Please wait while we load the requested 10-Q report or click the link below:
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.
- First quarter net income of $8.1 million or $0.39 per diluted share;
- Tangible book value1 per common share was $11.65 at March 31, 2018, an increase of $0.13 from the linked quarter;
- Loans held for investment were $1.92 billion at March 31, 2018 compared to $1.07 billion at March 31, 2017, a year-over-year increase of 79.4%; and
- Non-interest bearing demand deposits of $706.1 million were 32.1% of total deposits at March 31, 2018 compared to $376.7 million at March 31, 2017, a year-over-year increase of 87.5%.
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
1 Non-GAAP financial information. See “Reconciliation of Non-GAAP Financial Measures” at end of release.
The following information was filed by Access National Corp (ANCX) on Monday, April 30, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Access National Corp's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Access National Corp.