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.