RESTON, Va.--(BUSINESS WIRE)--Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported first quarter net income of $3.7 million, a $247 thousand increase over the $3.4 million recorded in the first quarter of 2012. This represents the company’s 51st consecutive quarterly profit over its 53 quarter history. Net income per diluted common share was $0.35, an increase of 6% over the $0.33 reported in the first quarter of 2012.
The Board of Directors declared a cash dividend of $0.10 per share for holders of record as of May 8, 2013 and payable on May 24, 2013. This dividend represents a steady migration towards the stated objective equal to a 40% payout ratio of core earnings. It also represents a 1 cent increase from the prior quarter and a 9 cent cumulative increase over the past 2 years.
The increase in net income between the first quarter of 2013 and 2012 is mainly attributable to a 17% increase in pretax earnings from the banking segment while the mortgage segment contribution decreased slightly in the first quarter of 2013 when compared to the first quarter of 2012.
Net interest margin for the first quarter of 2013 decreased to 3.73% from 3.91% as of the first quarter of 2012.
Annualized return on average assets was 1.66% for both the first quarter of 2013 and 2012. Annualized return on average equity was 15.95% for the quarter ended March 31, 2013 compared to 16.03% for the same period last year.
Total assets amounted to $876.4 million compared to $863.9 million at December 31, 2012. While the growth in assets was minimal, the overall distribution of assets experienced a major shift resulting from growth of the commercial banking segment and lower activity in the mortgage segment. The decrease in loans held for sale of $42.0 million was offset by a growth in investment securities of $18.7 million, interest bearing and cash balances of $14.1 million, and loans held for investment of $22.7 million. The growth in loans held for investment was highlighted by a 7.2% or $10.8 million growth in commercial and industrial loans to the bank’s target market.
Total deposits at March 31, 2013 increased $61.7 million from December 31, 2012. As a result of management’s continued focus on expanding business banking relationships, noninterest-bearing deposits increased $20.6 million or 12.56% from December 31, 2012, and comprised 25.21% of the deposit portfolio at March 31, 2013.
Non-performing assets (NPAs) decreased to $1.7 million or 0.20% of total assets at March 31, 2013, down from $2.7 million or 0.32% of assets at December 31, 2012. The Corporation did not have other real estate owned at March 31, 2013. The allowance for loan losses totaled $12.9 million or 2.01% of total loans held for investment as of March 31, 2013.
Book value per common share increased 8.7% at March 31, 2013 to $9.10, compared to $8.37 at March 31, 2012 during which time shareholders have also received $0.99 of dividends per share. The ratio of total equity to total assets for Access National Corporation and its subsidiary bank was 10.72% at March 31, 2013 and continued to exceed standards of being “Well Capitalized” as set forth under banking regulations.
The Corporation announced April 2, 2013, the closure of its Mortgage Production Branch (Branch) located in Denver, Colorado with all activities and obligations terminated as of April 30, 2013. In order to evaluate the impact of this change on the overall Corporation’s financial performance, condensed consolidated pro forma financial statements are presented at the end of this release. The pro forma information is presenting results as if the Branch, which is closing April 30, 2013, had not been in existence in the three month periods ended March 31, 2013 and 2012. The pro forma reflects year over year increases in loan volume of 7.4% and purchase loan units of 12.68% from continuing operations. Closure of the Denver Mortgage Production Branch will enable management to focus resources aimed at cultivating purchase oriented business in the Washington DC Metropolitan area consistent with the bank’s target market.
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 | ||||||||||
March 31, |
December 31, |
March 31, | ||||||||
2013 | 2012 | 2012 | ||||||||
(In Thousands) | (Unaudited) | (Unaudited) | ||||||||
ASSETS | ||||||||||
Cash and due from banks | $ | 8,780 | $ | 15,735 | $ | 6,769 | ||||
Interest-bearing balances and federal funds sold | 43,241 | 22,206 | 30,009 | |||||||
Investment securities: | ||||||||||
Available-for-sale, at fair value | 68,538 | 35,759 | 38,209 | |||||||
Held-to-maturity, at amortized cost (fair value of $31,096, $45,308 and $64,802) | 30,854 | 44,952 | 64,950 | |||||||
Total investment securities | 99,392 | 80,711 | 103,159 | |||||||
Restricted Stock, at amortized cost | 2,034 | 4,237 | 3,665 | |||||||
Loans held for sale - at fair value | 69,587 | 111,542 | 75,552 | |||||||
Loans held for investment net of allowance for loan losses of $12,860, $12,500 and $11,941, respectively |
626,836 | 604,478 | 561,374 | |||||||
Premises, equipment and land, net | 8,539 | 8,517 | 8,584 | |||||||
Other assets | 17,952 | 16,488 | 15,643 | |||||||
Total assets | $ | 876,361 | $ | 863,914 | $ | 804,755 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
LIABILITIES | ||||||||||
Noninterest-bearing deposits | $ | 184,785 | $ | 164,161 | $ | 136,895 | ||||
Savings and interest-bearing deposits | 187,223 | 187,997 | 193,396 | |||||||
Time deposits | 361,159 | 319,338 | 336,934 | |||||||
Total deposits | 733,167 | 671,496 | 667,225 | |||||||
Short-term borrowings | 32,258 | 83,091 | 32,343 | |||||||
Long-term borrowings | - | - | 3,268 | |||||||
Subordinated debentures | 6,186 | 6,186 | 6,186 | |||||||
Other liabilities and accrued expenses | 10,777 | 11,874 | 10,126 | |||||||
Total Liabilities | 782,388 | 772,647 | 719,148 | |||||||
SHAREHOLDERS' EQUITY | ||||||||||
Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 10,329,104, 10,317,767 and 10,228,761 shares, respectively |
8,625 | 8,615 | 8,541 | |||||||
Additional paid in capital | 17,270 | 17,155 | 16,613 | |||||||
Retained earnings | 68,159 | 65,404 | 60,434 | |||||||
Accumulated other comprehensive income (loss), net | (81 | ) | 93 | 19 | ||||||
Total shareholders' equity | 93,973 | 91,267 | 85,607 | |||||||
Total liabilities and shareholders' equity | $ | 876,361 | $ | 863,914 | $ | 804,755 | ||||
Access National Corporation | ||||||
Consolidated Statement of Operations | ||||||
Three Months Ended | ||||||
March 31, 2013 | March 31, 2012 | |||||
(In Thousands Except for Share and Per Share Data) | (unaudited) | (unaudited) | ||||
INTEREST INCOME | ||||||
Interest and fees on loans | $ | 8,596 | $ | 8,671 | ||
Interest on federal funds sold and bank balances | 25 | 31 | ||||
Interest on securities | 535 | 649 | ||||
Total interest income | 9,156 | 9,351 | ||||
INTEREST EXPENSE | ||||||
Interest on deposits | 1,001 | 1,273 | ||||
Interest on other borrowings | 66 | 210 | ||||
Total interest expense | 1,067 | 1,483 | ||||
Net interest income | 8,089 | 7,868 | ||||
Provision for loan losses | 225 | 718 | ||||
Net interest income after provision for loan losses | 7,864 | 7,150 | ||||
NONINTEREST INCOME | ||||||
Service charges and fees | 169 | 177 | ||||
Gain on sale of loans | 7,881 | 10,944 | ||||
Other Income | 2,794 | 980 | ||||
Total noninterest income | 10,844 | 12,101 | ||||
NONINTEREST EXPENSE | ||||||
Salaries and benefits | 8,069 | 8,335 | ||||
Occupancy and equipment | 704 | 651 | ||||
Other operating expense | 3,882 | 4,778 | ||||
Total noninterest expense | 12,655 | 13,764 | ||||
Income before income tax | 6,053 | 5,487 | ||||
Income tax expense | 2,369 | 2,050 | ||||
NET INCOME | 3,684 | 3,437 | ||||
Earnings per common share: | ||||||
Basic | $ | 0.36 | $ | 0.34 | ||
Diluted | $ | 0.35 | $ | 0.33 | ||
Average outstanding shares: | ||||||
Basic | 10,322,623 | 10,200,656 | ||||
Diluted | 10,437,600 | 10,312,845 | ||||
Performance and Capital Ratios | ||||||||||||||||
Three Months | Three Months | Twelve Months | Twelve Months | |||||||||||||
Ended | Ended | Ended | Ended | |||||||||||||
March 31, | March 31, | December 31, | December 31, | |||||||||||||
(Dollars In Thousands) | 2013 | 2012 | 2012 | 2011 | ||||||||||||
Return on average assets (annualized) | 1.66 | % | 1.66 | % | 2.15 | % | 1.50 | % | ||||||||
Return on average equity (annualized) | 15.95 | % | 16.03 | % | 19.68 | % | 14.80 | % | ||||||||
Net interest margin | 3.73 | % | 3.91 | % | 3.94 | % | 3.82 | % | ||||||||
Efficiency ratio - Bank only | 53.22 | % | 52.17 | % | 51.71 | % | 52.92 | % | ||||||||
Total average equity to earning assets | 10.66 | % | 10.64 | % | 11.24 | % | 10.46 | % | ||||||||
Averages | ||||||||||||||||
Assets | $ | 888,589 | $ | 827,438 | $ | 826,233 | $ | 758,994 | ||||||||
Loans held for investment | 626,504 | 568,351 | 583,724 | 520,062 | ||||||||||||
Loans held for sale | 74,768 | 79,575 | 78,543 | 51,774 | ||||||||||||
Interest-bearing deposits & federal funds sold | 58,935 | 50,471 | 33,272 | 58,128 | ||||||||||||
Investment securities | 106,644 | 106,644 | 105,520 | 107,765 | ||||||||||||
Earning assets | 866,906 | 804,884 | 800,917 | 735,928 | ||||||||||||
Interest-bearing deposits | 575,786 | 558,029 | 526,346 | 465,301 | ||||||||||||
Total deposits | 744,843 | 670,327 | 672,693 | 565,450 | ||||||||||||
Repurchase agreements & federal funds purchased | 30,389 | 28,426 | 26,744 | 36,612 | ||||||||||||
Commercial paper & other short term borrowings | 5,056 | 15,708 | 14,748 | 59,220 | ||||||||||||
Long-term borrowings | 6,186 | 4,750 | 9,201 | 12,382 | ||||||||||||
Equity | $ | 92,397 | $ | 85,801 | $ | 90,047 | $ | 76,969 | ||||||||
Banking segment - income before taxes | $ | 3,798 | $ | 3,240 | $ | 14,730 | $ | 13,972 | ||||||||
Mortgage segment - income before taxes | $ | 2,808 | $ | 2,832 | $ | 15,656 | $ | 6,358 | ||||||||
Other segments - income before taxes | $ | (553 | ) | $ | (585 | ) | $ | (1,955 | ) | $ | (2,655 | ) | ||||
Mortgage loan originations and brokered loans | $ | 217,680 | $ | 257,295 | $ | 1,130,089 | $ | 831,564 | ||||||||
Allowance for losses on mortgage loans sold | $ | 4,475 | $ | 2,874 | $ | 4,376 | $ | 2,616 | ||||||||
Book value per common share | $ | 9.10 | $ | 8.37 | $ | 8.85 | $ | 8.13 | ||||||||
Composition of Loan Portfolio | ||||||||||||
March 31, 2013 | December 31, 2012 | |||||||||||
|
|
Percentage |
|
Percentage | ||||||||
(Dollars In Thousands) |
Amount |
of Total |
Amount |
of Total | ||||||||
Commercial real estate-owner occupied | $ | 185,306 | 28.97 | % | $ | 182,655 | 29.60 | % | ||||
Commercial real estate-non owner occupied | 104,428 | 16.32 | 107,213 | 17.38 | ||||||||
Residential real estate | 150,229 | 23.48 | 144,521 | 23.43 | ||||||||
Commercial | 160,150 | 25.04 | 149,389 | 24.21 | ||||||||
Real estate construction | 35,252 | 5.51 | 30,038 | 4.87 | ||||||||
Consumer | 4,331 | 0.68 | 3,162 | 0.51 | ||||||||
Total loans | $ | 639,696 | 100.00 | % | $ | 616,978 | 100.00 | % | ||||
Less allowance for loan losses | 12,860 | 12,500 | ||||||||||
$ | 626,836 | $ | 604,478 | |||||||||
Composition of Deposits | ||||||||||
March 31, 2013 | December 31, 2012 | |||||||||
Percentage of | Percentage of | |||||||||
(Dollars In Thousands) | Amount | Total | Amount | Total | ||||||
Demand deposits | $ 184,785 | 25.21 |
% |
$ 164,161 | 24.44 | % | ||||
Interest-bearing demand deposits | 56,837 | 7.75 | 71,015 | 10.58 | ||||||
Savings and money market | 130,170 | 17.75 | 116,554 | 17.36 | ||||||
CDARS-reciprocal time deposits | 219,896 | 29.99 | 170,835 | 25.44 | ||||||
Brokered deposits | 27,202 | 3.71 | 29,277 | 4.36 | ||||||
Time deposits | 114,277 | 15.59 | 119,654 | 17.82 | ||||||
Total Deposits | $ 733,167 | 100.00 | % | $ 671,496 | 100.00 | % |
Asset Quality Trend Profile | ||||||||||||||||||||
Three Months | Twelve Months | Nine Months | Six Months |
Three Months |
||||||||||||||||
Ended | Ended | Ended | Ended |
Ended |
||||||||||||||||
(Dollars In Thousands) |
March 31, 2013 |
December 31, 2012 |
September 30, 2012 |
June 30, 2012 |
March 31, 2012 |
|||||||||||||||
Total assets | $ | 876,361 | $ | 863,914 | $ | 849,348 | $ | 841,709 | $ |
804,755 |
||||||||||
Total loans held for investment | $ | 639,696 | $ | 616,978 | $ | 590,619 | $ | 582,600 | $ |
573,315 |
||||||||||
Allowance for loan losses - beginning balance | $ | 12,500 | $ | 11,738 | $ | 11,738 | $ | 11,738 |
$ |
11,738 |
||||||||||
Charge offs | - | (2,165 | ) | (1,829 | ) | (1,425 | ) | (984 | ) | |||||||||||
Recoveries | 135 | 1,412 | 799 | 528 |
469 |
|||||||||||||||
Net charge offs | 135 | (753 | ) | (1,030 | ) | (897 | ) | (515 | ) | |||||||||||
Provision for loan losses | 225 | 1,515 | 1,340 | 1,190 |
718 |
|||||||||||||||
Allowance for loan losses - ending balance | $ | 12,860 | $ | 12,500 | $ | 12,048 | $ | 12,031 | $ |
11,941 |
||||||||||
Allowance for loan losses/loans held for investment | 2.01 | % | 2.03 | % | 2.04 | % | 2.06 | % |
2.08 |
% | ||||||||||
Delinquent 30 - 90 days | $ | 671 | $ | - | $ | - | $ | 614 | $ |
- |
||||||||||
Percentage of loans delinquent | 0.10 | % | 0.00 | % | 0.00 | % | 0.11 | % | 0.00 | % | ||||||||||
|
||||||||||||||||||||
Non-accrual loans | $ | 1,738 | $ | 2,743 | $ | 3,626 | $ | 5,209 | $ |
5,350 |
||||||||||
OREO | $ | - | $ | - | $ | - | $ | - | $ |
- |
||||||||||
Total NPA | $ | 1,738 | $ | 2,743 | $ | 3,626 | $ | 5,209 |
$ |
5,350 |
||||||||||
NPA to total assets | 0.20 | % | 0.32 | % | 0.43 | % | 0.62 | % | 0.66 | % | ||||||||||
Allowance for loan losses/NPA | 739.93 | % | 455.71 | % | 332.27 | % | 230.97 | % | 223.20 | % | ||||||||||
OREO Expense |
$ | 39 | $ | 6 | $ | 1 | $ | 1 | $ |
2 |
||||||||||
Gain on Sale of OREO |
$ | - | $ | - | $ | - | $ | - | $ |
- |
||||||||||
OREO expense net |
$ | 39 | $ | 6 | $ | 1 | $ | 1 | $ |
2 |
||||||||||
Allowance for losses on mortgage loans sold | $ | 4,475 | $ | 4,376 | $ | 4,802 | $ | 4,216 | $ |
2,874 |
||||||||||
Provision for losses on mortgage loans sold | $ | 218 | $ | 2,510 | $ | 2,186 | $ | 1,600 | $ |
258 |
||||||||||
Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, 2013 | March 31, 2012 | |||||||||||||||||||
Average | Income / | Yield / | Average | Income / | Yield / | |||||||||||||||
Balance | Expense | Rate | Balance | Expense | Rate | |||||||||||||||
(Dollars In Thousands) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||
Securities | $ | 106,697 | $ | 535 | 2.00 | % | $ | 106,487 | $ | 649 | 2.44 | % | ||||||||
Loans held for sale | 74,768 | 614 | 3.28 | % | 79,575 | 850 | 4.27 | % | ||||||||||||
Loans(1) | 626,504 | 7,982 | 5.10 | % | 568,351 | 7,821 | 5.50 | % | ||||||||||||
Interest-bearing balances and federal funds sold | 58,937 | 25 | 0.17 | % | 50,471 | 31 | 0.25 | % | ||||||||||||
Total interest earning assets | 866,906 | 9,156 | 4.22 | % | 804,884 | 9,351 | 4.65 | % | ||||||||||||
Noninterest earning assets: | ||||||||||||||||||||
Cash and due from banks | 11,386 | 8,966 | ||||||||||||||||||
Premises, land and equipment | 8,544 | 8,641 | ||||||||||||||||||
Other assets | 14,361 | 16,754 | ||||||||||||||||||
Less: allowance for loan losses | (12,608 | ) | (11,807 | ) | ||||||||||||||||
Total noninterest earning assets | 21,683 | 22,554 | ||||||||||||||||||
Total Assets | $ | 888,589 | $ | 827,438 | ||||||||||||||||
Liabilities and Shareholders' Equity: | ||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||
Interest-bearing demand deposits | $ | 85,053 | $ | 42 | 0.20 | % | $ | 62,243 | $ | 51 | 0.33 | % | ||||||||
Money market deposit accounts | 118,927 | 89 | 0.30 | % | 130,362 | 146 | 0.45 | % | ||||||||||||
Savings accounts | 2,444 | 1 | 0.14 | % | 2,557 | 1 | 0.16 | % | ||||||||||||
Time deposits | 369,362 | 869 | 0.94 | % | 362,867 | 1,075 | 1.19 | % | ||||||||||||
Total interest-bearing deposits | 575,786 | 1,001 | 0.70 | % | 558,029 | 1,273 | 0.91 | % | ||||||||||||
Borrowings: | ||||||||||||||||||||
FHLB Advances | 5,056 | 4 | 0.32 | % | 1,203 | 4 | 1.33 | % | ||||||||||||
Securities sold under agreements to repurchase and federal funds purchased | 30,389 | 9 | 0.11 | % | 28,426 | 10 | 0.14 | % | ||||||||||||
Other short-term borrowings | - | - | 0.00 | % | - | - | 0.00 | % | ||||||||||||
FHLB Long-term borrowings | - | - | 0.00 | % | 4,750 | 41 | 3.45 | % | ||||||||||||
FDIC Term Note | - | - | 0.00 | % | 14,505 | 98 | 2.70 | % | ||||||||||||
Subordinated Debentures | 6,186 | 53 | 3.43 | % | 6,186 | 57 | 3.69 | % | ||||||||||||
Total borrowings | 41,631 | 66 | 0.63 | % | 55,070 | 210 | 1.53 | % | ||||||||||||
Total interest-bearing deposits and borrowings | 617,417 | 1,067 | 0.69 | % | 613,099 | 1,483 | 0.97 | % | ||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||
Demand deposits | 169,056 | 112,298 | ||||||||||||||||||
Other liabilities | 9,719 | 16,240 | ||||||||||||||||||
Total liabilities | 796,192 | 741,637 | ||||||||||||||||||
Shareholders' Equity | 92,397 | 85,801 | ||||||||||||||||||
Total Liabilities and Shareholders' Equity: | $ | 888,589 | $ | 827,438 | ||||||||||||||||
Interest Spread(2) | 3.53 | % | 3.68 | % | ||||||||||||||||
Net Interest Margin(3) | $ | 8,089 | 3.73 | % | $ | 7,868 | 3.91 | % | ||||||||||||
(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 | |||||||||||||||
Condensed Consolidated Statement of Income | |||||||||||||||
Three Months Ended March 31, 2013 | |||||||||||||||
(In Thousands, Except for Share Data) | |||||||||||||||
As Reported |
Adjustment for Mortgage Production Branch Closure |
Pro Forma Totals | |||||||||||||
Interest and dividend income | $ | 9,156 | $ | - | $ | 9,156 | |||||||||
Interest expense | 1,067 | - | 1,067 | ||||||||||||
Net interest income | 8,089 | - | 8,089 | ||||||||||||
Provision for loan losses | 225 | - | 225 | ||||||||||||
Net interest income after provision for loan losses | 7,864 | - | 7,864 | ||||||||||||
Noninterest income | 10,844 | (3,240 | ) | 7,604 | |||||||||||
Noninterest expense | 12,655 | (1,921 | ) | 10,734 | |||||||||||
Income before income taxes | 6,053 | (1,319 | ) | 4,734 | |||||||||||
Provision for income taxes | 2,369 | (514 | ) | 1,855 | |||||||||||
Net income | $ | 3,684 | $ | (805 | ) | $ | 2,879 | ||||||||
Earnings per common share: | |||||||||||||||
Basic | $ | 0.36 | $ | (0.08 | ) | $ | 0.28 | ||||||||
Diluted | $ | 0.35 | $ | (0.08 | ) | $ | 0.27 | ||||||||
Average outstanding shares: | |||||||||||||||
Basic | 10,322,623 | - | 10,322,623 | ||||||||||||
Diluted | 10,437,600 | - | 10,437,600 | ||||||||||||
Average total assets (in thousands) | $ | 888,589 | $ | (827 | ) | $ | 887,762 | ||||||||
Average shareholders' equity (in thousands) | $ | 92,397 | $ | (981 | ) | $ | 91,416 | ||||||||
Return on average assets (annualized) | 1.66 | % | (0.36 | )% | 1.30 | % | |||||||||
Return on average shareholders' equity (annualized) | 15.95 | % | (3.35 | )% | 12.60 | % | |||||||||
Total loan volume (in thousands) | $ | 217,680 | $ | (65,741 | ) | $ | 151,939 | ||||||||
Purchase loan units as a percentage of business | 25.13 | % | 12.61 | % | 37.74 | % | |||||||||
Access National Corporation | |||||||||||||||
Condensed Consolidated Statement of Income | |||||||||||||||
Three Months Ended March 31, 2012 | |||||||||||||||
(In Thousands, Except for Share Data) | |||||||||||||||
As Reported |
Adjustment for Mortgage Production Branch Closure |
Pro Forma Totals | |||||||||||||
Interest and dividend income | $ | 9,351 | $ | - | $ | 9,351 | |||||||||
Interest expense | 1,483 | - | 1,483 | ||||||||||||
Net interest income | 7,868 | - | 7,868 | ||||||||||||
Provision for loan losses | 718 | - | 718 | ||||||||||||
Net interest income after provision for loan losses | 7,150 | - | 7,150 | ||||||||||||
Noninterest income | 12,101 | (5,519 | ) | 6,582 | |||||||||||
Noninterest expense | 13,764 | (3,601 | ) | 10,163 | |||||||||||
Income before income taxes | 5,487 | (1,918 | ) | 3,569 | |||||||||||
Provision for income taxes | 2,050 | (748 | ) | 1,302 | |||||||||||
Net income | $ | 3,437 | $ | (1,170 | ) | $ | 2,267 | ||||||||
Earnings per common share: | |||||||||||||||
Basic | $ | 0.34 | $ | (0.11 | ) | $ | 0.23 | ||||||||
Diluted | $ | 0.33 | $ | (0.11 | ) | $ | 0.22 | ||||||||
Average outstanding shares: | |||||||||||||||
Basic | 10,200,656 | - | 10,200,656 | ||||||||||||
Diluted | 10,312,845 | - | 10,312,845 | ||||||||||||
Average total assets (in thousands) | $ | 827,438 | $ | (1,305 | ) | $ | 826,133 | ||||||||
Average shareholders' equity (in thousands) | $ | 85,801 | $ | (686 | ) | $ | 85,115 | ||||||||
Return on average assets (annualized) | 1.66 | % |
(0.56 |
)% |
1.10 | % | |||||||||
Return on average shareholders' equity (annualized) | 16.03 | % | (5.38 | )% | 10.65 | % | |||||||||
Total loan volume (in thousands) | $ | 257,295 | $ | (115,798 | ) | $ | 141,497 | ||||||||
Purchase loan units as a percentage of business | 17.80 | % | $ | 19.37 | % | $ | 37.17 | % | |||||||