Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported first quarter net income of $3.4 million, a 50.3% increase over the $2.3 million recorded in the first quarter of 2011. This represents the company’s 47 th consecutive quarterly profit over its 12 year history. Net income per dilutive common share was $0.33, an increase of 50.0% over the $0.22 reported in the first quarter of 2011.
Based on record earnings, strong capital and favorable outlook, the Board of Directors declared a cash dividend of $0.06 per share, representing the fifth increase over the last six quarters for holders of record as of May 2, 2012 and payable May 25, 2012.
During the first quarter of 2012 the Company experienced continued growth in earnings attributable to both core earnings from the banking segment and record earnings from the mortgage banking segment. Net interest margin for the first quarter of 2012 was 3.91%, up from 3.77% in the fourth quarter of 2011 and 3.55% in the first quarter of 2011.
Return on average assets annualized was 1.66% for the first quarter of 2012 compared to 1.61% for the fourth quarter of 2011 and 1.20% for the first quarter of 2011. Return on average equity annualized was 16.03% for the first quarter of 2012 compared to 15.87% for the fourth quarter of 2011 and 12.53% for the first quarter of 2011.Loans held for investment totaled $573.3 million, compared to $569.4 million at December 31, 2011 and $497.5 million at March 31, 2011. Total assets amounted to $804.8 million compared to $809.8 million at December 31, 2011. The decrease in assets was primarily attributable to the payoff of a $30.0 million senior unsecured note that was issued under the Temporary Liquidity Guarantee Program and was substantially offset by the increase in deposits.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV