in loans held for investment of $162.2 million, a $57.3 million increase in interest-bearing balances, a $28.8 million increase in investment securities, and a $13.6 million increase in other assets which was largely due to an increase in bank owned life insurance of $10.6 million. Total loans held for investment surpassed $1 billion for the first time as commercial loans grew 18.3% year over year and remain the largest portfolio segment. The growth in the loan portfolio as well as increased allowance for non-performing assets (“NPAs”) from the linked quarter was responsible for the increase of $1.3 million in the provision for loan loss.


The following information was filed by Access National Corp (ANCX) on Friday, January 20, 2017 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 2017 10-K Annual Report includes:

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

Continue

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 1)
Borrowings (details 2)
Borrowings (details Textual)
Borrowings (details)
Borrowings (tables)
Capital Requirements
Capital Requirements (details)
Capital Requirements (tables)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (details 1)
Commitments And Contingent Liabilities (details Textual)
Commitments And Contingent Liabilities (details)
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)
Merger With Middleburg Financial Corporation
Merger With Middleburg Financial Corporation (details Textual)
Other Expenses
Other Expenses (details)
Other Expenses (tables)
Parent Corporation Only Statements
Parent Corporation Only Statements (details 1)
Parent Corporation Only Statements (details 2)
Parent Corporation Only Statements (details 3)
Parent Corporation Only Statements (details)
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: 0001144204-17-015082
Submitted to the SEC: Thu Mar 16 2017 4:08:29 PM EST
Accepted by the SEC: Thu Mar 16 2017
Period: Saturday, December 31, 2016
Industry: Savings Institution Federally Chartered

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/ancx/0001144204-17-015082.htm