Access National Reports 33% Increase in Third Quarter Earnings, Dividend Increased
Access National Reports 33% Increase in Third Quarter Earnings,Dividend Increased
RESTON, Va.--(BUSINESS WIRE)-- Access National Corporation (NAS: 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 5th consecutive quarterly earnings in excess of $3 million and its 49th 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.
Non-performing assets (NPAs) decreased to $3.6 million or 0.43% of total assets, down from $5.2 million or 0.62% of assets at June 30, 2012. The Corporation did not have other real estate owned at September 30, 2012. The allowance for loan losses totaled $12.0 million or 2.04% of total loans held for investment as of September 30, 2012.
Book value per common share increased 15.2% at September 30, 2012 to $9.03, compared to $7.84 at September 30, 2011. The ratio of total equity to total assets for Access National Corporation and its subsidiary bank was 10.92% at September 30, 2012 and continued to exceed standards of being "Well Capitalized" as set forth under banking regulations.
Access National Corporation is the parent company of Access National Bank, an independent, nationally chartered bank serving the business community of the greater Washington DC Metropolitan area. Additional information is available on our website at www.AccessNationalBank.com. Shares of Access National Corporation are traded on the NASDAQ Global Market under the symbol "ANCX".
This press release contains "forward-looking statements" within the meaning of the federal securities laws.These statements may be identified as "may", "could", "expect", "believe", anticipate", "intend", "plan" or variations thereof.These forward-looking statements may contain information related to those matters such as the Company's intent, belief, or expectation with respect to matters such as financial performance.Such statements are necessarily based on assumptions and estimates and are inherently subject to a variety of risks and uncertainties concerning the Company's operations and business environment, which are difficult to predict and beyond control of the company.Such risks and uncertainties could cause the actual results of the Company to differ materially from those matters expressed or implied in such forward-looking statements.For an explanation of certain risks and uncertainties associated with forward-looking statements, please refer to the Company's Annual Report on Form 10-K and other SEC filings.
|Access National Corporation|
|Consolidated Balance Sheet|
|September 30,||December 31,||September 30,|
|Cash and due from banks||$||13,090||$||5,362||$||10,909|
|Interest-bearing balances and federal funds sold||43,360||38,547||32,017|
|Available-for-sale, at fair value||36,719||45,837||55,920|
|Held-to-maturity, at amortized cost (fair value of $65,454, $39,978 and $9,978)||64,939||39,987||10,000|
|Total investment securities||101,658||85,824||65,920|
|Restricted Stock, at amortized cost||2,824||3,665||4,367|
|Loans held for sale - at fair value||84,011||95,126||96,764|
Loans held for investment net of allowance for loan losses of $12,048, $11,738 and $11,537, respectively
|Premises, equipment and land, net||8,425||8,671||8,720|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Savings and interest-bearing deposits||193,840||182,005||167,673|
|Other liabilities and accrued expenses||15,167||11,019||11,813|
Common stock $0.835 par value; 60,000,000 authorized; issued and outstanding, 10,277,267, 10,192,649 and 10,224,742 shares, respectively
|Additional paid in capital||16,896||16,716||16,900|
|Accumulated other comprehensive income (loss), net||115||59||101|
|Total shareholders' equity||92,782||82,815||80,176|
|Total liabilities and shareholders' equity||$||849,348||$||809,758||$||765,467|
|Access National Corporation|
|Consolidated Statement of Operations|
|Three Months Ended||Nine Months Ended|
|September 30, 2012||September 30, 2012||September 30, 2011|
|(In Thousands Except for Share Data)||(unaudited)||(unaudited)||(unaudited)|
|Interest and fees on loans||$||8,632||$||25,672||$||24,168|
|Interest on federal funds sold and bank balances||12||62||97|
|Interest on securities||528||1,791||1,710|
|Total interest income||9,172||27,525||25,975|
|Interest on deposits||1,089||3,512||3,925|
|Interest on other borrowings||104||434||1,430|
|Total interest expense||1,193||3,946||5,355|
|Net interest income||7,979||23,579||20,620|
|Provision for loan losses||150||1,340||936|
|Net interest income after provision for loan losses||7,829||22,239||19,684|
|Service charges and fees||150||487||519|
|Gain on sale of loans||17,479||43,161||24,719|
|Total noninterest income||12,725||38,558||24,641|
|Salaries and benefits||8,017||23,826||18,220|
|Occupancy and equipment||711||1,941||1,982|
|Other operating expense||5,336||16,471||11,606|
|Total noninterest expense||14,064||42,238||31,808|
|Income before income tax||6,490||18,559||12,517|
|Income tax expense||2,358||7,099||4,446|
|Earnings per common share:|
|Average outstanding shares:|