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Access National Corp (ANCX) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Access National Corp

CIK: 1176316 Ticker: ANCX

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

  • 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 million.

__________________________
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.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Unaudited Consolidated Balance Sheets
Unaudited Consolidated Balance Sheets (parenthetical)
Unaudited Consolidated Statements Of Cash Flows
Unaudited Consolidated Statements Of Changes In Shareholders' Equity (parenthetical)
Unaudited Consolidated Statements Of Comprehensive Income
Unaudited Consolidated Statements Of Operations
Undaudited Consolidated Statements Of Changes In Shareholders' Equity
Allowance For Loan And Lease Losses
Allowance For Loan And Lease Losses (details)
Allowance For Loan And Lease Losses (tables)
Allowance For Loan And Lease Losses - Narrative (details)
Bank Owned Life Insurance
Bank Owned Life Insurance (details)
Basis Of Presentation
Basis Of Presentation - Additional Information (details)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities - Narrative (details)
Derivatives
Derivatives - Narrative (details)
Derivatives - Derivatives Designated As Cash Flow Hedges (details)
Derivatives - Interest Rate Cap Agreement (details)
Derivatives - Two-way Client Interest Rate Swaps Not Designated As Either Fair Value Or Cash Flow Hedges (details)
Derivatives (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Fair Value Measurements
Fair Value Measurements (tables)
Fair Value Measurements - Changes In Level 3 Assets And Liabilities Measured At Fair Value (details)
Fair Value Measurements - Difference Between Fair Value And Carrying Amount Of Residential Mortgage Loans Held For Sale (details)
Fair Value Measurements - Estimated Fair Values And Related Carrying Values Of Financial Instruments (details)
Fair Value Measurements - Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis (details)
Fair Value Measurements - Quantitative Information About Level Iii Fair Value Measurements (details)
Financial Instruments With Off-balance Sheet Risk
Financial Instruments With Off-balance Sheet Risk - Narrative (details)
Financial Instruments With Off-balance Sheet Risk (tables)
Financial Instruments With Off-balance Sheet Risk - Changes In Allowance For Losses On Mortgage Loans Sold (details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Narrative (details)
Goodwill And Intangible Assets - Schedule Of Changes In Carrying Amount Of Goodwill (details)
Goodwill And Intangible Assets - Summary Of Carrying Amount Of Intangible Assets (details)
Loans
Loans (tables)
Loans - Composition Of Loans Held For Investment (details)
Loans - Impaired Loans By Average Recorded Investment (details)
Loans - Loans Identified As Impaired By Class Of Loan (details)
Loans - Narrative (details)
Loans - Non-accrual Loans Past Due (details)
Loans - Risk Profile Based Upon Payment Activity (details)
Loans - Schedule Of Changes In Accretable Yield For Purchased Impaired Loans (details)
Loans - Summary Of Loan Classifications By Class Of Loan (details)
Loans - Troubled Debt Restructuring (details)
Low Income Housing Tax Credits
Low Income Housing Tax Credits (details)
Mergers And Acquisitions
Mergers And Acquisitions (tables)
Mergers And Acquisitions - Loans Identified As Impaired At Acquisition Date (details)
Mergers And Acquisitions - Narrative (details)
Mergers And Acquisitions - Schedule Of Fair Value Of Identifiable Assets Acquired And Liabilities Assumed (details)
Other Income And Other Operating Expenses
Other Income And Other Operating Expenses (tables)
Other Income And Other Operating Expenses - Schedule Of Other Expenses (details)
Other Income And Other Operating Expenses - Schedule Of Other Income (details)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (policies)
Recent Accounting Pronouncements - Narrative (details)
Revenue Recognition
Revenue Recognition (details)
Revenue Recognition (tables)
Securities
Securities (tables)
Securities - Amortized Cost And Fair Value Of Securities Available For Sale By Contractual Maturity (details)
Securities - Amortized Cost And Fair Value Of Securities Held To Maturity By Contractual Maturity (details)
Securities - Amortized Costs And Fair Values Of Securities Available For Sale (details)
Securities - Amortized Costs And Fair Values Of Securities Held To Maturity (details)
Securities - Investments In Unrealized Loss Position (details)
Securities - Narrative (details)
Segment Reporting
Segment Reporting (details)
Segment Reporting (tables)
Share Based Compensation Plans
Share Based Compensation Plans (tables)
Share Based Compensation Plans - Narrative (details)
Share Based Compensation Plans - Schedule Of Fair Value Assumptions Stock Options (details)
Share Based Compensation Plans - Stock Options Outstanding Activity (details)

Material Contracts, Statements, Certifications & more

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

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