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Abigail Adams national Bancorp Reports RECORD EARNINGS FOR THE THIRD QUARTER
Washington, DC - Abigail Adams National Bancorp, Inc. (NASDAQ:AANB), the parent holding company of The Adams National Bank, reported third quarter 2004 earnings of $938 thousand, a 15.87% increase over third quarter 2003 earnings of $809 thousand. Diluted earnings per share were $0.31 for the third quarter of 2004, as compared to $0.27 for the same period in 2003. The third quarter 2004 earnings represent a 1.56% return on average assets and a 15.69% return on average equity.
Results for the nine months ended September 30, 2004 showed earnings of $2.6 million, a 10.44% increase over earnings for the same nine-month period in 2003 of $2.3 million. Diluted earnings per share were $0.86, compared to $0.78 for the same period one year ago. Nine month 2004 earnings represent a 1.52% annualized return on average assets and a 14.78% annualized return on average equity.
Net interest income for the third quarter of 2004 increased 15.61% to $3 million from $2.5 million in the third quarter of 2003. The increase reflects loan growth and continued control of interest expense. The net interest margin was 5.22% for the quarter ended September 30, 2004, compared to 4.93% for the same period in 2003. For the nine months ended September 30, 2004, net interest income increased 12.43% to $8.7 million from $7.7 million in the same nine-month period one year ago.
Non-interest income declined 14.19% for the third quarter, primarily centered in reduced ATM fees. Adams National Bank is expanding its fee-based income in other service areas to offset the ATM usage decline. Recently, Adams and Nationwide Advantage entered into a partnership to provide a mortgage product for community and residential construction customers.
Total deposits increased 5.91% to $202 million and loans grew 12.17% to $168 million, compared to September 30, 2003. The allowance for loan losses closed the quarter at $2.46 million or 1.47% of total loans. Nonperforming assets, primarily consisting of SBA-guaranteed loans, improved to 1.09%, versus 1.71% reported at September 30, 2003.
Kate Carr, President and CEO said, "The results reflect solid returns on our investment in infrastructure and staffing. Adams Bank is positioned to take advantage of the strong, vibrant economy in the Metropolitan Washington area."
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 September 30, 2004 has been derived from unaudited financial information.
Selected Financial Data September 2004
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