Access National Earnings Up 35% in Q4, 29% 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 2006 fourth quarter net income of $2.3 million, compared to $1.7 million in 2005, up 35%. Net income for the year ending 2006 was $7.6 million, compared to $5.9 million for 2005, an increase of 29%. Basic earnings per share for the same period increased from $0.75 in 2005 to $0.81 in 2006; 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 from $0.63 in 2005 to $0.72 in 2006. Average shares outstanding increased from 7,867,135 in 2005 to 9,429,074 in 2006. The increase in average shares is due primarily to the issuance of 2.3 million shares in connection with a public stock offering that concluded in August 2006. Return on average assets was 1.29% in 2006, unchanged from 2005. Return on average equity was 17.15% in 2006 compared to 20.63% in 2005. Average shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. totaled $44.3 million in 2006 compared to $28.6 million in 2005. Total assets increased 20% to $644 million and total deposits increased to $439 million. Total loans increased 17% to $434 million compared to the prior year. Investment securities available for sale increased by 20% to $105 million. Mortgage loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. increased 6% in 2006 to $1 billion, up from $990 million for the year ended December December: see month. 31, 2005. Net interest income for the year increased 19.5% over 2005, as a result of continued loan growth and the growth in the Bank's investment portfolio. Non-interest expense decreased $1.6 million or 4.5% from 2005, due to increased operational efficiencies. A summary of the operating performance and financial condition for the reporting period is attached. Access National Corporation is the parent company 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. The 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 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. [TABLE OMITTED] [TABLE OMITTED] Note 1: Prior periods have been restated to reflect a 2 for 1 stock split effective 12-12-2005 [TABLE OMITTED] |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion