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Exhibit 99.1
Access National Announces First Quarter 2018 Earnings
RESTON, Va.--(BUSINESS WIRE)--April 26, 2018--
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
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.
__________________________
1 Non-GAAP
financial information. See “Reconciliation of Non-GAAP Financial
Measures” at end of release.
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Access National Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
Financial Statements, Disclosures and Schedules
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Access National Corp provided additional information to their SEC Filing as exhibits
Ticker: ANCX
CIK: 1176316
Form Type: 10-Q Quarterly Report
Accession Number: 0001176316-18-000004
Submitted to the SEC: Thu May 10 2018 5:04:18 PM EST
Accepted by the SEC: Thu May 10 2018
Period: Saturday, March 31, 2018
Industry: Savings Institution Federally Chartered