Access National Announces Q4 Earnings Increase, Dividend Increase And Strategic Leadership Adjustment
Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported fourth quarter net income of $2.2 million, a 10% increase over the $2.0 million recorded in the fourth quarter of 2009. This represents the company’s 42 nd consecutive quarterly profit.
The Board of Directors also declared a cash dividend of $0.02 per share for shareholders of record as of February 10, 2011, representing a 100% increase over per share dividends paid in recent periods. The dividend will be paid on February 25, 2011.
Effective today, January 26, 2011, the Board of Directors elected Director James L. (Ted) Jadlos as Chairman, taking the place of the Lead Independent Director and Chairman positions occupied by John W. (Skip) Edgemond and Michael W. Clarke, respectively. Messrs. Edgemond and Clarke remain Directors and Mr. Clarke remains Chief Executive Officer. Mr. Jadlos agreed to expand his outside Director role in light of time availability following the sale of his own business, his increased ownership position, and interest in cultivating and shaping strategic opportunities that serve shareholder value. Mr. Jadlos has served as a Director of the Corporation since it was formed in 2002 and has served as a Director of Access National Bank since 2000.
Return on average assets was 1.08% for the fourth quarter and 0.98% for the year. Return on average equity was 12.60% for the fourth quarter and 10.85% for the year. Book value per common share was $6.96 at December 31, 2010, compared to $6.43 at December 31, 2009, an 8.2% year over year increase.Earnings per diluted share were $0.22 for the quarter ended December 31, 2010, compared to $0.19 per diluted share in the fourth quarter of 2009. Net income for the year ended December 31, 2010 totaled $7.6 million or $0.72 per diluted share, compared to net income of $9.6 million or $0.92 per diluted share for the year ended December 31, 2009. The decrease in earnings is primarily due to a decrease in income generated from the mortgage banking segment as a result of a 42% decline in year over year origination volume. Net income from the banking segment totaled approximately $5.5 million, up 96% from the prior year.
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