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Access National Reports 59% Increase In Q2 Earnings, Continues Dividend Increase

Stocks in this article: ANCX

Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported record second quarter net income of $2.7 million, a 59.2% increase over the $1.7 million recorded in the second quarter of 2010. This represents the company’s 44 th consecutive quarterly profit over its 12-year history. Net income per diluted common share was $0.26, an increase of 62.5% over the $0.16 reported in the second quarter of 2010. Net income increased primarily due to a decrease in interest expense, gains realized on the sale of other real estate owned and a decrease in the provision for loan losses.

Based upon the record earnings, strong capital and favorable outlook, the Board of Directors declared a cash dividend of $0.04 per share for shareholders of record as of August 4, 2011 and payable on August 25, 2011. This action represents the third consecutive quarter of a dividend increase.

Net income for the six months ended June 30, 2011 totaled approximately $5.0 million compared to $2.9 million for the same period in 2010. Diluted earnings per share were $0.48 compared to $0.27 in 2010.

Return on average assets was 1.51% for the second quarter of 2011 compared to 0.84% for the second quarter of 2010. Return on average equity was 14.08% for the quarter ended June 30, 2011 compared to 9.24% for the same period last year.

Commercial and Industrial Loan growth fueled an increase in Loans Held for Investment by $23.2 million (4.7%) during the second quarter and $29.1 million (5.9%) year to date. SBA Loan activity contributed to the loan growth as Access remained the dominant SBA Lender in the Washington Area during the period ended June 30, 2011. Meanwhile, total Assets decreased to $713.0 million at June 30, 2011 compared to $831.8 at December 31, 2010. The decrease in assets was primarily attributable to a reduction in investments and loans held for sale.

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