ANCX ==> The Finding Nemo Winner

**Websman** · 02-18-2013, 10:46 PM

Awesome pick Mr Market! I may just join in with you on this one.

**mrmarket** · 02-18-2013, 11:12 PM

Originally posted by Websman View Post

Awesome pick Mr Market! I may just join in with you on this one.

There are dozens of banks like this one, but this week I really liked ANCX.

**jiesen** · 02-21-2013, 10:56 AM

yes

an outstanding pick, and fantastic writeup! Thanks, and I'm in with you at 16!

**mrmarket** · 08-03-2013, 01:28 PM

Access National Corporation (ANCX), parent company for Access National Bank (Bank), reported second quarter net income of $3.5 million, down from the record setting $3.9 million recorded in the second quarter of 2012. This represents the Corporation’s 52^nd consecutive quarterly profit over its 54 quarter history. Net income per diluted common share was $0.34 in comparison to the $0.38 reported in the second quarter of 2012.
The Board of Directors declared a cash dividend of $0.11 per share for holders of record as of August 7, 2013 and payable on August 23, 2013. This dividend represents a steady migration towards the stated objective equal to a 40% payout ratio of core earnings. It also represents a 1 cent increase over the prior quarter and a 10 cent increase over the last 9 quarters.
The second quarter of 2013 reflects a 21% increase in banking segment pretax earnings in comparison to the second quarter of 2012. With the closing of the Denver Mortgage Production Branch in April 2013 as well as an increase in mortgage loan rates, the mortgage segment’s contribution has decreased from 56% of the Corporation’s pre-tax income in the second quarter of 2012 to a contribution of 34% in the second quarter of 2013. This decrease in the mortgage division’s pre-tax contribution aligns with management’s intent, being that 70 – 80% of the Corporation’s net income is generated from the core business of the Bank.
Net interest margin for the first six months of 2013 decreased to 3.81% from 3.95% for the same period in 2012, yet on a linked quarter basis, the margin increased for the three months ended June 30, 2013 to 3.89% from 3.73% reported in the prior quarter.
Annualized return on average assets remained at 1.66% for both the first and second quarters of 2013, down slightly from the 1.80% reported for the six months ended June 30, 2012. Annualized return on average equity was 14.88% for the quarter ended June 30, 2013 compared to 17.55% for the same period last year.
Total assets amounted to $841.7 million compared to $863.9 million at December 31, 2012, an overall decline of $22.2 million. The decrease in loans held for sale of $62.6 million was offset by a growth in investment securities and cash balances of $13.3 million and loans held for investment of $24.5 million.
Total deposits at June 30, 2013 decreased $11.6 million from December 31, 2012. Management has viewed CDARS as a cost effective method of funding the mortgage division’s warehouse on loans held for sale as well as its investment portfolio. The $46.8 million reduction in CDARS was a planned response to the $62.7 million decrease in mortgage loans held for sale. Management continues to focus on expanding business banking relationships as evidenced by the increase in noninterest-bearing deposits of $56.3 million or 34.30% from December 31, 2012, which comprised 33.42% of the deposit portfolio at June 30, 2013.
Non-performing assets (NPAs) decreased to $2.3 million or 0.27% of total assets at June 30, 2013, down from $2.7 million or 0.32% of assets at December 31, 2012. The Corporation did not have other real estate owned at June 30, 2013. The allowance for loan losses totaled $13.0 million or 2.01% of total loans held for investment as of June 30, 2013.
Book value per common share increased 6.4% at June 30, 2013 to $9.20, from $8.65 at June 30, 2012. The ratio of total equity to total assets for Access National Corporation and its subsidiary bank was 11.24% at June 30, 2013 and continued to exceed standards of being “Well Capitalized” as set forth under banking regulations.
To better understand the impact the closing the Denver Mortgage Production Branch had on net income, included at the end of this release is pro forma information presenting results of the Corporation as if the Denver Mortgage Production Branch, which closed on April 30, 2013, had not been in existence in the three and six month periods ended June 30, 2013 and 2012.

**mrmarket** · 08-29-2013, 10:29 AM

Access to this page has been denied

http://seekingalpha.com/article/1647652-access-national-15-roe-solid-track-record-unrecognized-earning-power?source=yahoo

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From Seeking Alpha..pretty good writeup

Access National Corp (ANCX) is a commercial bank headquartered in Fairfax County just outside of Washington, D.C. The bank's track record is phenomenal and its current position is excellent. While the bank has only minimal depositor market share, the earnings history and return on equity are impressive. For instance, TTM ROE has recently clocked over 18% -- and over 20% in terms of return on tangible equity. The bank, however seems to sells at a discount, perhaps due to its commercial focus which is generally thought to be more risky.
Based on my understanding of Access National's revenue, there will be some headwinds for earnings in the near term. That is, the recent record earnings will remain a record until interest rates rise generally or until earning assets increase enough to offset expected declines in the mortgage business. It seems reasonable to expect earnings weakness to last at least 4 more quarters.
But as a whole, Access National appears cheap. The near term weakness may result in a lower share price which would be a good buying opportunity. But on the other hand, I am more convinced that the stellar credit quality and earnings history will support a share price at higher levels than today. Fair value, ignoring future growth, is estimated to be at least $186 million. Taking into account long-term growth, we would not be surprised if we see a market capitalization at above $200 million.
Operating History
Take a look at net income:

On the market capitalization of $160 million that is a TTM earnings yield of about 11%. This in and of itself is satisfactory as many banks sell at lower yields. Taking into account near term weakness, the earnings yield still stands at nearly 9%, a good return for a bank of this quality. As noted, we believe the discount to other banks is due to the banks focus on commercial lending. In the case of Access National, a survey of its credit quality makes this fact nearly moot (more on this later).
Take a look at ROE as compared with Wells Fargo (WFC) and JPMorgan (JPM):

Obviously, we will likely see the ROE slide down as both the equity in the business increases and the earnings move sideways. But even though we shouldn't expect 18%+ ROEs to continue, we should still expect the business to produce ROEs above 15% in the near term.
It is important to discuss the source of income for Access National. In 2012 -- which will be quite different from 2013 -- Access National produced 51.8% of its pre-tax income from its bank ("Access National Bank") and the remaining 48.2% of pre-tax income from its mortgage division ("Access National Mortgage Corporation"). This dichotomy is different from both the past and what the bank targets. The bank would prefer for about 70% to 80% of pre-tax income derived from banking activities, with the remainder from mortgage banking and other fee revenue. From this we can gather that mortgage banking was very strong in 2012 and net interest margins were weak contributing to the near 50-50 breakdown of income.
This trend has already changed in 2013. For the six months ended June 30, 2013, "gain on sale of loans" derived from the mortgage division was $15 million as opposed to $25.6 million in 2012 -- a decline of 40%. For the three months ended June 30, 2013, "gain on sale of loans" declined more than 50% from the prior year.
These large declines in revenue were offset by declines in expenses and increase interest income, and therefore the decline of the mortgage division only resulted in a 7% decline of net income year-over-year as of the most recent quarter.
We will come back to these figures since they will result in a lower earnings estimate going forward. Before we do that, let us take a look at the most impressive feature of Access National -- its credit quality.
Operating History -- Credit Quality
Against its $641 million in loans is an allowance for loan losses of $13 million. Access national has $0 doubtful loans and about $25.7 million in "substandard loans" (where credit quality is "inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged"). Substandard loans, however, are not trouble loans -- they are only potentially troubled loans.
If we look at non-performing loans themselves, they total only $2.3 million or 17% of the allowance for loan losses. Or, rather, Access National could lose its total investment in non-performing loans 5 times over and still not have used up its entire allowance. The total amount of past due loans amounts to only $1.07 million. These figures serve to demonstrate that there are very few problems in the current loan portfolio.
Take a look at the break down of the loan types (2013 Q2 10-Q, p. 13):

Notice that loans to commercial businesses make up about 69% of the loan portfolio. The FDIC, I would imagine, might call Access National a commercial real estate specialist. This distinction is of import because of a recent study (pdf) of the historical performance of different types of community banks released by the FDIC this past December 2012. On page 6 of the document one can find the following quote:

"…CRE [commercial real estate] lending specialists turned out to be the lowest-performing lending specialty group by a variety of measures. They trailed the average ROA of all community banks by one-third, and failed more than twice as often as the average community bank."

The fact that the study -- as well as common opinion -- condemns commercial lending as more risky is likely why Access National is cheap compared to other banks which have posted similar ROEs. Of course, its loan portfolio shows very few problems and Access National's history goes against the statistical mean.
But Access National is not in the position of a typical commercial bank. For one thing, it is located in a very rich city -- rich from the spoils of political bargaining. In the 2012 10-K, Access National suggests that we can use Fairfax county as a proxy for the overall market environment of the bank. For those not in the know Fairfax is very near Washington D.C.:

From 2012 10-K (p. 7-

:

"As per the 2011 Census, the population of the county was 1,100,692 making it the most populous jurisdiction in the Commonwealth of Virginia, with about 13.6% of Virginia's population. The proximity to Washington, D.C. and the influence of the federal government and its spending provides somewhat of a recession shelter for the area. Virginia receives a large amount of federal procurement dollars second only to California, and Fairfax County ranks the highest among the counties in Virginia receiving federal procurement money. Forbes Magazine has ranked Virginia number 1 or number 2 among the best states for businesses in each of the last 7 years due to a pro-business regulatory climate…
The median sales price of new single-family homes in Fairfax County that sold in January through November, 2012 was $1,055,000, an increase of 20.1% compared to the 2011 median of $878,333...
The unemployment rate for Fairfax County was 3.7% in December 2012 compared to 5.6% for the state of Virginia and 7.8% for the nation....
The median household income in Fairfax County was $108,439 in 2012 up from $105,241 in 2011 and $103,010 in 2010." (Emphasis added.)

Therefore, Access National has a very good geographic position. Further, with the low number of problem loans experienced and the credit quality of the business, it seems that Access National has not had the same experience of other small commercial banks. It is in a strong market area where spending is more likely to increase than decrease due to the presence of the federal government.
Miscellaneous
To avoid forgetting important features of the bank, below I've listed some additional factoids:

70%+ of loans are variable rate, mitigating the risk of rising interest rates.
75% of loans have real estate as collateral for the loan.
Board members and executive officers beneficially own 29% of the outstanding stock of ANCX.
The operating efficiency of Access National is shockingly low with an efficiency ratio of 51.7% for 2012. The highest efficiency ratio posted in the last 5 years was in 2009 with a ratio of 60.4%.
The company's allowance for loan losses has not been under 120% of non-performing loans in the last 5 years.
Compared with other commercial oriented banks, net charges offs over the past 5 years are well below average for similarly situated banks.
The bank's capital ratios deem it "well capitalized." At December 2012, it had a Tier 1 risk-based capital ratio of 14.1%; a total risk based capital ratio of 15.35%; and a leverage capital ratio of 11.5%.

Lastly, the bank has successfully grown its depositor base over the last few years:

Valuation
First, take a look at some historical valuations:

Before the crisis in 2008, the stock traded in an earnings yield range of 5% to 7.5% (or a range of a PE of 20 to a PE of 13.3). Today, due to diminished earnings prospects and general negativity, it has traded at an earnings yield above 10% (or at PEs below 10). In my opinion, it would be inaccurate to think an earnings yield of 5% is a correct valuation since earnings are likely to be weaker in the near term. But today's valuations are still too low. One can see a similar story in the historical price to tangible book ratio:

Today ratio is similar to the price levels of 2007 but given the corporation's 18%+ ROEs, the P/B of 1.6 could easily rise above 2. Further, in my opinion, it is possible that tangible book is understated due to the high credit quality in the portfolio. In any case, the stock will likely be valued according to earnings and not book value.
Valuation -- Estimating Earnings

2012 Earnings: $17.7 million
TTM Earnings: $17.6 million
Annualized first six months of 2013: $14.4 million
Annualized 2^nd quarter earnings of 2013: $14 million

Obviously, we would be wise to use the lowest estimate. At $14 million in earnings, we would still be expecting some mortgage income but at a lower level than the most recent quarters. The majority of the above decline is due to lower mortgage-origination income. These declines have been offset by 3% improvement in "interest and fees on loans" which is entirely derived from the increase in loans outstanding. While we can expect earnings to fall in the near term, in the long-term it is probable that Access National will grow earnings. After all, interest rates will eventually normalize as they have begun to do the past few quarters. This will increase the net interest margin in the long run.
From a purely valuation perspective, I would put the fair value of Access National at around $186 million (or $14 million capitalized at 7.5%). This represents a 16% gain. But after purchase and provided management continues to prove diligent and prudent, I think it would be reasonable to expect the intrinsic value of the bank to increase at 15%+ rates (that is, at ROE type rates). Therefore, in my opinion, the $186 million valuation is a valuation at today's earnings. But while earnings will coast sideways and (probably) down in the near term, earnings a few years from now will likely be considerably higher than at present. Taking into consideration future growth, it is easy to see that Access National will likely sell at valuations of $200 million. The stock may not hit these numbers till we see earnings bottom from the near term dynamics but valuations at these levels are reasonable given the ROEs of the business.
Dividend
The company currently pays a 2.8% dividend. This represents less than a 25% payout ratio on TTM earnings and less than 30% payout ratio based on my estimated 1-year forward earnings. There is a lot of room for this dividend to grow. And, further, growth is likely if the last few years are any predictor of the next few:

An increasing dividend, as we know, can also help drive the stock price up.
Conclusion
Access National is a very good commercial bank in a very good market. Its price does not reflect (1) its advantageous geographic position, (2) its credit quality, or (3) its track record. Simply put, Access National is both a value play and a quality play. In terms of value, I would think it is at least 16% below its fair value. But in terms of quality, I would expect Access National to increase its value at a satisfactory rate going forward (after all, 15%+ ROE's imply 15% growth in intrinsic value). The stock market may very well value Access National simply at the former -- it's most recent earning power discounted at an appropriate rate. But the stock market also frequently values businesses according to the growth rate of their intrinsic values. If the stock market wants to value the bank according to the former we have a nice little upside. If the stock market wants to value the bank according to the latter -- a proposition which I think will happen in the course of time -- then the upside is quite a bit larger. In any case, you are buying quality at a good price.
In The Theory of Investment Value, John Williams would say that we need to calculate the growth rate and subtract that from the discount rate to get an accurate picture of the value of Access National -- if we did that, we would likely think Access National worth considerably more than my previous estimates.
Disclaimer: The opinions expressed in this article are those of the author as of the date the article was published. These opinions have not been updated or supplemented and may not reflect the author's views today. The information provided in the article does not provide information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular stock or other investment.

Additional disclosure: I am also long JPM and own Jan 2015 WFC call options.

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**jiesen** · 12-24-2013, 02:26 PM

go ANCX!!!

Yahoo

http://finance.yahoo.com/q/bc?s=ANCX+Basic+Chart&t=5d

**mrmarket** · 03-26-2014, 01:10 PM

Look at that little monkey go!

**mrmarket** · 06-15-2014, 10:48 PM

Access National Declares Dividend, Reports First Quarter Earnings

Access National CorporationApril 18, 2014 1:45 PM

RESTON, Va.--(BUSINESS WIRE)--
Access National Corporation (NASDAQ: ANCX), parent company for Access National Bank (Bank), reported first quarter 2014 net income of $2.4 million, or $0.23 per share. This represents the Corporation’s 55th consecutive quarterly profit over its 57 quarter history. Consistent with management’s stated objective of a 40%-50% payout ratio against core earnings, the Board of Directors declared a cash dividend of $0.12 per share for holders of record as of May 5, 2014 and payable on May 23, 2014. The increase in routine dividend reflects Management’s favorable performance outlook and comfort with a favorable capital position.
Overall, first quarter 2014 pretax earnings fell when compared to first quarter 2013 pretax earnings by $2.3 million due to the significant decrease in mortgage segment pretax earnings of $2.8 million. Positively offsetting the reduction in mortgage segment pretax earnings was an increase in banking segment pretax earnings of 10% or $383 thousand during the first quarter of 2014 in comparison to the first quarter of 2013. Even with the drastic reduction in volume, the mortgage division was able to reduce its overhead during 2013 to allow for a break-even performance in the first quarter 2014. Pretax earnings were also positively impacted by a $178 thousand reduction in pretax loss of the Wealth Management Segment that resulted in near break-even performance for the first quarter of 2014 when compared to the first quarter of 2013.
Net interest margin for the first quarter 2014 increased to 3.78% from 3.73% for the same period in 2013. On a linked quarter basis, the margin decreased from 3.89% for the three months ended December 31, 2013 due to decreased yields in the investment and loan portfolios.
On a consolidated basis, the Corporation reported annualized return on average assets of 1.10% and 1.66% for the three month periods ended March 31, 2014 and 2013, respectively. Meanwhile, the annualized return on average equity was 10.43% and 15.95% for the three month periods ended March 31, 2014 and 2013, respectively.
Total assets at March 31, 2014 amounted to $926.8 million compared to $847.2 million at December 31, 2013, an overall increase of $79.6 million. Growth in loans held for investment of $29.8 million along with a $36.1 million increase in interest-bearing balances as well as a $9.0 million growth in investment securities accounted for the majority of the increase. The first quarter of 2014 reflected loan growth in all categories of the loans held for investment portfolio. Overall, the portfolio of loans held for investment grew at an annualized rate of 17.35%.
The increase in total deposits at March 31, 2014 of $232.5 million when compared to December 31, 2013 was due mainly to an increase in demand deposits of $39.2 million, an increase in interest-bearing demand deposits of $30.5 million, an increase in savings and money market deposits of $9.2 million, and an increase in Certificate of Deposit Account Registry Service (CDARS) deposits totaling $152.6 million. The deliberate increase in CDARS during the most recent period was to retire the elevated level of short-term borrowings as of December 31, 2013. Management continues to focus on expanding business banking relationships as evidenced by the growth in demand deposits.
Non-performing assets (NPAs) remained stable at $2.5 million at March 31, 2014 as well as December 31, 2013, representing 0.27% and 0.30% of total assets, respectively. The Corporation did not have other real estate owned at March 31, 2014. The allowance for loan losses totaled $13.2 million or 1.84% of total loans held for investment as of March 31, 2014.
Effective February 1, 2014, the Corporation completed the acquisition of accounts from two local wealth management practices that added $167 million of assets under management (AUM) and ended the period with consolidated AUM of $432 million. Leadership of the two acquired practices is being assimilated within the Corporation's current Wealth Management Segment leadership and is expected to remain long-term with the Corporation. In connection with these transactions, the Corporation issued 24,017 shares of restricted stock and recorded $1.5 million of goodwill that is reported under other assets on the consolidated balance sheet. The accounts acquired in these transactions are consistent in geography and style of the Corporation’s existing book of business and target market and are expected to create opportunities for synergistic growth. The Corporation plans to continue efforts on growing the Wealth Management Segment to further enhance the client value proposition and deliver a meaningful and stable source of non-interest income.
Book value per common share increased from $8.79 at December 31, 2013 to $9.00 at March 31, 2014. The ratio of total equity to total assets for Access National Corporation and its subsidiary bank was 10.10% at March 31, 2014 and continued to exceed standards of being “Well Capitalized” as set forth under banking regulations.
Access National Corporation is the parent company of Access National Bank, an independent, nationally chartered bank serving the business community of the greater Washington DC Metropolitan area. Additional information is available on our website atwww.AccessNationalBank.com. 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 filings.

**mrmarket** · 08-06-2014, 04:52 PM

Access National Increases Dividend, Reports Second Quarter Earnings

Access National CorporationJuly 18, 2014 8:30 AM

RESTON, Va.--(BUSINESS WIRE)--
Access National Corporation (ANCX), parent company for Access National Bank (Bank), reported second quarter 2014 net income of $3.1 million, or $0.29 per common share. This represents the Corporation’s 56th consecutive quarterly profit over its 58 quarter history. Consistent with management’s stated objective of a 40%-50% payout ratio against core earnings, the Board of Directors declared a cash dividend of $0.13 per share for holders of record as of August 4, 2014 and payable on August 25, 2014. The increase in routine dividend reflects Management’s favorable performance outlook and comfort with a favorable capital position.
Overall, second quarter 2014 pretax earnings fell when compared to second quarter 2013 pretax earnings by $781 thousand due to a decrease in mortgage segment pretax earnings of $1.3 million. Positively offsetting the reduction in mortgage segment pretax earnings was an increase in the banking segment pretax earnings of 11.3% or $477 thousand during the second quarter of 2014 in comparison to the second quarter of 2013. Pretax earnings were also positively impacted by a $62 thousand reduction in pretax loss of the Wealth Management Segment for the second quarter of 2014 when compared to the second quarter of 2013.
Net interest margin for the first six months of 2014 decreased from 3.81% to 3.79% when compared to the same period in 2013. On a linked quarter basis, the margin increased slightly to 3.80% for the three months ended June 30, 2014 compared to 3.78% for the three months ended March 30, 2014.
On a consolidated basis, the Corporation reported annualized return on average assets of 1.30% and 1.20% for the three and six month periods ended June 30, 2014, respectively. Meanwhile, the annualized return on average equity was 12.93% and 11.69% for the three and six months ended June 30, 2014, respectively.
Total assets at June 30, 2014 amounted to $999.2 million compared to $847.2 million at December 31, 2013, an overall increase of $152.0 million. An increase in loans held for investment of $53.0 million, a $20.8 million increase in interest-bearing balances, a $33.8 million growth in investment securities, a growth in loans held for sale of $26.6 million, and a $17.4 million increase in other assets due to a $15 million BOLI purchase accounted for the majority of this increase. The second quarter of 2014 reflected loan growth in all categories of the loans held for investment portfolio with the exception of commercial real estate – owner occupied which experienced a slight decrease. Overall, the portfolio of loans held for investment grew at an annualized rate of 15.45% with commercial loans increasing by the largest dollar amount.
Total deposits at June 30, 2014 increased $218.8 million from December 31, 2013 due mainly to an increase in demand deposits of $81.3 million, an increase in interest-bearing demand deposits of $34.4 million, and an increase in Certificate of Deposit Account Registry Service (CDARS) deposits totaling $108.0 million. The deliberate increase in CDARS during the most recent period was to partially offset the increase in securities, the increase in loans held for sale from December 31, 2013, and reduce short-term borrowings. Management continues to focus on expanding business banking relationships as evidenced by the 42.82% year-to-date growth in demand deposits.
Non-performing assets (NPAs) decreased 26.2% to $1.9 million at June 30, 2014, from $2.5 million at December 31, 2013, representing 0.19% and 0.30% of total assets, respectively. The Corporation did not have other real estate owned at June 30, 2014. The allowance for loan losses remained at $13.2 million or 1.78% and 1.91% of total loans held for investment as of June 30, 2014 and December 31, 2013, respectively.
Book value per common share increased from $8.79 at December 31, 2013 to $9.22 at June 30, 2014. The ratio of total equity to total assets for Access National Corporation and its subsidiary bank was 9.6% at June 30, 2014, within the Corporation’s target range of 8.00% to 10.50%.

**mrmarket** · 08-26-2014, 10:12 AM

We're starting to move...won't take much with this low volume stock.

**mrmarket** · 11-18-2014, 06:45 PM

We're at a 3% dividend now...nice

Access National Surpasses $1 Billion in Assets, Reports Third Quarter Earnings and Increases Dividend

Access National CorporationOctober 17, 2014 7:00 AM

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RESTON, Va.--(BUSINESS WIRE)--
Access National Corporation (ANCX), parent company for Access National Bank (Bank), reported third quarter 2014 net income of $4.9 million, or $0.47 per common share. This represents the Corporation’s 57th consecutive quarterly profit over its 59 quarter history. Consistent with management’s stated objective of a 40%-50% payout ratio against core earnings, the Board of Directors declared a cash dividend of $0.14 per share for holders of record as of November 03, 2014 and payable on November 25, 2014. This 7th increase in routine dividends over the last 2-years reflects Management’s continued favorable outlook on performance and capital.
Michael Clarke, CEO, is quoted as saying: “We take great satisfaction in having our 15-year old start-up successfully turn $10 million into $1 billion of assets. More importantly, our leadership and hard-working associates have touched the lives of thousands of business owners who provide real jobs and run successful businesses throughout the capital region. Our bank is about quality, not quantity. However, this ’quantity’ measure signals a validation that our value proposition is sustainable and resonates loudly with mid-sized businesses in our market. We are very grateful for and value our client relationships.”
Third quarter 2014 pretax earnings were impacted by two nonrecurring items, one being a $3.25 million release in the mortgage segment’s loan loss reserve while the other was a $707 thousand impairment recorded in connection with land held by Access Real Estate (ARE). The net impact of these two items created an increase in pretax earnings of $2.5 million and added $0.15 to the after-tax earnings per common share. The release in reserves was in connection with management’s on-going analysis of reserve requirements as well as information obtained by management during the third quarter of 2014 which led management to determine the amount of reserves on hand for the repurchase of mortgage loans sold in the secondary market was over funded. The write-down of the ARE property was in response to management’s intent to sell land that had originally been bought back in 2007 as a potential banking center. The impairment was effective upon receipt of an appraisal received in the third quarter of 2014.
Excluding the release of mortgage reserves and the write-down of the ARE property, net income before taxes increased $1.2 million when comparing the three months ended September 30, 2014 to the same period in 2013. This is the result of an increase in the banking segment pretax earnings of $698 thousand and an increase in mortgage segment pretax earnings of $533 thousand. The increase in the banking segment was due mainly to an increase in net interest income after provision for loan losses of $1.5 million when comparing the three month period ended September 30, 2014 to the same period in 2013. This increase in net interest income was offset by a decrease of $720 thousand in noninterest income due mainly to the gain on sale of SBA loans of $926 thousand that occurred in the third quarter 2013. The mortgage segment recorded pretax earnings of $482 thousand in the third quarter of 2014 excluding the mortgage reserve release compared to near breakeven performance in the third quarter of 2013.
Net interest margin for the first nine months of 2014 decreased from 3.83% to 3.78% when compared to the same period in 2013. On a linked quarter basis, the margin decreased to 3.78% for the three months ended September 30, 2014 compared to 3.80% for the three months ended June 30, 2014.
On a consolidated basis, the Corporation reported annualized return on average assets of 1.98% and 1.48% for the three and nine month periods ended September 30, 2014, respectively. Meanwhile, the annualized return on average equity was 20.37% and 14.65% for the three and nine months ended September 30, 2014, respectively.

**jiesen** · 02-21-2015, 01:35 AM

Originally posted by mrmarket View Post

Sometimes when I have to pick a stock I draw a blank
So then I run my computer and engage in a think tank
I go for a ride in my car and it goes clank
I think about last night and all the beers I drank
My son Trevor is studying for a chemistry test and he’s such a crank
Maybe for dinner I will have beans and frank
I can see it now, this stock pick I will not shank
For there is no better time at all to buy stock in a bank

That’s right bee-atches. All over the country, these small banks are STEALING…yes they are STEALING money from their deposit holders. Did you ever see how much money you are getting in your savings account? In your CD?? It is squat. You are giving your bank money and they are lending it out at 10% Your bank is a money MACHINE!

On Friday, I bought stock in Access National Corporation (ANCX) at $15.86. I will sell it in 4 – 6 weeks at 18.31.

Now at nearly 18, only 33 cents to go and ANCX is money in the bank!

**mrmarket** · 02-21-2015, 08:59 AM

Access National Declares Dividend, Reports Fourth Quarter Earnings

Access National CorporationJanuary 21, 2015 4:34 PM

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RESTON, Va.--(BUSINESS WIRE)--
Access National Corporation (ANCX), parent company for Access National Bank (Bank), reported fourth quarter 2014 net income of $3.5 million, or $0.34 per common share diluted.
According to CEO Michael Clarke, “We take great satisfaction in reporting on the exceptional results achieved during the fourth quarter and all of 2014. During these periods, we also celebrated the milestones of our 15th anniversary on December 1 and surpassed the $1 billion asset threshold during the third quarter. We are very grateful to our clients who recognize the tremendous value delivered by our professional staff.” He continued, “The fourth quarter of 2014 represented our 58th consecutive quarterly profit over our 60 quarter history. Our profitability this quarter enabled the Board of Directors to declare a cash dividend of $0.14 per share for holders of record as of February 05, 2015 and payable on February 25, 2015. The cash dividend is in addition to a $0.35 special cash dividend declared in December 2014 and is consistent with our objective of a routine dividend payout equal to 40%-50% of core earnings.”
Fourth quarter 2014 pretax earnings rose by $452 thousand or 9.1% when compared to fourth quarter pretax earnings 2013. This increase was due mainly to an increase in the mortgage segment pretax income of $491 thousand which was driven by a 37% or $30.8 million increase in mortgage loan originations when comparing fourth quarter 2014 to the same period in 2013. Pretax earnings for the year 2014 were $21.5 million, up $1.1 million or 5.2% from $20.4 million for the year 2013. Year over year, the banking segment pretax earnings increased $1.6 million or 9.0%, the mortgage segment pretax earnings increased by $164 thousand or 3.4% due to a $3.25 million nonrecurring pretax reserve release as reported in the third quarter of 2014, and the wealth management segment pretax loss decreased $401 thousand or 53.4%. Offsetting these increases was an increase in the other segments pretax loss of $1.1 million or 104% due mainly to a $707 thousand nonrecurring pretax impairment recorded in third quarter 2014.
Net interest margin for the year 2014 decreased from 3.85% to 3.80% when compared to 2013. On a linked quarter basis, the margin increased to 3.83% for the three months ended December 31, 2014 compared to 3.78% for the three months ended September 30, 2014.
On a consolidated basis, the Corporation reported annualized return on average assets of 1.39% and 1.45% for the three and twelve month periods ended December 31, 2014, respectively. Meanwhile, the annualized return on average equity was 13.98% and 14.47% for the three and twelve month periods ended December 31, 2014, respectively.
Total assets at December 31, 2014 amounted to $1.05 billion compared to $847.2 million at December 31, 2013, an overall increase of $205.7 million. An increase in loans held for investment of $89.3 million, a $30.9 million increase in interest-bearing balances, a $46.6 million growth in investment securities, a growth in loans held for sale of $20.7 million, and a $17.6 million increase in other assets due mainly to a $15 million BOLI purchase accounted for the majority of this increase. The fourth quarter of 2014 reflected loan growth in all categories of the loans held for investment portfolio with the exception of consumer loans. For the year, the portfolio of loans held for investment grew 13.0% or $89.5 million.
Total deposits at December 31, 2014 increased $182.5 million from December 31, 2013 due mainly to increases in Certificate of Deposit Account Registry Service (CDARS) deposits totaling $100.6 million, demand deposits of $63.0 million, and interest-bearing demand deposits of $30.9 million. Management continues to focus on expanding business banking relationships as evidenced by the 33.2% annual growth in demand deposits.
Non-performing assets (NPAs) decreased 36.0% to $1.6 million at December 31, 2014 from $2.5 million at December 31, 2013, representing 0.15% and 0.30% of total assets, respectively. The Bank did not have other real estate owned at December 31, 2014 while Access Real Estate, LLC had other real estate owned with a carrying value of $500 thousand. The allowance for loan losses was $13.4 million and $13.1 million or 1.73% and 1.91% of total loans held for investment as of December 31, 2014 and December 31, 2013, respectively.
Book value per common share increased from $8.79 at December 31, 2013 to $9.45 at December 31, 2014. The ratio of total equity to total assets for Access National Corporation and its subsidiary bank was 9.4% at December 31, 2014, within the Corporation’s target range of 8.00% to 10.50%.

**mrmarket** · 02-21-2015, 09:00 AM

...and it's paid a great dividend along the way!

ANCX ==> The Finding Nemo Winner

ANCX ==> The Finding Nemo Winner

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