Access National Corporation ANCX reported net income of $4.1 million or $0.39 a share for the first quarter. According to the company, its total revenue grew 13.4 percent to $18.8 million from $16.58 million in the previous year quarter.
Street analysts expected Access National to report earnings of 33 cents a share on revenues of $10.29 million for the first quarter.
The company stated that in line with its objective of a 40-50 percent payout ratio against core earnings, the company declared a cash dividend of $0.15 a share for holders of record as of May 2. The dividend would be payable on May 25. The financial firm indicated that its routine dividend reflected its favorable performance outlook and comfort with a favorable capital position.
Access National said that the net interest margin fell to 3.61 percent from 3.72 percent in the comparable period. On a linked quarter basis, the company indicated that its margin slackened to 3.61 percent from 3.63 percent in the same period.
On Thursday, shares of the company traded higher by 1.08 percent.
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