Access National Earnings Per Share Up 125% in Q4; 75% for the Year.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), holding company for Access National Bank, reported 2005 fourth quarter net income of $1.6 million, compared to $0.7 million in 2004, up 130%. Basic earnings per share rose at a similar pace to $0.21 for the quarter ending December December: see month. 31, 2005 compared to $0.09 per share for the same period of 2004. 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. earnings for the same period rose 125% to $0.18 from $0.08. Net income for the year ending December 31, 2005 was $5.9 million, compared to $3.3 million for 2004, an increase of 78%, including extraordinary income recorded in 2004. Basic earnings per share for the same period increased 70% from $0.44 in 2004 to $0.75 in 2005. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased 75%, from $0.36 in 2004 to $0.63 in 2005. Earnings per share growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. were lower than basic earnings growth as the company issued approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 947 thousand shares in June June: see month. 2004. Return on average assets improved from 0.97% in 2004 to 1.29% in 2005, up 33%. Return on average equity was 20.63% in 2005 compared to 14.48% in 2004, up 42%. In July July: see month. 2005, the company was recognized by the US Banker BANKER, com. law. A banker is one engaged in the business of receiving other persons money in deposit, to be returned on demand discounting other persons' notes, and issuing his own for circulation. One who performs the business usually transacted by a bank. as #11 among the Top 200 Publicly Traded Community Banks for its strong return on equity ratio over the last 3 years. Fourth quarter 2005 earnings climbed as a result of continued growth in earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin . Total assets increased 28% to $537 million due mainly to the growth in loans and the investment portfolio. Total deposits increased by 32% to $420 million, while total loans increased 26% to $369 million compared to the prior year. The portfolio of investments securities available for sale grew by 71% to $87.8 million. Mortgage 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 increased 35% in 2005 to $990 million from $734 million for the year ended December 31, 2004. Net interest income for the year increased 30.6% over 2004, driven by strong loan growth and growth in the Bank's investment portfolio. Non-interest expense increased $4.7 million or 15.1% from 2004, due to increased salary, advertising and promotional expenses Noun 1. promotional expense - the cost of promoting a product business expense, trade expense - ordinary and necessary expenses incurred in a taxpayer's business or trade and other administrative expenses. The allowance for loan losses totaled $5.2 million as of December 31, 2005, compared to $4.0 million for 2004. The provision for the twelve months ended December 31, 2005 was $1.2 million compared to $1.5 million for the same period in 2004. The allowance for loan losses represented 1.41% of outstanding loans held for investment at year end, compared to 1.37% at December 31, 2004. Net income for the banking segment increased by approximately 61% to $3.8 million in 2005 compared to $2.4 million in 2004. A summary of the operating performance and financial condition for the reporting period is attached. Access National Corporation is the parent of Access National Bank, an independent, nationally chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission . The Bank, established in December 1999, serves the business community in the greater DC Metropolitan area. Its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Access National Mortgage Corporation, provides residential mortgage loans to bank clients and consumers in the same area and other select markets. Additional information is available on our website at www.AccessNationalBank.com. Shares of Access National Corporation are traded on the NASDAQ National Market under the symbol "ANCX". 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 the 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) 2005 2004 Change
----------------------------------------------------------------------
Assets $ 537,050 $ 420,098 28%
Average assets (YTD) 457,251 341,153 34%
Loans held for investment 369,497 292,594 26%
Loans held for sale 45,255 36,245 25%
Mortgage loan originations 990,445 733,599 35%
Investment Securities 87,771 51,378 71%
Earning assets 517,042 399,763 29%
Deposits 419,629 317,393 32%
Stockholders' equity 31,185 25,998 20%
Average loans held for investment 318,438 246,810 29%
Average earning assets 437,727 321,281 36%
Average interest bearing liabilities 357,700 239,245 50%
Average stockholders equity (YTD) 28,586 22,901 25%
Net income (YTD), before extra-
ordinary income 5,898 2,985 98%
Net income (YTD) 5,898 3,315 78%
Common shares outstanding 7,956,556 7,914,148 1%
Book value 3.92 3.29 19%
Basic EPS, before extra-ordinary
income $ 0.75 $ 0.40 88%
Basic EPS $ 0.75 $ 0.44 70%
Diluted EPS, before extra-ordinary
income $ 0.63 $ 0.33 91%
Diluted EPS $ 0.63 $ 0.36 75%
Average outstanding shares
Basic 7,867,135 7,509,536 5%
Diluted 9,423,087 9,155,778 3%
Return on average assets (YTD) 1.29% 0.97% 33%
Return on average equity (YTD) 20.63% 14.48% 42%
Net Interest Margin 3.50% 3.64% -4%
Allowance for loan losses 5,215 4,019 30%
Allowance for loan losses/loans held
for investment 1.41% 1.37% 3%
Non-performing assets 1,311 2,171 -40%
Non-performing assets/loans held for
investment 0.35% 0.74% -52%
Net charge-offs to average loans (YTD) 0.00% 0.00% 0%
(YTD - Year To Date)
Note 1: Prior periods have been restated to reflect a 2 for 1 stock
split effective 12-12-2005
Access National Corporation
Consolidated Balance Sheet
December 31 December 31
----------- -----------
2005 2004
----------- -----------
(In Thousands) (unaudited)
---------------------------------------------- ----------- -----------
ASSETS
Cash and due from banks $ 9,854 $ 10,998
Interest bearing balances 13,329 19,534
Securities available for sale, at fair value 87,771 51,378
Loans held for sale 45,255 36,245
Loans held for investment net of allowance
for loan losses of $5,215 and $4,019
respectively 364,282 288,575
Premises, Equipment and Land 9,650 8,822
Other assets 6,909 4,546
----------- -----------
Total assets $ 537,050 $ 420,098
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Non-interest bearing deposits $ 81,034 $ 94,108
Savings and interest bearing deposits 149,094 103,274
Time Deposits 189,501 120,011
----------- -----------
Total deposits 419,629 317,393
Short-term borrowings 48,196 37,079
Long-term borrowings 21,786 27,000
Subordinated debentures 10,311 10,311
Other liabilities and accrued expenses 5,943 2,317
----------- -----------
Total Liabilities 505,865 394,100
----------- -----------
SHAREHOLDERS' EQUITY
Common stock $0.835 par value; 60,000,000
authorized; issued and outstanding,
7,956,556 and 7,914,148 shares respectively 6,644 6,608
Surplus 9,099 9,067
Retained earnings 16,227 10,330
Accumulated other comprehensive income
(loss) (785) (7)
----------- -----------
Total shareholders' equity 31,185 25,998
----------- -----------
----------- -----------
Total liabilities and shareholders' equity $ 537,050 $ 420,098
=========== ===========
Note 1: Prior periods have been restated to reflect a 2 for 1 stock
split effective 12-12-2005
Access National Corporation
Consolidated Statement of Operations
Three Months Twelve Months Twelve Months
(In Thousands Except for Ended 12/31/05 Ended 12/31/05 Ended 12/31/04
Share Data) (unaudited) (unaudited)
------------------------- -------------- -------------- --------------
INTEREST INCOME
Interest and fees on
loans $ 7,432 $ 25,044 $ 17,228
Interest on federal
funds sold & bank
balances 103 278 90
Interest on securities 711 2,472 907
-------------- -------------- --------------
Total interest income 8,246 27,794 18,225
INTEREST EXPENSE
Interest on deposits 2,834 9,020 4,355
Interest on other
borrowings 1,102 3,502 2,176
-------------- -------------- --------------
Total interest
expense 3,936 12,522 6,531
-------------- -------------- --------------
Net interest income 4,310 15,272 11,694
Provision for loan losses 374 1,196 1,462
-------------- -------------- --------------
Net interest income after
provision for loan
losses 3,936 14,076 10,232
NON-INTEREST INCOME
Service charges and
fees 77 260 145
Gain on sale of loans 4,985 24,095 20,015
Other Income 1,730 7,112 5,792
-------------- -------------- --------------
Total non-interest
income 6,792 31,467 25,952
NON-INTEREST EXPENSE
Salaries and benefits 4,767 20,537 18,627
Occupancy and equipment 729 2,426 2,415
Other operating expense 2,548 13,377 10,538
-------------- -------------- --------------
Total non-interest
expense 8,044 36,340 31,580
-------------- -------------- --------------
Income before income tax 2,684 9,203 4,604
Income tax expense 1,034 3,305 1,619
-------------- -------------- --------------
Net Income before extra-
ordinary income 1,650 5,898 2,985
Extra-ordinary income
Gain on acquisition of
subsidiary, net of
income tax - - 330
-------------- -------------- --------------
NET INCOME $ 1,650 $ 5,898 $ 3,315
============== ============== ==============
Earnings per common
share:
Basic, before
extraordinary income $ 0.21 $ 0.75 $ 0.40
============== ============== ==============
Basic $ 0.21 $ 0.75 $ 0.44
============== ============== ==============
Diluted, before extra-
ordinary income $ 0.18 $ 0.63 $ 0.33
============== ============== ==============
Diluted $ 0.18 $ 0.63 $ 0.36
============== ============== ==============
Average outstanding
shares:
Basic 7,696,022 7,867,135 7,509,536
Diluted 9,427,740 9,423,087 9,155,778
Note 1: Prior periods have been restated to reflect a 2 for 1 stock
split effective 12-12-2005
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