WASHINGTON, Nov. 14 /PRNewswire/ --
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. & Subsidiary
Selected Financial Data
September 30, 2005 and 2004
(In thousands, except per share data)
Three Months Ended: Nine Months Ended:
9/30/05 9/30/04 9/30/05 9/30/04
INCOME STATEMENT:
Interest income 5,069 3,494 12,873 10,112
Interest expense 1,191 500 2,720 1,424
Net interest income 3,878 2,994 10,153 8,688
Provision for loan losses 120 105 220 315
Net interest income after
provision for loan losses 3,758 2,889 9,933 8,373
Noninterest income 408 458 1,338 1,369
Noninterest expense 2,979 1,789 6,988 5,444
Income before taxes 1,187 1,558 4,283 4,298
Provision for income tax
expense 472 620 1,702 1,711
Net income 715 938 2,581 2,587
PER SHARE DATA:
Basic earnings per share $0.21 $0.28 $0.77 $0.78
Diluted earnings per share $0.21 $0.28 $0.77 $0.78
Dividends paid on common
shares $0.13 $0.11 $0.38 $0.34
Average shares outstanding -
Basic 3,419,961 3,321,276 3,355,739 3,317,623
Average shares outstanding -
Diluted 3,427,687 3,330,238 3,363,887 3,329,297
CONSOLIDATED BALANCE SHEET:
Assets:
Cash & due from banks 13,057 8,137
Short-term investments 8,988 11,605
Investment securities 69,762 49,315
Loans, gross 235,776 167,617
Allowance for loan losses (4,304) (2,457)
Other assets 10,430 4,602
Total assets 333,709 238,819
Liabilities:
Deposits 288,222 202,158
Short-term borrowings 2,792 3,901
Long-term borrowings 11,443 7,354
Accrued expenses & other
liabilities 3,258 1,250
Total liabilities 305,715 214,663
Stockholders' equity:
Capital stock 35 30
Surplus 24,866 17,277
Retained earnings 3,093 6,849
Total stockholders' equity 27,994 24,156
Total liabilities & stockholders' equity 333,709 238,819
PERFORMANCE RATIOS:
Book value per share $8.09 $7.27
Return on average assets 0.92 % 1.56 % 1.27 % 1.52 %
Return on average stockholders'
equity 10.21 % 15.69 % 13.23 % 14.78 %
Net interest margin 5.24 % 5.22 % 5.24 % 5.34 %
Efficiency ratio 69.51 % 51.83 % 60.81 % 54.13 %
Ratio of nonperforming assets
to total assets 0.26 % 1.09 %
Allowance for loan losses to
loans 1.83 % 1.47 %
Allowance for loan losses to
nonperforming assets 505.00 % 94.43 %
SOURCE The Adams National Bank
