Alliance Bancshares California Announces June 30, 2003 Results.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)--Aug. 13, 2003 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 ), the holding company of Alliance Bank, announced net earnings of $529,500 for the three months ended and $1,068,900 for the six months ended June June: see month. 30, 2003. This was a $104,600 decrease from net earnings of $634,100 in the second quarter of 2002; however it was a $226,900 increase from net earnings of $842,000 for the six months ended June 30, 2002. Earnings per share for the three months ended June 30, 2003, decreased to $0.12 basic and $0.09 fully 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. , compared to $0.14 basic and $0.11 fully diluted one year earlier. Earnings per share for the six months ended June 30, 2003, increased to $0.24 basic and $0.19 fully diluted, compared to $0.19 basic and $0.15 fully diluted for the same period the previous year. At June 30, 2003, total assets reached $243.4 million, an increase of $41.5 million or 21 percent, up from $201.9 million at December December: see month. 31, 2002. Net loans increased to $169.8 million, a $28.5 million, or 20 percent, gain from $141.3 million at the end of 2002. Net interest income before provision for loan losses increased to $2.5 million and $4.9 million, respectively, for the quarter and six months ended June 30, 2003, from $2.2 million and $4.0 million, respectively, for the quarter and six months ended June 30, 2002. This was due primarily to an increase in average interest earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin from $169.3 million and $155.6 million, respectively, for the quarter and six months ended June 30, 2002, to $220.0 million and $214.2 million, respectively, for the quarter and six months ended June 30, 2003, and to a lesser extent, to an increase in net average interest earnings assets (average interest earnings assets less average interest bearing liabilities) from $28.8 million and $31.8 million, respectively, to $41.4 million and $38.4 million, respectively. Net interest income was adversely impacted by a decrease in the net yield on interest earning assets, or net interest margin, from 5.23% and 5.16%, respectively, for the quarter and six months ended June 30, 2002, to 4.59% and 4.64%, respectively, for the quarter and six months ended June 30, 2003. The Bank charged $0.4 million and $0.8 million, respectively, to the allowance for loan losses for the quarter and six months ended June 30, 2003, as compared to $0.2 million and $0.3 million, respectively, for the quarter and six months ended June 30, 2002. Although management uses the best information available to determine the adequacy of the allowance, future adjustments may be necessary due to economic, operating, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and other conditions. At June 30, 2003, both Alliance Bancshares California and Alliance Bank were "well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. " as defined under applicable regulations. Chairman and President Curtis S. Reis commented, "The results were consistent with our budget. With uncertainties today in the national and California economy, we are not forecasting that these results will necessarily continue. What we do know is that our 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 business has accelerated and the number of solid relationships continues to grow. We are also about to launch another core deposit campaign in the second half of this year. "Our commitment to small and medium size businesses 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, is stronger than ever," Reis continued. "The pipeline of potential business remains very robust. We continue to attract seasoned bankers to handle our rapid growth and first-rate service." Alliance Bank is one of the leading independent business banks headquartered in Southern California 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 and cash management services as well as commercial, small business, 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 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. . Alliance can be found on the Web at www.allbank.com. 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. Statements in the news release that are not historical facts or which refer to the Company's expectations or beliefs constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements regarding the Company's future performance or financial condition are based on current information and are subject to a number of risks and uncertainties that could cause actual results to differ significantly from those expected at this time. These risks and uncertainties relate to such matters as, but are not limited to: increased competition from other financial institutions; changes in local national economic conditions and changes in Federal Reserve Board monetary policies, which could cause interest rates to increase, and loan demand to decline, and thereby reduce the Bank's net margins and operating results; increased government regulation which could increase the costs of operations; the Company's ability to successfully enter new markets or introduce new financial products or services; the costs and the possible adverse impact on operating results of planned growth and expansion; and continuing performance of the Company's loan portfolio. These, as well as other factors and uncertainties, are discussed in greater detail in the Company's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-KSB for its fiscal year ended December 31, 2002 or Form 10-QSB for the second quarter ended June 30, 2003. Readers are urged to read those reports and are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this news release. The Company also disclaims any obligation to update forward-looking statements whether as a result of new information, future events or otherwise.
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Unaudited)
June 30, 2003
Assets
Cash and due from banks $ 6,975,900
Federal funds sold 14,279,000
------------
Total cash and cash equivalents 21,254,900
Time deposits with other financial institutions 4,019,600
Securities held to maturity,
fair market value $37,128,900 36,826,000
Loans held for sale 5,963,000
Loans, net of the allowance for
loan losses of $2,296,600 169,769,800
Equipment and leasehold improvements, net 1,066,900
Accrued interest receivable and other assets 4,470,600
------------
Total assets $243,370,800
============
Liabilities and Shareholders' Equity
Deposits:
Demand $ 39,511,400
Interest bearing:
Demand 4,030,000
Savings and money market 69,061,000
Time 74,614,200
------------
Total deposits 187,216,600
------------
Accrued interest payable and other liabilities 1,225,900
FHLB advances 32,000,000
Subordinated debentures 2,500,000
Trust preferred securities 7,000,000
------------
Total liabilities 229,942,500
------------
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 - 4,542,679 shares 3,488,300
Undivided profits 9,940,000
------------
Total shareholders' equity 13,428,300
------------
Total liabilities and shareholders' equity $243,370,800
============
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended June
June 30, 30,
--------------------- ---------------------
2003 2002 2003 2002
---------- ---------- ---------- ----------
Interest income:
Interest and fees on
loans $3,338,600 $3,104,800 $6,543,200 $5,702,900
Interest on time
deposits with other
financial institutions 37,400 43,400 72,900 102,100
Interest on securities
held to maturity 254,200 114,400 585,400 193,700
Interest on federal
funds sold 51,400 66,000 111,300 118,200
---------- ---------- ---------- ----------
Total interest income 3,681,600 3,328,600 7,312,800 6,116,900
---------- ---------- ---------- ----------
Interest expense:
Interest on deposits 837,200 978,200 1,727,200 1,845,700
Interest on FHLB
advances 221,300 52,100 381,300 103,600
Interest on subordinated
debentures 51,000 51,100 101,500 101,500
Interest on capital note 84,200 31,400 171,500 49,300
---------- ---------- ---------- ----------
Total interest expense 1,193,700 1,112,800 2,381,500 2,100,100
---------- ---------- ---------- ----------
Net interest income
before provision for
loan losses 2,487,900 2,215,800 4,931,300 4,016,800
Provision for loan losses 350,000 150,000 775,000 250,000
---------- ---------- ---------- ----------
Net interest income 2,137,900 2,065,800 4,156,300 3,766,800
Non-interest income 711,700 717,700 1,442,100 1,056,900
Non-interest expenses:
Salaries and related
benefits 933,700 897,300 1,845,200 1,759,600
Occupancy and equipment
expenses 278,700 199,500 481,200 402,200
Other operating expenses 747,000 647,900 1,472,300 1,234,900
---------- ---------- ---------- ----------
Total non-interest
expense 1,959,400 1,744,700 3,798,700 3,396,700
---------- ---------- ---------- ----------
Earnings before income tax
expense 890,200 1,038,800 1,799,700 1,427,000
Income tax expense 360,700 404,700 730,800 585,000
---------- ---------- ---------- ----------
Net earnings $ 529,500 $ 634,100 $1,068,900 $ 842,000
========== ========== ========== ==========
Earnings per common share:
Basic earnings per share $0.12 $0.14 $0.24 $0.19
Diluted earnings per
share $0.09 $0.11 $0.19 $0.15
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