Alliance Bankshares Reports 1st Quarter 2005 Results; Robust loan growth continues at Alliance.CHANTILLY Chan·til·ly A village of northern France north of Paris. It was long noted for its fine porcelain and delicate lace. Population: 10,065. , Va. -- Alliance Bankshares Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABVA) today reported financial results for the first quarter 2005 and its nineteenth consecutive quarterly profit. For the quarter ended March 31, 2005, the Company reported earnings of $670 thousand. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs A. Young, Jr., President and Chief Executive Officer of Alliance Bankshares, commented, "We are pleased with the strong loan growth experienced in 2004 and continuing into the first quarter of 2005. The expanded commercial banking team contributed directly to the 80.2% growth in the loan portfolio to a record level of $224.8 million as of March 31, 2005 compared to March 31, 2004. Despite the rapid growth in our loan portfolio over the past year, we believe that our strong credit quality has been maintained. The first quarter reflects the strong and growing earnings power of the 'core bank.' Our net income was $670 thousand for the first quarter 2005 or 4.4% greater than the first quarter 2004 results despite significantly lower mortgage banking revenue and lower gains on sales of securities. The first quarter mortgage banking production is typically the softest period. In addition, the basic operations of the mortgage banking subsidiary have been re-organized and we expect subsequent quarterly positive trends. Our net interest margin has grown to 3.38% or 43 basis points greater than the first quarter 2004 level of 2.95%. Our net interest income has grown proportionality pro·por·tion·al adj. 1. Forming a relationship with other parts or quantities; being in proportion. 2. Properly related in size, degree, or other measurable characteristics; corresponding: to $3.9 million or 59.0% greater than the first quarter 2004 level of $2.4 million." Total assets soared to a record $563.5 million as of March 31, 2005, an increase of $102.9 million or 22.3% over the 2004 level of $460.9 million. The Bank's deposit initiatives continue to generate strong results as total deposits amounted to $445.1 million an increase of $93.5 million over the March 31, 2004 level of $351.6 million. Investment securities as of March 31, 2005 grew to $222.1 million or $28.5 million greater than the March 31, 2004 level of $193.6 million. Earnings per share, 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. amounted to $.13 for the first quarter of 2005 compared to $.15 for the same period in 2004 despite the increased net income. In February February: see month. 2004, the organization completed a stock offering of 1,481,470 shares. As a result of the mid first quarter 2004 stock offering the 2004 diluted shares are substantially lower than the first quarter 2005 diluted shares. Thomas P. Danaher, Chairman of the Board of Directors for Alliance Bankshares Corporation reiterated Mr. Young's comments, "The core bank is operating at a solid and growing performance level." He further commented, "Appointing Mr. Grace as President of Alliance Home Funding in February 2005 provides the leadership necessary to improve and maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. the performance of our mortgage banking unit." Alliance Bankshares Corporation is a locally managed community banking organization based in Northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. . The independent status of the organization allows the bank's management to create, implement and maintain banking services with a level of flexibility, creativity and discretion that is not possible with larger institutions. Some of the matters discussed herein may include 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. . These forward-looking statements may include statements regarding profitability and financial and other goals. These statements are based on certain assumptions and analyses by the Company and other factors it believes are appropriate in the circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . However, the Company's expectations are subject to a number of risks and uncertainties and other factors that could cause actual results, events and developments to differ materially from those contemplated by any forward-looking statements herein. Consequently, all forwarding-looking statements made herein are qualified by these cautionary statements and cautionary language in the Company's most recent report on Form 10-KSB and other documents filed with the Securities and Exchange Commission. More information on Alliance Bankshares Corporation can be found online at www.alliancebankva.com, or by phoning an Alliance office.
ALLIANCE BANKSHARES CORPORATION
Balance Sheets
March 31, Dec. 31, March 31,
2005(1) 2004 2004(1)
-----------------------------
ASSETS (Dollars in thousands, except
per share)
Cash and due from banks $ 22,025 $ 29,467 $ 23,962
Federal funds sold 71,363 1,139 99,641
Investment securities available-for-
sale, at fair value 222,001 209,041 193,481
Investment securities held-to-maturity,
at amortized cost 100 100 100
Loans held for sale 16,559 24,746 14,076
Loans, net of unearned discount and fees 224,764 209,204 124,713
less: allowance for loan losses (2,510) (2,300) (1,509)
-----------------------------
Loans, net 222,254 206,904 123,204
Premises and equipment, net 2,347 2,156 1,971
Other assets 6,817 6,167 4,422
-----------------------------
TOTAL ASSETS $563,466 $479,720 $460,857
=============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits $181,265 $128,287 $142,884
Interest-bearing deposits 263,854 227,404 208,716
-----------------------------
Total deposits 445,119 355,691 351,600
Repurchase agreements, federal funds
purchased and other borrowings 40,555 45,352 31,486
Federal Home Loan Bank advances 20,000 20,000 20,000
Trust Preferred Capital Notes 10,310 10,310 10,310
Other liabilities 1,628 1,745 1,823
Commitments and contingent liabilities - - -
-----------------------------
TOTAL LIABILITIES 517,612 433,098 415,219
-----------------------------
STOCKHOLDERS' EQUITY 45,854 46,622 45,638
-----------------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $563,466 $479,720 $460,857
=============================
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(1) Unaudited financial results
ALLIANCE BANKSHARES CORPORATION
Income Statements
Quarter Quarter
Ended Ended
March 31, March 31,
2005(1) 2004(1)
-----------------------
(Dollars in thousands,
except per share)
INTEREST INCOME:
Loans $ 3,624 $ 1,830
Investment securities 2,155 2,036
Federal funds sold 203 89
-----------------------
Total interest income 5,982 3,955
INTEREST EXPENSE:
Deposits 1,517 1,115
Purchased funds and other borrowings 585 400
-----------------------
Total interest expense 2,102 1,515
-----------------------
Net interest income 3,880 2,440
Provision for loan losses 212 85
-----------------------
Net interest income after provision for
loan losses 3,668 2,355
-----------------------
OTHER INCOME:
Deposit account service charges 49 40
Gain on sale of loans 624 1,129
Net gain (loss) on sale of securities (27) 277
Net gain on trading activities - 22
Other operating income 74 71
-----------------------
Total other income 720 1,539
OTHER EXPENSES:
Salaries and employee benefits 1,946 1,744
Occupancy expense 296 291
Equipment expense 187 157
Operating expenses 1,262 889
-----------------------
Total other expenses 3,691 3,081
-----------------------
INCOME BEFORE INCOME TAXES 697 813
Income tax expense 27 171
-----------------------
NET INCOME $ 670 $ 642
=======================
Net income per common share, basic $ 0.14 $ 0.17
=======================
Net income per common share, diluted $ 0.13 $ 0.15
=======================
Weighted average number of shares, basic 4,795,825 3,866,312
=======================
Weighted average number of shares, diluted 5,103,873 4,259,043
=======================
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(1) Unaudited financial results
ALLIANCE BANKSHARES CORPORATION
Statistical Information
March 31, March 31,
2005(1) 2004(1)
----------------------
(Dollars in thousands,
except per share)
Performance Information:
For The Quarter Ended,
Earnings per share, basic $ 0.14 $ 0.17
Earnings per share, diluted 0.13 0.15
Return on average assets 0.53% 0.69%
Return on average equity 5.82% 8.58%
Net interest margin(2) 3.38% 2.95%
Loan Growth 7.4% 5.0%
Asset Growth 17.5% 29.0%
Deposit Growth 25.1% 27.1%
Demand Deposits/Total Deposit 40.7% 40.6%
Credit Quality Ratios:(3)
Allowance for loan losses to total loans 1.12% 1.21%
Allowance for loan losses to non-accrual loans NM NM
Allowance for loan losses to nonperforming assets NM NM
Nonperforming assets to total assets 0.00% NM
Net chargeoffs to average loans 0.00% 0.02%
Capital Information:
Book value per share $ 9.56 $ 9.62
Tier I risk-based capital ratio 19.7% 22.6%
Total risk-based capital ratio 20.5% 23.4%
Leverage capital ratio 11.6% 12.2%
Total equity to total assets ratio 8.1% 9.9%
----------------------------------------------------------------------
(1) Unaudited financial results
(2) On a fully tax-equivalent basis assuming a 34% federal tax rate.
(3) Nonperforming loans are defined as non-accrual loans.
Nonperforming assets are defined as non-accrual loans and OREO.
The allowance for loan losses includes a specific allocation for
impaired loans.
NM = Not Meaningful
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