Access National Announces Fourth Quarter 2017 Earnings

RESTON, Va.--(BUSINESS WIRE)--Access National Corporation (NASDAQ: ANCX) (the “Corporation” or “Access”), parent company for Access National Bank (the “Bank”) and Middleburg Investment Group, reported fourth quarter 2017 net income of $3.0 million, or $0.15 per diluted share. Excluding a one-time tax adjustment related to the Tax Cuts and Jobs Act of 2017 and provision expense related to one large commercial credit, net income was $8.6 million or $0.42 per diluted share. This represents the Corporation’s 70th consecutive quarterly profit over its 72 quarter history. Consistent with management’s renewed objective of a 40% dividend payout of sustainable core earnings, the Board of Directors declared a dividend of $0.15 per share for common shareholders of record as of February 12, 2018 and payable on February 23, 2018.