This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs