Access National Corp (ANCX) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Access National Corp

CIK: 1176316 Ticker: ANCX

Exhibit 99.1

Access National Announces Q4 Earnings Increase, Dividend Increase and Strategic Leadership Adjustment

RESTON, Va.--(BUSINESS WIRE)--January 26, 2011--

Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank, reported fourth quarter net income of $2.2 million, a 10% increase over the $2.0 million recorded in the fourth quarter of 2009. This represents the company’s 42nd consecutive quarterly profit.

The Board of Directors also declared a cash dividend of $0.02 per share for shareholders of record as of February 10, 2011, representing a 100% increase over per share dividends paid in recent periods. The dividend will be paid on February 25, 2011.

Effective today, January 26, 2011, the Board of Directors elected Director James L. (Ted) Jadlos as Chairman, taking the place of the Lead Independent Director and Chairman positions occupied by John W. (Skip) Edgemond and Michael W. Clarke, respectively. Messrs. Edgemond and Clarke remain Directors and Mr. Clarke remains Chief Executive Officer. Mr. Jadlos agreed to expand his outside Director role in light of time availability following the sale of his own business, his increased ownership position, and interest in cultivating and shaping strategic opportunities that serve shareholder value. Mr. Jadlos has served as a Director of the Corporation since it was formed in 2002 and has served as a Director of Access National Bank since 2000.

Return on average assets was 1.08% for the fourth quarter and 0.98% for the year. Return on average equity was 12.60% for the fourth quarter and 10.85% for the year. Book value per common share was $6.96 at December 31, 2010, compared to $6.43 at December 31, 2009, an 8.2% year over year increase.

Earnings per diluted share were $0.22 for the quarter ended December 31, 2010, compared to $0.19 per diluted share in the fourth quarter of 2009. Net income for the year ended December 31, 2010 totaled $7.6 million or $0.72 per diluted share, compared to net income of $9.6 million or $0.92 per diluted share for the year ended December 31, 2009. The decrease in earnings is primarily due to a decrease in income generated from the mortgage banking segment as a result of a 42% decline in year over year origination volume. Net income from the banking segment totaled approximately $5.5 million, up 96% from the prior year.

Assets totaled $831.8 million at December 31, 2010 compared to $666.9, an increase of $164.9 million or 24.7% composed primarily of increases in cash and investment securities.

The company was successful in deploying its loan portfolio strategies in 2010. Access National Bank dominated regional volumes reported for SBA Guaranteed loans. In the quarter ended December 31, 2010, the Small Business Administration (SBA) reported regional loan volume of $24 million for Access National Bank, compared to just $4 million of volume for the second largest bank lender. For the calendar year 2010, SBA reported volume of $35 million for the company compared to $11 million for the second highest volume bank lender. The SBA activity was an important component of a larger focus on expanding core business relationships, upgrading credit and relationship profiles of new accounts and exiting targeted borrowers and loan types. Success in execution is further evidenced by a 30% year over year increase in commercial and industrial loans and a 20% increase in business demand deposit balances Overall, loans held for investment totaled $491.5 million at December 31, 2010 compared to $486.6 million at December 31, 2009. Loans held for sale totaled $82.2 million at December 31, 2010, up $6.0 million from the prior year.

Investment securities totaled $128.7 million at December 31, 2010 compared to $47.8 million at December 31, 2009. The growth in the investment portfolio is attributable to deposit growth and moderate net loan growth. All of the securities purchased in 2010 were government agencies.

Deposits totaled $627.8 million at December 31, 2010 compared to $466.6 million at December 31, 2009. Non-interest-bearing deposit balances totaled approximately $84.0 million compared to $69.8 million at December 31, 2009, a 20% increase.

Non-performing assets (NPAs, including Troubled Debt Restructurings or TDRs) totaled approximately $10.4 million or 1.25% of assets at December 31, 2010, down from $12.1 million or 1.82% of assets at December 31, 2009. NPAs are comprised of non-accrual loans totaling $8.5 million and other real estate owned of $1.9 million. The allowance for loan losses totaled $10.5 million or 2.14% of total loans held for investment as of December 31, 2010, compared to $9.1 million or 1.9% at December 31, 2009.

The following information was filed by Access National Corp (ANCX) on Friday, January 28, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SEC Filing Tools
Ticker: ANCX
CIK: 1176316
Form Type: 10-K Annual Report
Accession Number: 0001144204-11-017921
Submitted to the SEC: Tue Mar 29 2011 3:18:59 PM EST
Accepted by the SEC: Tue Mar 29 2011
Period: Friday, December 31, 2010
Industry: Savings Institution Federally Chartered

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