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ABIGAIL ADAMS NATIONAL BANCORP, INC. REPORTS FOURTH QUARTER EARNINGS PER SHARE GROWTH OF 25.9%
Washington, DC - Abigail Adams National Bancorp, Inc. (NASDAQ:AANB), the parent holding company of The Adams National Bank, announced record fourth quarter earnings of $0.34 per diluted share for the quarter ended December 31, 2004, compared to $0.27 per diluted share in 2003, an increase of 25.9%. Net income for the fourth quarter 2004 was $1,015,000, versus $819,000 for the comparable period last year. The returns on assets and equity for the quarter were 1.63% and 16.37%, respectively, compared to 1.47% and 14.38%, respectively, reported for the fourth quarter of 2003.
Total assets at December 31, 2004 were $251,192,000, concentrated in loans of $180,272,000, a 15.5% increase in total loans over December 31, 2003. Deposits grew 11.7% to $215,367,000. At December 31, 2004, the allowance for loan losses was 1.42% of total loans and was 136% of non-performing assets. Asset quality improved in 2004 as indicated by the ratio of nonperforming assets to total assets, which declined from 1.24% at December 31, 2003 to 0.75% at December 31, 2004.
Net income for 2004 increased by 13.9% to $3,602,000, compared to $3,161,000 earned in 2003. Earnings per diluted share for the year 2004 were $1.19 or a 13.3% increase over 2003. The 2004 net interest margin improved to 5.34%, compared to 5.18% for 2003. For the year, the return on average assets was 1.55%, with return on average equity of 15.21%. The efficiency ratio was 53.7%, compared to 53.2% for the year ended December 31, 2003.
Kate Carr, President and CEO said, "We are pleased with the momentum of growth in assets and earnings. The results reflect solid returns on our investment in infrastructure, systems and personnel over the past year. Adams National Bank is now positioned to capitalize on the strong, vibrant economy in the Metropolitan Washington area."
As a result of the continued strong performance of the Company, the Board of Directors declared a quarterly dividend of $0.125 per share paid on December 29, 2004 to stockholders of record on December 15, 2004. In addition, the Board of Directors declared a 10% stock dividend to be distributed on January 14, 2005, to shareholders of record on January 3, 2005.
The Adams National Bank is focused on serving minorities, small businesses and not-for-profit organizations in the Washington, DC area. The Adams National Bank offers a full line of banking services including business and real estate loans, as well as deposit services. All information for the period ended December 31, 2004 has been derived from unaudited financial information
Selected Financial Data December 2004
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