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ABIGAIL ADAMS NATIONAL BANCORP, INC. REPORTS FIRST QUARTER EARNINGS
Washington, DC - Abigail Adams National Bancorp, Inc. (NASDAQ:AANB) today reported net income for the first quarter ending March 31, 2007 of $682,000, a 4.4% increase over the same period in 2006. Diluted earnings per share were $0.20 for the first quarter of 2007, compared to $0.19 per share for the same period in 2006. The return on average assets was 0.67% and the return on average equity was 9.07%, compared to 0.76% and 9.37%, respectively, reported for the first quarter of 2006. Shareholder value remained strong with book value per share increasing over 8% from the first quarter of 2006 to $8.80 at the end of the first quarter of 2007, while the Company continued to pay dividends each quarter of $0.125 per share.
The Company had significant balance sheet growth when compared to the same quarter in 2006. Total assets were $419.4 million at March 31, 2007, an increase of $66.5 million or 18.8% over the balance at March 31, 2006. Total loans grew over 24% from $251.7 million at March 31, 2006 to $312.8 million at March 31, 2007, during a period in which there was considerable softening of the national commercial real estate market.
Deposits increased over 28%, from $283.3 million at March 31, 2006 to $363.6 million at March 31, 2007. Jeanne Delaney Hubbard, President and CEO of the Company, said, “This achievement is particularly remarkable in such a challenging environment in core deposit generation and retention, and reflects the hard work of our staff and the excitement and recognition generated by our marking efforts.”
“The continued competition in our markets, however, has continued to reduce our net interest margin, but at March 31, 2007 it still remained healthy at 4.35%. While our non-performing assets increased from the first quarter 2006 to 0.76% of total assets, our asset quality remains acceptable.”
Abigail Adams National Bancorp declared a quarterly dividend of $0.125 per common share paid on March 30, 2007 to shareholders of record on March 15, 2007.
Abigail Adams National Bancorp is a two-bank holding company, majority owned and operated by women. The Company is focused on serving the financial needs of minorities, women, small to mid-sized businesses, and not-for-profit organizations in the Washington, DC and Richmond metropolitan areas. All information for the period ended March 31, 2007 has been derived from unaudited financial information.
Statements contained in this press release that are not historical facts may constitute forward-looking statements (within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended) which involve significant risks and uncertainties. The Company intends such forward-looking statements to be covered in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and involves a number of risks and uncertainties, some of which have been set forth in the Company’s most recent annual reports on Form 10-K, which disclosures are incorporated by reference herein. The fact that there are various risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.
Selected Financial Data March 2007
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