Alliance Bancshares California Announces Net Earnings for First Six Months of 2007.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. -- Fourth graph, second sentence of release dated Aug. 10, 2007, should read xxx 2) 0.09% and a 0.20% increase in the weighted average yield of those 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 offset by (sted 0.09% and a 20% increase). The corrected release reads: ALLIANCE BANCSHARES CALIFORNIA ANNOUNCES NET EARNINGS FOR FIRST SIX MONTHS OF 2007 Alliance Bancshares California (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 $2.2 million for the quarter ended June 30, 2007, up 11.4% from $1.9 million for the same period in 2006. Earnings per share were $0.30 (basic) and $0.28 (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. ) for the quarter ended June 30, 2007 compared to $0.27 (basic) and $0.25 (diluted) for the second quarter 2006. Net earnings are calculated before preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividend payments. For the six months ended June 30, 2007, net earnings increased 8.0% over 2006. Net earnings were $4.0 million; $0.55 (basic) and $0.53 (diluted) earnings per share as compared to $3.7 million; $0.51 (basic) and $0.49 (diluted) earnings per share for the same period of 2006. Total assets grew to $985.3 million at June 30, 2007, up 21% from $816.8 million at June 30, 2006. Net loans, excluding loans for sale, increased to $775.1 million as of June 30, 2007, a 25% rise from $620.3 million on June 30, 2006. All categories of loans were higher at June 30, 2007; real estate loans were up 22%, construction loans up 26% and commercial loans increased 26%. Total deposits reached $802.7 million as of June 30, 2007, a 24% gain from $647.3 million a year ago. All categories of deposits increased during the first six months of 2007, particularly certificates of deposit which were 33% higher at June 30, 2007 than at June 30, 2006. Net interest income before provision for loan losses increased from $9.2 million and $17.8 million, respectively, for the three and six months ended June 30, 2006, to $11.2 million and $22.0 million, respectively, for the same periods in 2007. For the three and six months ended June 30, 2007 the increases in net interest were impacted by: 1) a $203.8 million and a $208.4 million increase in average interest earning assets, 2) 0.09% and a 0.20% increase in the weighted average yield of those interest earning assets offset by, 3) a $126.4 million and a $140.1 million increase in average interest bearing liabilities, and 4) a 0.64% and a 0.74% increase in the weighted average rate paid on those interest bearing liabilities, respectively. Total non-interest expense rose from $5.7 million for the quarter ended June 30, 2006, to $7.3 million for the same period in 2007. Contributing to this increase were additions to staff and related benefit costs as well as occupancy and equipment expense. The provision for loan losses for the quarter ended June 30, 2007, was $1.1 million, an increase from $1.0 million for the same quarter in 2006 primarily due to the increase in the size of the loan portfolio as well as a $25.2 million increase in impaired loans. The Bank's allowance for loan losses now stands at 1.45% of total loans (excluding loans held for sale) with the allowance at $11.2 million on June 30, 2007, up from $6.9 million a year earlier. Alliance Bancshares total capital, redeemable Redeemable Eligible for redemption under the terms of an indenture. preferred stock, junior subordinated debentures subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before and reserves reached $96 million at June 30, 2007 up from $84 million one year earlier. The increase was due to the retention of earnings and an increase in the allowance for loan losses. Both Alliance Bancshares California and Alliance Bank met all 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 continues to be "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 applicable regulations. Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Curtis S. Reis commented, "The expected correction in the real estate market was overdue OVERDUE. A bill, note, bond or other contract, for the payment of money at a particular day, when not paid upon the day, is overdue. 2. The indorsement of a note or bill overdue, is equivalent to drawing a new bill payable at sight. 2 Conn. 419; 18 Pick. in our opinion. More than a year ago, we raised our loan loss provision significantly in anticipation of this problem. Our reserve was $6.9 million one year ago and now stands at $11.2 million, over a 60% increase. If we prove to be overly cautious, we can always cut back our provision but we wanted to be prepared for what we saw coming. "In spite of this, our earnings were nicely ahead of last year and we believe 2007 will again produce record results. Our new Westside Regional Banking Center at 12300 Wilshire Boulevard Wilshire Boulevard is one of the principal east-west arterial roads in Los Angeles, California, United States. It was named for H. Gaylord Wilshire (1861-1927), an Ohio native who made and lost fortunes in real estate, farming, and gold mining. in West Los Angeles
"Last, but far from least, is our ability to attract and retain talented, experienced bankers. These people make me feel very proud and are the primary reason that our clients like to bank with us." 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 meet the needs of small to mid-sized businesses, professionals and executives. Alliance Bank's strategy focuses on delivering progressive products and services including deposit and cash management services as well as commercial, small business, asset-based, construction and real estate financing. Founded in 1980, Alliance Bank is the principal subsidiary of Alliance Bancshares California (OTCBB:ABNS), with Regional Banking Centers in Culver City, Irvine, Woodland Hills, Burbank and West Los Angeles. 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 continued 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-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and its Quarterly Reports on Form 10Q. Readers are urged to review 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. [TABLE OMITTED] [TABLE OMITTED] To receive a copy of our financial reports or to be put on the Company's mailing list An automated e-mail system on the Internet, which is maintained by subject matter. There are thousands of such lists that reach millions of individuals and businesses. New users generally subscribe by sending an e-mail with the word "subscribe" in it and subsequently receive all new , please contact Cindy Walters, Senior Vice President / Director of Marketing (949) 223-4910 or by email: cwalters@allbank.com
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