Access National Reports Third Quarter Results
For the nine months ended September 30, 2007 Net Income was $3.1 million compared to $5.3 million for the same period of 2006. Interest and fees earned on loans held for investment increased $5.3 million during the nine months of 2007 compared to the same period in 2006. Year to date, other non-interest income increased $2.2 million over last year.
For the nine months ended September 30, 2007 the commercial banking segment contributed approximately $7.4 million in pre-tax income, down 4% from the $7.7 million for the same period in 2006. The mortgage banking segment had a pre-tax loss of $2.0 million for the same period, compared to pre-tax earnings of $1.7 million in 2006.
Non-performing assets totaled $4.3 million at September 30, 2007 and consisted of two commercial bank loans totaling $586 thousand, $1.5 million in residential mortgage loans held by our mortgage subsidiary and approximately $2.2 million in other real estate owned. Of the five residential properties that comprised the other real estate owned, two properties, representing $908 thousand, were under contract as of quarter end and have since settled.
Total assets increased 4% to $643 million at September 30, 2007 compared to $617 million at September 30, 2006.
Loans held for investment increased approximately $72 million and mortgage loans held for sale decreased $29 million.
Return on trailing twelve months average assets was .86% in 2007, compared to 1.25% in 2006. Return on trailing twelve months average equity was 8.85% in 2007 compared to 18.91% in 2006. Trailing twelve months average shareholders’ equity totaled $63.5 million in 2007 compared to $36.9 million in 2006.
Earnings per share for the nine months ended September 30, 2007 were $0.26 basic and $0.25 diluted compared to $0.61 and $0.53 reported for same period in 2006.
During the third quarter the Corporation completed its share repurchase program of 1 million shares at a cost of approximately $8 million at an average weighted price of $8.00 per share. The Corporation remains well capitalized and exceeds regulatory risk based capital guidelines.
The Corporation redeemed $4 million in trust preferred securities as of September 30, 2007.
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. The Bank, established in December 1999, serves the business community in the greater DC Metropolitan area. Its wholly owned subsidiary, 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 . The shares of Access National Corporation are traded on the NASDAQ National 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.
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