Access National Q1 Earnings Increase 91%.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 first quarter ended March 31, 2005. Net income for the quarter rose 91% to $1.03 million from $542 thousand in the same period of 2004. Earnings per share, calculated off a larger share base in the more recent period, grew 63% in Q1 2005 to $0.26 ($0.22 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 $0.16 ($0.12 diluted) in 2004. Total assets increased 34% to $447 million at March 31, 2005 from $334 million as of Q1 2004. Year over year, the Loan Portfolio Held for Investment, grew 32% to $298 million. Meanwhile, Deposits soared 62% to $367 million from $226 million at the end of Q1 2004. The earnings contribution from the commercial banking segment increased to 85% 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 66% in the first quarter of 2004. The increase in earnings from the commercial banking segment is attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the high growth in Loans Held for Investment. 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 improved 7% to $192 million in the first quarter of 2005 up from $180 million in 2004, revealing continued strength in the mortgage banking markets served by the Company. Return on average assets for the trailing 12 months through March 31, 2005 was 1.07%. Return on average equity for the trailing 12 months through March 31, 2005 was 16.32%. A more detailed summary of the operating performance and financial condition through March 31, 2005 will be available in the forthcoming 10-Q scheduled to be filed with the Securities and Exchange Commission on or before May 15, 2005. Access National Corporation serves as the holding company for Access National Bank and its subsidiaries, 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 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. |
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