Access National Earnings Driven by 63% Asset Growth.RESTON Reston, uninc. city (1990 pop. 48,556), Fairfax co., N Va., a planned community established in 1961. A suburb of Washington, D.C., Reston is organized in a series of residential villages and commercial areas. , Va. -- Access National Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ANCX) reported its operating results today for the year and quarter ended December December: see month. 31, 2004. Total assets increased 63% from year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2003 to $420 million as of December 31, 2004. Earning asset Earning asset An asset that generates income, e.g., income from rental property. growth was fueled primarily by a $102 million increase in Loans Held for Investment, a 55% increase over the prior year. The funding side of the balance sheet more than kept pace with Deposit growth of $119 million or 60%. Net income for the year was $3.3 million, a 13% decrease compared to $3.8 million in the prior year. Earnings per share declined 19% in 2004 to $0.88 ($0.72 diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) from $1.09 ($0.87 diluted) in 2003. Earnings from the commercial banking segment rose to 70% of consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net income, up from 40% in 2003. Growth in the banking segment earnings provided a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. off-set to the effects of a 41% decline in mortgage segment origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real volume. Mortgage originations were $734 million in 2004 compared to the $1,240 million experienced in 2003 that was fueled by unprecedented refinancing Refinancing An extension and/or increase in amount of existing debt. activity. Return on average assets for the year was 0.97% while the return on average equity was 14.5%. Both figures compare favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the 2004 composite composite, alternate common name for Asteraceae or Compositae, the aster family. composite - aggregate performance of public banking companies in the South Eastern US with assets of $1 billion or less as calculated by Scott & Stringfellow Stringfellow is a fictional character, a mutant in the Marvel Comics Universe. His first appearance was in X-Treme X-Men #35. Fictional character biography Stringfellow is a mutant with the ability to cause others' bodies to become super elastic. . Summary financial statements follow and more details will be available in the forthcoming 10-K to be filed with the Securities and Exchange Commission. Access National Corporation serves as the holding company for Access National Bank, Access National Mortgage Corporation and Access National Leasing Corporation. This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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 Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in such forward-looking statements. For an explanation of certain risks and uncertainties associated with forward-looking statements, please refer to then Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other SEC filings.
Access National Corporation
Selected Financial Data
(In Thousands, Except for Share Data)
December 31 December 31 Percent
At period end (unaudited) 2004 2003 Change
----------------------------------------------------------------------
Assets $ 420,188 $ 257,390 63%
Average assets (LTM) 341,153 263,415 30%
Loans held for investment 288,575 186,755 55%
Loans held for sale 36,245 29,756 22%
Mortgage loan originations 733,599 1,239,666 -41%
Investment Securities 51,378 23,178 122%
Earning assets 399,763 242,407 65%
Deposits 317,393 198,183 60%
Stockholders' equity 25,998 19,755 32%
Average stockholders equity (LTM) 22,901 18,636 23%
Net income this period 716 689 4%
Net income (LTM) 3,315 3,816 -13%
Common shares outstanding 3,957,074 3,477,360 14%
Book value 6.57 5.68 16%
Basic earnings per share (average) -
3,754,768 and 3,493,340 shares
respectively 0.88 1.09 -19%
Diluted earnings per share -
4,577,889 and 4,411,186 shares
respectively 0.72 0.87 -17%
Return on average assets (LTM) 0.97% 1.45% -33%
Return on average equity (LTM) 14.48% 20.48% -29%
Allowance for loan losses 4,019 2,565 57%
Allowance for loan losses/loans held
for investment 1.39% 1.37% 0%
Non-performing assets 2,171 826 163%
Non-performing assets to loans 0.75% 0.44% 70%
Net charge-offs to avg. loans 0.00% 0.00% 0%
(LTM - Last Twelve Months)
Access National Corporation
Consolidated Balance Sheet
December 31 December 31
---------- ----------
2004 2003
---------- ----------
(In Thousands) (unaudited)
-------------------------------------------------------- -------------
ASSETS
Cash and due from banks $ 10,998 $ 5,808
Interest bearing balances 19,534 286
Securities available for sale, at fair
value 51,378 23,178
Loans held for sale 36,245 29,756
Loans held for investment
net of allowance for loan losses of
$4,019 and $2,565 respectively 288,575 186,755
Premises, Equipment and Land 8,822 7,993
Other assets 4,636 3,614
---------- ----------
Total assets $ 420,188 $ 257,390
========== ==========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Non-interest bearing deposits $ 94,108 $ 60,219
Savings and Interest bearing deposits 103,274 28,528
Time Deposits 120,011 109,436
---------- ----------
Total deposits $ 317,393 $ 198,183
Short-Term Borrowings 37,079 11,056
Long-Term Borrowings 27,000 14,965
Trust Preferred Debt 10,311 10,311
Other liabilities and accrued expenses 2,407 3,120
---------- ----------
Total Liabilities $ 394,190 $ 237,635
========== ==========
SHAREHOLDERS' EQUITY
Common stock $1.67 par value;
30,000,000 authorized; 3,957,074
shares issued and outstanding 6,608 5,796
Surplus 9,067 6,856
Accumulated other comprehensive income (7) 88
Retained earnings 10,330 7,015
---------- ----------
Total shareholders' equity $ 25,998 $ 19,755
---------- ----------
---------- ----------
Total liabilities and shareholders'
equity $ 420,188 $ 257,390
========== ==========
Access National Corporation
Consolidated Statement of Operations
Three Twelve Twelve
Months Months Months
Ended Ended Ended
(In Thousands Except for Per 12/31/04 12/31/04 12/31/03
Share Data) (unaudited) (unaudited)
---------------------------------------------- ----------- -----------
INTEREST INCOME
Interest and fees on
loans $ 5,230 $ 17,228 $ 13,522
Interest on federal funds
sold & bank balances 42 90 142
Interest on securities 302 907 378
----------- ----------- -----------
Total interest
income $ 5,574 $ 18,225 $ 14,042
INTEREST EXPENSE
Interest on deposits 1,480 4,355 3,966
Interest on other
borrowings 642 2,176 938
----------- ----------- -----------
Total interest
expense $ 2,122 $ 6,531 $ 4,904
----------- ----------- -----------
Net interest
income $ 3,452 $ 11,694 $ 9,138
Provision for loan losses 871 1,462 526
----------- ----------- -----------
Net interest income after
provision for loan losses $ 2,581 $ 10,232 $ 8,612
NON-INTEREST INCOME
Service charges and fees 19 145 266
Fees on Loans Held For
Sale 3,773 17,755 24,710
Other Income 1,985 8,052 8,789
----------- ----------- -----------
Total non-
interest income $ 5,777 $ 25,952 $ 33,765
NON-INTEREST EXPENSE
Salaries and benefits 4,055 18,627 21,398
Occupancy and equipment 569 2,415 2,162
Other operating expense 2,601 10,538 12,872
----------- ----------- -----------
Total non-
interest
expense $ 7,225 $ 31,580 $ 36,432
----------- ----------- -----------
Income before income tax $ 1,133 $ 4,604 $ 5,945
Income tax expense 417 1,619 2,129
----------- ----------- -----------
Net income before extra-ordinary
items $ 716 $ 2,985 $ 3,816
----------- ----------- -----------
EXTRA-ORDINARY INCOME
Gain on acquisition of
subsidiary, net of
income tax $ - $ 330 $ -
----------- ----------- -----------
NET INCOME $ 716 $ 3,315 $ 3,816
=========== =========== ===========
Earnings per common share:
Basic, before extra-ordinary
income $ 0.18 $ 0.79 $ 1.09
=========== =========== ===========
Basic $ 0.18 $ 0.88 $ 1.09
=========== =========== ===========
Diluted, before extra-ordinary
income $ 0.15 $ 0.65 $ 0.87
=========== =========== ===========
Diluted $ 0.15 $ 0.72 $ 0.87
=========== =========== ===========
Average outstanding shares:
Basic 3,955,986 3,754,768 3,493,340
Diluted 4,681,709 4,577,889 4,411,186
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion