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Exhibit 99.1
Access National Announces Record Earnings for Second Quarter 2018 and Dividend Increase
RESTON, Va.--(BUSINESS WIRE)--July 26, 2018--
Access National Corporation (NASDAQ: ANCX) (the “Corporation” or “Access”), parent company for Access National Bank (the “Bank”) and Middleburg Investment Group, reported second quarter 2018 net income of $9.0 million, or $0.43 per diluted share. This represents the Corporation’s 72nd consecutive quarterly profit over its 74 quarter history. Consistent with management’s objective of a 40% dividend payout ratio against level and sustainable earnings, the Board of Directors declared a dividend of $0.16 per share for common shareholders of record as of August 09, 2018 and payable on August 24, 2018. This dividend represents a $0.01 increase from the prior quarter.Highlights
According to CEO Michael Clarke, “Not only did we experience strong increases in nominal earnings during this period, we exceeded our strategic profitability measures with Return on Tangible Common Equity (ROTCE) of 13.74% compared to the target of 13.25%, and Return on Assets of 1.26% compared to the target of 1.25%. While modest margin compression was a drag on performance (down 3 basis points), our team focused this quarter on delivering solid loan growth and maintaining an attractive core deposit base. Non-interest bearing demand deposits, our largest and most valued source of funding, increased $13.7 million during the quarter and comprised 34% of total deposits. We place a priority focus on maintaining and expanding commercial checking accounts with businesses that value a trusted advisor relationship and sophisticated treasury management solutions.”
Both fee income businesses, wealth management and mortgage, made meaningful contributions to deliver 17% of pre-tax income, up from 12% during the prior three months. Mr. Clarke concluded: “Our brand of relationship banking with complementary and valued-added fee income services resonates well with our target market and gives us the financial levers to deliver results and drive long term shareholder value.” For the wealth segment, pre-tax income rose to $1.0 million for the three months ended June 30, 2018 compared to $0.3 million for the prior period. This increase is primarily attributable to a one-time fee associated with an estate settlement. On a linked quarter basis, the mortgage segment margins decreased while origination volume increased, resulting in pretax earnings of $0.9 million for the three months ended June 30, 2018 compared to $0.9 million for the prior quarter. Mortgage originations were $123.2 million for the three months ended June 30, 2018, compared to $84.4 million for the three months ended March 31, 2018 and $117.0 million for the three months ended June 30, 2017. The Corporation’s efficiency ratio continues to improve and is within the stated strategic target threshold of 65% or better.
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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: 0001628280-18-010980
Submitted to the SEC: Thu Aug 09 2018 5:49:41 PM EST
Accepted by the SEC: Fri Aug 10 2018
Period: Saturday, June 30, 2018
Industry: Savings Institution Federally Chartered