Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported first quarter net income of $2.3 million, a 88.1% increase over the $1.2 million recorded in the first quarter of 2010. This represents the company’s 43 rd consecutive quarterly profit. Net income per diluted common share was $0.22, an increase of 100.0% over the $0.11 reported in the first quarter of 2010.
The Board of Directors also declared a cash dividend of $0.03 per share for shareholders of record as of May 5, 2011 and payable on May 25, 2011. The dividend represents a $0.01 increase over the per share dividend paid in the prior quarter on February 25, 2011.
Income before taxes from the banking segment increased 129% to $3.3 million for the first quarter of 2011 compared to $1.5 million for the first quarter 2010. The banking segment contributed 94% of consolidated earnings in the first quarter of 2011 compared to a contribution rate of 77% in the first quarter of 2010. In the first quarter 2011, the mortgage segment contributed $711 thousand in pre-tax earnings on mortgage origination volume of $122 million compared to a contribution of $778 thousand on origination volume of $149 million in the first quarter of 2010.
Return on average assets was 1.20% for the first quarter of 2011 compared to 0.74% for the first quarter of 2010. Return on average equity was 12.53% for the quarter ended March 31, 2011 compared to 7.01% for the same period last year. Book value per common share was $7.21 at March 31, 2011 compared to $6.52 at March 31, 2010, an increase of 10.6%.Assets totaled $717.2 million at March 31, 2011 compared to $831.8 at December 31, 2010, a decrease of $114.6 million. The decrease in assets occurred in loans held for sale and interest-bearing balances and federal funds sold, indirectly a result of a 54% quarter over quarter reduction in mortgage origination volume.