ACCESS NATIONAL CORPORATION (NASDAQ:ANCX) Files An 8-K Results of Operations and Financial ConditionItem 2.02. Results of Operations and Financial Condition.
The following information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition.” This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this report, regardless of any general incorporation language in the filing.
On May 17, 2017 Access National Corporation (the “Corporation”) announced that it had filed a Form 12b-25 (the “Form 12b-25”) with the Securities and Exchange Commission in connection with the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 (the “1Q 2017 Form 10-Q”). During the review of the 1Q2017 Form 10-Q, the Corporation and its independent auditor identified an issue related to the timing of recognition of investment banker fees related to the acquisition of Middleburg Financial Corporation that was not identified prior to the issuance of the Corporation’s earnings release for the first quarter of 2017 (the “Earnings Release”). These investment banker fees of approximately $1.5 million are pre-tax merger-related expenses that were reported in the Earnings Release as incurred during the three months ended March 31, 2017, which now will be reported by the Corporation as incurred during the three months ended June 30, 2017. As a result of this change, the Corporation expects to report in its 1Q2017 Form 10-Q merger-related expenses of $600 thousand and net income of $2.6 million, in each case for the three months ended March 31, 2017, compared to $2.1 million and $1.4 million, respectively, as previously reported in the Earnings Release for the same period. For more information please see the Form 12b-25.
The Corporation intends to file the 1Q 2017 Form 10-Q with the Securities and Exchange Commission on or before May 22, 2017.
About ACCESS NATIONAL CORPORATION (NASDAQ:ANCX)
Access National Corporation is a bank holding company. The Company operates through its subsidiary, Access National Bank (the Bank). The Bank provides credit, deposit, mortgage services and wealth management services to middle market commercial businesses and associated professionals, primarily in the Washington, District of Columbia 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 Company operates through three segments: traditional commercial banking, mortgage banking and wealth management. Its commercial banking segment includes loans, investment securities and deposit services. Its mortgage banking segment includes mortgage loans held for sale, sales of loans in the secondary mortgage market and loan origination. Its wealth management segment includes portfolio asset management. ACCESS NATIONAL CORPORATION (NASDAQ:ANCX) Recent Trading Information
ACCESS NATIONAL CORPORATION (NASDAQ:ANCX) closed its last trading session down -0.50 at 27.96 with 39,125 shares trading hands.