Abigail Adams National Bancorp, Inc. Reports First Quarter Earnings
15 Maggio 2007 - 12:36AM
PR Newswire (US)
WASHINGTON, May 14 /PRNewswire-FirstCall/ -- 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, D.C. 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. Abigail Adams National Bancorp, Inc.
& Subsidiaries Selected Financial Data March 31, 2007 and 2006
(In thousands, except per share data) Three Months Ended: 3/31/07
3/31/06 EARNINGS: Interest income $7,347 $5,667 Interest expense
3,124 1,798 Net interest income 4,223 3,869 Provision for loan
losses 85 50 Net interest income after provision for loan losses
4,138 3,819 Noninterest income 410 483 Noninterest expense 3,408
3,222 Income before taxes 1,140 1,080 Provision for income tax
expense 458 427 Net income 682 653 Basic earnings per share $0.20
$0.19 Diluted earnings per share $0.20 $0.19 Dividends paid on
common shares $0.125 $0.125 Average shares outstanding - basic
3,461,799 3,462,129 Average shares outstanding - diluted 3,465,739
3,468,704 CONSOLIDATED BALANCE SHEET: Assets: Cash & due from
banks $13,709 $12,783 Short-term investments 22,044 11,413
Investment securities 63,166 69,640 Loans 312,844 251,672 Less:
allowance for loan losses (4,479) (4,529) Other assets 12,129
11,957 Total assets 419,413 352,936 Liabilities: Deposits 363,554
283,343 Short-term borrowings 4,986 27,168 Long-term debt 16,055
10,983 Accrued expenses & other liabilities 4,351 3,315 Total
liabilities 388,946 324,809 Stockholders' equity: Capital stock 35
35 Surplus 25,123 24,865 Retained earnings 5,309 3,227 Total
stockholders' equity 30,467 28,127 Total liabilities &
stockholders' equity 419,413 $352,936 OTHER FINANCIAL INFORMATION:
Book value per share $8.80 $8.12 Return on average assets 0.67%
0.76% Return on average stockholders' equity 9.07% 9.37% Net
interest margin 4.35% 4.73% Allowance for loan losses to loans
1.43% 1.80% Allowance for loan losses to nonperforming assets
141.00% 625.00% Ratio of nonperforming assets to total assets 0.76%
0.21% Ratio of nonperforming assets to loans & OREO 1.01% 0.29%
DATASOURCE: Abigail Adams National Bancorp, Inc. CONTACT: Jeanne
Delaney Hubbard of Abigail Adams National Bancorp, Inc.,
+1-202-772-3747 Web site: http://www.adamsbank.com/
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