Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

Access National: 15%+ ROE, Solid Track Record, Unrecognized Earning Power

Access National Corp (NASDAQ: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...

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