Access National Reports 28% Increase in Income for 2008.RESTON, 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 net income for the fourth quarter of 2008 of $1.222 million, or $.12 per 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. share compared to $625 thousand or $.06 per diluted share for the same period in 2007. For the year ended December 31, 2008, net income was $4.744 million, or $.46 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 compared to $3.702 million or $.31 diluted earnings per share in 2007, an increase of 28% Earnings were substantially impacted in 2008 by the $5.4 million charged to the provision for loan losses and added to the allowance for loan losses. Net charge offs for the year totaled $5.7 million as non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. were charged off or written down as a result of the economic environment. The allowance for loan losses remains strong at $7.5 million and represents 1.54% of total loans held for investment at December 31, 2008. Non-performing assets (NPA (1) (Numbering Plan Area) The Bellcore/Telcordia telephone area code system in use in the U.S., Canada, Alaska, Hawaii and islands in the Caribbean. See NPA code. (2) (Network Professional Association, San Diego, CA, www.npanet. ) totaled $7.3 million or 1.28% of loans held for investment and loans held for sale plus real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most . NPA consists of five loans totaling $2.9 million in non-accrual status and two commercial properties in other real estate owned with a value of $4.4 million. Assets totaled $702.3 million at December 31, 2008 compared to $622.4 million at December 31, 2007. Loans held for investment totaled $485.9 million, compared to $477.6 million at December 31, 2007. Deposits totaled $485.4 million at December 31, 2008 compared to $473.4 million at December 31, 2007, an increase of approximately $12.0 million. Non-interest bearing deposits increased $15.6 million or 26.2% and totaled $75.0 million compared to $59.4 million at December 31, 2007. Time deposits increased $43.5 million and savings and other interest bearing deposits decreased $47.1 million. Net interest margin for the three months ended December 31, 2008 was 3.46%, up from 3.30% for the same period in 2007. Net interest margin for the year ended December 31, 2008 was 3.47% improved from 3.17% in 2007. The company's mortgage banking segment reported year to date 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 of $853.8 million compared to $1.1 billion in 2007, a 20.2% decline in volume. On January 6, 2009 the Company announced it had received preliminary approval from the U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. to participate in the Capital Purchase Program in the amount of $16 million. Access National Corporation and its subsidiary bank continue to exceed standards of being "Well Capitalized" as defined under banking regulations. The positive earning performance for the quarter represented the company's 34th consecutive quarterly profit out of its 36 quarter history. 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. 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 files. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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