Access National Corporation (NASDAQ: ANCX), holding company for Access National Bank, reported first quarter net income of $1.2 million compared to a record $2.7 million recorded in the first quarter of 2009. This represents the company’s 39 th consecutive quarterly profit. Earnings per diluted share were $0.11 for the quarter ended March 31, 2010, compared to $0.19 per diluted share in the fourth quarter of 2009 and $0.26 in the first quarter of 2009. The decrease in earnings is primarily due to an $8.5 million decrease in gains on sale of loans as a result of a 66.1% decrease in mortgage loan originations. Earnings for the first quarter of 2010 were adversely impacted by $557 thousand in expenses associated with other real estate owned.
Income before taxes from the banking segment increased 44.4% to $1.5 million for the first quarter of 2010 compared to $1.0 million for the first quarter of 2009. Income before taxes from the mortgage segment decreased from approximately $4.0 million for the first quarter of 2009 to $778 thousand for the first quarter of 2010.
Return on Average Assets for the first quarter of 2010 annualized was 0.74% compared to 1.45% for the same period in 2009. Return on average equity annualized was 7.0% for the first quarter of 2010 compared to 17.7% in the prior year. Book value per common share was $6.52 at March 31, 2010 compared to $5.92 at March 31, 2009, an increase of 10.1%.
Assets totaled $637.4 million at March 31, 2010 compared to $755.2 million at March 31, 2009. The decrease in total assets is due to a decrease of $54.4 million in cash and due from banks and a $60.0 million decrease in total loans.Deposits totaled $460.2 million at March 31, 2010 compared with $546.6 million at March 31, 2009, a decrease of $86.4 million. The decrease is due to fluctuations in commercial non-interest bearing balances and deliberate reductions in rate sensitive time deposits.