Access National Reports Quarterly Earnings of $2.2 Million

• Press Release
• Source: Access National Corporation
• On 4:43 pm EDT, Tuesday October 20, 2009

RESTON, Va.--(BUSINESS WIRE)--Access National Corporation (NASDAQ: ANCX - News), holding company for Access National Bank, reported net income for the third quarter of 2009 of $2.154 million, an increase 180.1% over net income of $769 thousand reported for the same period in 2008. Earnings per diluted share was $0.21 for the quarter ended September 30, 2009, a 200.0% increase over the $0.07 per diluted share recorded in the third quarter of 2008. The results represent the company’s 37^th consecutive quarterly profit out of a 39 quarter history.

Related Quotes

Symbol	Price	Change
ANCX	6.02	-0.09

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Earnings for the third quarter were impacted by a decrease of $7.1 million in non-interest income primarily due to a decrease in gains on the sale of loans, partially offset by a $5.5 million decrease in non-interest expense primarily due to a decrease in commissions and other expenses and a $0.7 million decrease in the provision for loan losses, compared to the second quarter of 2009.

Net income for the nine months ended September 30, 2009 increased 115.4% and totaled $7.588 million compared to $3.522 million for the same period in 2008. Net income per diluted share was $0.73 compared to $0.34 for the same period in 2008. Annualized returns on average assets and average common equity for the nine months ended September 30, 2009 were 1.39% and 15.92%, respectively, compared to .76% and 8.18% respectively for the same period in 2008.

Assets totaled $695.2 million at September 30, 2009 compared to $702.3 million at December 31, 2008, a decrease of $7.1 million. Loans held for investment totaled $489.1 million at September 30, 2009 compared to $485.9 million at December 31, 2008. Loans held for sale totaled $60.4 million, compared with $84.3 million at December 31, 2008.

Deposits totaled $512.7 million at September 30, 2009 compared with $485.4 million at December 31, 2008, an increase of $27.3 million. Non-interest bearing deposits totaled $84.3 million compared to $75.0 million at December 31, 2008, an increase of $9.3 million.

Net interest margin for the third quarter ended September 30, 2009 was 3.46%, up from 3.41% in the second quarter.

Non-performing assets (NPA) at September 30, 2009 totaled approximately $15.8 million or 2.28% total assets. NPA are comprised of non-accrual loans to eleven borrowers and other real estate owned consisting of two commercial real estate properties and one residential property.

During the nine months ended September 30, 2009 approximately $4.8 million has been charged to the provision for loan losses and added to the allowance for loan losses, up from $3.7 million for the same period in 2008. Net charge offs for the nine months ended September 30, 2009 totaled $4.1 million. The allowance for loan losses totaled $8.2 million at September 30, 2009 and represents 1.67% of total loans held for investment.

The mortgage banking segment originated $1.2 billion in mortgage loans during the nine months ended September 30, 2009 compared to $613.2 million for the same period in 2008, a 101.8% increase in volume.

Access National Bank was recognized by the U.S. Small Business Administration (“SBA”) as the number one community bank provider of SBA loans in the Washington Metropolitan Area for the fiscal year ended September 30, 2009. During the credit crisis, Access National Bank has placed a priority on extending business loans under the SBA loan programs.

Access National Corporation and its subsidiary bank continue to exceed standards of being “Well Capitalized” as defined under banking regulations. Retained earnings remain the largest component of stockholders equity at 58.3%. The ratio of total equity to total assets at September 30, 2009 was 9.49% compared to 8.25% at December 31, 2008.

Access National Corporation is the parent company of Access National Bank, an independent nationally chartered bank. 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 Global Market under the symbol "ANCX".

This press release contains “forward-looking statements” 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 and other SEC files.

Access National Corporation
Michael Clarke, 703-871-2100