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ABIGAIL ADAMS NATIONAL BANCORP, INC. REPORTS EARNINGS FOR THE 3RD QUARTER
Washington,
DC – Abigail Adams National Bancorp, Inc. (NASDAQ:AANB), the parent
holding company of The Adams National Bank, Washington, DC, and Consolidated
Bank & Trust, Richmond, VA, reported third quarter earnings of $715 thousand. This
23.8% decrease from the $938 thousand earned in the third quarter of 2004 is
due primarily to the one-time expense for the payment due under our former
affiliate CEO's employment contract. The
company’s net interest margin for the third quarter increased to 5.24% from
5.22% for the same period in 2004.
Net income
for the first nine months of 2005, however, held steady at $2.6 million with
only a $6 thousand decrease from the same period in 2004.
Diluted earnings per share for this period in 2005 are $0.77 down
$0.01, mainly because of the one-time payment to the former affiliate CEO.
Nine-month 2005 earnings represent a 1.27% annualized return on average
assets and a 13.23% annualized return on average equity.
At September
30, 2005 total deposits increased 42.6% to $288 million from $202 million and
loans grew 40.5% to $236 million from $168 million, compared to September 30,
2004. The allowance for loan
losses at the end of the third quarter was $4.3 million or 1.82% of total
loans. Nonperforming assets
improved to 0.26% of total assets at the quarter end compared to 1.09% at the
same time last year.
Jeanne D.
Hubbard, President and CEO, said, “The core results for the company continue
to be solid and the one-time expense for the payment due under our former
affiliate CEO's employment contract is now behind the company.
We are ready to take advantage of the opportunities in our metropolitan
DC market and our new markets of Richmond and Hampton, VA.
We welcome our new employees, shareholders and customers at
Consolidated Bank & Trust and look forward to our future together.”
Abigail Adams
National Bancorp, Inc. is a two-bank holding company owned and operated by
women. The company is focused on
serving minorities, women, small businesses and not-for-profit businesses in
the communities in which it is located. The
banking offices offer 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, 2005 has been
derived form unaudited financial information.
SOURCE:
The Adams National Bank
ATTACHMENT:
Selected Financial Data
Selected Financial Data September 2005
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