Abigail Adams National Bancorp, Inc. Reports Fourth Quarter
Earnings Per Share Growth of 25.9 Percent
WASHINGTON, Jan. 24 /PRNewswire-FirstCall/ -- Abigail Adams National Bancorp,
Inc. (NASDAQ:AANB), the parent holding company of The Adams National Bank,
announced record fourth quarter earnings of $0.34 per diluted share for the
quarter ended December 31, 2004, compared to $0.27 per diluted share in 2003,
an increase of 25.9%. Net income for the fourth quarter 2004 was $1,015,000,
versus $819,000 for the comparable period last year. The returns on assets and
equity for the quarter were 1.63% and 16.37%, respectively, compared to 1.47%
and 14.38%, respectively, reported for the fourth quarter of 2003.
Total assets at December 31, 2004 were $251,192,000, concentrated in loans of
$180,272,000, a 15.5% increase in total loans over December 31, 2003. Deposits
grew 11.7% to $215,367,000. At December 31, 2004, the allowance for loan
losses was 1.42% of total loans and was 136% of non-performing assets. Asset
quality improved in 2004 as indicated by the ratio of nonperforming assets to
total assets, which declined from 1.24% at December 31, 2003 to 0.75% at
December 31, 2004.
Net income for 2004 increased by 13.9% to $3,602,000, compared to $3,161,000
earned in 2003. Earnings per diluted share for the year 2004 were $1.19 or a
13.3% increase over 2003. The 2004 net interest margin improved to 5.34%,
compared to 5.18% for 2003. For the year, the return on average assets was
1.55%, with return on average equity of 15.21%. The efficiency ratio was
53.7%, compared to 53.2% for the year ended December 31, 2003.
Kate Carr, President and CEO said, "We are pleased with the momentum of growth
in assets and earnings. The results reflect solid returns on our investment in
infrastructure, systems and personnel over the past year. Adams National Bank
is now positioned to capitalize on the strong, vibrant economy in the
Metropolitan Washington area." 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 December
29, 2004 to stockholders of record on December 15, 2004. In addition, the
Board of Directors declared a 10% stock dividend to be distributed 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
December 31, 2004 has been derived from unaudited financial information.
Abigail Adams National Bancorp, Inc. & Subsidiary
Selected Financial Data
(unaudited)
December 31, 2004 and 2003 Three Months Ended: Twelve Months Ended:
12/31/2004 12/31/2003 12/31/2004 12/31/2003 INCOME STATEMENT:
Interest income 3,718,130 3,228,451 13,829,546 12,555,815
Interest expense 562,672 493,900 1,986,426 2,094,420
Net interest income 3,155,458 2,734,551 11,843,120 10,461,395
Provision for loan losses 105,000 120,000 420,000 591,065
Net interest income
after provision for
loan losses 3,050,458 2,614,551 11,423,120 9,870,330
Noninterest income 605,093 503,511 1,974,511 2,034,580
Noninterest expense 1,971,159 1,754,621 7,414,803 6,645,710
Income before taxes 1,684,392 1,363,441 5,982,828 5,259,200
Provision for income
tax expense 669,649 544,697 2,381,117 2,098,111
Net income 1,014,743 818,744 3,601,711 3,161,089 PER SHARE DATA:
Basic earnings per share $0.34 $0.27 $1.19 $1.05
Diluted earnings per share $0.34 $0.27 $1.19 $1.05
Dividends paid on common
shares $0.13 $0.13 $0.50 $0.50 Average shares outstanding
- Basic 3,020,913 3,014,343 3,017,251 3,009,594
Average shares outstanding
- Diluted 3,028,118 3,026,403 3,027,012 3,024,072 CONSOLIDATED BALANCE SHEET:
Assets:
Cash & due from banks 5,108,881 9,746,854
Short-term investments 12,793,794 18,821,014
Investment securities 50,834,674 44,417,613
Loans, gross 180,272,019 156,034,227
Allowance for loan losses (2,557,987) (2,119,448)
Other assets 4,740,906 5,005,535
Total assets 251,192,287 231,905,795 Liabilities:
Deposits 215,367,078 192,756,407
Short-term borrowings 2,667,414 5,390,326
Long-term borrowings 7,126,751 10,030,117
Accrued expenses &
other liabilities 1,271,060 853,863
Total liabilities 226,432,303 209,030,713 Stockholders' equity:
Capital stock 30,374 30,308
Surplus 17,277,434 17,241,143
Retained earnings 7,452,176 5,603,631
Total stockholders'
equity 24,759,984 22,875,082
Total liabilities &
stockholders' equity 251,192,287 231,905,795 PERFORMANCE RATIOS:
Book value per share $8.20 $7.59
Return on average assets 1.63% 1.47% 1.55% 1.49%
Return on average 16.37% 14.38% 15.21% 14.32%
stockholders' equity
Net interest margin 5.31% 5.16% 5.34% 5.18%
Efficiency ratio 52.42% 54.19% 53.66% 53.18%
Ratio of nonperforming
assets to total assets 0.75% 1.24%
Allowance for loan losses
to loans 1.42% 1.36%
Allowance for loan losses
to nonperforming assets 135.99% 73.78%
DATASOURCE: The Adams National Bank CONTACT: Kathleen Walsh Carr of The Adams National Bank, +1-202-772-3711 Web site: http://www.adamsbank.com/
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