WASHINGTON, Aug. 9 /PRNewswire-FirstCall/ -- Abigail Adams National
Bancorp, Inc. (NASDAQ:AANB) today reported second quarter earnings
and year-to-date results for the period ended June 30, 2007.
Earnings for the second quarter 2007 were $711,000 or $0.21 per
diluted share compared to $788,000 or $0.23 per diluted share for
the same quarter in 2006. Earnings for the first six months of 2007
were $1,393,000 or $0.40 per diluted share, compared to $1,441,000
or $0.42 per diluted share for the same period in 2006. Although
net interest income increased for both the second quarter and
year-to-date period, the decrease in earnings was due to a decrease
in noninterest income combined with an increase in noninterest
expense. Net interest income for the second quarter of 2007 totaled
$4,199,000, an increase of $224,000 or 5.64% over the same period
in 2006. This increase, however, was offset by a $153,000 or 28.07%
decrease in noninterest income, compared to the second quarter
2006, due to a $153,000 decrease in the gain on sale of loans.
Noninterest expense was $3,351,000, an increase of $212,000,
compared to the second quarter of 2006, due to an increase in data
processing expense and professional fees. Net interest income for
the first half of 2007 was $8,422,000, an increase of $578,000 or
7.37% over the first half of 2006. As a consequence of the strong
loan growth, the provision for loan losses increased $35,000
compared to 2006. Noninterest income totaled $802,000, a decrease
of $226,000 or 21.98%, compared to the first half of 2006 and was
attributed primarily to a $181,000 decrease in the gain on sale of
loans. Noninterest expense totaled $6,759,000, an increase of
$398,000 or 6.26%, compared to the same period in 2006, due to an
increase in data processing expense, professional fees, and
occupancy expense. The increase in data processing expense was
attributable to system conversion expenses and associated hardware
and software costs. Total assets for the period ended June 30, 2007
were $459,345,000, reflecting strong growth of $87,256,000 or
23.45% from June 30, 2006. Loans were $320,319,000, a $47,520,000
or 17.42% growth from the same period in 2006. Short-term
investments totaled $43,578,000, an increase of $32,916,000 or
309%, compared to June 30, 2006, due to an increase in deposits in
the second quarter of 2007. Deposits for the period ended June 30,
2007 were $406,960,000, compared to $303,480,000 for the same
period in 2006, an increase of $103,480,000 or 34.10%. The strong
deposit growth was attributable to a marketing program started in
the third quarter of 2006 and to growth in governmental deposits.
Nonperforming assets increased this year to 1.47% of assets,
compared to 0.45% for the same period in 2006. The increase was
predominantly due to one large construction loan totaling $4.3
million with a collateral deficiency, which the Company expects to
be resolved by the end of the third quarter. In general, asset
quality remains strong. The allowance for loan and lease losses
remains adequate at 1.43% of loans. Jeanne D. Hubbard, President
and CEO, said, "While we are pleased with our continued strong
growth in the markets where we do business, our banks, like most
other community banks, find the current rate environment
challenging. We continue to experience intense competition for
deposit and loan accounts and the continued compression of our
margins that this type of competition brings. We continue to
position our banks to provide the banking solutions to satisfy our
customers' needs in each of our markets." During the second quarter
2007, our Consolidated Bank & Trust (CB&T) affiliate with
offices in Richmond and Hampton, VA, converted data processing
systems and incurred additional conversion-related data processing
expenses. In the third quarter, CB&T will introduce expanded
products and services made available as a result of this
conversion. This affiliate has also begun a marketing effort to
introduce these and other banking services to its market areas.
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, DC and Richmond, VA metropolitan areas. All information
for the period ended June 30, 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 June 30, 2007 and 2006
(Unaudited) (In thousands, except per share data) Three Months
Ended: Six Months Ended: 6/30/07 6/30/06 6/30/07 6/30/06 INCOME
STATEMENT: Interest income $7,619 $6,187 $14,966 $11,854 Interest
expense 3,420 2,212 6,544 4,010 Net interest income 4,199 3,975
8,422 7,844 Provision for loan losses 75 75 160 125 Net interest
income after provision for loan losses 4,124 3,900 8,262 7,719
Noninterest income 392 545 802 1,028 Noninterest expense 3,351
3,139 6,759 6,361 Income before taxes 1,165 1,306 2,305 2,386
Provision for income tax expense 454 518 912 945 Net income $711
$788 $1,393 $1,441 PER SHARE DATA: Basic earnings per share $0.21
$0.23 $0.40 $0.42 Diluted earnings per share $0.21 $0.23 $0.40
$0.42 Dividends paid on common shares $0.13 $0.13 $0.25 $0.25
Average shares outstanding - Basic 3,462,146 3,462,129 3,461,973
3,462,129 Average shares outstanding - Diluted 3,465,980 3,466,059
3,465,860 3,466,092 CONSOLIDATED BALANCE SHEET: Assets: Cash &
due from banks $15,754 $13,040 Short-term investments 43,578 10,662
Investment securities 71,452 68,205 Loans, gross 320,319 272,799
Allowance for loan losses (4,569) (4,673) Other assets 12,811
12,056 Total assets $459,345 $372,089 Liabilities: Deposits
$406,960 $303,480 Short-term borrowings 2,267 27,102 Long-term
borrowings 15,821 10,752 Accrued expenses & other liabilities
3,848 2,411 Total liabilities 428,896 343,745 Stockholders' equity:
Capital stock 35 35 Surplus 25,127 24,865 Retained earnings 5,287
3,444 Total stockholders' equity 30,449 28,344 Total liabilities
& stockholders' equity $459,345 $372,089 PERFORMANCE RATIOS:
Book value per share $8.79 $8.19 Return on average assets 0.65 %
0.87 % 0.66 % 0.81 % Return on average stockholders' equity 9.30 %
11.16 % 9.19 % 10.27 % Net interest margin 3.99 % 4.61 % 4.16 %
4.67 % Efficiency ratio 72.99 % 69.45 % 73.28 % 71.70 % Ratio of
nonperforming assets to total assets 1.47 % 0.45 % Allowance for
loan losses loans 1.43 % 1.71 % Allowance for loan losses to
nonperforming assets 68 % 279 % 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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