EX-99.1
2
ex99pressreleaseredec05.txt
PRESS RELEASE

FOR IMMEDIATE RELEASE
Date:    February 10, 2006
Contact: Jeanne Delaney Hubbard
         202.772.3747


                  ABIGAIL ADAMS NATIONAL BANCORP, INC. REPORTS
                             FOURTH QUARTER EARNINGS


Washington, DC - Abigail Adams National Bancorp, Inc. (NASDAQ:AANB) announced
today that net income for the fourth quarter ended December 31, 2005 was
$739,000, or $.21 (basic and diluted earnings per share). Net income for the
same period in 2004 was $1,015,000, or $.31 (basic and diluted earnings per
share). The return on average assets for the fourth quarter 2005 was 0.85% and
the return on average equity was 10.45%, compared to 1.63% and 16.37%,
respectively, for the same period last year.

The net income for the year ended December 31, 2005 was $3,320,000 or $.98 (both
basic and diluted earnings per share). For the same period in 2004, the net
income was $3,602,000 or $1.09 basic and $1.08 diluted earnings per share. The
return on average assets was 1.15% and the return on average equity was 12.49%
for 2005, as compared to 1.55% and 15.21%, respectively, for 2004.

Year end balance sheet and income data includes the effect of Abigail Adams
National Bancorp's ("Company") acquisition of Consolidated Bank and Trust,
Richmond, VA ("CBT") in a 100% stock acquisition on July 29, 2005. At the date
of the acquisition, CBT had approximately $70.8 million in total assets, total
loans of $39.6 million, earning assets of $66.3 million and total deposits of
$67.7 million. On December 31, 2005, there were 3,462,129 shares of the
Company's common stock issued and outstanding, compared to 3,322,820 shares
issued and outstanding at the end of 2004. Jeanne D. Hubbard, CEO of the
Company, stated "CBT's management utilized the remainder of 2005 to maintain the
customer base, recruit seasoned lenders, develop new products, and design a
marketing program. The affiliate now has the necessary staff and products to be
a more effective competitor in the Richmond market."

Net interest income for the fourth quarter of 2005 was $4,001,000, compared to
$3,156,000 for the same period in 2004. This increase was due primarily to
growth in the Company's loan portfolio. Average loans increased $68.8 million or
40.4% with only slightly more than half of that growth coming from the
acquisition of CBT. Ms. Hubbard said, "We are pleased that our Washington DC
bank continues to compete successfully in this competitive loan market." The net
interest margin remained strong at 4.84% for the fourth quarter 2005, but
decreased from the 5.31% in the same period of 2004, primarily due to increasing
funding costs associated with the steady increase in short and medium term
interest rates throughout 2005.



Net interest income for the year ending December 31, 2005 was $14,154,000, a
19.51% increase from the $11,843,000 for the year ending December 31, 2004. The
net interest margin for the year 2005 was 5.12%, compared to 5.34% at the end of
2004. The 22 basis point decline was due to competitive deposit pricing in the
Company's local markets, and the pressure of a flat yield curve on the repricing
assets and deposits.

The Company's assets totaled $343.0 million at December 31, 2005, an increase of
$91.8 million, or 36.56%, compared to assets at December 31, 2004.

Loans increased $68.0 million, or 37.73%, from December 31, 2004. Loan growth in
2005 was driven by growth in the construction, commercial and commercial real
estate markets.

Nonperforming loans and OREO totaled $580,000 or 0.23% of period end loans and
OREO, a decrease from 1.04% at December 31, 2004. Over 80% of the nonperforming
loans are guaranteed by the Small Business Administration.

The allowance for loan losses was $4.3 million at December 31, 2005,
representing 1.75% of total loans, compared to 1.42% at December 31, 2004. The
allowance for loan losses as a percentage of nonperforming loans increased to
980%, compared to 136% at December 31, 2004. The decline in nonperforming assets
was the result of aggressive collection efforts. Net recoveries were $203,000.
The provision for loan losses was $310,000 for 2005, compared to $420,000 taken
in 2004.

Deposits totaled $292.0 million at December 31, 2005, an increase of $76.7
million, or 35.6%, compared to 2004.

Noninterest income for the fourth quarter of 2005 was $573,000, compared to
$605,000 for the same period in 2004. The gain on sale of loans in the fourth
quarter was $92,000, compared to $266,000 in the fourth quarter of 2004.

Noninterest income for the period ended December 31, 2005 was $1.9 million,
compared to $2.0 million for 2004. The gain on sale of loans for 2005 was
$296,000, compared to $287,000 in 2004. The increase in noninterest income from
CBT was partially offset by a decline in ATM and overdraft fees.

Noninterest expenses were $3.3 million for the fourth quarter ended December 31,
2005, compared to $2.0 million for the same period in 2004, an increase of
$1.3million. The fourth quarter results for CBT were the primary reason for the
increase, which added an additional $1.0 million in noninterest expenses.

Noninterest expenses for the period ended December 31, 2005 were $10.2 million,
compared to $7.4 million for 2004. The CBT acquisition added approximately 59%
of the increase in additional noninterest expenses for 2005. Salary and benefits
expenses were $5.3 million, an increase of 43.8% in 2005, compared $3.7 million
in 2004, due to increases in staffing levels and the associated benefits, as
well as, the CBT acquisition, which added 42.2% of the increase. During the



third quarter of 2005, the Company took a $200,000 non-recurring charge against
income for the payment due under an employment contract to the former CEO of The
Adams National Bank. At December 31, 2005, the Company had approximately 105
full time equivalent employees, compared to 68 at the end of 2004. The Banks had
9 branch locations at the end of 2005, compared to 6 at the end of 2004.

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 metropolitan areas. All
information for the period ended December 31, 2005 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.



SOURCE:  Abigail Adams National Bancorp
ATTACHMENT:         Selected Financial Data




               Abigail Adams National Bancorp, Inc. & Subsidiaries
                             Selected Financial Data
                           December 31, 2005 and 2004
                      (in thousands, except per share data)
Three Months Ended: Twelve Months Ended: ----------------------------------- ----------------------------------- 12/31/05 12/31/04 12/31/05 12/31/04 --------------- ---------------- --------------- ---------------- INCOME STATEMENT: Interest income 5,588 3,718 18,461 13,829 Interest expense 1,587 562 4,307 1,986 --------------- ---------------- --------------- ---------------- Net interest income 4,001 3,156 14,154 11,843 --------------- ---------------- --------------- ---------------- Provision for loan losses 90 105 310 420 Net interest income after provision for loan losses 3,911 3,051 13,844 11,423 --------------- ---------------- --------------- ---------------- Noninterest income 573 605 1,911 1,975 Noninterest expense 3,252 1,971 10,240 7,415 --------------- ---------------- --------------- ---------------- Income before taxes 1,232 1,685 5,515 5,983 Provision for income tax expense 493 670 2,195 2,381 --------------- ---------------- --------------- ---------------- Net income 739 1,015 3,320 3,602 =============== ================ =============== ================ PER SHARE DATA: Basic earnings per share $0.21 $0.31 $0.98 $1.09 Diluted earnings per share $0.21 $0.31 $0.98 $1.08 Dividends paid on common shares $0.13 $0.11 $0.50 $0.45 Average shares outstanding - Basic 3,462,129 3,323,004 3,382,555 3,318,976 Average shares outstanding - Diluted 3,469,445 3,330,930 3,390,495 3,329,713 CONSOLIDATED BALANCE SHEET: Assets: Cash & due from banks 12,216 5,109 Short-term investments 6,333 12,794 Investment securities 70,116 50,835 Loans, gross 248,287 180,272 Allowance for loan losses (4,345) (2,558) Other assets 10,423 4,740 --------------- ---------------- Total assets 343,030 251,192 =============== ================ Liabilities: Deposits 292,032 215,367 Short-term borrowings 8,256 2,667 Long-term borrowings 11,213 7,127 Accrued expenses & other liabilities 3,476 1,271 --------------- ---------------- Total liabilities 314,977 226,432 --------------- ---------------- Stockholders' equity: Capital stock 35 33 Surplus 24,865 22,628 Retained earnings 3,153 2,099 --------------- ---------------- Total stockholders' equity 28,053 24,760 --------------- ---------------- Total liabilities & stockholders' equity 343,030 251,192 =============== ================ PERFORMANCE RATIOS: Book value per share $8.10 $7.45 Return on average assets 0.85% 1.63% 1.15% 1.55% Return on average stockholders' equity 10.45% 16.37% 12.49% 15.21% Net interest margin 4.84% 5.31% 5.12% 5.34% Efficiency ratio 71.10% 52.41% 63.74% 53.66% Ratio of nonperforming assets to total assets 0.17% 0.75% Ratio of nonperforming assets to loans & OREO 0.23% 1.04% Allowance for loan losses to loans 1.75% 1.42% Allowance for loan losses to nonperforming loans 980% 136%

The following information was filed by Abigail Adams National Bancorp Inc on Wednesday, February 15, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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