Access National Corp (ANCX) SEC Filing 10-Q Quarterly report for the period ending Saturday, June 30, 2018

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Access National Corp
Ticker: ANCX CIK: 1176316

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 72^nd 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

For the three month period ended June 30, 2018, net income increased 10.8% compared to the preceding period and 20.0% compared to the same period of the prior year (after a tax adjusted add back for merger costs in the prior year);
Loans held for investment increased $59.3 million (12.3% annualized) during the three-month period to $2.0 billion at June 30, 2018;
Tangible book value¹ per common share was $11.99 at June 30, 2018, an increase of $0.34 from the linked quarter; and
Demand deposits of $1.2 billion at June 30, 2018 comprised 56% of total deposits, inclusive of $719.9 million of non-interest bearing demand deposits or 34% of the deposit portfolio. Non-interest bearing demand deposits increased $13.7 million during the three month period and $59.4 million during the twelve month period ended June 30, 2018.

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.

The following information was filed by Access National Corp (ANCX) on Monday, July 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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