This Day On The Street
Continue to site
ADVERTISEMENT
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 91% Increase In Fourth Quarter Earnings, Dividend Increased

Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported record fourth quarter net income of $6.3 million, a $3.0 million increase over the $3.3 million recorded in the fourth quarter of 2011. This represents the company’s 7 th consecutive record quarterly earnings and its 50 th consecutive quarterly profit over its 13 year history. Net income per diluted common share was $0.60, an increase of 87.5% over the $0.32 reported in the fourth quarter of 2011.

Based on record earnings, strong capital and favorable outlook, the Board of Directors declared a cash dividend of $0.09 per share for holders of record as of February 11, 2013 and payable on February 25, 2013. This dividend is in addition to the $0.70 non-routine dividend paid in the fourth quarter of 2012 and represents a 1 cent increase from the prior quarter and an 8 cent cumulative increase over the past 2 years.

The $3.0 million increase in net income between the fourth quarter of 2012 and 2011 is mainly attributable to activity in our mortgage division. Net income increased 55.6% for the year ended December 31, 2012 totaling $17.7 million compared to $11.4 million for the year 2011. Net interest margin was 3.94% for 2012 compared to 3.82% for 2011. Diluted earnings per share were $1.71 compared to $1.10 in 2011.

Annualized return on average assets was 2.97% for the fourth quarter of 2012 compared to 1.61% for the same quarter of 2011. Annualized return on average equity was 26.80% for the quarter ended December 31, 2012 compared to 15.87% for last year.

Total assets amounted to $863.9 million compared to $809.8 million at December 31, 2011. The increase in assets is mainly attributable to a $46.8 million or 8% growth in net loans held for investment as well as a $16.4 million or 17% growth in loans held for sale. The growth in loans held for investment was driven by a 13.3% growth in commercial and industrial loans to the bank’s target market. The asset growth was funded by a 4% growth in total deposits as well as short-term borrowings from the Federal Home Loan Bank.

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,528.03 -114.98 -0.69%
S&P 500 1,972.18 -16.69 -0.84%
NASDAQ 4,776.5080 -51.8170 -1.07%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs