Alliance Bankshares Reports 2004 Annual Results; Excellent Loan and Deposit Growth Continue at Northern Virginia Based Banking Organization.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 fourth quarter 2004 and its eighteenth consecutive quarterly profit. For the quarter ended December December: see month. 31, 2004, the Company reported earnings of $615 thousand and earnings for the year ended December 31, 2004 of $2.8 million. "Our fourth quarter and full-year results illustrate our commitment to steady, sustainable growth - regardless of economic climate," said 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 & 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. of Alliance Bankshares Corporation. "Our loan growth year over year was 76.2% and for the 4th quarter alone was $33.6 million. This is a direct result of the successful execution of our relationship business model, the experience and reputation of our lenders and our commitment to our customers. Additionally, our demand deposit base increased by $39.4 million or 44.3% in 2004. These core deposits are also a direct result of our relationship strategy and provide an important, cost effective and reliable source of funding for the bank. We have made a significant investment in our people and our infrastructure during 2004 and the benefits of these investments are apparent to us as we close the year and approach 2005. These results and the investments we've we've Contraction of we have. we've have made give us great momentum and enthusiasm. We expect 2005 to be a year of excellent performance." Total assets grew to $479.7 million in 2004, an increase of $123 million or 34.5% over the 2003 level of $356.7 million. The Bank's deposit initiatives continue to generate strong results with demand deposits representing 36.1% of total deposits as of December 31, 2004. Investment securities amounted to $209.1 million as December 31, 2004 compared to $175.1 million as of December 31, 2003, or an increase of 19.5%. Alliance earned $2.8 million in 2004 which was down from the 2003 level of $4.0 million; however, the majority of our 2004 income was generated from the core banking operation. Income generated from our investment security activities and our mortgage banking unit provided minimal earnings in 2004, unlike 2003. In addition, strong loan growth in 2004 dictated dic·tate v. dic·tat·ed, dic·tat·ing, dic·tates v.tr. 1. To say or read aloud to be recorded or written by another: dictate a letter. 2. a. a higher incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. provision for loan losses. Actual quarterly earnings increased by 22.5%. 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 $.12 for the fourth quarter of 2004 compared to $.14 for the same period in 2003. The February February: see month. 2004 stock offering significantly increased the common shares outstanding which adversely impacted the quarterly earnings per share comparison. Similarly, the full year 2004 earnings per share were impacted by the large increase in common shares. Earnings per share, diluted were $.57 for the full year 2004. Thomas P. Danaher, Chairman of the Board of Directors for Alliance Bankshares Corporation noted that an excellent business foundation was established in 2004. "Our team placed significant energies in growing our loan, deposit and capital bases over the past year. We believe the organization is well positioned to seize seize v. To exhibit symptoms of seizure activity, usually with convulsions. business opportunities in the growing and vibrant metropolitan Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , DC area," said Danaher. 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
December 31, December 31,
2004(a) 2003
-------------------------
ASSETS (Dollars in thousands,
except per share)
Cash and due from banks $ 29,467 $ 11,321
Federal funds sold 1,139 32,709
Investment securities available-for-sale, at
fair value 209,041 174,999
Investment securities held-to-maturity, at
amortized cost 100 100
Loans held for sale 24,746 13,033
Loans, net of unearned discount and fees 209,204 118,762
less: allowance for loan losses (2,300) (1,444)
-------------------------
Loans, net 206,904 117,318
Premises and equipment, net 2,156 1,764
Other assets 6,167 5,494
-------------------------
TOTAL ASSETS $ 479,720 $ 356,738
=========================
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits $ 128,287 $ 88,874
Interest-bearing deposits 227,404 187,865
-------------------------
Total deposits 355,691 276,739
Repurchase agreements, federal funds
purchased and other borrowings 45,352 35,251
Federal Home Loan Bank advances 20,000 13,000
Trust Preferred Capital Notes 10,310 10,000
Other liabilities 1,745 2,393
Commitments and contingent liabilities - -
-------------------------
TOTAL LIABILITIES 433,098 337,383
-------------------------
STOCKHOLDERS' EQUITY 46,622 19,355
-------------------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 479,720 $ 356,738
=========================
-----------------------------------
(a) Unaudited financial results
ALLIANCE BANKSHARES CORPORATION
Income Statements
Quarter Quarter Twelve Twelve
Ended Ended Months Months
December December December December
31, 2004(a) 31, 2003 31, 2004(a) 31, 2003
--------------------------------------------
(Dollars in thousands, except per share)
INTEREST INCOME:
Loans $ 3,375 $ 1,746 $ 10,289 $ 7,438
Investment securities 2,239 2,009 8,376 6,912
Federal funds sold 159 54 486 267
--------------------------------------------
Total interest
income 5,773 3,809 19,151 14,617
INTEREST EXPENSE:
Deposits 1,376 1,073 4,989 3,719
Purchased funds and
other borrowings 592 459 1,863 1,688
--------------------------------------------
Total interest
expense 1,968 1,532 6,852 5,407
--------------------------------------------
Net interest income 3,805 2,277 12,299 9,210
Provision for loan losses 364 86 886 396
--------------------------------------------
Net interest income
after provision for
loan losses 3,441 2,191 11,413 8,814
--------------------------------------------
OTHER INCOME:
Deposit account service
charges 55 53 205 180
Gain on sale of loans 1,136 1,379 5,362 6,325
Net gain on sale of
securities 15 41 346 1,837
Net gain on trading
activities - 37 51 250
Other operating income 45 74 217 182
--------------------------------------------
Total other income 1,251 1,584 6,181 8,774
OTHER EXPENSES:
Salaries and employee
benefits 2,155 2,078 7,839 7,146
Occupancy expense 341 290 1,270 975
Equipment expense 220 178 745 613
Operating expenses 1,201 723 4,109 3,368
--------------------------------------------
Total other expenses 3,917 3,269 13,963 12,102
--------------------------------------------
INCOME BEFORE INCOME TAXES 775 506 3,631 5,486
Income tax expense 160 4 864 1,497
--------------------------------------------
NET INCOME $ 615 $ 502 $ 2,767 $ 3,989
============================================
Net income per common
share, basic $ 0.13 $ 0.15 $ 0.61 $ 1.24
============================================
Net income per common
share, diluted $ 0.12 $ 0.14 $ 0.57 $ 1.14
============================================
Weighted average number of
shares, basic 4,789,499 3,238,814 4,546,117 3,208,169
============================================
Weighted average number of
shares, diluted 5,035,967 3,612,151 4,873,081 3,504,369
============================================
-----------------------------------
(a) Unaudited financial results
ALLIANCE BANKSHARES CORPORATION
Statistical Information
December 31, December 31,
2004(a) 2003
-------------------------
(Dollars in thousands,
except per share)
Performance Information:
For The Quarter Ended,
Earnings per share, basic $ 0.13 $ 0.15
Earnings per share, diluted 0.12 0.14
Return on average assets 0.49% 0.53%
Return on average equity 5.29% 10.80%
Net interest margin(b) 3.32% 3.05%
For The Twelve Months Ended,
Earnings per share, basic $ 0.61 $ 1.24
Earnings per share, diluted 0.57 1.14
Return on average assets 0.63% 1.16%
Return on average equity 6.87% 21.00%
Net interest margin(b) 3.10% 3.07%
Loan Growth 76.2% 43.5%
Asset Growth 34.4% 27.1%
Deposit Growth 28.5% 28.1%
Demand Deposits/Total Deposit 36.1% 32.1%
Credit Quality Ratios:
Allowance for loan losses to
total loans 1.10% 1.22%
Allowance for loan losses to
non-accrual loans NM 72.2
Allowance for loan losses to
nonperforming assets NM 72.2
Nonperforming assets to
total assets 0.00% 0.01%
Net chargeoffs to average loans 0.02% 0.01%
Capital Information:
Book value per share $ 9.73 $ 5.97
Tier I risk-based capital ratio 21.5% 15.0%
Total risk-based capital ratio 22.3% 18.4%
Leverage capital ratio 11.6% 7.0%
Total equity to total assets ratio 9.7% 5.4%
-----------------------------------
(a) Unaudited financial results
(b) On a fully tax-equivalent basis assuming a 34% federal tax rate.
NM = Not Meaningful
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