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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, reported strong second quarter 2005 earnings of $944 thousand, versus $831 thousand for the same period of 2004, a 13.6% increase. Diluted earnings per share for the quarter were $0.28 compared to $0.25 for the second quarter 2004.
Year to date the Company has earned $1.87 million in net income or $0.56 per share versus $1.65 million or $0.50 per share at June 30, 2004. The return on average equity was 14.92% for the first six months of 2005 compared to 14.29% for the same period in 2004, while return on average assets remained a constant of 1.49%.
The increase in net income for the first six months of 2005 over the respective prior year period is attributable to solid loan growth of 17.1% with the maintenance of a healthy net interest margin of 5.26%. The 9.7% increase in noninterest expense reflects the expansion of staff to support the growth and profitability of the bank.
Loans grew to $191.2 million at June 30, 2005 compared to $163.3 million at June 31, 2004. Total deposits increased 10.1% to $222.0 million at June 30, 2005 compared to $201.6 million at June 30, 2004.
Asset quality for the second quarter continued to strengthen as non-performing assets to total assets improved to 0.33% versus 1.33% from the same period last year. The allowance for loan lossesvwas 320% of non-performing loans as of June 30, 2005 as compared to 73% at June 30, 2004. At quarter end, the allowance for loan losses equaled 1.42% of total loans.
According to Kate Carr, President and CEO, "Adams Bank continues with double-digit growth in profitability, driven by solid relationship-based growth in loans and deposits. We continue to aggressively work to provide our depositors with competitive rates while meeting loan demand with solid credit policies. We enthusiastically look forward to the acquisition of Consolidated Bank in Richmond, Virginia."
Abigail Adams National Bancorp, Inc. declared a quarterly common dividend of $0.125 per share paid out on June 30, 2005 to stockholders of record as of June 15, 2005.
The Adams National Bank is a wholly owned subsidiary of Abigail Adams National Bancorp, Inc., headquartered in Washington, DC. Adams currently operates five offices in DC and one in Maryland. Abigail Adams National Bancorp, Inc. is acquiring Consolidated Bank & Trust Company, the oldest minority bank in the country, headquartered in Richmond, VA, with three branches in Richmond and Hampton Roads, VA.
Adams 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 June 30, 2005 has been derived from unaudited financial information.
Selected Financial Data June 2005
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