Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported fourth quarter net income of $3.3 million, a 47.7% increase over the $2.2 million recorded in the fourth quarter of 2010. This represents the company’s 46 th consecutive quarterly profit over its 12 year history. Net income per dilutive common share was $0.32, an increase of 45.5% over the $0.22 reported in the fourth quarter of 2010.
Based on record earnings, strong capital and favorable outlook, the Board of Directors declared a cash dividend of $0.05 per share, representing the fourth increase over the last year for holders of record as of February 13, 2012 and payable February 24, 2012.
CEO Mike Clarke noted, “Since onset of the financial crisis, our shareholder-focused leadership has increased dividend payouts while increasing retained earnings by $33.9 million to $57.5 million. In turn, our book value per share has risen 54% over the same period, from $5.27 at December 31, 2006 to $8.13 at December 31, 2011. In the 12 months ended December 31, 2011, common shareholders experienced a 16.8% increase in book value and received $0.13 in payouts. Based upon the latest dividend action, the annual payout rate of $0.20 exceeds a 2.0% yield on last week’s ending market price of $9.25.” The company remains “Well Capitalized” under banking regulations and poised for measured and responsible growth as the total equity to assets ratio was 10.23% at December 31, 2011.
Net income for the year ended December 31, 2011 was $11.4 million ($1.10 diluted EPS), a 50% increase compared to $7.6 million ($0.72 diluted EPS) the same period in 2010.Return on average assets annualized was 1.61% for the fourth quarter of 2011 compared to 1.08% for the fourth quarter of 2010. Return on average assets for the year ended December 31, 2011 was 1.50%, up from 0.98% in 2010. Return on average equity annualized was 15.9% for the fourth quarter of 2011 compared to 12.6% for the same period last year. Return on average equity was 14.80% compared to 10.85% last year.