Alliance Bancshares California Announces 22% Increase in Net Earnings.Business Editors CULVER CITY Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. , Calif.--(BUSINESS WIRE)--Nov. 13, 2002 Alliance Bancshares California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ABNS ABNS American Board of Neurological Surgery ABNS American Board of Nursing Specialties ABNS American Baptist News Service ), bank holding company of Alliance Bank, announced net earnings of $1,276,100 in the first three quarters of 2002 compared to $1,038,500 for the similar period in 2001, an increase of over 22%. Third quarter net earnings for this year were $434,100 compared to $282,500 for the similar period last year. Basic earnings per share were $0.28 for the first three quarters of 2002 and $0.10 for the third quarter as compared to $0.23 and $0.06, respectively, one year earlier. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.23 through September September: see month. 30, 2002 and $0.08 for the third quarter compared to $0.19 and $0.05, respectively, during the same period last year. Assets totaled $184,825,300 at September 30, 2002, an increase of over $44 million or 31% growth from $140,486,400 at December December: see month. 31, 2001. Net loans have increased to $142,134,000, a $30 million gain from $112,158,300 at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. . Chairman and President Curtis S. Reis commented, "Even with a relatively modest first quarter, the Bank has come back with strong second and third quarters leading hopefully to a very good year. Our Irvine Irvine, town, Scotland Irvine (ûr`vĭn), town (1991 pop. 32,507), North Ayrshire, SW Scotland, on the Irvine River estuary. Industries include iron and brass foundries. Other products are chemicals, electric goods, and clothing. office at 1901 Main Street opened in the fourth quarter of this year to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. our commitment to Orange County clients. We have built a strong team to help us shoulder the growth we have had and continue to expect. Please contact Monique Monique is a female given name, originally the French form of Monica. It has also been regularly used in English speaking countries since at least the 1950s. Specific well-known women named Monique include: In acting:
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
Sept. 30, Dec. 31,
2002 2001
Assets (Unaudited)
Cash and due from banks $4,306,400 $4,672,900
Federal funds sold 15,350,000 9,420,000
Total cash and cash equivalents 19,656,400 14,092,900
Time deposits with other financial
institutions 3,503,800 5,423,700
Securities held to maturity 15,491,500 5,982,700
Loans, net of the allowance for loan losses
of $1,952,400 at September 30, 2002
and $2,426,500 at December 31, 2001 142,134,000 112,158,300
Equipment and leasehold improvements, net 885,700 499,300
Accrued interest receivable and other
assets 3,153,900 2,329,500
Total assets $184,825,300 $140,486,400
Liabilities and Shareholders' Equity
Deposits:
Demand $28,727,600 $28,593,100
Savings and money market 41,273,000 33,485,200
Time 84,068,500 58,606,500
Total deposits 154,069,100 120,684,800
Accrued interest payable and other
liabilities 1,487,800 850,500
FHLB advances 12,000,000 5,000,000
Subordinated debentures 2,500,000 2,500,000
Capital note 3,000,000 1,000,000
Total liabilities 173,056,900 130,035,300
Commitments and contingencies -- --
Shareholders' equity:
Serial preferred stock, no par value:
Authorized -- 20,000,000 shares
Outstanding -- none -- --
Common stock, no par value:
Authorized -- 20,000,000 shares
Outstanding -- 4,538,679 shares at
September 30, 2002; 4,505,079
shares at December 31, 2001 3,480,300 3,439,100
Undivided profits 8,288,100 7,012,000
Total shareholders' equity 11,768,400 10,451,100
Total liabilities and shareholders'
equity $184,825,300 $140,486,400
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2002 2001 2002 2001
Interest income:
Interest and fees on
loans $3,214,700 $2,707,300 $8,917,600 $8,348,800
Interest on time
deposits with other
financial
institutions 29,900 65,600 132,000 192,100
Interest on
securities held to
maturity 189,000 112,900 382,700 374,900
Interest on federal
funds sold 65,500 122,300 183,700 371,700
Total interest
income 3,499,100 3,008,100 9,616,000 9,287,500
Interest expense:
Interest on deposits 980,800 1,179,600 2,826,500 3,683,500
Interest on FHLB
advances 92,200 -- 195,800 --
Interest on
subordinated
optional convertible
debentures 51,600 51,600 153,100 153,100
Interest on capital
note 44,800 -- 94,100 --
Total interest
expense 1,169,400 1,231,200 3,269,500 3,836,600
Net interest income
before provision
for loan losses 2,329,700 1,776,900 6,346,500 5,450,900
Provision for loan
losses 225,000 100,000 475,000 250,000
Net interest income 2,104,700 1,676,900 5,871,600 5,200,900
Non-interest income 584,800 239,500 1,641,700 849,400
Non-interest expenses:
Salaries and related
benefits 971,200 720,600 2,730,800 2,177,400
Occupancy and
equipment expenses 244,600 200,300 646,800 561,500
Other operating
expenses 719,900 468,700 1,954,800 1,502,300
Total non-interest
expense 1,935,700 1,389,600 5,332,400 4,241,200
Earnings before income
tax expense 753,800 526,800 2,180,800 1,809,000
Income tax expense 319,700 244,300 904,700 770,500
Net earnings $434,100 $282,500 $1,276,100 $1,038,500
Earnings per common
share:
Basic earnings per
share $0.10 $0.06 $0.28 $0.23
Diluted earnings per
share $0.08 $0.05 $0.23 $0.19
Alliance Bank is one of the leading independent business banks headquartered in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, and offers a wide range of financial solutions tailored to corporate customers, executives and professionals. Serving small to mid-sized businesses, Alliance Bank's strategy focuses on delivering progressive financial solutions including deposit services and commercial, SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government , accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , construction and real estate financing. Founded in 1980, Alliance Bank is the principal subsidiary of Alliance Bancshares California (OTCBB:ABNS), with regional banking offices in Culver City and Irvine. Alliance can be found on the Web at www.allbank.com. |
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