Alliance Bancshares California Announces Net Earnings as of June 30, 2004.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. -- 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 bank holding company of Alliance Bank, announced net earnings of a record $746,000 for the second quarter ended June June: see month. 30, 2004, up 41 percent from $529,500 for the same period in 2003. On a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. basis, net earnings were $1,351,400 at June 30, 2004, compared to $1,068,900 for the six months ended June 30, 2003, a 26 percent increase. 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 $0.22 for the six months ended June 30, 2004, compared to $0.19 one year earlier. Basic earnings per share were $0.29 for the six months ended June 30, 2004, versus $0.24 for the same period in 2003. Total assets rose to $345.8 million as of June 30, 2004, up 42 percent from $243.6 million on June 30, 2003. Total deposits reached $277.9 million as of June 30, 2004, a 48 percent gain from $187.2 million a year ago. Net loans increased to $229.2 million as of June 30, 2004, a 30 percent rise from $175.7 million on June 30, 2003. Net interest income before provision for loan losses increased from $4.5 million for the six months ended June 30, 2003, to $6.1 million for the same period in 2004. Total non-interest expenses rose from $3.3 million for the six months ended June 30, 2003, to $4.9 million for the same period in 2004. This increase was due to: (i) an increase in the number of employees and related benefit costs consistent with our growth; (ii) additional personnel for our soon-to-open two new regional offices in Woodland Hills and Burbank Burbank, city (1990 pop. 93,643), Los Angeles co., S Calif.; inc. 1911. Tourism and the entertainment industry are central to its economy; several motion-picture studios and television headquarters are here. Burbank's aerospace industry collapsed with the end of the Cold War. , Calif.; and (iii) a Company-wide incentive compensation program initiated to promote loan and deposit growth. At June 30, 2004, we employed 66 full-time full-time adj. Employed for or involving a standard number of hours of working time: a full-time administrative assistant. full employees, compared with 45 employees at June 30, 2003. The provision for loan losses for the six months ended June 30, 2004, was $450,000, a decrease from $775,000 in the same period of 2003. 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, 2004, both Alliance Bancshares California and Alliance Bank met all applicable regulatory capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. and the Bank was "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 by the regulations. Chairman and President Curtis S. Reis commented: "We are very satisfied with the record second quarter and year-to-date results overall. Our core deposits and loans continue to grow nicely as more and more businesses like our people and our approach to banking. Our loan portfolio appears to be in good condition, allowing us to allocate To reserve a resource such as memory or disk. See memory allocation. less to our provision for loan losses this quarter. At the same time, 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 Department, due to the slow refunding Reimbursing funds in restitution or repayment. The process of refinancing or borrowing money, ordinarily through the sale of bonds, to pay off an existing debt with the proceeds derived therefrom. of the U.S. Small Business Administration and significant upheaval in SBA programs by the White House, had a slow start in the first half of the year. With funding finally restored and programs enhanced, we look for that department's revenue to improve in the second half of the year. The outlook for Alliance remains very positive for the remainder of the year." With nearly $350 million in total assets, 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, , offering 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, 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. and Woodland Hills. 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 December: see month. 31, 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 STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
June 30, June 30,
Assets 2004 2003
------------- -------------
Cash and due from banks $15,620,500 $6,975,900
Federal funds sold 27,900,000 14,279,000
------------- -------------
Total cash and cash equivalents 43,520,500 21,254,900
------------- -------------
Time deposits with other financial
institutions 5,149,700 4,019,600
Securities held to maturity, fair market
value $60,521,200 at June 30, 2004;
$37,128,900 at June 30, 2003 60,722,500 36,826,000
Loans held for sale 5,257,600 5,963,000
Loans, net of the allowance for loan
losses of $3,072,800 at June 30, 2004;
$2,296,600 at June 30, 2003 223,933,400 169,769,800
Equipment and leasehold improvements, net 1,626,900 1,066,900
Accrued interest receivable and other
assets 5,597,700 4,687,600
------------- -------------
Total assets $345,808,300 $243,587,800
============= =============
Liabilities and Shareholders' Equity
Deposits:
Non-interest bearing demand $93,510,500 $39,511,400
Interest bearing:
Demand 4,016,400 4,030,000
Savings and money market 125,094,300 69,061,000
Certificates of deposit 55,240,200 74,614,200
------------- -------------
Total deposits 277,861,400 187,216,600
------------- -------------
Accrued interest payable and other
liabilities 2,542,100 1,225,900
FHLB advances 32,000,000 32,000,000
Subordinated debentures 2,450,000 2,500,000
Guaranteed preferred beneficial interest
in the Company's subordinated debentures 7,217,000 7,217,000
------------- -------------
Total liabilities 322,070,500 230,159,500
------------- -------------
Commitments and contingencies - - - -
Shareholders' equity:
Serial preferred stock, no par value:
Authorized - 20,000,000 shares
7% Series A Non-Cumulative
Convertible Non-Voting:
Authorized and outstanding -
733,050 shares at June 30,
2004; None at June 30, 2003 7,697,000 - -
Common stock, no par value:
Authorized - 20,000,000 shares
Outstanding - 4,622,679 at June 30,
2004 and 4,542,679 at June 30,
2003 3,615,800 3,488,300
Undivided profits 12,425,000 9,940,000
------------- -------------
Total shareholders' equity 23,737,800 13,428,300
------------- -------------
Total liabilities and shareholders'
equity $345,808,300 $243,587,800
------------------------------------------ =============-=============
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Six Months Ended
June 30,
----------------------
2004 2003
---------- ----------
Interest income:
Interest and fees on loans $7,397,800 $6,070,500
Interest on time deposits with other
financial institutions 37,200 72,900
Interest on securities held to maturity 719,800 585,400
Interest on federal funds sold 135,300 111,300
---------- ----------
Total interest income 8,290,100 6,840,100
---------- ----------
Interest expense:
Interest on deposits 1,482,800 1,727,200
Interest on FHLB advances 448,900 381,300
Interest on subordinated debentures 102,000 101,500
Interest on trust preferred securities 164,800 171,500
---------- ----------
Total interest expense 2,198,500 2,381,500
---------- ----------
Net interest income 6,091,600 4,458,600
Provision for loan losses 450,000 775,000
---------- ----------
Net interest income after provision for
loan losses 5,641,600 3,683,600
Non-interest income:
Service charges and fees 529,100 394,900
Net gains on sales of loans held for sale 252,900 491,300
Broker fees on loans 409,600 506,000
Other non-interest income 290,400 49,900
---------- ----------
Total non-interest income 1,482,000 1,442,100
---------- ----------
Non-interest expenses:
Salaries and related benefits 2,548,000 1,372,500
Occupancy and equipment expenses 648,900 481,200
Professional fees 278,100 216,300
Data processing 286,600 217,900
Other operating expenses 1,112,600 1,038,100
---------- ----------
Total non-interest expense 4,874,200 3,326,000
---------- ----------
Earnings before income tax expense 2,249,400 1,799,700
Income tax expense 898,000 730,800
---------- ----------
Net earnings $1,351,400 $1,068,900
========== ==========
Earnings per common share:
Basic earnings per share $0.29 $0.24
Diluted earnings per share $0.22 $0.19
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