Alliance Bancshares California Announces Net Earnings for First Quarter 2006.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 holding company of Alliance Bank, announced net earnings of $1,792,200 for the quarter ended March 31, 2006, up 46% from $1,229,500 in the same quarter of 2005. Earnings per share were $0.23 (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. ) and $0.24 (basic) for the quarter ended March 31, 2006, compared to $0.18 (diluted) and $0.19 (basic) for the first quarter of 2005. Earnings per share 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. dividends. Total assets rose to $742.8 million at March 31, 2006, up 58% from $471.0 million at March 31, 2005. Net loans increased to $589.2 million as of March 31, 2006, a 63% rise from $362.1 million on March 31, 2005. Total deposits reached $574.6 million as of March 31, 2006, a 51% gain from $380.7 million a year ago, due primarily to increases in certificates of deposit. Net interest income before provision for loan losses increased from $4.9 million for the quarter ended March 31, 2005, to $8.6 million for the same period in 2006. Total non-interest expense rose from $3.2 million for the quarter ended March 31, 2005, to $5.5 million for the same period in 2006. Contributing to this increase were additions to staff and related benefit costs. The provision for loan losses for the quarter ended March 31, 2006, was $750,000, an increase from $375,000 for the same quarter in 2005. 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. 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, "Alliance has continued to show robust growth in our assets and earnings. On May 1st, we hired a new chief credit officer and executive vice president, Jeffrey D. Hamilton Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , enabling President and COO (Cell Of Origin) See mobile positioning. Daniel Daniel, book of the Bible Daniel, book of the Bible. It combines "court" tales, perhaps originating from the 6th cent. B.C., and a series of apocalyptic visions arising from the time of the Maccabean emergency (167–164 B.C. T. Jackson Jackson. 1 City (1990 pop. 37,446), seat of Jackson co., S Mich., on the Grand River; inc. 1857. It is an industrial and commercial center in a farm region. to focus on the growth and profitability of all our business units. Even though there are some concerns about rising interest rates and the real estate market, the 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, economy seems to be reasonably strong and on track for continued growth. Our commercial and industrial loans and relationships have surged in the past year as we look to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our credit portfolio away from too much reliance on real estate loans. We recently were granted nationwide Preferred Lender LENDER, contracts. He from whom a thing is borrowed. 2. The contract of loan confers rights, and imposes duties on the lender. 1. The lender has the right to revoke the loan at his mere pleasure; 9 Cowen, R. 687; 8 Johns. Rep. 432; 1 T. R. 480; 2 Campb. Rep. status by the U.S. Small Business Administration, a positive endorsement A signature on a Commercial Paper or document. An endorsement on a negotiable instrument, such as a check or a promissory note, has the effect of transferring all the rights represented by the instrument to another individual. of our successful 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. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that earnings for 2006 will continue their upward trend. We also continue to focus on providing a superior experience to our clients at Alliance." Alliance Bank is one of the leading independent business banks headquartered in Southern California, offering a wide range of financial solutions tailored to businesses, developers, executives and professionals. Serving small to mid-sized businesses, 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 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. , 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. . 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 and Form 10-KSB for the year ended December December: see month. 31, 2005, on Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2006. 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.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
March 31,
2006 2005
---------------------------
Assets
Cash and due from banks $18,444,900 $16,526,600
Federal funds sold 20,750,000 4,210,000
------------- -------------
Total cash and cash equivalents 39,194,900 20,736,600
------------- -------------
Time deposits with other financial
institutions 5,941,600 5,211,800
Securities held to maturity, fair market
value $90,865,600 at March 31, 2006;
$69,716,600 at March 31, 2005 92,558,600 70,705,800
Loans held for sale 3,849,600 1,195,000
Loans, net of the allowance for loan
losses of $6,612,300 at March 31, 2006;
$3,877,800 at March 31, 2005 585,367,300 360,915,900
Equipment and leasehold improvements, net 3,851,500 3,451,000
Accrued interest receivable and other
assets 12,009,100 8,767,600
------------- -------------
Total assets $742,772,600 $470,983,700
============= =============
Liabilities, Redeemable Preferred Stock
and Shareholders' Equity
Deposits:
Non-interest bearing demand $98,141,400 $109,471,700
Interest bearing:
Demand 9,712,600 6,123,700
Savings and money market 174,463,900 170,081,300
Certificates of deposit 292,326,700 94,980,700
------------- -------------
Total deposits 574,644,600 380,657,400
------------- -------------
Accrued interest payable and other
liabilities 5,868,000 2,112,500
Federal funds purchased -- 4,000,000
Securities sold under agreements to
repurchase 62,299,500 --
FHLB advances 35,000,000 37,000,000
Junior subordinated debentures 17,527,000 17,527,000
------------- -------------
Total liabilities 695,339,100 441,296,900
------------- -------------
Commitments and contingencies -- --
Redeemable Preferred Stock:
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 March 31, 2006 and 2005 7,697,000 7,697,000
6.82% Series B Non-Cumulative
Convertible Non-Voting:
Authorized and outstanding - 667,096
shares at March 31, 2006 11,318,600 --
------------- -------------
Total redeemable preferred stock 19,015,600 7,697,000
------------- -------------
Shareholders' Equity:
Common stock, no par value:
Authorized - 20,000,000 shares
Outstanding - 6,065,779 shares at
March 31, 2006 and 5,898,679 shares
at March 31, 2005 6,408,400 6,155,400
Undivided profits 22,009,500 15,834,400
------------- -------------
Total shareholders' equity 28,417,900 21,989,800
------------- -------------
Total liabilities, redeemable
preferred stock and shareholders'
equity $742,772,600 $470,983,700
============= =============
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
March 31,
------------------------
2006 2005
------------------------
Interest Income:
Interest and fees on loans $12,827,800 $6,123,800
Interest on time deposits with other
financial institutions 74,100 27,900
Interest on securities held to maturity 823,500 697,200
Interest on federal funds sold 236,500 55,800
------------ -----------
Total interest income 13,961,900 6,904,700
------------ -----------
Interest Expense:
Interest on deposits 4,442,900 1,537,600
Interest on FHLB advances 361,500 314,900
Interest on securities sold under
repurchase agreements 281,600 --
Interest on junior subordinated debentures 300,700 168,200
------------ -----------
Total interest expense 5,386,700 2,020,700
------------ -----------
Net interest income before provision
for loan losses 8,575,200 4,884,000
Provision for Loan Losses 750,000 375,000
------------ -----------
Net interest income 7,825,200 4,509,000
Non-Interest Income 637,900 798,400
Non-Interest Expense:
Salaries and related benefits 2,998,700 1,682,200
Occupancy and equipment expenses 708,800 492,800
Professional fees 277,400 199,100
Data processing 211,800 166,400
Other operating expense 1,255,000 699,700
------------ -----------
Total non-interest expense 5,451,700 3,240,200
------------ -----------
Earnings Before Income Tax Expense 3,011,400 2,067,200
Income tax expense 1,219,200 837,700
------------ -----------
Net Earnings $1,792,200 $1,229,500
============ ===========
Earnings per Common Share:
Basic earnings per share $0.24 $0.19
Diluted earnings per share $0.23 $0.18
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