Annapolis Bancorp Earnings Increase in Fourth
Quarter of 2009
February 03, 2010 09:03 AM Eastern Time
ANNAPOLIS, Md.--(EON: Enhanced Online News)--Annapolis Bancorp, Inc. (NASDAQ:ANNB), parent
company of BankAnnapolis, today announced net income of $381,000 for the fourth quarter of 2009, an increase of
$236,000 or 163% from net income of $145,000 in the fourth quarter of 2008. On a sequential quarter basis, net
income increased $158,000 or 71% from $223,000 reported for the three months ended September 30, 2009.
Fourth quarter net income available to common shareholders after accruing for preferred stock dividends was
$261,000 ($0.07 per basic and diluted common share), an 80% increase compared to $145,000 ($0.04 per basic
and diluted common share) available to common shareholders in the fourth quarter of 2008.
The Company’s total assets grew to $444.3 million at December 31, 2009, up 12.5% from $394.9 million at
December 31, 2008, with total gross loans increasing by $13.7 million or 5.1% for the year. The year-over-year
increase in total assets was funded primarily by growth in savings account balances of $48.6 million or 52.5%.
For the full year 2009, the Company’s net loss totaled $1,707,000. The net loss available to common shareholders
after accruing for preferred stock dividends for 2009 was $2,149,000 ($0.56 per basic and diluted common share)
compared to net income available to common shareholders of $1,427,000 ($0.37 per basic and $0.35 per diluted
common share) in 2008. The Company recorded provisions for credit losses of $6.5 million and $2.4 million for the
respective twelve month periods ended December 31, 2009 and 2008.
“Although economic recovery is still in its infancy, we are pleased to produce and report improved profitability for
Annapolis Bancorp in the fourth quarter,” said Chairman and CEO Richard M. Lerner. “While 2009 posed
unprecedented challenges for community banks—including BankAnnapolis—we continued to offer attractive savings
options to depositors a