• NASDAQ : ANCX

  • Price $ 28.82
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  • Volume 37,470
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Press Release

Access National Declares Dividend, Reports Fourth Quarter Earnings

Company Release - 1/20/2017 7:00 AM ET

RESTON, Va.--(BUSINESS WIRE)-- Access National Corporation (NASDAQ: ANCX) (the “Corporation” or “Access”), parent company for Access National Bank (Bank), reported fourth quarter 2016 net income of $3.0 million, or $0.28 per common share. This represents the Corporation’s 66th consecutive quarterly profit over its 68 quarter history. Consistent with management’s stated objective of a 40%-50% dividend payout ratio against core earnings, the Board of Directors declared a cash dividend of $0.15 per share for common shareholders of record as of February 3, 2017 and payable on February 24, 2017. This quarterly dividend continues to affirm management’s favorable outlook on forward earnings and capital adequacy even after consideration of its upcoming merger with Middleburg Financial Corporation (“Middleburg”).

Highlights

  • Strategic merger with Middleburg announced October 24, 2016, on track to close during second quarter 2017;
  • Reported earnings reflect $864 thousand in merger related costs;
  • Book value per common share grew 9.5% to $11.33 at December 31, 2016 when compared to $10.35 at December 31, 2015;
  • Loans held for investment grew $83.2 million or 34.4% on an annualized basis, surpassing the $1 billion dollar threshold; and
  • Demand deposits account for 34.3% of total deposits at December 31, 2016, while wholesale funding was reduced by $19.0 million from third quarter 2016.

Due mainly to merger related costs of $864 thousand, fourth quarter 2016 pretax earnings declined $1.0 million or 17.3% when compared to fourth quarter 2015 pretax earnings. An increase of $459 thousand in the commercial banking segment’s salaries and employee benefits due to expansion was offset by reductions in other expenses not related to the provision that had been elevated the prior year due to enhancements in the Bank’s online banking platform. The mortgage segment’s pretax earnings increase of $313 thousand over fourth quarter 2015 was due mainly to an increase in gains recorded on secondary mortgage activity due to more favorable gain on sale margins.

The net interest margin decreased from 3.63% to 3.46% when comparing fourth quarter 2015 to fourth quarter 2016. On a linked quarter basis, the margin decreased from 3.49% for the three months ended September 30, 2016 when compared to 3.46% for the three months ended December 31, 2016.

On a consolidated basis, the Corporation reported a return on average assets of 1.27% and a return on average equity of 14.11% for the year even after consideration of the merger related costs that impacted fourth quarter 2016 annualized return on average assets and average equity. Annualized, the fourth quarter return on average assets was 0.89% for the three month period ended December 31, 2016, while the annualized return on average equity was 9.97% for the three month period ended December 31, 2016.

Total assets were $1.4 billion at December 31, 2016 and grew $252.2 million when compared to December 31, 2015. The $252.2 million growth in assets since December 31, 2015 was due mainly to an increase in loans held for investment of $162.2 million, a $57.3 million increase in interest-bearing balances, a $28.8 million increase in investment securities, and a $13.6 million increase in other assets which was largely due to an increase in bank owned life insurance of $10.6 million. Total loans held for investment surpassed $1 billion for the first time as commercial loans grew 18.3% year over year and remain the largest portfolio segment. The growth in the loan portfolio as well as increased allowance for non-performing assets (“NPAs”) from the linked quarter was responsible for the increase of $1.3 million in the provision for loan loss.

Total deposits at December 31, 2016 were $1.1 billion, an increase of $140.6 million when compared to December 31, 2015. At December 31, 2016, non-interest bearing deposits were $362.0 million, an increase of $54.2 million when compared to December 31, 2015. Although down on a linked quarter basis due to normal seasonality, non-interest bearing deposits grew 17.6% on a year over year basis. Interest-bearing deposits increased to $692.3 million at December 31, 2016, an increase of $86.3 million since December 31, 2015. A targeted marketing campaign continues to propel growth in this category which saw a year-over-year increase in savings and money market accounts of $120.3 million and an increase in non-brokered time deposits of $27.2 million. These increases were partially offset by a $59.3 million reduction in wholesale funding when comparing December 31, 2016 to December 31, 2015.

NPAs decreased to $6.9 million at December 31, 2016 from $7.4 million at December 31, 2015, representing 0.48% and 0.63% of total assets, respectively. The allowance for loan loss was $16.0 million and $13.6 million at December 31, 2016 and December 31, 2015, respectively, and represented 1.53% of total loans held for investment at December 31, 2016 and 2015, respectively.

Book value per common share increased from $10.35 at December 31, 2015 to $11.33 at December 31, 2016. The tangible common equity ratio for Access National Corporation and its subsidiary bank was 8.31% at December 31, 2016, within the Corporation’s target range of 8.00% to 10.50%.

Access National Corporation is the parent company of Access National Bank, an independent, nationally chartered bank serving the business community of the greater Washington DC Metropolitan area. Additional information is available on our website at www.AccessNationalBank.com. Shares of Access National Corporation are traded on the NASDAQ Global Market under the symbol "ANCX".

About the Proposed Transaction and Where to Find It

As previously disclosed, Access and Middleburg have entered into an Agreement and Plan of Reorganization (the "Merger Agreement") pursuant to which Middleburg will merge with and into Access (the "Merger"). Access will be the surviving corporation in the Merger.

Investors are urged to review carefully and consider all public filings by Access and Middleburg with the Securities and Exchange Commission (the "SEC"), including but not limited to their Annual Reports on Form 10-K, their proxy statements, their Quarterly Reports on Form 10-Q, and their Current Reports on Form 8-K. The documents filed with the SEC may be obtained free of charge at the SEC's website at www.sec.gov. The documents filed by Access with the SEC may also be obtained free of charge at Access's website at www.accessnationalbank.com or by requesting them in writing to Access National Corporation, 1800 Robert Fulton Drive, Suite 300, Reston, Virginia 20191, Attention: Investor Relations. The documents filed by Middleburg with the SEC may also be obtained free of charge at Middleburg's website at www.middleburgbank.com or by requesting them in writing to Middleburg Financial Corporation, 111 West Washington Street, Middleburg, Virginia 20117, Attention: Investor Relations.

In connection with the Merger, Access has filed a registration statement on Form S-4 with the SEC which includes a preliminary joint proxy statement of Access and Middleburg and a preliminary prospectus of Access. A definitive joint proxy statement/prospectus will be sent to the shareholders of each company seeking the required shareholder approvals. Before making any voting or investment decision, investors and security holders of Access and Middleburg are urged to read carefully the entire definitive registration statement and definitive joint proxy statement/prospectus when they become available, including any amendments thereto, because they will contain important information about the proposed transaction. Information in this release is not a substitute for the registration statement or the joint proxy statement/prospectus. Free copies of these documents may be obtained as described above.

Access, Middleburg and certain of their directors and executive officers may be deemed participants in the solicitation of proxies from Access and Middleburg shareholders in connection with the proposed transaction. Information about the directors and officers of Access and their ownership of Access common stock is set forth in the definitive proxy statement for Access's 2016 annual meeting of shareholders, as previously filed with the SEC on April 18, 2016. Information about the directors and officers of Middleburg and their ownership of Middleburg common stock is set forth in the definitive proxy statement for Middleburg's 2016 annual meeting of shareholders, as previously filed with the SEC on April 12, 2016. Investors may obtain additional information regarding the interests of such participants by reading the definitive registration statement and the definitive joint proxy statement/prospectus when they become available. Free copies of these documents may be obtained as described above.

Forward-Looking Statements

The information presented herein contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding expectations or predictions of future financial or business performance or conditions. Forward-looking statements may be identified by words such as "may," "could," "will," "expect," "believe," "anticipate," "forecast," "intend," "plan," "prospects," "estimate," "potential," or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time. Forward-looking statements in this report (including in the exhibits hereto) may include, but are not limited to, statements about project impacts of and financial results generated by the transaction. Forward-looking statements speak only as of the date they are made and Access assumes no duty to update forward-looking statements.

In addition to factors previously disclosed in Access's and Middleburg's reports filed with the SEC and those identified elsewhere in this release, the following factors, among others, could cause actual results to differ materially from the results expressed in or implied by forward-looking statements and historical performance: ability to obtain regulatory approvals and meet other closing conditions to the Merger; delays in closing the Merger; changes in asset quality and credit risk; changes in interest rates and capital markets; the introduction, timing and success of business initiatives; competitive conditions; and the inability to recognize cost savings or revenues or to implement integration plans associated with the Merger.

   
Access National Corporation
Consolidated Balance Sheet
         
December 31, December 31,
2016 2015
(In Thousands Except for Share and Per Share Data)   (Unaudited)    
 
ASSETS
 

Cash and due from banks

$ 9,186 $ 11,291
 
Interest-bearing balances and federal funds sold 81,873 24,598
 
Investment securities:
Available-for-sale, at fair value 194,090 160,162
Held-to-maturity, at amortized cost (fair value of $9,475 and $14,314, respectively)   9,200     14,287  
Total investment securities 203,290 174,449
 
Restricted Stock, at amortized cost 10,092 7,259
 
Loans held for sale - at fair value 35,676 44,135
 

Loans held for investment net of allowance for loan losses of $16,008 and $13,563, respectively

1,033,690 873,915
 
Premises, equipment and land, net 7,084 6,689
 
Other assets 49,817 36,212
   
Total assets $ 1,430,708   $ 1,178,548  
 
LIABILITIES AND SHAREHOLDERS' EQUITY
 
LIABILITIES
Noninterest-bearing deposits $ 362,036 $ 307,797
 
Savings and interest-bearing deposits 440,585 293,711
 
Time deposits   251,706     312,236  
 
Total deposits 1,054,327 913,744
 
Short-term borrowings 186,009 91,129
 
Long-term borrowings 60,000 55,000
 
Other liabilities and accrued expenses 9,842 9,537
   
Total Liabilities   1,310,178     1,069,410  
 
SHAREHOLDERS' EQUITY

Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 10,636,242 and 10,544,751, respectively

8,881 8,805
 
Additional paid in capital 21,779 19,953
 
Retained earnings 91,439 81,385
 
Accumulated other comprehensive loss, net (1,569 ) (1,005 )
   
Total shareholders' equity   120,530     109,138  
   
Total liabilities and shareholders' equity $ 1,430,708   $ 1,178,548  
         
 

       
Access National Corporation
Consolidated Statement of Operations
                 
Three Months Ended Twelve Months Ended
December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015
(In Thousands Except for Share and Per Share Data)   (unaudited)   (unaudited)    
 
INTEREST INCOME
Interest and fees on loans $ 11,762 $ 10,396 $ 45,639 $ 40,055
 
Interest on federal funds sold and bank balances 73 34 337 129
 
Interest and dividends on securities   1,085   1,017   4,039   3,482
Total interest income 12,920 11,447 50,015 43,666
 
INTEREST EXPENSE
Interest on deposits 1,376 1,058 5,150 3,648
 
Interest on other borrowings   287   188   1,154   471
Total interest expense   1,663   1,246   6,304   4,119
Net interest income 11,257 10,201 43,711 39,547
 
Provision for loan losses   1,250   -   2,120   150
Net interest income after provision for loan losses 10,007 10,201 41,591 39,397
 
NONINTEREST INCOME
Service charges and fees 223 252 971 903
 
Gain on sale of loans 5,745 4,523 25,164 19,633
 
Other Income   1,158   1,492   5,668   5,529
Total noninterest income 7,126 6,267 31,803 26,065
 
NONINTEREST EXPENSE
Salaries and benefits 7,495 6,547 31,778 26,966
 
Occupancy and equipment 766 793 3,044 3,040
 
Other operating expense   3,928   3,147   12,968   11,860
Total noninterest expense   12,189   10,487   47,790   41,866
Income before income tax 4,944 5,981 25,604 23,596
 
Income tax expense   1,938   2,063   9,200   8,177
NET INCOME   3,006   3,918   16,404   15,419
 
Earnings per common share:
Basic $ 0.28 $ 0.37 $ 1.55 $ 1.46
Diluted $ 0.28 $ 0.37 $ 1.54 $ 1.46
 
Average outstanding shares:
Basic 10,620,312 10,539,772 10,586,394 10,513,008
Diluted 10,775,553 10,625,967 10,677,561 10,581,871
                 
 

           
Performance and Capital Ratios
                         
Three Months Three Months Three Months Three Months Twelve Months Twelve Months
Ended Ended Ended Ended Ended Ended
December 31, September 30, June 30, March 31, December 31, December 31,
(Dollars In Thousands Except for Share and Per Share Data)   2016   2016   2016   2016   2016   2015
 
Return on average assets (annualized) 0.89 % 1.34 % 1.54 % 1.35 % 1.27 % 1.39 %
Return on average equity (annualized) 9.97 % 14.92 % 17.00 % 14.75 % 14.11 % 14.83 %
Net interest margin 3.46 % 3.49 % 3.51 % 3.61 % 3.52 % 3.68 %
Efficiency ratio - Bank only 47.06 % 50.16 % 50.10 % 51.20 % 49.59 % 50.41 %
Total average equity to earning assets 9.28 % 9.30 % 9.36 % 9.50 % 9.36 % 9.67 %
Tangible common equity ratio 8.31 % 8.78 % 8.94 % 9.23 % 8.31 % 9.12 %
 
Averages
Assets $ 1,351,622 $ 1,324,511 $ 1,268,504 $ 1,208,864 $ 1,288,582 $ 1,112,470
Loans held for investment 990,517 947,622 915,218 905,382 939,837 824,288
Loans held for sale 44,454 63,667 45,357 34,607 47,060 42,076
Interest-bearing deposits & federal funds sold 60,300 72,680 84,008 52,862 67,457 52,716
Investment securities 204,794 194,131 182,751 176,448 189,585 156,010
Earning assets 1,299,883 1,275,763 1,225,910 1,169,183 1,242,923 1,075,284
Interest-bearing deposits 702,260 676,841 657,363 612,021 662,271 563,112
Total deposits 1,091,431 1,067,838 1,005,419 920,528 1,021,624 866,695
Repurchase agreements & federal funds purchased 18,765 14,881 13,981 17,442 16,270 22,017
FHLB short term borrowings 50,728 38,043 51,154 86,429 56,522 91,992
FHLB long-term borrowings 60,163 75,000 74,341 64,615 68,525 18,890
Equity $ 120,641 $ 118,654 $ 114,748 $ 111,068 $ 116,296 $ 103,948
 
Allowance for loan losses/loans held for investment 1.53 % 1.52 % 1.47 % 1.49 % 1.53 % 1.53 %
Total NPA $ 6,922 $ 5,845 $ 1,866 $ 7,349 $ 6,922 $ 7,417
NPA to total assets 0.48 % 0.43 % 0.14 % 0.60 % 0.48 % 0.63 %
 
Mortgage loan originations and brokered loans $ 115,448 $ 168,774 $ 154,022 $ 106,622 $ 544,866 $ 484,747
Gain on sale of mortgage loans net hedging activity $ 6,899 $ 7,122 $ 6,579 $ 3,235 $ 23,835 $ 18,528
Allowance for losses on mortgage loans sold $ 1,029 $ 1,029 $ 1,029 $ 1,029 $ 1,029 $ 1,029
 
Wealth Management segment - assets under management $ 667,300 $ 655,000 $ 625,000 $ 611,000 $ 667,300 $ 611,000
 
Book value per common share $ 11.33 $ 11.44 $ 11.19 $ 10.79 $ 11.33 $ 10.35
                                                 
 

                   
Composition of Loan Portfolio
                                         
    December 31, 2016   September 30, 2016   June 30, 2016   March 31, 2016   December 31, 2015

 

Percentage of

 

Percentage of

 

Percentage of

 

Percentage of

 

Percentage of

(Dollars In Thousands)  

Amount

 

Total

 

Amount

 

Total

 

Amount

 

Total

 

Amount

 

Total

 

Amount

 

Total

 
Commercial real estate - owner occupied $ 250,440 23.87 % $ 238,224 24.65 % $ 235,735 25.01 % $ 217,954 23.83 % $ 219,877 24.77 %
Commercial real estate - non-owner occupied 184,688 17.59 174,342 18.04 153,206 16.25 153,433 16.77 147,580 16.63
Residential real estate 204,413 19.47 202,605 20.96 208,311 22.10 202,858 22.18 201,447 22.70
Commercial 311,486 29.67 264,794 27.40 257,139 27.28 258,520 28.26 242,527 27.33
Real estate construction 91,822 8.75 79,621 8.24 79,200 8.39 72,055 7.88 66,003 7.44
Consumer   6,849   0.65     6,959   0.71     9,138   0.97     9,862   1.08     10,044   1.13  
Total loans $ 1,049,698 100.00 % $ 966,545 100.00 % $ 942,729 100.00 % $ 914,682 100.00 % $ 887,478 100.00 %
Less allowance for loan losses   16,008   14,696   13,834   13,614   13,563
$ 1,033,690 $ 951,849 $ 928,895 $ 901,068 $ 873,915
                                         
 
                 
Composition of Deposits
                                         
    December 31, 2016   September 30, 2016   June 30, 2016   March 31, 2016   December 31, 2015

 

 

Percentage of

Percentage of

Percentage of

Percentage of

Percentage of

(Dollars In Thousands)

  Amount  

Total

  Amount  

Total

  Amount  

Total

  Amount  

Total

  Amount   Total
 
Demand deposits $ 362,036 34.34 % $ 409,558 36.73 % $ 392,269 37.55 % $ 335,219 34.90 % $ 307,797 33.69 %
Interest-bearing demand deposits 126,189 11.97 124,856 11.20 123,638 11.84 123,876 12.90 127,980 14.00
Savings and money market 270,310 25.64 265,308 23.79 206,566 19.78 149,679 15.59 150,021 16.42
CDARS time deposits 34,290 3.25 36,948 3.31 53,212 5.09 67,540 7.03 73,017 7.99
CDARS/ICS non-maturity deposits 40,925 3.88 46,156 4.14 35,247 3.37 35,238 3.67 15,517 1.70
Brokered deposits 57,389 5.44 68,483 6.14 69,139 6.62 106,150 11.05 103,390 11.31
Time deposits   163,188   15.48       163,744   14.69       164,474   15.75       142,755   14.86       136,022   14.89  
Total Deposits $ 1,054,327   100.00 %   $ 1,115,053   100.00 %   $ 1,044,545   100.00 %   $ 960,457   100.00 %   $ 913,744   100.00 %
                                         
 

 

Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities

Three Months Ended

                           
    December 31, 2016     December 31, 2015
  Average   Income /   Yield /     Average   Income /   Yield /
(Dollars In Thousands)   Balance   Expense   Rate     Balance   Expense   Rate
 
Assets:
Interest-earning assets:
Securities $ 204,612 $ 1,085 2.12 % $ 175,116 $ 1,017 2.32 %
Loans held for sale 44,454 412 3.71 % 30,719 307 4.00 %
Loans(1) 990,517 11,350 4.58 % 866,402 10,089 4.66 %
Interest-bearing balances and federal funds sold   60,300       73   0.48 %   50,678       34   0.27 %
Total interest-earning assets 1,299,883 12,920 3.98 % 1,122,915 11,447 4.08 %
Noninterest-earning assets:
Cash and due from banks 13,442 10,673
Premises, land and equipment 6,989 6,769
Other assets 46,418 34,233
Less: allowance for loan losses   (15,110 )   (13,510 )
Total noninterest-earning assets   51,739     38,165  
Total Assets $ 1,351,622   $ 1,161,080  
 
Liabilities and Shareholders' Equity:
Interest-bearing deposits:
Interest-bearing demand deposits $ 135,342 $ 126 0.37 % $ 134,115 $ 75 0.22 %
Money market deposit accounts 261,656 324 0.50 % 142,792 81 0.23 %
Savings accounts 46,596 59 0.51 % 21,469 29 0.54 %
Time deposits   258,666       867   1.34 %   316,399       873   1.10 %
Total interest-bearing deposits 702,260 1,376 0.78 % 614,775 1,058 0.69 %
Borrowings:
FHLB short-term borrowings 50,728 106 0.84 % 28,261 28 0.40 %
Securities sold under agreements to repurchase and federal funds purchased 18,765 5 0.11 % 20,961 5 0.10 %
FHLB long-term borrowings   60,163       176   1.17 %   54,511       155   1.14 %
Total borrowings   129,656       287   0.89 %   103,733       188   0.72 %
Total interest-bearing deposits and borrowings 831,916 1,663 0.80 % 718,508 1,246 0.69 %
Noninterest-bearing liabilities:
Demand deposits 389,171 324,628
Other liabilities   9,894     10,121  
Total liabilities 1,230,981 1,053,257
Shareholders' Equity   120,641     107,823  
Total Liabilities and Shareholders' Equity $ 1,351,622   $ 1,161,080  
 
Interest Spread(2) 3.18 % 3.38 %
 
Net Interest Margin(3) $ 11,257   3.46 % $ 10,201   3.63 %
 
     
 

(1)

Loans placed on nonaccrual status are included in loan balances.

(2)

Interest spread is the average yield earned on earning assets, less the average rate incurred on interest-bearing liabilities.

(3)

Net interest margin is net interest income, expressed as a percentage of average earning assets.

   

 

               
Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities
Twelve Months Ended
 
                             
    December 31, 2016       December 31, 2015
Average Income / Yield / Average Income / Yield /
(Dollars In Thousands)   Balance   Expense   Rate       Balance   Expense   Rate
 
Assets:
Interest-earning assets:
Securities $ 188,569 $ 4,039 2.14 % $ 156,204 $ 3,482 2.23 %
Loans held for sale 47,060 1,767 3.75 % 42,076 1,650 3.92 %
Loans(1) 939,837 43,872 4.67 % 824,288 38,405 4.66 %
Interest-bearing balances and federal funds sold   67,457       337   0.50 %   52,716       129   0.24 %
Total interest-earning assets 1,242,923 50,015 4.02 % 1,075,284 43,666 4.06 %
Noninterest-earning assets:
Cash and due from banks 12,732 10,650
Premises, land and equipment 6,834 6,882
Other assets 40,172 33,110
Less: allowance for loan losses   (14,079 )   (13,456 )

Total noninterest-earning assets

  45,659     37,186  
Total Assets $ 1,288,582   $ 1,112,470  
 
Liabilities and Shareholders' Equity:
Interest-bearing deposits:
Interest-bearing demand deposits $ 132,734 $ 486 0.37 % $ 119,732 $ 265 0.22 %
Money market deposit accounts 204,897 846 0.41 % 126,850 264 0.21 %
Savings accounts 37,950 196 0.52 % 13,606 66 0.49 %
Time deposits   286,690       3,622   1.26 %   302,924       3,053   1.01 %
Total interest-bearing deposits 662,271 5,150 0.78 % 563,112 3,648 0.65 %
Borrowings:
FHLB short-term borrowings 56,522 386 0.68 % 91,992 231 0.25 %
Securities sold under agreements to repurchase and federal funds purchased 16,270 16 0.10 % 22,017 21 0.10 %
FHLB long-term borrowings   68,525       752   1.10 %   18,890       219   1.16 %
Total borrowings   141,317       1,154   0.82 %   132,899       471   0.35 %
Total interest-bearing deposits and borrowings 803,588 6,304 0.78 % 696,011 4,119 0.59 %
Noninterest-bearing liabilities:
Demand deposits 359,352 303,583
Other liabilities   9,346     8,928  
Total liabilities 1,172,286 1,008,522
Shareholders' Equity   116,296     103,948  
Total Liabilities and Shareholders' Equity $ 1,288,582   $ 1,112,470  
 
Interest Spread(2) 3.24 % 3.47 %
 
Net Interest Margin(3) $ 43,711   3.52 % $ 39,547   3.68 %
 
     
 

(1)

Loans placed on nonaccrual status are included in loan balances.

(2)

Interest spread is the average yield earned on earning assets, less the average rate incurred on interest-bearing liabilities.

(3)

Net interest margin is net interest income, expressed as a percentage of average earning assets.

     

                         
Segment Reporting                        
           
Three Months Ended Commercial Mortgage Wealth Consolidated
December 31, 2016   Banking   Banking   Management   Other   Eliminations   Totals
(In Thousands)
Revenues:
Interest income $ 12,684 $ 412 $ - $ 5 $ (181 ) $ 12,920
Gain on sale of loans - 5,745 - - - 5,745
Other revenues   985   (477 )   765     423     (315 )   1,381
Total revenues   13,669   5,680     765     428     (496 )   20,046
 
Expenses:
Interest expense 1,668 109 - 67 (181 ) 1,663
Salaries and employee benefits 3,950 2,978 567 - - 7,495
Other expenses   2,947   1,227     251     1,834     (315 )   5,944
Total operating expenses   8,565   4,314     818     1,901     (496 )   15,102
 
Income (loss) before income taxes $ 5,104 $ 1,366   $ (53 ) $ (1,473 ) $ -   $ 4,944
 
Total assets $ 1,394,061   $ 39,356     $ 2,841     $ 18,037     $ (23,587 ) $ 1,430,708
 
 
Three Months Ended Commercial Mortgage Wealth Consolidated
December 31, 2015   Banking   Banking   Management   Other   Eliminations   Totals
(In Thousands)
Revenues:
Interest income $ 11,241 $ 307 $ - $ 6 $ (107 ) $ 11,447
Gain on sale of loans - 4,523 - - - 4,523
Other revenues   969   (4 )   746     348     (315 )   1,744

Total revenues

  12,210   4,826     746     354     (422 )   17,714
 
Expenses:
Interest expense 1,251 33 - 69 (107 ) 1,246
Salaries and employee benefits 3,491 2,556 500 - - 6,547
Other expenses   2,154   1,184     376     541     (315 )   3,940
Total operating expenses   6,896   3,773     876     610     (422 )   11,733
 
Income (loss) before income taxes $ 5,314 $ 1,053   $ (130 ) $ (256 ) $ -   $ 5,981
 
Total assets $ 1,133,916 $ 46,077   $ 3,205   $ 16,837   $ (21,487 ) $ 1,178,548
 

                         
Segment Reporting                        
           
Twelve Months Ended Commercial Mortgage Wealth Consolidated
December 31, 2016   Banking   Banking   Management   Other   Eliminations   Totals
(In Thousands)
Revenues:
Interest income $ 49,063 $ 1,767 $ - $ 20 $ (835 ) $ 50,015
Gain on sale of loans - 25,164 - - - $ 25,164
Other revenues   3,893   (424 )   3,034     1,401     (1,265 )   6,639
Total revenues   52,956   26,507     3,034     1,421     (2,100 )   81,818
 
Expenses:
Interest expense 6,324 548 - 267 (835 ) 6,304
Salaries and employee benefits 16,015 13,541 2,222 - - 31,778
Other expenses   9,232   5,354     1,034     3,777     (1,265 )   18,132
Total operating expenses   31,571   19,443     3,256     4,044     (2,100 )   56,214
 
Income (loss) before income taxes $ 21,385 $ 7,064   $ (222 ) $ (2,623 ) $ -   $ 25,604
 
Total assets $ 1,394,061   $ 39,356     $ 2,841     $ 18,037     $ (23,587 ) $ 1,430,708
 
 
Twelve Months Ended Commercial Mortgage Wealth Consolidated
December 31, 2015   Banking   Banking   Management   Other   Eliminations   Totals
(In Thousands)
Revenues:
Interest income $ 42,763 $ 1,650 $ - $ 16 $ (763 ) $ 43,666
Gain on sale of loans - 19,633 - - - 19,633
Other revenues   3,229   388     2,671     1,391     (1,247 )   6,432
Total revenues   45,992   21,671     2,671     1,407     (2,010 )   69,731
 
Expenses:
Interest expense 4,135 467 - 280 (763 ) 4,119
Salaries and employee benefits 13,519 11,470 1,977 - - 26,966
Other expenses   7,732   5,087     1,116     2,362     (1,247 )   15,050
Total operating expenses   25,386   17,024     3,093     2,642     (2,010 )   46,135
 
Income (loss) before income taxes $ 20,606 $ 4,647   $ (422 ) $ (1,235 ) $ -   $ 23,596
 
Total assets $ 1,133,916 $ 46,077   $ 3,205   $ 16,837   $ (21,487 ) $ 1,178,548
 

Access National Corporation
Michael Clarke, 703-871-2100

Source: Access National Corporation