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ABIGAIL ADAMS NATIONAL BANCORP REPORTS RECORD FIRST QUARTER EARNINGS
Washington, DC - Abigail Adams National Bancorp, Inc. (NASDAQ:AANB), the parent holding company of The Adams National Bank, announced first quarter earnings for the period ended March 31, 2005. Net income for the quarter was $922 thousand, a $104 thousand or 12.7% increase over net income of $818 thousand for the first quarter of 2004. Diluted earnings per share were $0.28 for the first quarter of 2005 compared to $0.25 per share for the same period in 2004, an increase of 12%. Return on average assets was 1.51% and the return on average equity was 14.93%, compared to 1.50% and 14.15%, respectively, reported for the first quarter of 2004.
Total assets were $246.2 million at March 31, 2005, an increase of $26 million over the quarter ended March 31, 2004, centered in growth of the loan portfolio to $174.2 million at March 31, 2005, an increase of $15.9 million, or 10.1% over the same period last year. Deposits were $210.6 million at March 31, 2005, a $28.2 million or 15.4% increase from March 31, 2004.
Asset quality for the first quarter continued to strengthen as non-performing assets to total assets improved to 0.43% versus 1.74% from the same period last year. The allowance for loan losses was 254.1% of non-performing loans as of March 31, 2005 as compared to 58.4% at March 31, 2004. At quarter end, the allowance for loan losses equaled 1.56% of total loans.
Total interest income for the first quarter of 2005 increased 14% to $3.7 million, compared to $3.3 million for the first quarter of 2004. Noninterest expense increased 8% concentrated in personnel expense, reflecting the investment in lending staff to meet strong loan demand. Net interest margin remained a healthy 5.38% in the first quarter of 2005 compared to 5.39% in the first quarter of 2004.
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 March 31, 2005 to stockholders of record on March 15, 2005. In addition, the Board of Directors paid a 10% stock dividend 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 March 31, 2005 has been derived from unaudited financial information.
Selected Financial Data March 2005
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