Alliance Bankshares Reports 1st Quarter Results; Successful Offering Positions Company for Growth; Total Assets Grow to $460 Million.Business Editors FAIRFAX Fairfax, city (1990 pop. 19,622), historic seat of Fairfax co., NE Va., a residential suburb of Washington, D.C.; inc. 1892, as a city 1961 (at which time it became independent and no longer included in a county). There is some light manufacturing. , Va.--(BUSINESS WIRE)--May 3, 2004 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 released first quarter 2004 financial results marking the Company's fifteenth In music, a fifteenth (sometimes abbreviated 15ma) is the interval between one musical note and another with one-quarter or quadruple the frequency. It corresponds to two octaves. It is the fourth harmonic. consecutive quarterly profit. The Company reported quarterly earnings of $642 thousand compared to $1.1 million for the first quarter of 2003. In addition, the company generated $879 thousand in securities gains in 2003 compared to $299 thousand in 2004 or a decrease of $580 thousand. "We are very pleased with the results of our first quarter. During the third and fourth quarters of 2003, we expanded our retail banking base by opening branches in Ballston Ballston may refer to:
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. The company issued an additional 1,481,470 shares in a secondary stock offering in February 2004 which was well received and over-subscribed. The new capital will allow us to continue to expand our franchise and maintain a 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. position. 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 $.15 for the first quarter of 2004 compared to $.33 for the same quarter in 2003 (as adjusted for the impact of the three-for-two stock split in the form of a stock dividend that took place September September: see month. 29, 2003. Total assets amounted to $460 million compared to $319 million as of March 31, 2003 or a 44.3% increase. The loan portfolio grew to $125 million or $33 million greater than the March 31, 2003 level of $92 million. Our deposits amounted to $352 million as of March 31, 2004, or 39.0% greater than the 2003 level of $253 million. As of March 31, 2004, we had $14 million in Loans Held for Sale compared to $32 million as of March 31, 2003. The decline in the Loans Held for Sale is attributed to the soft mortgage banking market in the first quarter of 2004 and faster investor funding of loan sales. Investment securities amounted to $194 million as March 31, 2004 or $57 million greater than the March 31, 2003 level of $137 million. "The results for the quarter reflect the balancing of our expansionary ex·pan·sion·ar·y adj. Tending toward or causing expansion: the empire's expansionary policies in Asia. activities with profitability. As we enter the prime home buying season, we are seeing indications of increasing mortgage banking activities, which traditionally, are heaviest in the spring and summer months which should lead to increased profitability," said Thomas P. Danaher, Chairman of the Board of Directors. 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 forward-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, December 31, March 31,
2004(1) 2003 2003(1)
----------------------------------
(Dollars in thousands, except per
ASSETS share)
Cash and due from banks $ 23,962 $ 11,321 $ 25,591
Federal funds sold 99,641 32,709 29,789
Investment securities
available-for-sale, at
fair value 193,481 174,999 136,730
Investment securities
held-to-maturity, at
amortized cost 100 100 100
Loans held for sale 14,076 13,033 31,509
Loans, net of unearned
discount and fees 124,713 118,762 92,415
less: allowance for
loan losses (1,509) (1,444) (1,153)
----------------------------------
Loans, net 123,204 117,318 91,262
Premises and equipment, net 1,971 1,764 1,436
Other assets 3,719 5,494 2,417
----------------------------------
TOTAL ASSETS $ 460,154 $ 356,738 $ 318,834
==================================
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits $ 142,884 $ 88,874 $ 116,595
Interest-bearing deposits 208,716 187,865 136,423
----------------------------------
Total deposits 351,600 276,739 253,018
Repurchase agreements and
other borrowed funds 31,486 35,251 24,367
Federal Home Loan Bank
advances 20,000 13,000 20,500
Trust Preferred Capital Notes 10,000 10,000 -
Other liabilities 1,430 2,393 2,098
Commitments and contingent
liabilities - - -
----------------------------------
TOTAL LIABILITIES 414,516 337,383 299,983
----------------------------------
STOCKHOLDERS' EQUITY 45,638 19,355 18,851
----------------------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 460,154 $ 356,738 $ 318,834
==================================
(1) Unaudited financial results
ALLIANCE BANKSHARES CORPORATION
INCOME STATEMENTS
Quarter Quarter
Ended Ended
March 31, March 31,
2004(1) 2003(1)
------------------------
(Dollars in thousands,
except per share)
INTEREST INCOME:
Loans $ 1,830 $ 1,827
Investment securities 2,036 1,529
Federal funds sold 89 47
-----------------------
Total interest income 3,955 3,403
INTEREST EXPENSE:
Deposits 1,115 777
Purchased funds and other borrowings 400 411
-----------------------
Total interest expense 1,515 1,188
-----------------------
Net interest income 2,440 2,215
Provision for loan losses 85 87
-----------------------
Net interest income after provision for
loan losses 2,355 2,128
-----------------------
OTHER INCOME:
Deposit account service charges 40 37
Gain on loan sales 1,129 1,116
Gain on sale of available-for-sale
securities 299 879
Other operating income 71 23
-----------------------
Total other income 1,539 2,055
OTHER EXPENSES:
Salaries and employee benefits 1,744 1,379
Occupancy expense 291 205
Equipment expense 157 134
Operating expenses 889 835
-----------------------
Total other expenses 3,081 2,553
-----------------------
INCOME BEFORE INCOME TAXES 813 1,630
Income tax expense 171 506
-----------------------
NET INCOME $ 642 $ 1,124
=======================
Net income per common share, basic $ 0.17 $ 0.35
=======================
Net income per common share, diluted $ 0.15 $ 0.33
=======================
Weighted average number of shares, basic 3,866,312 3,172,653
=======================
Weighted average number of shares, diluted 4,259,043 3,395,847
=======================
(1) Unaudited financial results, includes certain reclassifications
from prior period which do not effect end results
ALLIANCE BANKSHARES CORPORATION
STATISTICAL INFORMATION
March 31, March 31,
2004(1) 2003(1)
-------------------
(Dollars in
thousands,
except per
share)
Performance Information:
For The Quarter Ended,
Earnings per share, basic $ 0.17 $ 0.35
Earnings per share, diluted 0.15 0.33
Return on average assets 0.69% 1.59%
Return on average equity 8.58% 25.10%
Net interest margin(2) 2.95% 3.53%
Credit Quality Ratios:
Allowance for loan losses to
total loans 1.21% 1.25%
Allowance for loan losses to
non-accrual loans N/A N/A
Allowance for loan losses to
nonperforming assets N/A N/A
Nonperforming assets to
total assets N/A N/A
Net chargeoffs to average loans 0.02% 0.00%
Capital Information:
Book value per share $ 9.62 $ 5.94
Tier I risk-based capital ratio 22.6% 11.9%
Total risk-based capital ratio 23.4% 12.6%
Leverage capital ratio 12.2% 6.2%
Total equity to total assets ratio 9.9% 5.9%
----------------------------------------------------------------------
(1) Unaudited financial results
(2) On a fully tax-equivalent basis assuming a 34% federal tax rate.
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