Access National Corporation
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As of Oct 23rd 2012, the stock for Access National Corporation (NASDAQ:ANCX) stood at USD 13.05, representing a market capitalization of USD 132.05 million. Over the last one year the stock has traded between a range of USD 8.0 and USD 14.39. The stock has been trading at a P/E ratio of 9.67 and a P/B ratio of 1.5. The stock has an average 5 year dividend yield of 0.90%, and a payout ratio of 14%.
For 9MFY12, the Company reported net income of USD 11.5 million, compared to USD 8.1 million for the corresponding period last year. The Company reported diluted earnings per share of USD 1.11 in 9MFY12, compared to USD 0.78 in 9MFY11. The Company reported net interest margin of 3.95%, as compared to 3.85% for the corresponding period last year.
Balance Sheet Analysis:
The total assets of the Company increased to USD 849.3 million as of September 2012. The total assets were recorded at USD 809.8 million at the end of December 2011. The assets increased mainly due to an increase in both loans held for investment and investment securities, and was funded by a significant increase in core deposits. Total deposits as of September 2012 increased 9.42% from December 31, 2011 levels. Non-performing assets decreased to USD 3.6 million, or 0.43% of total assets as of September 2012, down from USD 5.2 million, or 0.62% of assets as of 30 June 2012. Non-interest bearing deposits increased 69.31% from December 2011 levels, and comprised 27.32% of the deposit portfolio (December 2011: 17.66%), mainly due to management’s continued focus on expanding business banking relationships.
Factors to Watch Out:
The stock has great prospects for value investors based on the following factors:
- Record earnings in the most recent quarter!
- Significant growth in non interest bearing deposit portfolio!