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Access National Reports 33% Increase in Third Quarter Earnings, Dividend Increased

  Access National Reports 33% Increase in Third Quarter Earnings, Dividend
  Increased

Business Wire

RESTON, Va. -- October 23, 2012

Access National Corporation (NASDAQ: ANCX), parent company for Access National
Bank, reported record third quarter net income of $4.1 million, a $1.0 million
increase over the $3.1 million recorded in the third quarter of 2011. This
represents the company’s 5^th consecutive quarterly earnings in excess of $3
million and its 49^th consecutive quarterly profit over its 12¾ year history.
Net income per diluted common share was $0.40, an increase of 33.3% over the
$0.30 reported in the third quarter of 2011.

Based on record earnings, strong capital and favorable outlook, the Board of
Directors declared a cash dividend of $0.08 per share for holders of record as
of November 07, 2012 and payable on November 23, 2012. This dividend
represents a 2 cent increase from the prior quarter and a 7 cent cumulative
increase over the past 2 years.

Net income increased 42% for the nine months ended September 30, 2012 totaling
$11.5 million compared to $8.1 million for the same period in 2011. Net
interest margin remained steady at 3.95% for the nine month period ended
September 30, 2012 as compared to 3.85% for the same period in 2011. Diluted
earnings per share were $1.11 compared to $0.78 in 2011.

Annualized return on average assets was 1.98% for the third quarter of 2012
compared to 1.69% for the same quarter of 2011. Annualized return on average
equity was 17.93% for the quarter ended September 30, 2012 compared to 15.92%
for the same period last year.

Total assets amounted to $849.3 million compared to $809.8 million at December
31, 2011. The increase in assets is mainly attributable to an increase in both
loans held for investment and investment securities, and was funded by a
significant increase in core deposits.

Total deposits at September 30, 2012 increased $60.8 million or 9.42% from
December 31, 2011. As a result of management’s continued focus on expanding
business banking relationships, noninterest bearing deposits increased $78.9
million or 69.31% from December 31, 2011 and comprised 27.32% of the deposit
portfolio, up from 17.66% at December 31, 2011. The overall increase in
deposits allowed the Company to decrease its borrowings which, coupled with
other factors, contributed to the increase in net interest margin.

Non-performing assets (NPAs) decreased to $3.6 million or 0.43% of total
assets, down from $5.2 million or 0.62% of assets at June 30, 2012. The
Corporation did not have other real estate owned at September 30, 2012. The
allowance for loan losses totaled $12.0 million or 2.04% of total loans held
for investment as of September 30, 2012.

Book value per common share increased 15.2% at September 30, 2012 to $9.03,
compared to $7.84 at September 30, 2011. The ratio of total equity to total
assets for Access National Corporation and its subsidiary bank was 10.92% at
September 30, 2012 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 at www.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.

                                                                     
Access National Corporation
Consolidated Balance Sheet
                                                         
                            September 30,   December 31,   September 30,
                              2012              2011             2011
(In Thousands)              (Unaudited)                  (Unaudited)
                                                                     
ASSETS
                                                                     
Cash and due from banks       $   13,090        $   5,362        $   10,909
                                                                     
Interest-bearing balances         43,360            38,547           32,017
and federal funds sold
                                                                     
Investment securities:
Available-for-sale, at            36,719            45,837           55,920
fair value
Held-to-maturity, at
amortized cost (fair             64,939           39,987          10,000
value of $65,454, $39,978
and $9,978)
Total investment                  101,658           85,824           65,920
securities
                                                                     
Restricted Stock, at              2,824             3,665            4,367
amortized cost
                                                                     
Loans held for sale - at          84,011            95,126           96,764
fair value
                                                                     
Loans held for investment
net of allowance for loan
losses of $12,048,                578,571           557,662          531,045
$11,738 and $11,537,
respectively
                                                                     
Premises, equipment and           8,425             8,671            8,720
land, net
                                                                     
Other assets                      17,409            14,901           15,725
                                                                
Total assets                  $   849,348       $   809,758      $   765,467
                                                                     
LIABILITIES AND
SHAREHOLDERS' EQUITY
                                                                     
LIABILITIES
Noninterest-bearing           $   192,813       $   113,885      $   115,110
deposits
                                                                     
Savings and                       193,840           182,005          167,673
interest-bearing deposits
                                                                     
Time deposits                    319,129          349,123         314,119
                                                                     
Total deposits                    705,782           645,013          596,902
                                                                     
Short-term borrowings             26,770            59,904           65,015
                                                                     
Long-term borrowings              2,661             4,821            5,375
                                                                     
Subordinated debentures           6,186             6,186            6,186
                                                                     
Other liabilities and             15,167            11,019           11,813
accrued expenses
                                                                
Total Liabilities                756,566          726,943         685,291
                                                                     
SHAREHOLDERS' EQUITY
Common stock $0.835 par
value; 60,000,000
authorized; issued and            8,582             8,511            8,538
outstanding, 10,277,267,
10,192,649 and 10,224,742
shares, respectively
                                                                     
Additional paid in                16,896            16,716           16,900
capital
                                                                     
Retained earnings                 67,189            57,529           54,637
                                                                     
Accumulated other
comprehensive income              115               59               101
(loss), net
                                                                
Total shareholders'              92,782           82,815          80,176
equity
                                                                
Total liabilities and         $   849,348       $   809,758      $   765,467
shareholders' equity
                                                         
                                                                     


Access National Corporation
Consolidated Statement of Operations

                Three Months        Nine Months Ended
                  Ended
                  September 30,         September 30,       September 30,
                  2012                  2012                  2011
(In Thousands
Except for      (unaudited)         (unaudited)         (unaudited)
Share Data)
                                                                             
INTEREST
INCOME
Interest and      $  8,632              $  25,672             $  24,168
fees on loans
                                                                             
Interest on
federal funds        12                    62                    97
sold and bank
balances
                                                                             
Interest on         528                 1,791               1,710       
securities
Total
interest             9,172                 27,525                25,975
income
                                                                             
INTEREST
EXPENSE
Interest on          1,089                 3,512                 3,925
deposits
                                                                             
Interest on
other               104                 434                 1,430       
borrowings
Total
interest            1,193               3,946               5,355       
expense
Net interest         7,979                 23,579                20,620
income
                                                                             
Provision for       150                 1,340               936         
loan losses
Net interest
income after         7,829                 22,239                19,684
provision for
loan losses
                                                                             
NONINTEREST
INCOME
Service
charges and          150                   487                   519
fees
                                                                             
Gain on sale         17,479                43,161                24,719
of loans
                                                                             
Other Income        (4,904      )        (5,090      )        (597        )
Total
noninterest          12,725                38,558                24,641
income
                                                                             
NONINTEREST
EXPENSE
Salaries and         8,017                 23,826                18,220
benefits
                                                                             
Occupancy and        711                   1,941                 1,982
equipment
                                                                             
Other
operating           5,336               16,471              11,606      
expense
Total
noninterest         14,064              42,238              31,808      
expense
Income before        6,490                 18,559                12,517
income tax
                                                                             
Income tax          2,358               7,099               4,446       
expense
NET INCOME        $  4,132             $  11,460            $  8,071       
                                                                             
Earnings per
common share:
Basic             $  0.40              $  1.12              $  0.78        
Diluted           $  0.40              $  1.11              $  0.78        
                                                                             
Average
outstanding
shares:
Basic                10,271,246            10,236,472            10,303,840
Diluted              10,389,441            10,350,833            10,365,793
                                                              
                                                                             

                                                            
Performance and
Capital Ratios
                                                           
                     Three           Three           Nine Months     Nine Months
                     Months          Months
                     Ended           Ended           Ended           Ended
                     September       September       September       September
                     30,             30,             30,             30,
(Dollars In        2012          2011          2012          2011
Thousands)
                                                                               
Return on
average assets         1.98    %       1.69    %       1.86    %       1.46    %
(annualized)
Return on
average equity         17.93   %       15.92   %       17.19   %       14.20   %
(annualized)
Net interest           3.95    %       4.02    %       3.95    %       3.85    %
margin
Efficiency ratio       54.26   %       52.38   %       53.03   %       52.61   %
- Bank only
Total average
equity to              11.40   %       10.90   %       11.16   %       10.62   %
earning assets
                                                                               
Averages
Assets               $ 835,130       $ 738,925       $ 820,292       $ 736,426
Loans held for         586,060         527,258         578,014         510,177
investment
Loans held for         87,355          49,641          74,929          36,068
sale
Interest-bearing
deposits &             30,303          50,509          36,108          53,002
federal funds
sold
Investment             104,901         90,258          107,545         114,517
securities
Earning assets         808,619         717,666         796,596         713,764
Interest-bearing       529,086         454,558         532,692         442,822
deposits
Total deposits         689,873         562,304         669,306         537,119
Repurchase
agreements &           26,946          37,627          26,717          36,935
federal funds
purchased
Commercial paper
& other short          5,557           40,117          12,841          66,696
term borrowings
Long-term              9,135           12,099          9,835           12,648
borrowings
Equity               $ 92,206        $ 78,212        $ 88,897        $ 75,774
                                                                               
Banking segment
- income before      $ 3,736         $ 2,982         $ 10,478        $ 10,456
taxes
Mortgage segment
- income before      $ 3,318         $ 2,369         $ 9,865         $ 3,828
taxes
Other segments -
income before        $ (564    )     $ (531    )     $ (1,784  )     $ (1,767  )
taxes
Mortgage loan
originations and     $ 284,326       $ 236,566       $ 807,952       $ 551,883
brokered loans
Allowance for
losses on            $ 4,802         $ 2,395         $ 4,802         $ 2,395
mortgage loans
sold
                                                                               
Book value per       $ 9.03          $ 7.84          $ 9.03          $ 7.84
common share
                                                           
                                                                               

                                                           
Composition of Loan
Portfolio
                                                            
                      September 30, 2012         December 31, 2011
                                       Percentage                   Percentage
(Dollars In            Amount      of           Amount      of
Thousands)
                                       Total                        Total
                                                                            
Commercial real
estate - owner           $ 182,825     30.95   %      $ 171,599     30.14   %
occupied
Commercial real
estate - non-owner         104,420     17.68            104,976     18.44
occupied
Residential real           137,304     23.25            128,485     22.56
estate
Commercial                 134,475     22.77            131,816     23.15
Real estate                27,836      4.71             29,705      5.22
construction
Consumer                  3,759     0.64           2,819     0.50    
Total loans              $ 590,619     100.00  %      $ 569,400     100.00  %
Less allowance for        12,048                      11,738
loan losses
                         $ 578,571                    $ 557,662
                                                            
                                                                            

                                                            
Composition of                                            
Deposits
                       September 30, 2012         December 31, 2011
                                     Percentage of               Percentage of
(Dollars In Thousands)  Amount     Total          Amount     Total
Noninterest bearing      $ 192,813   27.32     %     $ 113,885   17.66     %
deposits
Interest-bearing           83,153    11.78             59,798    9.27
demand deposits
Savings and money          100,143   14.19             121,252   18.80
market
CDARS-reciprocal           177,443   25.14             192,326   29.82
deposits
Brokered deposits          28,209    4.00              31,228    4.84
Time deposits             124,021  17.57          126,524  19.62     
Total Deposits           $ 705,782  100.00    %    $ 645,013  100.00    %
                                                               
                                                                           

                                                                 
Asset
Quality
Trend
Profile
                                                             
               Nine Months   Six Months    Three         Nine Months   Twelve
                                           Months                      Months
               Ended         Ended         Ended         Ended         Ended
(Dollars In   September    June 30,     March 31,    September    December
Thousands)     30, 2012      2012          2012          30, 2011      31, 2011
                                                                       
Total assets   $ 849,348     $ 841,709     $ 804,755     $ 765,467     $ 809,758
Total loans
held for       $ 590,619     $ 582,600     $ 573,315     $ 542,582     $ 569,400
investment
                                                                       
Allowance
for loan
losses -       $ 11,738      $ 11,738      $ 11,738      $ 10,527        10,527
beginning
balance
Charge offs      (1,829  )     (1,425  )     (984    )     (944    )     (1,232  )
Recoveries      799        528        469        1,019      1,295   
Net charge       (1,030  )     (897    )     (515    )     75            63
offs
Provision
for loan        1,340      1,190      718        935        1,149   
losses
Allowance
for loan
losses -       $ 12,048    $ 12,031    $ 11,941    $ 11,537     11,738  
ending
balance
                                                                       
Allowance
for loan
losses/loans     2.04    %     2.06    %     2.08    %     2.13    %     2.06    %
held for
investment
                                                                       
Delinquent     $ -           $ 614         $ -           $ 4,226         271
30 - 90 days
Percentage
of loans         0.00    %     0.11    %     0.00    %     0.78    %     0.05    %
delinquent
                                                                       
Non-accrual    $ 3,626       $ 5,209       $ 5,350       $ 7,077       $ 6,703
loans
OREO           $ -           $ -           $ -           $ 590         $ -
Total NPA      $ 3,626       $ 5,209       $ 5,350       $ 7,667       $ 6,703
NPA to total     0.43    %     0.62    %     0.66    %     1.00    %     0.83    %
assets
Allowance
for loan         332.27  %     230.97  %     223.20  %     150.48  %     175.12  %
losses/NPA
                                                                       
OREO Expense   $ 1           $ 1           $ 2           $ 420         $ 523
Gain on Sale   $ -         $ -         $ -         $ 1,325     $ 1,452   
of OREO
OREO expense   $ 1         $ 1         $ 2         $ (905    )  $ (929    )
net
                                                                       
Allowance
for losses     $ 4,802       $ 4,216       $ 2,874       $ 2,395       $ 2,616
on mortgage
loans sold
Provision
for losses     $ 2,186       $ 1,600       $ 258         $ 527         $ 966
on mortgage
loans sold
                                                             
                                                                       

Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities
Three Months Ended
                                                                   
                    September 30, 2012              September 30, 2011
                     Average      Income   Yield   Average      Income   Yield
                                    /         /                      /         /
                    Balance      Expense  Rate    Balance      Expense  Rate
                      (Dollars In Thousands)
Assets:
Interest earning
assets:
Securities            $ 104,901     $ 528     2.01 %   $ 90,258      $ 497     2.20 %
Loans held for sale     87,355        818     3.75 %     49,641        591     4.76 %
Loans^(1)               586,060       7,814   5.33 %     527,258       7,763   5.89 %
Interest-bearing
balances and           30,303     12     0.16 %    50,509     25     0.20 %
federal funds sold
Total interest          808,619       9,172   4.54 %     717,666       8,876   4.95 %
earning assets
Noninterest earning
assets:
Cash and due from       12,110                           10,373
banks
Premises, land and      8,486                            8,747
equipment
Other assets            18,018                           13,374
Less: allowance for    (12,103 )                       (11,235 )
loan losses
Total noninterest      26,511                         21,259  
earning assets
Total Assets          $ 835,130                       $ 738,925 
                                                                               
Liabilities and
Shareholders'
Equity:
Interest-bearing
deposits:
Interest-bearing      $ 70,637      $ 35      0.20 %   $ 64,155      $ 85      0.53 %
demand deposits
Money market            118,330       115     0.39 %     105,718       146     0.55 %
deposit accounts
Savings accounts        2,600         1       0.15 %     2,962         1       0.14 %
Time deposits          337,519    938    1.11 %    281,723    1,003  1.42 %
Total
interest-bearing        529,086       1,089   0.82 %     454,558       1,235   1.09 %
deposits
Borrowings:
FHLB Advances           5,557         11      0.79 %     2,935         3       0.41 %
Securities sold
under agreements to
repurchase and          26,946        9       0.13 %     37,627        17      0.18 %
federal funds
purchased
Other short-term        -             -       0.00 %     7,183         9       0.50 %
borrowings
FHLB Long-term          2,949         28      3.80 %     5,913         54      3.65 %
borrowings
FDIC Term Note          -             -       0.00 %     29,999        299     3.99 %
Subordinated           6,186      56     3.62 %    6,186      53     3.43 %
Debentures
Total borrowings       41,638     104    1.00 %    89,843     435    1.94 %
Total
interest-bearing        570,724       1,193   0.84 %     544,401       1,670   1.23 %
deposits and
borrowings
Noninterest-bearing
liabilities:
Demand deposits         160,787                          107,746
Other liabilities      11,413                         8,566   
Total liabilities       742,924                          660,713
Shareholders'          92,206                         78,212  
Equity
Total Liabilities
and Shareholders'     $ 835,130                       $ 738,925 
Equity:
                                                                               
Interest Spread^(2)                           3.70 %                           3.72 %
                                                                               
Net Interest                        $ 7,979  3.95 %                 $ 7,206  4.02 %
Margin^(3)
                                                                   
                                                                               
^(1) Loans placed on nonaccrual status are included in loan
balances
^(2) Interest spread is the average yield earned on earning assets, less the average
rate incurred on interest-bearing liabilities.
^(3) Net interest margin is net interest income, expressed as a percentage of average
earning assets.
                                                                               

Yield on Average Earning Assets and Rates on Average Interest-Bearing Liabilities
Nine Months Ended
                                                                     
                    September 30, 2012               September 30, 2011
                     Average      Income /  Yield   Average      Income /  Yield
                                               /                                 /
                    Balance      Expense   Rate    Balance      Expense   Rate
                      (Dollars In Thousands)
Assets:
Interest-earning
assets:
Securities            $ 107,545     $ 1,791    2.22 %   $ 114,517     $ 1,710    1.99 %
Loans held for sale     74,929        2,179    3.88 %     36,068        1,282    4.74 %
Loans^(1)               578,014       23,493   5.42 %     510,177       22,886   5.98 %
Interest-bearing
balances and           36,108     62      0.23 %    53,002     97      0.24 %
federal funds sold
Total
interest-earning        796,596       27,525   4.61 %     713,764       25,975   4.85 %
assets
Noninterest-earning
assets:
Cash and due from       10,159                            11,297
banks
Premises, land and      8,563                             8,847
equipment
Other assets            16,926                            13,394
Less: allowance for    (11,952 )                        (10,876 )
loan losses
Total
noninterest-earning    23,696                          22,662  
assets
Total Assets          $ 820,292                        $ 736,426 
                                                                                 
Liabilities and
Shareholders'
Equity:
Interest-bearing
deposits:
Interest-bearing      $ 65,805      $ 126      0.26 %   $ 37,153      $ 138      0.50 %
demand deposits
Money market            122,543       385      0.42 %     112,893       496      0.59 %
deposit accounts
Savings accounts        2,612         3        0.15 %     2,905         4        0.18 %
Time deposits          341,732    2,998   1.17 %    289,871    3,287   1.51 %
Total
interest-bearing        532,692       3,512    0.88 %     442,822       3,925    1.18 %
deposits
Borrowings:
FHLB Advances           8,023         39       0.65 %     11,308        42       0.50 %
Securities sold
under agreements to
repurchase and          26,717        28       0.14 %     36,935        53       0.19 %
federal funds
purchased
Other short-term        -             -        0.00 %     25,389        114      0.60 %
borrowings
FHLB Long-term          3,649         100      3.65 %     6,462         171      3.53 %
borrowings
FDIC Term Note          4,818         98       2.71 %     29,999        892      3.96 %
Subordinated           6,186      169     3.64 %    6,186      158     3.41 %
Debentures
Total borrowings       49,393     434     1.17 %    116,279    1,430   1.64 %
Total
interest-bearing        582,085       3,946    0.90 %     559,101       5,355    1.28 %
deposits and
borrowings
Noninterest-bearing
liabilities:
Demand deposits         136,614                           94,297
Other liabilities      12,696                          7,254   
Total liabilities       149,310                           101,551
Shareholders'          88,897                          75,774  
Equity
Total Liabilities
and Shareholders'     $ 820,292                        $ 736,426 
Equity:
                                                                                 
Interest Spread^(2)                            3.70 %                            3.58 %
                                                                                 
Net Interest                        $ 23,579  3.95 %                 $ 20,620  3.85 %
Margin^(3)
                                                                     
                                                                                 
^(1) Loans placed on nonaccrual status are included in loan balances
^(2) Interest spread is the average yield earned on earning assets, less the average
rate incurred on interest-bearing liabilities.
^(3) Net interest margin is net interest income, expressed as a percentage of average
earning assets.


Contact:

Access National Corporation
Michael Clarke, 703-871-2100
 
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