Annapolis National Bancorp, Inc. Announces 2nd Quarter Financial Results.Business Editors ANNAPOLIS Annapolis, river, Canada Annapolis, river, c.75 mi (120 km) long, rising in W Nova Scotia, Canada, and flowing SW past Annapolis Royal to Annapolis Basin, an arm of the Bay of Fundy. , Md.--(BUSINESS WIRE)--Aug. 1, 2000 Annapolis National Bancorp, Inc., parent company of Annapolis National Bank, today announced net income of $216,000 ($0.09 per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share) for the second quarter of 2000, compared to $218,000 ($0.09 per basic and diluted share) for the second quarter of 1999. Net income for the six months ended June June: see month. 30, 2000 was $358,000 ($0.15 per basic and diluted share) compared to $278,000 ($0.12 per basic and diluted share) for the same period last year. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mark H. Anders, President and Chief Executive Officer of Annapolis National Bank, the Company's performance during the second quarter reflects many of the changes implemented since he joined the Bank in October 1999. "Overall, our margins have remained strong while we have improved liquidity and reduced risk in the loan portfolio. We have upgraded our management team and invested in new products," Anders added, "but the results of our efforts to improve in the areas of non-interest expense and non-interest income are not yet evident in the short term." The Company reported total assets of $130.1 million at June 30, 2000 compared to $126.7 million at December 31, 1999. Cash, investment securities and federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve sold increased by $6.4 million or 15.8% compared to December 31, 1999, while net loans receivable decreased by $3.9 million or 4.8%. Deposit levels increased by $600,000 compared to those at December 31, 1999. Earnings for the six months ended June 30, 2000 increased due to lower provisions for credit losses and an improvement in net interest income. In the first quarter of 1999 the Bank recorded a special provision for credit losses of $330,000, bringing the total provision at June 30, 1999 to $432,000 compared to $36,000 for the six months ended June 30, 2000. Net interest income increased by $96,000 for the six-month period ended June 30, 2000 compared to the same period in 1999, as the net interest margin improved from 5.38% to 5.51%. Non-interest expense increased by $367,000 for the first six months of 2000 compared to the same period in 1999 due primarily to higher compensation expense, which was partially offset by lower data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a expense. Non-interest income increased by 1.1% to $443,000 from $438,000. The allowance for loan losses at June 30, 2000 stands at $1,535,000, an increase from $1,483,000 at December 31, 1999. The ratio of allowance for loan losses to total loans increased to 1.95% at June 30, 2000 from 1.79% at December 31, 1999. The Company also announced today that the Board of Directors has declared a quarterly common stock dividend. Shareholders of record as of July 28, 2000 will receive a cash dividend of one-cent per share payable on August 11, 2000. Annapolis National Bank serves the banking needs of small businesses, professional concerns, and individuals through five community banking offices located in Anne Arundel and Queen Anne's counties in Maryland This is a list of the twenty-four counties and county-equivalents in the U.S. state of Maryland. Though an independent city rather than a county, the City of Baltimore is considered the equal of a county for most purposes and is a county-equivalent. . The Company's common stock trades on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SmallCap Market under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "ANNB." |
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