Albemarle First Bank Announces Net Income for the First Quarter of 2006.CHARLOTTESVILLE, Va. -- Albemarle First Bank, Charlottesville, Virginia Charlottesville is an independent city located within the confines of Albemarle County in the Commonwealth of Virginia, United States, and named after Princess Sophia Charlotte of Mecklenburg-Strelitz, the wife of King George III of the United Kingdom. (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 : AFBK) reports net income of $75 thousand ($0.04 per 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 quarter ended March 31, 2006, a 242% increase when compared to net income of $31 thousand ($0.02 per diluted share) reported for the same quarter in 2005. President and Chief Executive Officer Thomas M. Boyd, Jr., comments, "I am delighted with the Bank's progress during 2006, we are profitable and achieved loan growth of $7.2 million. Loan demand in the Charlottesville market was strong during the first quarter and we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about future growth. The pending merger with Premier Community Bankshares, Inc. (NASDAQ: PREM) should provide the Bank with the additional capital base to take advantage of this loan demand through a higher individual lending limit and increased market presence. This merger should produce synergies between the two institutions that will allow us to provide a wider array of products to all of our customers, while significantly reducing costs." Total assets were $123.1 million as of March 31, 2006, a $6.5 million increase over the $116.6 million reported at the end of 2005. Net loans totaled $94.3 million as of March 31, 2006, compared to $87.1 million at the end of the prior quarter. Likewise, deposits grew $1.8 million during the first quarter of 2006 totaling $100.8 million, up from $99.0 million as of December 31, 2005. During the first quarter of 2006, the Bank incurred $100 thousand of nonrecurring legal expenses related to the pending merger with Premier Community Bankshares, Inc. (NASDAQ: PREM). Albemarle First Bank offers a full range of banking and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to individuals, professionals, and small and medium-sized businesses in the City of Charlottesville, Albemarle County, Greene County Greene County is the name of fourteen counties in the United States of America, each named in honor of American Revolutionary War general Nathanael Greene:
This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, as amended. These statements may be based on certain assumptions and may describe future plans, strategies, and expectations of the Bank, and are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "may," "will," or similar expressions. Although we believe our plans, intensions, and expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these plans, intensions, and expectations will be achieved. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and actual results, performance or achievements could differ materially from those contemplated. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to, changes in: interest rates, the consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the pending merger with Premier Community Bankshares, Inc., general economic conditions, the legislative/regulatory climate, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. and the Board of Governors of the Federal Reserve System Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. , the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in our market area and accounting principles, policies, and guidelines. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein and undue reliance should not be placed on such statements, which reflect our position as of the date of this release. Consequently, all forward-looking statements made in this press release are qualified by the cautionary language contained in the Bank's quarterly and annual reports filed pursuant to the Securities Exchange Act of 1934. |
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