Access National Reports 91% Increase in Fourth Quarter Earnings, Dividend Increased

Tue Jan 22, 2013 9:25am EST

* Reuters is not responsible for the content in this press release.

http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130122:nBw226084a

http://www.businesswire.com/news/home/20130122006084/en

RESTON, Va.--(Business Wire)--
Access National Corporation (NASDAQ: ANCX), parent company for Access National
Bank, reported record fourth quarter net income of $6.3 million, a $3.0 million
increase over the $3.3 million recorded in the fourth quarter of 2011. This
represents the company`s 7th consecutive record quarterly earnings and its 50th
consecutive quarterly profit over its 13 year history. Net income per diluted
common share was $0.60, an increase of 87.5% over the $0.32 reported in the
fourth quarter of 2011. 

Based on record earnings, strong capital and favorable outlook, the Board of
Directors declared a cash dividend of $0.09 per share for holders of record as
of February 11, 2013 and payable on February 25, 2013. This dividend is in
addition to the $0.70 non-routine dividend paid in the fourth quarter of 2012
and represents a 1 cent increase from the prior quarter and an 8 cent cumulative
increase over the past 2 years. 

The $3.0 million increase in net income between the fourth quarter of 2012 and
2011 is mainly attributable to activity in our mortgage division. Net income
increased 55.6% for the year ended December 31, 2012 totaling $17.7 million
compared to $11.4 million for the year 2011. Net interest margin was 3.94% for
2012 compared to 3.82% for 2011. Diluted earnings per share were $1.71 compared
to $1.10 in 2011. 

Annualized return on average assets was 2.97% for the fourth quarter of 2012
compared to 1.61% for the same quarter of 2011. Annualized return on average
equity was 26.80% for the quarter ended December 31, 2012 compared to 15.87% for
last year. 

Total assets amounted to $863.9 million compared to $809.8 million at December
31, 2011. The increase in assets is mainly attributable to a $46.8 million or 8%
growth in net loans held for investment as well as a $16.4 million or 17% growth
in loans held for sale. The growth in loans held for investment was driven by a
13.3% growth in commercial and industrial loans to the bank`s target market. The
asset growth was funded by a 4% growth in total deposits as well as short-term
borrowings from the Federal Home Loan Bank. 

Total deposits at December 31, 2012 increased $26.5 million from December 31,
2011. As a result of management`s continued focus on expanding business banking
relationships, noninterest-bearing deposits increased $50.3 million or 44.1%
from December 31, 2011, and comprised 24.5% of the deposit portfolio, up from
17.66% at December 31, 2011. 

Non-performing assets (NPAs) decreased to $2.7 million or 0.32% of total assets
at December 31, 2012, down from $3.6 million or 0.43% of assets at September 30,
2012. The Corporation did not have other real estate owned at December 31, 2012.
The allowance for loan losses totaled $12.5 million or 2.03% of total loans held
for investment as of December 31, 2012. 

Net of the $0.95 in dividends paid during the year, book value per common share
increased 8.9% at December 31, 2012 to $8.85, compared to $8.13 at December 31,
2011. The ratio of total equity to total assets for Access National Corporation
was 10.56% at December 31, 2012 and continued to exceed standards of being "Well
Capitalized" as set forth under banking regulations. 

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". 

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.

                                                                                                                                                                       
 Access National Corporation                                                                                                                                           
 Consolidated Balance Sheet                                                                                                                                            
                                                                                                                                                                       
                                                                                                                                 December 31,        December 31,      
                                                                                                                                 2012                2011              
 (In Thousands)                                                                                                                  (unaudited)                           
                                                                                                                                                                       
 ASSETS                                                                                                                                                                
                                                                                                                                                                       
 Cash and due from banks                                                                                                         $        15,735     $        5,362    
                                                                                                                                                                       
 Interest-bearing balances and federal funds sold                                                                                         22,206              38,547   
                                                                                                                                                                       
 Investment securities:                                                                                                                                                
 Available-for-sale, at fair value                                                                                                        35,759              45,837   
 Held-to-maturity, at amortized cost (fair value of $45,308 and $39,978)                                                                  44,952              39,987   
 Total investment securities                                                                                                              80,711              85,824   
                                                                                                                                                                       
 Restricted Stock, at amortized cost                                                                                                      4,237               3,665    
                                                                                                                                                                       
 Loans held for sale - at fair value                                                                                                      111,542             95,126   
                                                                                                                                                                       
 Loans held for investment net of allowance for loan losses of $12,500 and $11,738, respectively                                          604,478             557,662  
                                                                                                                                                                       
 Premises, equipment and land, net                                                                                                        8,517               8,671    
                                                                                                                                                                       
 Other assets                                                                                                                             16,488              14,901   
                                                                                                                                                                       
 Total assets                                                                                                                    $        863,914    $        809,758  
                                                                                                                                                                       
 LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                                                                  
                                                                                                                                                                       
 LIABILITIES                                                                                                                                                           
 Noninterest-bearing deposits                                                                                                    $        164,161    $        113,885  
                                                                                                                                                                       
 Savings and interest-bearing deposits                                                                                                    187,997             182,005  
                                                                                                                                                                       
 Time deposits                                                                                                                            319,338             349,123  
                                                                                                                                                                       
 Total deposits                                                                                                                           671,496             645,013  
                                                                                                                                                                       
 Short-term borrowings                                                                                                                    83,091              59,904   
                                                                                                                                                                       
 Long-term borrowings                                                                                                                     -                   4,821    
                                                                                                                                                                       
 Subordinated debentures                                                                                                                  6,186               6,186    
                                                                                                                                                                       
 Other liabilities and accrued expenses                                                                                                   11,874              11,019   
                                                                                                                                                                       
 Total Liabilities                                                                                                                        772,647             726,943  
                                                                                                                                                                       
 SHAREHOLDERS' EQUITY                                                                                                                                                  
                                                                                                                                                                       
 Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 10,317,767 and 10,192,649 shares, respectively             8,615               8,511    
                                                                                                                                                                       
 Additional paid in capital                                                                                                               17,155              16,716   
                                                                                                                                                                       
 Retained earnings                                                                                                                        65,404              57,529   
                                                                                                                                                                       
 Accumulated other comprehensive income (loss), net                                                                                       93                  59       
                                                                                                                                                                       
 Total shareholders' equity                                                                                                               91,267              82,815   
                                                                                                                                                                       
 Total liabilities and shareholders' equity                                                                                      $        863,914    $        809,758  
                                                                                                                                                                       


                                                                                                                                           
 Access National Corporation                                                                                                               
 Consolidated Statement of Operations                                                                                                      
                                                                                                                                           
                                                        Three Months Ended        Twelve Months Ended                                      
                                                        December 31, 2012         December 31, 2012                 December 31, 2011      
 (In Thousands Except for Share and Per Share Data)     (unaudited)               (unaudited)                                              
                                                                                                                                           
 INTEREST INCOME                                                                                                                           
 Interest and fees on loans                             $           8,699         $       34,371                    $          32,808      
                                                                                                                                           
 Interest on federal funds sold and bank balances                   17                    79                                   143         
                                                                                                                                           
 Interest on securities                                             475                   2,266                                2,216       
 Total interest income                                              9,191                 36,716                               35,167      
                                                                                                                                           
 INTEREST EXPENSE                                                                                                                          
 Interest on deposits                                               1,017                 4,529                                5,204       
                                                                                                                                           
 Interest on other borrowings                                       202                   636                                  1,846       
 Total interest expense                                             1,219                 5,165                                7,050       
 Net interest income                                                7,972                 31,551                               28,117      
                                                                                                                                           
 Provision for loan losses                                          175                   1,515                                1,149       
 Net interest income after provision for loan losses                7,797                 30,036                               26,968      
                                                                                                                                           
 NONINTEREST INCOME                                                                                                                        
 Service charges and fees                                           179                   666                                  693         
                                                                                                                                           
 Gain on sale of loans                                              12,588                55,749                               35,345      
                                                                                                                                           
 Other Income                                                       3,469                 (1,621      )                        391         
 Total noninterest income                                           16,236                54,794                               36,429      
                                                                                                                                           
 NONINTEREST EXPENSE                                                                                                                       
 Salaries and benefits                                              7,655                 31,481                               25,415      
                                                                                                                                           
 Occupancy and equipment                                            781                   2,722                                2,931       
                                                                                                                                           
 Other operating expense                                            5,725                 22,196                               17,376      
 Total noninterest expense                                          14,161                56,399                               45,722      
 Income before income tax                                           9,872                 28,431                               17,675      
                                                                                                                                           
 Income tax expense                                                 3,609                 10,708                               6,287       
 NET INCOME                                             $           6,263         $       17,723                    $          11,388      
                                                                                                                                           
 Earnings per common share:                                                                                                                
 Basic                                                  $           0.61          $       1.73                      $          1.11        
 Diluted                                                $           0.60          $       1.71                      $          1.10        
                                                                                                                                           
 Average outstanding shares:                                                                                                               
 Basic                                                              10,305,209            10,253,656                           10,277,801  
 Diluted                                                            10,400,568            10,363,267                           10,344,325  
                                                                                                                                           


                                                                                                                                               
 Performance and Capital Ratios                                                                                                                
                                                                                                                                               
                                                         Three Months         Three Months         Twelve Months          Twelve Months        
                                                         Ended                Ended                Ended                  Ended                
                                                         December 31,         December 31,         December 31,           December 31,         
 (Dollars In Thousands)                                  2012                 2011                 2012                   2011                 
                                                                                                                                               
 Return on average assets (annualized)                            2.97     %           1.61     %           2.15       %           1.50     %  
 Return on average equity (annualized)                            26.80    %           15.87    %           19.68      %           14.80    %  
 Net interest margin                                              3.92     %           3.77     %           3.94       %           3.82     %  
 Efficiency ratio - Bank only                                     47.79    %           53.85    %           51.71      %           52.92    %  
 Total average equity to earning assets                           11.49    %           10.52    %           11.24      %           10.46    %  
                                                                                                                                               
 Averages                                                                                                                                      
 Assets                                                  $        844,174     $        822,190     $        826,233       $        758,994     
 Loans held for investment                                        601,240              549,245              583,724                520,062     
 Loans held for sale                                              88,799               91,962               78,543                 51,774      
 Interest-bearing deposits & federal funds sold                   24,826               73,338               33,272                 58,128      
 Investment securities                                            99,075               80,670               105,520                105,042     
 Earning assets                                                   813,787              795,129              800,917                735,928     
 Interest-bearing deposits                                        507,445              523,958              526,346                465,301     
 Total deposits                                                   682,781              648,856              672,693                565,450     
 Repurchase agreements & federal funds purchased                  26,825               35,655               26,744                 36,612      
 Commercial paper & other short term borrowings                   20,429               30,326               14,748                 59,220      
 Long-term borrowings                                             7,314                11,592               9,201                  12,382      
 Equity                                                  $        93,470      $        83,614      $        90,047        $        76,969      
                                                                                                                                               
 Banking segment - income before taxes                   $        4,252       $        3,516       $        14,730        $        13,972      
 Mortgage segment - income before taxes                  $        5,790       $        2,530       $        15,656        $        6,358       
 Other segments - income before taxes                    $        (170     )  $        (888     )  $        (1,955     )  $        (2,655   )  
 Mortgage loan originations and brokered loans           $        322,364     $        279,681     $        1,130,089     $        831,564     
                                                                                                                                               
 Book value per common share                             $        8.85        $        8.13        $        8.85          $        8.13        
                                                                                                                                               


                                                                                                                            
 Composition of Loan Portfolio                                                                                              
                                                                                                                            
                                            December 31, 2012                        December 31, 2011                      
                                                                 Percentage of                            Percentage of     
 (Dollars In Thousands)                     Amount               Total               Amount               Total             
                                                                                                                            
 Commercial real estate-Owner Occupied      $     182,655        29.60    %          $     171,599        30.14    %        
 Commercial real estate-Income Producing          107,213        17.38                     104,976        18.44             
 Residential real estate                          144,521        23.43                     128,485        22.56             
 Commercial                                       149,389        24.21                     131,816        23.15             
 Real estate construction                         30,038         4.87                      29,705         5.22              
 Consumer                                         3,162          0.51                      2,819          0.49              
 Total loans                                $     616,978        100.00   %          $     569,400        100.00   %        
 Less allowance for loan losses                   12,500                                   11,738                           
                                            $     604,478                            $     557,662                          
                                                                                                                            


                                                                                                                     
 Composition of Deposits                                                                                             
                                                                                                                     
                                     December 31, 2012                        December 31, 2011                      
                                                          Percentage of                            Percentage of     
 (Dollars In Thousands)              Amount               Total               Amount               Total             
                                                                                                                     
 Demand deposits                     $     164,161        24.45    %          $     113,885        17.66    %        
 Interest-bearing demand deposits          71,015         10.58                     59,798         9.27              
 Savings and money market                  116,554        17.36                     121,252        18.80             
 CDARS-reciprocal time deposits            170,835        25.44                     192,326        29.82             
 Brokered deposits                         29,277         4.36                      31,228         4.84              
 Time deposits                             119,654        17.82                     126,524        19.61             
 Total Deposits                      $     671,496        100.00   %          $     645,013        100.00   %        
                                                                                                                     


                                                                                                                                                                                           
 Asset Quality Trend Profile                                                                                                                                                               
                                                                                                                                                                                           
                                                        Twelve Months              Nine Months                  Six Months               Three Months             Twelve Months            
                                                        Ended                      Ended                        Ended                    Ended                    Ended                    
 (Dollars In Thousands)                                 December 31, 2012          September 30, 2012           June 30, 2012            March 31, 2012           December 31, 2011        
                                                                                                                                                                                           
 Total assets                                           $       863,914            $        849,348             $      841,709           $      804,755           $       809,758          
 Total loans held for investment                        $       616,978            $        590,619             $      582,600           $      573,315           $       569,400          
                                                                                                                                                                                           
 Allowance for loan losses - beginning balance          $       11,738             $        11,738              $      11,738            $      11,738            $       10,527           
 Charge offs                                                    (2,165   )                  (1,829   )                 (1,425   )               (984     )                (1,232   )       
 Recoveries                                                     1,412                       799                        528                      469                       1,295            
 Net charge offs                                                (753     )                  (1,030   )                 (897     )               (515     )                63               
 Provision for loan losses                                      1,515                       1,340                      1,190                    718                       1,149            
 Allowance for loan losses - ending balance             $       12,500             $        12,048              $      12,031            $      11,941            $       11,738           
                                                                                                                                                                                           
 Allowance for loan losses/loans held for investment            2.03     %                  2.04     %                 2.06     %               2.08     %                2.06     %       
                                                                                                                                                                                           
 Delinquent 30 - 90 days                                $       -                  $        -                   $      614               $      -                 $       271              
 Percentage of loans delinquent                                 0.00     %                  0.00     %                 0.11     %               0.00     %                0.05     %       
                                                                                                                                                                                           
 Non-accrual loans                                      $       2,743              $        3,626               $      5,209             $      5,350             $       6,703            
 OREO                                                   $       -                  $        -                   $      -                 $      -                 $       -                
 Total NPA                                              $       2,743              $        3,626               $      5,209             $      5,350             $       6,703            
 NPA to total assets                                            0.32     %                  0.43     %                 0.62     %               0.66     %                0.83     %       
 Allowance for loan losses/NPA                                  455.71   %                  332.27   %                 230.97   %               223.20   %                175.12   %       
                                                                                                                                                                                           
 OREO Expense                                           $       6                  $        1                   $      1                 $      2                 $       523              
 Gain on Sale of OREO                                   $       -                  $        -                   $      -                 $      -                 $       1,452            
 OREO expense net                                       $       6                  $        1                   $      1                 $      2                 $       (929     )       
                                                                                                                                                                                           
 Allowance for losses on mortgage loans sold            $       4,376              $        4,802               $      4,216             $      2,874             $       2,616            
 Provision for losses on mortgage loans sold            $       2,510              $        2,186               $      1,600             $      258               $       966              
                                                                                                                                                                                           


                                                                                                                                                                                                
 Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities                                                                                                              
 Three Months Ended                                                                                                                                                                             
                                                                                                                                                                                                
                                                                               December 31, 2012                                           December 31, 2011                                    
                                                                               Average                Income /          Yield /            Average                Income /          Yield /     
 (Dollars In Thousands)                                                        Balance                Expense           Rate               Balance                Expense           Rate        
                                                                                                                                                                                                
 Assets:                                                                                                                                                                                        
 Interest earning assets:                                                                                                                                                                       
 Securities                                                                    $    98,922            $      475        1.92   %           $    80,584            $      506        2.51  %     
 Loans held for sale                                                                88,799                   774        3.49   %                91,962                   894        3.89  %     
 Loans(1)                                                                           601,240                  7,925      5.27   %                549,245                  7,746      5.64  %     
 Interest-bearing balances and federal funds sold                                   24,826                   17         0.27   %                73,338                   46         0.25  %     
 Total interest earning assets                                                      813,787                  9,191      4.52   %                795,129                  9,192      4.62  %     
 Noninterest earning assets:                                                                                                                                                                    
 Cash and due from banks                                                            16,877                                                      13,648                                          
 Premises, land and equipment                                                       8,503                                                       8,715                                           
 Other assets                                                                       17,124                                                      16,553                                          
 Less: allowance for loan losses                                                    (12,117  )                                                  (11,855  )                                      
 Total noninterest earning assets                                                   30,387                                                      27,061                                          
 Total Assets                                                                  $    844,174                                                $    822,190                                         
                                                                                                                                                                                                
 Liabilities and Shareholders' Equity:                                                                                                                                                          
 Interest-bearing deposits:                                                                                                                                                                     
 Interest-bearing demand deposits                                              $    82,543            $      45         0.22   %           $    73,529            $      89         0.48  %     
 Money market deposit accounts                                                      110,919                  99         0.36   %                105,739                  132        0.50  %     
 Savings accounts                                                                   2,512                    1          0.16   %                2,697                    2          0.30  %     
 Time deposits                                                                      311,471                  872        1.12   %                341,993                  1,056      1.24  %     
 Total interest-bearing deposits                                                    507,445                  1,017      0.80   %                523,958                  1,279      0.98  %     
 Borrowings:                                                                                                                                                                                    
 FHLB Advances                                                                      20,429                   26         0.51   %                -                        -          0.00  %     
 Securities sold under agreements to repurchase and federal funds purchased         26,825                   10         0.15   %                35,655                   14         0.16  %     
 Other short-term borrowings                                                        -                        -          0.00   %                -                        -          0.00  %     
 FHLB Long-term borrowings                                                          1,128                    112        39.72  %                5,406                    48         3.55  %     
 FDIC Term Note                                                                     -                        -          0.00   %                30,326                   299        3.94  %     
 Subordinated Debentures                                                            6,186                    54         3.49   %                6,186                    55         3.56  %     
 Total borrowings                                                                   54,568                   202        1.48   %                77,573                   416        2.15  %     
 Total interest-bearing deposits and borrowings                                     562,013                  1,219      0.87   %                601,531                  1,695      1.13  %     
 Noninterest-bearing liabilities:                                                                                                                                                               
 Demand deposits                                                                    175,335                                                     124,898                                         
 Other liabilities                                                                  13,356                                                      12,147                                          
 Total liabilities                                                                  750,704                                                     738,576                                         
 Shareholders' Equity                                                               93,470                                                      83,614                                          
 Total Liabilities and Shareholders' Equity:                                   $    844,174                                                $    822,190                                         
                                                                                                                                                                                                
 Interest Spread(2)                                                                                                     3.65   %                                                    3.50  %     
                                                                                                                                                                                                
 Net Interest Margin(3)                                                                               $      7,972      3.92   %                                  $      7,497      3.77  %     
                                                                                                                                                                                                


 (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, 2012                                              December 31, 2011                                     
                                                                                Average                Income /           Yield /              Average                Income /           Yield /     
 (Dollars In Thousands)                                                         Balance                Expense            Rate                 Balance                Expense            Rate        
                                                                                                                                                                                                     
 Assets:                                                                                                                                                                                             
 Interest-earning assets:                                                                                                                                                                            
 Securities                                                                     $    105,378           $      2,266       2.15  %              $    105,964           $      2,216       2.09  %     
 Loans held for sale                                                                 78,543                   2,953       3.76  %                   51,774                   2,176       4.20  %     
 Loans(1)                                                                            583,724                  31,418      5.38  %                   520,062                  30,632      5.89  %     
 Interest-bearing balances and federal funds sold                                    33,272                   79          0.24  %                   58,128                   143         0.25  %     
 Total interest-earning assets                                                       800,917                  36,716      4.58  %                   735,928                  35,167      4.78  %     
 Noninterest-earning assets:                                                                                                                                                                         
 Cash and due from banks                                                             11,848                                                         12,066                                           
 Premises, land and equipment                                                        8,548                                                          8,819                                            
 Other assets                                                                        16,914                                                         13,304                                           
 Less: allowance for loan losses                                                     (11,994  )                                                     (11,123  )                                       
 Total noninterest-earning assets                                                    25,316                                                         23,066                                           
 Total Assets                                                                   $    826,233                                                   $    758,994                                          
                                                                                                                                                                                                     
 Liabilities and Shareholders' Equity:                                                                                                                                                               
 Interest-bearing deposits:                                                                                                                                                                          
 Interest-bearing demand deposits                                               $    63,203            $      171         0.27  %              $    48,349            $      227         0.47  %     
 Money market deposit accounts                                                       119,621                  484         0.40  %                   111,090                  628         0.57  %     
 Savings accounts                                                                    2,587                    4           0.15  %                   2,853                    6           0.21  %     
 Time deposits                                                                       340,935                  3,870       1.14  %                   303,009                  4,343       1.43  %     
 Total interest-bearing deposits                                                     526,346                  4,529       0.86  %                   465,301                  5,204       1.12  %     
 Borrowings:                                                                                                                                                                                         
 FHLB Advances                                                                       11,141                   65          0.58  %                   8,458                    42          0.50  %     
 Securities sold under agreements to repurchase and federal funds purchased          26,744                   38          0.14  %                   36,612                   67          0.18  %     
 Other short-term borrowings                                                         -                        -           0.00  %                   20,681                   114         0.55  %     
 FHLB Long-term borrowings                                                           3,015                    212         7.03  %                   6,196                    219         3.53  %     
 FDIC Term Note                                                                      3,607                    98          2.72  %                   30,081                   1,191       3.96  %     
 Subordinated Debentures                                                             6,186                    223         3.60  %                   6,186                    213         3.44  %     
 Total borrowings                                                                    50,693                   636         1.25  %                   108,214                  1,846       1.71  %     
 Total interest-bearing deposits and borrowings                                      577,039                  5,165       0.90  %                   573,515                  7,050       1.23  %     
 Noninterest-bearing liabilities:                                                                                                                                                                    
 Demand deposits                                                                     146,347                                                        100,149                                          
 Other liabilities                                                                   12,800                                                         8,361                                            
 Total liabilities                                                                   736,186                                                        682,025                                          
 Shareholders' Equity                                                                90,047                                                         76,969                                           
 Total Liabilities and Shareholders' Equity:                                    $    826,233                                                   $    758,994                                          
                                                                                                                                                                                                     
 Interest Spread(2)                                                                                                       3.69  %                                                        3.55  %     
                                                                                                                                                                                                     
 Net Interest Margin(3)                                                                                $      31,551      3.94  %                                     $      28,117      3.82  %     
                                                                                                                                                                                                     


 (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.                                


Access National Corporation
Michael Clarke, 703-871-2100 



Copyright Business Wire 2013

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.