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

Access National Corp

CIK: 1176316 Ticker: ANCX

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

  • 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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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 - Narrative (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: 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

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