Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported record third quarter net income of $4.1 million, a $1.0 million increase over the $3.1 million recorded in the third quarter of 2011. This represents the company’s 5 th consecutive quarterly earnings in excess of $3 million and its 49 th consecutive quarterly profit over its 12¾ year history. Net income per diluted common share was $0.40, an increase of 33.3% over the $0.30 reported in the third quarter of 2011.
Based on record earnings, strong capital and favorable outlook, the Board of Directors declared a cash dividend of $0.08 per share for holders of record as of November 07, 2012 and payable on November 23, 2012. This dividend represents a 2 cent increase from the prior quarter and a 7 cent cumulative increase over the past 2 years.
Net income increased 42% for the nine months ended September 30, 2012 totaling $11.5 million compared to $8.1 million for the same period in 2011. Net interest margin remained steady at 3.95% for the nine month period ended September 30, 2012 as compared to 3.85% for the same period in 2011. Diluted earnings per share were $1.11 compared to $0.78 in 2011.
Annualized return on average assets was 1.98% for the third quarter of 2012 compared to 1.69% for the same quarter of 2011. Annualized return on average equity was 17.93% for the quarter ended September 30, 2012 compared to 15.92% for the same period last year.Total assets amounted to $849.3 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 and investment securities, and was funded by a significant increase in core deposits. Total deposits at September 30, 2012 increased $60.8 million or 9.42% from December 31, 2011. As a result of management’s continued focus on expanding business banking relationships, noninterest bearing deposits increased $78.9 million or 69.31% from December 31, 2011 and comprised 27.32% of the deposit portfolio, up from 17.66% at December 31, 2011. The overall increase in deposits allowed the Company to decrease its borrowings which, coupled with other factors, contributed to the increase in net interest margin.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV