This Day On The Street
Continue to site
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

Access National Reports 44% Increase In Second Quarter Earnings, Declares Dividend

Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported record second quarter net income of $3.9 million, a 44.4% increase over the $2.7 million recorded in the second quarter of 2011. This represents the company‚Äôs 4 th consecutive quarterly earnings in excess of $3 million and its 48 th consecutive quarterly profit over its 12½ year history. Net income per diluted common share was $0.38, an increase of 46.2% over the $0.26 reported in the second 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 for holders of record as of August 8, 2012 and payable on August 24, 2012.

Net income for the six months ended June 30, 2012 totaled $7.3 million compared to $5.0 million for the same period in 2011, highlighted by an increase in pre-tax, pre-provision earnings of the commercial bank segment and increased earnings in the mortgage banking segment driven by an increase in loan origination volume. Net interest margin remained steady at 3.95% for the 6 month period ended June 30, 2012 as compared to 3.77% for the same period in 2011. Diluted earnings per share were $0.71 compared to $0.48 in 2011.

Return on annualized average assets was 1.95% for the second quarter of 2012 compared to 1.66% for the first quarter of 2012 and 1.51% for the second quarter of 2011. Return on annualized average equity was 17.55% for the quarter ended June 30, 2012 compared to 16.03% for the first quarter of 2012 and 13.92% for the same period last year.

Total assets amounted to $841.7 million compared to $809.8 million at December 31, 2011. The increase in assets is mainly attributable to an increase in both loans held for investment as well as loans held for sale, and was funded by the increase in deposits.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs