UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 23, 2004
Abigail Adams National Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-10971 52-1508198
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(State or other jurisdiction (SEC File Number) (I.R.S. Employer
of incorporation) Identification No.)
1130 Connecticut Avenue, Washington, D.C. 20036
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(Address of principal executive offices)
Registrant's telephone number, including area code: (202) 772-3600
Not Applicable
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(Former name or former address, if changed since last report)
CURRENT REPORT ON FORM 8-K
Item 1. Changes in Control of Registrant
Not applicable.
Item 2. Acquisition or Disposition of Assets
Not applicable.
Item 3. Bankruptcy or Receivership
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant
Not applicable.
Item 5. Other Events and Regulation FD Disclosure
Not applicable.
Item 6. Resignations of Registrant's Directors
Not applicable.
Item 7. Financial Statements and Exhibits
(a) No financial statements of businesses acquired are required.
(b) No pro forma financial information is required.
(c) Attached as Exhibit 99 is the Company's news release announcing earnings
for the quarter ended March 31, 2004.
Item 8. Change in Fiscal Year
Not applicable.
Item 9. Regulation FD Disclosure
Not applicable.
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Item 10. Amendments to the Registrant's Code of Ethics, or Waiver of a Provision
of the Code of Ethics
Not applicable.
Item 11. Temporary Suspensions of Trading Under Registrant's Employee Benefits
Plans
Not applicable.
Item 12. Results of Operations and Financial Condition
On April 23, 2004, Abigail Adams National Bancorp, Inc. announced its
earnings for the three months ended March 31, 2004. A copy of the
press release dated April 23, 2004, detailing earnings for this period
is attached as Exhibit 99 to this report.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
Abigail Adams National Bancorp, Inc.
DATE: May 3, 2004 By: /s/ Karen Troutman
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Ms. Karen Troutman
Chief Financial Officer
EXHIBIT INDEX
99 News release dated April 23, 2004.
EXHIBIT 99
FOR IMMEDIATE RELEASE
Date: April 23, 2004
Contact: Kathleen Walsh Carr
202.772.3711
Abigail Adams national Bancorp Reports first Quarter Earnings
Washington, DC - Abigail Adams National Bancorp, Inc. (NASDAQ:AANB), the parent
holding company of The Adams National Bank, reported net income of $818.3
thousand, or $0.27 diluted earnings per share for the quarter ended March 31,
2004, compared to net income of $818.7 thousand, or $0.27 for the quarter ending
December 31, 2003, and $902.5 thousand, or $0.30 diluted earnings per share for
the first quarter 2003.
Net interest income increased 8.1% to $2.8 million for the first quarter of
2004, as compared to the same period of 2003. The net interest margin was 5.39%,
5.16% and 5.61% for the quarters ending March 31, 2004, December 31, 2003 and
March 31, 2003, respectively.
Earning assets have increased $12.2 million over the past twelve months,
primarily centered in commercial real estate lending growth of $6.7 million and
investment securities of $6.1 million. Demand deposits increased $10.2 million
or 21.4% over the same period, due to growing success in the commercial business
sector.
Noninterest income, excluding investment security gains, decreased $64.7
thousand or 12.7% for the first quarter of 2004, as compared to the first
quarter of 2003.
Noninterest expense increased $261.7 thousand or 16.8% for the first three
months of 2004, as compared to the same period in 2003, due primarily to the
opening of an additional branch and increased staffing, as well as increased
benefit costs. The efficiency ratio, which measures noninterest expense to
noninterest income plus net interest income, was 55.39%, as compared to 54.19%
at December 31, 2003, and 49.65% at March 31, 2003.
The allowance for loan losses was 1.41% of total loans at the end of the first
quarter of 2004 as compared to 1.56% for the same period last year.
Nonperforming loans increased to 1.37% of total assets, as compared to 1.24% of
total assets at December 31, 2003. Over 55% of the nonperforming loans are
guaranteed by the SBA.
Ms. Carr, President and CEO, states "Asset quality is a commitment at Adams
National Bank and we continue to be very aggressive in dealing with potential
problem loans. This will be especially important in the future as our commercial
lending niche continues to be an important component of our relationship banking
strategy."
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Abigail Adams National Bancorp, Inc. declared a common stock quarterly dividend
of $0.125 paid on March 31, 2004 to shareholders of record as of March 15, 2004.
This dividend represents a 4.17% increase over the $0.12 per share quarterly
dividend declared a year ago and a 2.9% projected annual yield utilizing the
March 31, 2004 closing market price of $17.31.
The Adams National Bank, the largest federally chartered bank in the United
States owned and managed by women, 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 March 31, 2004 has been derived from unaudited financial
information.
SOURCE: The Adams National Bank
ATTACHMENT: Selected Financial Data
Abigail Adams National Bancorp, Inc. & Subsidiary
Selected Financial Data
March 31, 2004 and 2003
(Unaudited)
Three Months Ended:
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3/31/04 3/31/03
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Earnings: (In thousands, except per share data)
Interest income 3,286 3,135
Interest expense 459 519
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Net interest income 2,827 2,616
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Provision for loan losses 105 70
Net interest income after provision for loan losses 2,722 2,546
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Noninterest income 455 520
Noninterest expense 1,818 1,557
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Income before taxes 1,359 1,509
Provision for income tax expense 541 606
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Net income 818 903
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Basic earnings per share $0.27 $0.30
Diluted earnings per share $0.27 $0.30
Dividends paid on common shares $0.125 $0.12
Average shares outstanding - basic 3,014,343 3,005,315
Average shares outstanding - diluted 3,026,474 3,021,673
consolidated balance sheet:
Assets:
Cash & due from banks 6,643 8,161
Short-term investments 3,678 20,586
Investment securities 48,481 25,453
Loans, gross 158,314 152,214
Less: allowance for loan losses (2,232) (2,376)
Other assets 5,351 4,942
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Total assets 220,235 208,980
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Liabilities:
Deposits 182,387 168,691
Short-term borrowings 3,044 6,210
Long-term debt 9,805 10,701
Accrued expenses & other liabilities 1,479 1,681
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Total liabilities 196,715 187,283
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ockholders' equity:
Capital stock 30 30
Surplus 17,241 17,202
Retained earnings 6,249 4,465
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Total stockholders' equity 23,520 21,697
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Total liabilities & stockholders' equity 220,235 208,980
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Other financial information:
Return on average assets 1.50% 1.84%
Return on average stockholders' equity 14.15% 16.97%
Net interest margin 5.39% 5.61%
Net interest spread 4.95% 5.12%
Efficiency ratio 55.39% 49.65%
Allowance for loan losses to loans 1.41% 1.56%
Nonperforming assets to total assets 1.37% 0.69%
Allowance for loan losses to nonperforming assets 73.79% 165.35%