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21.07.2010 18:19:00
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Access National Reports 40th Consecutive Quarterly Profit
Access National Corporation (NASDAQ: ANCX), holding company for Access National Bank, reported second quarter net income of $1.7 million compared to $1.2 million recorded in the first quarter of 2010. This represents the company’s 40th consecutive quarterly profit over its 10.5 year history. Earnings per diluted share were $0.16 for the quarter ended June 30, 2010, compared to $0.11 per diluted share in the first quarter of 2010. Net income for the six months ended June 30, 2010 totaled $2.9 million or $0.27 per diluted share, compared to net income of $5.4 million or $0.52 per diluted share for the first six months of 2009. The decrease in earnings is primarily due to a $14.7 million decrease in gains on the sale of loans as a result of a 64.4% decrease in mortgage loan originations.
Loans held for investment totaled $468.9 million at June 30, 2010 compared to $486.6 million at December 31, 2009 as loan demand remains soft and management has a continuing guarded economic outlook. While total loans held for investment and all real estate loan categories have decreased in recent periods, the portfolio of commercial and industrial loans to local operating businesses have increased 4% over the prior quarter.
Investment securities have increased from $47.8 million at December 31, 2009 to $128.0 million at June 30, 2010 as a result of deposit growth and the lack of loan demand. The securities purchased are all government agencies, predominantly with maturities of five years or less.
Total deposits have increased from $466.6 million at December 31, 2009 to $608.1 million at June 30, 2010. Noninterest-bearing deposit balances increased 12.22% or $8.5 million over the six month period as the bank continues to grow its portfolio of local operating businesses with core operating accounts.
Income before taxes from the banking segment totaled $2.6 million for the second quarter of 2010, up from $1.5 million in the first quarter of 2010. Income before taxes from the mortgage segment decreased from $778 thousand in the first quarter of 2010 to $575 thousand for the quarter ended June 30, 2010.
Return on average assets for the first six months of 2010 annualized was 0.80% compared to 1.48% for the same period in 2009. Return on average equity annualized was 8.26% for the first six months of 2010 compared to 17.42% in the prior year. Book value per common share was $6.71 at June 30, 2010, an increase of 10.2% compared to $6.09 at June 30, 2009.
Assets totaled $790.6 million at June 30, 2010 compared to $740.6 million at June 30, 2009. The increase in total assets is due to the increase in deposits.
Net interest margin for the quarter ended June 30, 2010 was 3.17%, down from 3.58% for the first quarter of 2010. The decrease in the net interest margin during the second quarter is due to a greater portion of earning assets concentrated in securities. Liquid assets maintained in interest bearing accounts at the Federal Reserve and Federal Home Loan Bank averaged $128.9 million in the second quarter of 2010 compared to an average of $62.8 million during the first quarter of 2010.
Non-performing assets (NPAs) totaled approximately $12.1 million or 1.53% of assets at June 30, 2010 down from $13.5 million or 2.12% of assets at March 31, 2010. NPAs are comprised of non-accrual loans totaling $6.8 million and other real estate owned of $5.3 million. Subsequent to June 30, 2010, approximately $1.9 million in NPAs have been resolved or liquidated. The allowance for loan losses totaled 1.99% of total loans held for investment as of June 30, 2010 compared to 1.97% for the prior quarter and coverage of the allowance to NPAs increased to 77.35% from 68.47%.
Access National Corporation and its subsidiary bank continue to exceed standards of being "Well Capitalized” as defined under banking regulations. The ratio of total equity to total assets at June 30, 2010 was 8.91% compared to 8.59% at June 30, 2009.
Access National Corporation is the parent company of Access National Bank, an independent, nationally chartered bank serving the business community of the greater 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".
This press release contains "forward-looking statements” within the meaning of the federal securities laws. These statements may be identified as "may”, "could”, "expect”, "believe”, anticipate”, "intend”, "plan” or variations thereof. These forward-looking statements may contain information related to those matters such as the Company’s intent, belief, or expectation with respect to matters such as financial performance. Such statements are necessarily based on assumptions and estimates and are inherently subject to a variety of risks and uncertainties concerning the Company’s operations and business environment, which are difficult to predict and beyond control of the company. Such risks and uncertainties could cause the actual results of the Company to differ materially from those matters expressed or implied in such forward-looking statements. For an explanation of certain risks and uncertainties associated with forward-looking statements, please refer to the Company’s Annual Report on Form 10-K and other SEC filings.
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Access National Corporation |
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| Consolidated Balance Sheet | |||||||||
| June 30, | December 31, | June 30, | |||||||
| (In Thousands) | 2010 | 2009 | 2009 | ||||||
| ASSETS | |||||||||
| Cash and due from banks | $ | 10,553 | $ | 5,965 | $ | 12,942 | |||
| Interest-bearing balances and federal funds sold | 75,567 | 25,256 | 26,820 | ||||||
| Securities available for sale - at fair value | 128,003 | 47,838 | 68,699 | ||||||
| Loans held for sale - at fair value | 66,156 | 76,232 | 107,778 | ||||||
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Loans held for investment net of allowance for loan losses of $9,348, $9,127 and $8,077, respectively |
459,535 | 477,437 | 497,584 | ||||||
| Premises, equipment and land | 8,640 | 8,759 | 8,983 | ||||||
| Other assets | 42,116 | 25,392 | 17,758 | ||||||
| Total assets | $ | 790,570 | $ | 666,879 | $ | 740,564 | |||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
| LIABILITIES | |||||||||
| Noninterest-bearing deposits | $ | 78,313 | $ | 69,782 | $ | 97,291 | |||
| Savings and interest bearing deposits | 177,360 | 138,988 | 143,730 | ||||||
| Time deposits | 352,391 | 257,875 | 303,885 | ||||||
| Total deposits | 608,064 | 466,645 | 544,906 | ||||||
| Short-term borrowings | 57,588 | 64,249 | 60,606 | ||||||
| Long-term borrowings | 38,141 | 46,330 | 53,270 | ||||||
| Subordinated debentures | 6,186 | 6,186 | 6,186 | ||||||
| Other liabilities and accrued expenses | 10,138 | 15,691 | 11,977 | ||||||
| Total Liabilities | 720,117 | 599,101 | 676,945 | ||||||
| SHAREHOLDERS' EQUITY | |||||||||
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Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 10,497,271, 10,537,428, and 10,438,619 shares, respectively |
8,765 | 8,799 | 8,716 | ||||||
| Surplus | 18,364 | 18,552 | 18,080 | ||||||
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Retained earnings |
43,060 | 40,377 | 36,386 | ||||||
| Accumulated other comprehensive (loss) income | 264 | 50 | 437 | ||||||
| Total shareholders' equity | 70,453 | 67,778 | 63,619 | ||||||
| Total liabilities and shareholders' equity | $ | 790,570 | $ | 666,879 | $ | 740,564 | |||
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Access National Corporation |
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| Consolidated Statement of Operations | |||||||||||
| Three Months Ended | Six Months Ended | ||||||||||
| June 30, | June 30, | June 30, | |||||||||
| (In Thousands Except for Share Data) | 2010 | 2010 | 2009 | ||||||||
| INTEREST INCOME | |||||||||||
| Interest and fees on loans | $ | 7,977 | $ | 15,849 | $ | 17,448 | |||||
| Interest on federal funds sold and bank balances | 77 | 114 | 78 | ||||||||
| Interest on securities | 604 | 954 | 1,841 | ||||||||
| Total interest income | 8,658 | 16,917 | 19,367 | ||||||||
| INTEREST EXPENSE | |||||||||||
| Interest on deposits | 2,049 | 4,017 | 5,818 | ||||||||
| Interest on other borrowings | 622 | 1,328 | 1,767 | ||||||||
| Total interest expense | 2,671 | 5,345 | 7,585 | ||||||||
| Net interest income | 5,987 | 11,572 | 11,782 | ||||||||
| Provision for loan losses | 548 | 746 | 3,429 | ||||||||
| Net interest income after provision for loan losses | 5,439 | 10,826 | 8,353 | ||||||||
| NONINTEREST INCOME | |||||||||||
| Service charges and fees | 166 | 326 | 264 | ||||||||
| Gain on sale of loans | 8,398 | 13,638 | 28,339 | ||||||||
| Other Income | (1,287 | ) | (664 | ) | 4,609 | ||||||
| Total noninterest income | 7,277 | 13,300 | 33,212 | ||||||||
| NONINTEREST EXPENSE | |||||||||||
| Salaries and benefits | 5,364 | 10,616 | 15,434 | ||||||||
| Occupancy and equipment | 646 | 1,330 | 1,280 | ||||||||
| Other operating expense | 4,032 | 7,599 | 15,715 | ||||||||
| Total noninterest expense | 10,042 | 19,545 | 32,429 | ||||||||
| Income before income tax | 2,674 | 4,581 | 9,136 | ||||||||
| Income tax expense | 996 | 1,687 | 3,702 | ||||||||
| NET INCOME | $ | 1,678 | $ | 2,894 | $ | 5,434 | |||||
| Earnings per common share: | |||||||||||
| Basic | $ | 0.16 | $ | 0.28 | $ | 0.53 | |||||
| Diluted | $ | 0.16 | $ | 0.27 | $ | 0.52 | |||||
| Average outstanding shares: | |||||||||||
| Basic | 10,573,210 | 10,572,614 | 10,306,638 | ||||||||
| Diluted | 10,592,125 | 10,590,816 | 10,357,752 | ||||||||
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Access National Corporation |
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| Performance and Capital Ratios | ||||||||||||||||
| Three Months | Three Months | Six Months | Six Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| (Dollars in Thousands) |
June 30, 2010 |
March 31, 2010 |
June 30, 2010 |
June 30, 2009 |
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| Return on average assets (annualized) | 0.84 | % | 0.74 | % | 0.80 | % | 1.48 | % | ||||||||
| Return on average equity (annualized) | 9.24 | % | 7.01 | % | 8.26 | % | 17.42 | % | ||||||||
| Net interest margin | 3.17 | % | 3.58 | % | 3.35 | % | 3.33 | % | ||||||||
| Efficiency ratio - Bank only | 53.39 | % | 71.71 | % | 61.93 | % | 60.46 | % | ||||||||
| Total equity to assets | 8.91 | % | 10.86 | % | 8.91 | % | 8.59 | % | ||||||||
| Banking segment - income before taxes | $ | 2,586 | $ | 1,461 | $ | 4,047 | $ | 1,582 | ||||||||
| Mortgage segment - income before taxes | $ | 575 | $ | 778 | $ | 1,353 | $ | 8,245 | ||||||||
| Other segments - income before taxes | $ | (359 | ) | $ | (332 | ) | $ | (715 | ) | $ | (691 | ) | ||||
| Mortgage loan originations | $ | 180,365 | $ | 148,941 | $ | 329,306 | $ | 936,578 | ||||||||
| Allowance for losses on mortgage loans sold | $ | 3,630 | $ | 3,768 | $ | 3,630 | $ | 3,537 | ||||||||
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Asset Quality Trend Profile |
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| Three Months | Three Months | Twelve Months | Twelve Months | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| (Dollars in Thousands) | June 30, 2010 | March 31, 2010 | December 31, 2009 | December 31, 2008 | ||||||||||||
| Total assets | $ | 790,570 | $ | 637,381 | $ | 666,879 | $ | 702,324 | ||||||||
| Total loans held for investment | $ | 468,883 | $ | 469,728 | $ | 486,564 | $ | 485,929 | ||||||||
| Allowance for loan losses - beginning balance | $ | 9,256 | $ | 9,127 | $ | 7,462 | $ | 7,462 | ||||||||
| Charge offs | (582 | ) | (392 | ) | (5,310 | ) | (5,560 | ) | ||||||||
| Recoveries | 128 | 324 | 911 | 137 | ||||||||||||
| Net charge offs | (454 | ) | (68 | ) | (4,399 | ) | (5,423 | ) | ||||||||
| Provision for loan losses | 546 | 198 | 6,064 | 5,423 | ||||||||||||
| Allowance for loan losses - ending balance | $ | 9,348 | $ | 9,257 | $ | 9,127 | $ | 7,462 | ||||||||
| Allowance for loan losses/loans held for investment | 1.99 | % | 1.97 | % | 1.88 | % | 1.53 | % | ||||||||
| Delinquent 30 - 90 days | $ | 358 | $ | 845 | $ | 1,267 | $ | 6,459 | ||||||||
| Percentage of loans delinquent | 0.08 | % | 0.18 | % | 0.26 | % | 1.33 | % | ||||||||
| Non-accrual loans | $ | 6,752 | $ | 9,447 | $ | 7,032 | $ | 2,875 | ||||||||
| OREO | $ | 5,334 | $ | 4,073 | $ | 5,111 | $ | 4,455 | ||||||||
| Total NPA | $ | 12,086 | $ | 13,520 | $ | 12,143 | $ | 7,330 | ||||||||
| NPA to total assets | 1.53 | % | 2.12 | % | 1.82 | % | 1.04 | % | ||||||||
| Allowance for loan losses/NPA | 77.35 | % | 68.47 | % | 75.16 | % | 101.80 | % | ||||||||
| REO expense | $ | 217 | $ | 459 | $ | 1,497 | $ | 22 | ||||||||
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Access National Corporation |
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Composition of Loan Portfolio |
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| June 30, 2010 | December 31, 2009 | June 30, 2009 | ||||||||||||||||
| Percentage of | Percentage of | Percentage of | ||||||||||||||||
| (Dollars in Thousands) | Amount | Total | Amount | Total | Amount | Total | ||||||||||||
| Commercial | $ | 75,595 | 16.12 | % | $ | 72,628 | 14.93 | % | $ | 78,261 | 15.48 | % | ||||||
| Commercial real estate | 215,391 | 45.94 | 220,301 | 45.28 | 223,691 | 44.24 | ||||||||||||
| Real estate construction | 35,085 | 7.48 | 41,508 | 8.53 | 51,616 | 10.21 | ||||||||||||
| Residential real estate | 141,389 | 30.15 | 150,792 | 30.99 | 150,607 | 29.78 | ||||||||||||
| Consumer and other | 1,423 | 0.31 | 1,335 | 0.27 | 1,486 | 0.29 | ||||||||||||
| Total loans | $ | 468,883 | 100.00 | % | $ | 486,564 | 100.00 | % | $ | 505,661 | 100.00 | % | ||||||
| Less allowance for loan losses | 9,348 | 9,127 | 8,077 | |||||||||||||||
| $ | 459,535 | $ | 477,437 | $ | 497,584 | |||||||||||||
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Summary of Non-Performing Assets |
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| (In Thousands) | June 30, 2010 | ||||||
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Non-Performing Loans |
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| CRE - Owner occupied Industrial Building Chantilly VA, Bankruptcy | $ | 3,111 | |||||
| CRE - Church Suburban MD Bankruptcy, Listed for sale | 690 | ||||||
| CRE - Industrial land - Washington D.C. Leases pending | 374 | ||||||
| SFR - Construction Leesburg VA, Foreclosure Action Pending | 1,489 | ||||||
| SFR - 2 Suburban MD, Listed for sale | 961 | ||||||
| SFR - Construction NC, Listed for sale | 40 | ||||||
| C&I - 2 Loans to operating businesses in Northern VA | 87 | ||||||
| Total Non-Performing Loans | $ | 6,752 | |||||
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Real Estate Owned |
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| CRE - Office building Baltimore MD, Listed for sale | $ | 2,273 | |||||
| CRE - 4 Office Condos No.Va. $271 sold after period close, | 1,766 | ||||||
| $1,290 contract pending, others listed for sale | |||||||
| SFR - Northern VA - Bankruptcy | 959 | ||||||
| SFR - Suburban MD - Sold after period close | 336 | ||||||
| Total Real Estate Owned | $ | 5,334 | |||||
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Total Non-Performing Assets * |
$ | 12,086 | |||||
| * Resolutions realized or pending since period close | $ | 1,897 | |||||
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Access National Corporation |
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| Composition of Deposits | ||||||||||||||||||
| June 30, 2010 | December 31, 2009 | June 30, 2009 | ||||||||||||||||
| (Dollars In Thousands) | Amount | Percentage of Total | Amount | Percentage of Total | Amount | Percentage of Total | ||||||||||||
| Demand deposits | $ | 78,313 | 12.88 | % | $ | 69,782 | 14.95 | % | $ | 97,291 | 17.86 | % | ||||||
| Interest-bearing demand deposits | 41,696 | 6.86 | 25,918 | 5.56 | 43,064 | 7.90 | ||||||||||||
| Savings and money market | 110,622 | 18.19 | 103,070 | 22.09 | 100,666 | 18.47 | ||||||||||||
| CDARS-reciprocal time deposits | 203,429 | 33.45 | 41,550 | 8.90 | 60,484 | 11.10 | ||||||||||||
| Brokered deposits | 63,357 | 10.42 | 129,660 | 27.79 | 124,878 | 22.92 | ||||||||||||
| Time deposits | 110,647 | 18.20 | 96,665 | 20.71 | 118,523 | 21.75 | ||||||||||||
| Total Deposits | $ | 608,064 | 100.00 | % | $ | 466,645 | 100.00 | % | $ | 544,906 | 100.00 | % | ||||||
| Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||
| June 30, 2010 | March 31, 2010 | June 30, 2009 | ||||||||||||||||||||||||||||
| Average | Income / | Yield / | Average | Income / | Yield / | Average | Income / | Yield / | ||||||||||||||||||||||
| (Dollars In Thousands) | Balance | Expense | Rate | Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||||||||
| Assets: | ||||||||||||||||||||||||||||||
| Interest earning assets: | ||||||||||||||||||||||||||||||
| Securities | $ | 113,784 | $ | 604 | 2.12 | % | $ | 53,073 | $ | 350 | 2.64 | % | $ | 71,915 | $ | 861 | 4.79 | % | ||||||||||||
| Loans held for sale | 44,984 | 572 | 5.09 | % | 31,528 | 389 | 4.94 | % | 83,011 | 1,015 | 4.89 | % | ||||||||||||||||||
| Loans(1) | 469,122 | 7,405 | 6.31 | % | 476,713 | 7,483 | 6.28 | % | 493,395 | 7,766 | 6.30 | % | ||||||||||||||||||
| Interest-bearing balances and federal funds sold | 128,864 | 77 | 0.24 | % | 62,813 | 37 | 0.24 | % | 59,112 | 46 | 0.31 | % | ||||||||||||||||||
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Total interest earning assets |
756,754 | 8,658 | 4.58 | % | 624,127 | 8,259 | 5.29 | % | 707,433 | 9,688 | 5.48 | % | ||||||||||||||||||
| Noninterest earning assets: | ||||||||||||||||||||||||||||||
| Cash and due from banks | 8,885 | 7,205 | 6,842 | |||||||||||||||||||||||||||
| Premises, land and equipment | 8,674 | 8,731 | 9,057 | |||||||||||||||||||||||||||
| Other assets | 32,781 | 23,930 | 21,681 | |||||||||||||||||||||||||||
| Less: allowance for loan losses | (9,056 | ) | (9,371 | ) | (7,806 | ) | ||||||||||||||||||||||||
| Total noninterest earning assets | 41,284 | 30,495 | 29,774 | |||||||||||||||||||||||||||
| Total Assets | $ | 798,038 | $ | 654,622 | $ | 737,207 | ||||||||||||||||||||||||
| Liabilities and Shareholders' Equity: | ||||||||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||||||||
| Interest-bearing demand deposits | $ | 37,501 | $ | 60 | 0.64 | % | $ | 23,484 | $ | 43 | 0.73 | % | $ | 34,348 | $ | 96 | 1.12 | % | ||||||||||||
| Money market deposit accounts | 132,409 | 391 | 1.18 | % | 129,783 | 393 | 1.21 | % | 90,225 | 393 | 1.74 | % | ||||||||||||||||||
| Savings accounts | 3,942 | 9 | 0.91 | % | 4,135 | 10 | 0.97 | % | 4,298 | 15 | 1.40 | % | ||||||||||||||||||
| Time deposits | 357,590 | 1,589 | 1.78 | % | 243,516 | 1,522 | 2.50 | % | 323,216 | 2,233 | 2.76 | % | ||||||||||||||||||
| Total interest-bearing deposits | 531,442 | 2,049 | 1.54 | % | 400,918 | 1,968 | 1.96 | % | 452,087 | 2,737 | 2.42 | % | ||||||||||||||||||
| Borrowings: | ||||||||||||||||||||||||||||||
| FHLB Advances | 11,662 | 110 | 3.77 | % | 17,708 | 203 | 4.59 | % | 26,054 | 267 | 4.10 | % | ||||||||||||||||||
| Securities sold under agreements to repurchase and federal funds purchased | 25,307 | 30 | 0.47 | % | 24,356 | 28 | 0.46 | % | 24,252 | 28 | 0.46 | % | ||||||||||||||||||
| Other short-term borrowings | 22,703 | 54 | 0.95 | % | 15,067 | 34 | 0.90 | % | 15,923 | 37 | 0.93 | % | ||||||||||||||||||
| FHLB Long-term borrowings | 8,681 | 77 | 3.55 | % | 12,645 | 94 | 2.97 | % | 24,224 | 217 | 3.58 | % | ||||||||||||||||||
| FDIC Term Note | 29,997 | 297 | 3.96 | % | 29,997 | 295 | 3.93 | % | 29,996 | 297 | 3.96 | % | ||||||||||||||||||
| Subordinated Debentures | 6,186 | 53 | 3.43 | % | 6,186 | 52 | 3.36 | % | 6,186 | 66 | 4.27 | % | ||||||||||||||||||
| Total borrowings | 104,536 | 621 | 2.38 | % | 105,959 | 706 | 2.67 | % | 126,635 | 912 | 2.88 | % | ||||||||||||||||||
| Total interest-bearing deposits and borrowings | 635,978 | 2,670 | 1.68 | % | 506,877 | 2,674 | 2.11 | % | 578,722 | 3,649 | 2.52 | % | ||||||||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||
| Demand deposits | 73,409 | 67,291 | 83,854 | |||||||||||||||||||||||||||
| Other liabilities | 18,539 | 11,068 | 10,493 | |||||||||||||||||||||||||||
| Total liabilities | 727,926 | 585,236 | 673,069 | |||||||||||||||||||||||||||
| Shareholders' Equity | 70,112 | 69,386 | 64,138 | |||||||||||||||||||||||||||
| Total Liabilities and Shareholders' Equity: | $ | 798,038 | $ | 654,622 | $ | 737,207 | ||||||||||||||||||||||||
| Interest Spread(2) | 2.90 | % | 3.18 | % | 2.96 | % | ||||||||||||||||||||||||
| Net Interest Margin(3) | $ | 5,988 | 3.17 | % | $ | 5,585 | 3.58 | % | $ | 6,039 | 3.41 | % | ||||||||||||||||||
| (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. | ||||||||||||||||||||||||||||||
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Access National Corporation |
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| Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities - | ||||||||||||||||||||
| Six Months Ended | ||||||||||||||||||||
| June 30, 2010 | June 30, 2009 | |||||||||||||||||||
| Average | Income / | Yield / | Average | Income / | Yield / | |||||||||||||||
| (Dollars In Thousands) | Balance | Expense | Rate | Balance | Expense | Rate | ||||||||||||||
| Assets: | ||||||||||||||||||||
| Interest-earning assets: | ||||||||||||||||||||
| Securities | $ | 83,596 | $ | 954 | 2.28 | % | $ | 74,999 | $ | 1,841 | 4.91 | % | ||||||||
| Loans held for sale | 38,293 | 961 | 5.02 | % | 77,008 | 1,930 | 5.01 | % | ||||||||||||
| Loans(1) | 472,897 | 14,888 | 6.30 | % | 488,024 | 15,518 | 6.36 | % | ||||||||||||
| Interest-bearing balances and federal funds sold | 96,021 | 114 | 0.24 | % | 67,909 | 78 | 0.23 | % | ||||||||||||
| Total interest-earning assets | 690,807 | 16,917 | 4.90 | % | 707,940 | 19,367 | 5.47 | % | ||||||||||||
| Noninterest-earning assets: | ||||||||||||||||||||
| Cash and due from banks | 8,157 | 6,159 | ||||||||||||||||||
| Premises, land and equipment | 8,702 | 9,111 | ||||||||||||||||||
| Other assets | 26,981 | 21,336 | ||||||||||||||||||
| Less: allowance for loan losses | (9,213 | ) | (7,751 | ) | ||||||||||||||||
| Total noninterest-earning assets | 34,627 | 28,855 | ||||||||||||||||||
| Total Assets | $ | 725,434 | $ | 736,795 | ||||||||||||||||
| Liabilities and Shareholders' Equity: | ||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||
| Interest-bearing demand deposits | $ | 30,531 | $ | 103 | 0.67 | % | $ | 23,108 | $ | 123 | 1.06 | % | ||||||||
| Money market deposit accounts | 131,103 | 784 | 1.20 | % | 80,763 | 634 | 1.57 | % | ||||||||||||
| Savings accounts | 4,038 | 19 | 0.94 | % | 4,480 | 32 | 1.43 | % | ||||||||||||
| Time deposits | 300,868 | 3,111 | 2.07 | % | 344,529 | 5,029 | 2.92 | % | ||||||||||||
| Total interest-bearing deposits | 466,540 | 4,017 | 1.72 | % | 452,880 | 5,818 | 2.57 | % | ||||||||||||
| Borrowings: | ||||||||||||||||||||
| FHLB Advances | 14,668 | 313 | 4.27 | % | 24,963 | 488 | 3.91 | % | ||||||||||||
| Securities sold under agreements to repurchase and federal funds purchased | 24,834 | 58 | 0.47 | % | 25,466 | 66 | 0.52 | % | ||||||||||||
| Other short-term borrowings | 18,906 | 89 | 0.94 | % | 19,958 | 94 | 0.94 | % | ||||||||||||
| FHLB Long-term borrowings | 10,652 | 171 | 3.21 | % | 29,395 | 522 | 3.55 | % | ||||||||||||
| FDIC Term Note | 29,997 | 592 | 3.95 | % | 23,201 | 469 | 4.04 | % | ||||||||||||
| Subordinated Debentures | 6,186 | 105 | 3.39 | % | 6,186 | 128 | 4.14 | % | ||||||||||||
| Total borrowings | 105,243 | 1,328 | 2.52 | % | 129,169 | 1,767 | 2.74 | % | ||||||||||||
| Total interest-bearing deposits and borrowings | 571,783 | 5,345 | 1.87 | % | 582,049 | 7,585 | 2.61 | % | ||||||||||||
| Noninterest-bearing liabilities: | ||||||||||||||||||||
| Demand deposits | 69,970 | 83,094 | ||||||||||||||||||
| Other liabilities | 13,583 | 9,269 | ||||||||||||||||||
| Total liabilities | 83,553 | 674,412 | ||||||||||||||||||
| Shareholders' Equity | 70,098 | 62,383 | ||||||||||||||||||
| Total Liabilities and Shareholders' Equity: | $ | 725,434 | $ | 736,795 | ||||||||||||||||
| Interest Spread(2) | 3.03 | % | 2.86 | % | ||||||||||||||||
| Net Interest Margin(3) | $ | 11,572 | 3.35 | % | $ | 11,782 | 3.33 | % | ||||||||||||
| (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. |
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