Profile: Access National Corp (ANCX.O)
14 Mar 2014
Access National Corporation (ANC) operates as a bank holding company. The Company has two wholly owned subsidiaries: Access National Bank (the Bank) and Access National Capital Trust II. The Bank is the operating business of the Company. The Bank provides credit, deposit, and mortgage services to middle market commercial businesses and associated professionals, primarily in the greater Washington, D.C. Metropolitan Area. The Bank offers a range of financial services and products and specializes in providing customized financial services to small and medium sized businesses, professionals, and associated individuals. The Bank provides its customers with personal customized service utilizing the latest technology and delivery channels. The Bank’s business is serving the credit, depository and cash management needs of businesses and associated professionals. The products and services offered by the Bank include accounts receivable lines of credit, accounts receivable collection accounts, growth capital term loans, business acquisition financing, online banking, checking accounts, money market accounts, sweep accounts, personal checking accounts, savings /money market accounts and certificates of deposit.
The Bank’s revenues are derived from interest and fees received in connection with loans, deposits, and investments. The Bank operates from five banking centers located in Chantilly, Tysons Corner, Reston, Leesburg and Manassas, Virginia and online at www.accessnationalbank.com. The Mortgage Corporation specializes in the origination of conforming and government insured residential mortgages to individuals in the greater Washington, D.C. Metropolitan Area, the surrounding areas of its branch locations, outside of its local markets through direct mail solicitation, and otherwise. The Mortgage Corporation has offices throughout Virginia, in Fairfax, Reston, Roanoke, and McLean.
The Bank’s lending activities involve commercial real estate loans, residential mortgage loans, commercial loans, commercial and residential real estate construction loans, home equity loans, and consumer loans. These lending activities provide access to credit to small to medium sized businesses, professionals, and consumers in the greater Washington, D.C. Metropolitan Area. Loans originated by the Bank are classified as loans held for investment. At December 31, 2011 loans held for investment totaled $569.4 million. At December 31, 2011 unsecured loans were comprised of $2.9 million in commercial loans and approximately $124 thousand in consumer loans and collectively equal approximately 0.5% of the loans held for investment portfolio.
The Bank’s commercial real estate loans-wner Occupied represented 30.14% of our loan portfolio held for investment, as of December 31, 2011. Its commercial real estate loans-non-owner occupied loans represent ed18.44% of its loan portfolio held for investment, as of December 31, 2011. The Bank’s residential real estate loans represented 22.56% of the loan portfolio, as of December 31, 2011.
These loans fall into one of three situations: loans supporting an owner occupied commercial property; properties used by non-profit organizations, such as churches or schools where repayment is dependent upon the cash flow of the non-profit organizations, and loans supporting a commercial property leased to third parties for investment. Its residential real estate loans category includes loans secured by first or second mortgages on one to four family residential properties, extended to the Bank clients.
As of December 31, 2011, commercial loans represented 23.15% of the Bank’s loan portfolio held for investment. These loans are to businesses or individuals within its market for business purposes. As of December 31, 2011, real estate construction loans consisted of 5.22% of loans held for investment loan portfolio. These loans include loans to construct owner occupied commercial buildings; loans to individuals; loans to builders for the purpose of acquiring property and constructing homes for sale to consumers, and loans to developers for the purpose of acquiring land, which is developed into finished lots for the ultimate construction of residential or commercial buildings. As of December 31, 2011, consumer loans made up approximately 0.49% of its loan portfolio.
The Company’s investment securities portfolio is consisted of the United States Treasury securities, the United States Government Agency securities, municipal securities, Community Reinvestment Act (CRA) mutual fund, and mortgage backed securities issued by the United States Government sponsored agencies and corporate bonds. At December 31, 2011, securities totaled $85.8 million. . The securities portfolio is comprised of $45.8 million in securities classified as available-for-sale and $40.0 million in securities classified as held-to-maturity.
Sources of Funds
As of December 31, 2011, deposits totaled $645.0 million. As of December 31, 2011, deposits consisted of noninterest-bearing demand deposits in the amount of $113.9 million, savings and interest-bearing deposits in the amount of $182.0 million, and time deposits in the amount of $349.1 million. The Bank also uses wholesale funding or brokered deposits to supplement traditional customer deposits for liquidity. It participates in the Certificate of Deposit Account Registry Service (CDARS). Through CDARS its depositors are able to obtain FDIC insurance of up to $50 million. As of December 31, 2011, brokered deposits totaled $223,554,000, which includes $192,326,000 in reciprocal CDARS deposits. It also maintains lines of credit with the Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB). At December 31, 2011 there was $284.9 million available under these lines of credit. Borrowed funds consist of advances from the FHLB, senior unsecured term note, FHLB long-term borrowings, subordinated debentures (trust preferred), securities sold under agreement to repurchase, United States Treasury demand notes, federal funds purchased, and commercial paper. As of December 31, 2011 borrowed funds totaled $123.6 million. At December 31, 2011 borrowed funds totaled $70.9 million.
Access National Corp
Suite 300, 1800 Robert Fulton Dr
RESTON VA 20191