Annapolis Bancorp Reports $2.3 Million Increase
in Second Quarter Earnings
Year-to-Date Earnings Up $3.4 million
July 29, 2010 09:03 AM Eastern Daylight Time
ANNAPOLIS, Md.--(EON: Enhanced Online News)--Annapolis Bancorp, Inc. (NASDAQ:ANNB), parent
company of BankAnnapolis, today announced net income of $438,000 for the second quarter of 2010, an increase
of $2,299,000 from a net loss of $1,861,000 in the second quarter of 2009.
After accruing for preferred stock dividends, second quarter net income available to common shareholders was
$318,000 ($0.08 per basic and diluted common share) compared to a loss of $1,981,000 ($0.51 per basic and
diluted common share) available to common shareholders in the second quarter of 2009.
For the first six months of 2010, net income of $1,055,000 increased by $3,366,000 from a loss of $2,311,000 in
the first half of 2009. Net income available to common shareholders totaled $814,000 ($0.21 per basic and diluted
common share) for the six months ended June 30, 2010 compared to a loss of $2,513,000 ($0.65 per basic and
diluted common share) available to common shareholders in the same period of 2009.
”Despite the economic volatility and challenging operating conditions, we are pleased to report our fourth
consecutive quarter of profitability,” said Chairman and CEO Richard M. Lerner. ”The favorable results we are
reporting today were driven by a lower provision for credit losses, progress in improving asset quality, and a strong
increase in our net interest margin over prior periods.”
Nonperforming assets at June 30, 2010 amounted to $12.7 million or 2.93% of total assets, a reduction of $6.7
million or 34% compared to $19.3 million or 4.35% of total assets at December 31, 2009.
Results for the quarter ended June 30, 2010 included a provision for credit losses of $363,000 compared to a
provision for credit losses of $3.8 million in the second quarter of last year. The allowance for credit losses totaled
$6.8 million (2.45% of total gross loans)