AANB Abigail Adams National Bancorp (MM)

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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