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Abigail Adams National Bancorp Reports first Quarter Earnings
Washington, DC - Abigail
Adams National Bancorp, Inc. (NASDAQ:AANB), the parent holding company of The
Adams National Bank, reported net income of $818.3 thousand, or $0.27 diluted
earnings per share for the quarter ended March 31, 2004, compared to net income
of $818.7 thousand, or $0.27 for the quarter ending December 31, 2003, and
$902.5 thousand, or $0.30 diluted earnings per share for the first quarter 2003.
Net interest income increased 8.1% to $2.8 million for the first quarter of 2004, as compared to the same period of 2003. The net interest margin was 5.39%, 5.16% and 5.61% for the quarters ending March 31, 2004, December 31, 2003 and March 31, 2003, respectively.
Earning assets have increased $12.2 million over the past twelve months, primarily centered in commercial real estate lending growth of $6.7 million and investment securities of $6.1 million. Demand deposits increased $10.2 million or 21.4% over the same period, due to growing success in the commercial business sector.
Noninterest income, excluding investment security gains, decreased $64.7 thousand or 12.7% for the first quarter of 2004, as compared to the first quarter of 2003.
Noninterest expense increased $261.7 thousand or 16.8% for the first three months of 2004, as compared to the same period in 2003, due primarily to the opening of an additional branch and increased staffing, as well as increased benefit costs. The efficiency ratio, which measures noninterest expense to noninterest income plus net interest income, was 55.39%, as compared to 54.19% at December 31, 2003, and 49.65% at March 31, 2003.
The allowance for loan losses was 1.41% of total loans at the end of the first quarter of 2004 as compared to 1.56% for the same period last year. Nonperforming loans increased to 1.37% of total assets, as compared to 1.24% of total assets at December 31, 2003. Over 55% of the nonperforming loans are guaranteed by the SBA.
Ms. Carr, President and CEO, states "Asset quality is a commitment at Adams National Bank and we continue to be very aggressive in dealing with potential problem loans. This will be especially important in the future as our commercial lending niche continues to be an important component of our relationship banking strategy."
Abigail Adams National Bancorp, Inc. declared a common stock quarterly dividend of $0.125 paid on March 31, 2004 to shareholders of record as of March 15, 2004. This dividend represents a 4.17% increase over the $0.12 per share quarterly dividend declared a year ago and a 2.9% projected annual yield utilizing the March 31, 2004 closing market price of $17.31.
The Adams National Bank, the largest federally chartered bank in the United States owned and managed by women, 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 March 31, 2004 has been derived from unaudited financial information.
SOURCE: The Adams National Bank
Selected Financial Data March 2004
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