Alliance Bankshares Reports 2nd Quarter 2005 Results; Total Assets Reach a Record $692 Million; Net Income up 65%.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 second quarter 2005 and its twentieth consecutive quarterly profit. For the quarter ended June June: see month. 30, 2005, the Company reported earnings of $1.1 million, a 65.3% increase over the second quarter 2004 results. On a year- to- prep. 1. An obsolete intensive prefix used in the formation of compound verbs; as in to-beat, to-break, to-hew, to-rend, to-tear. See these words in the Vocabulary. See the Note on adv. os> date basis, net income was $1.8 million for the first half of 2005 or 35.2% greater than the 2004 results of $1.3 million. 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, said, "It is clear that our core banking strategies are effective. Total assets, total loans and total deposits reached record levels in the quarter. Our business model, which seeks quality loan and deposit relationships, continues to be effective. Furthermore, our net interest margin continues to improve through expansion of our loan portfolio and recent increases in the prime interest rate." Total assets eclipsed the $600 million reaching a record $692.0 million as of June 30, 2005, which represents a $206.6 million or 42.6% increase over the June 30, 2004 level of $485.4. We have experienced loan growth of $105.3 million over the past year with loans growing from $151.3 million as of June 30, 2004 to a record $256.6 million as of June 30, 2005. The organization remains committed to strong credit quality resulting in nominal Trifling, token, or slight; not real or substantial; in name only. Nominal capital, for example, refers to extremely small or negligible funds, the use of which in a particular business is incidental. NOMINAL. Relating to a name. net charge-offs and very low levels of past due loans. The deposit initiatives undertaken by the Bank continue to generate strong results with total deposits reaching $544.7 million as of June 30, 2005 or an increase of $168.8 million over the June 30, 2004 level of $375.9 million. Investment securities grew to $232.4 million as of June 30, 2005 or $32.4 million greater than the June 30, 2004 level of $200.0 million. We also remain committed to achieving positive results for the mortgage banking unit. Alliance Home Funding generated a pre tax loss of $58 thousand in the second quarter which is a significant improvement over the first quarter pre tax loss of $450 thousand. Alliance Home Funding President, Frank H. Grace, III said, "Our business process changes along with strong second quarter production from our sales staff have led to the positive improvement of the unit." He further commented, "Alliance Home Funding is a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. ingredient
An ingredient is something that forms part of a mixture (in a general sense). to Alliance Bankshares full service financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. platform." 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 $.21 for the second quarter of 2005 compared to $.13 for the same period in 2004. On a year- to- date basis, earnings per share, diluted for the first six months of 2005 were $.35 compared to $.28 for the first six months of 2004. "We are particularly pleased with the strong performance of our core banking unit," said Harvey Harvey, city (1990 pop. 29,771), Cook co., NE Ill., a suburb S of Chicago; inc. 1895. Its manufactures include steel castings, metal products, chemicals, machinery, and electronic equipment. Harvey has an oil research center. The city was founded by Turlington W. E. Johnson, Jr., Chairman of the Board of Directors. "Our performance this quarter reaffirms our strong belief that Alliance Bankshares has a winning combination: great people, a great business model and a great market," said Chairman Johnson. 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
June 30, Dec. 31, June 30,
2005* 2004 2004*
-----------------------------
ASSETS (Dollars in thousands, except
per share)
Cash and due from banks $ 40,783 $ 29,467 $ 24,850
Federal funds sold 136,484 1,139 74,863
Investment securities available-for-
sale, at fair value 232,329 209,041 199,922
Investment securities held-to-maturity,
at amortized cost 100 100 100
Loans held for sale 19,981 24,746 27,072
Loans, net of unearned discount and fees 256,567 209,204 151,307
Less: allowance for loan losses (2,868) (2,300) (1,643)
-----------------------------
Loans, net 253,699 206,904 149,664
Premises and equipment, net 2,252 2,156 1,990
Other assets 6,408 6,167 6,889
-----------------------------
TOTAL ASSETS $692,036 $479,720 $485,350
=============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits $267,230 $128,287 $162,105
Interest-bearing deposits 277,505 227,404 213,833
-----------------------------
Total deposits 544,735 355,691 375,938
Repurchase agreements, federal funds
purchased and other borrowings 66,430 45,352 35,300
Federal Home Loan Bank advances 20,000 20,000 20,000
Trust Preferred Capital Notes 10,310 10,310 10,310
Other liabilities 1,976 1,745 1,597
Commitments and contingent liabilities - - -
-----------------------------
TOTAL LIABILITIES 643,451 433,098 443,145
-----------------------------
STOCKHOLDERS' EQUITY 48,585 46,622 42,205
-----------------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $692,036 $479,720 $485,350
=============================
----------------------------------------------------------------------
* Unaudited financial results
ALLIANCE BANKSHARES CORPORATION
Income Statements
Quarter Quarter
Ended Ended Six Months Six Months
June 30, June 30, June 30, June 30,
2005* 2004* 2005* 2004*
-------------------------------------------
(Dollars in thousands, except per share)
INTEREST INCOME:
Loans $ 4,222 $ 2,250 $ 7,846 $ 4,080
Investment securities 2,373 1,989 4,528 4,025
Federal funds sold 367 125 570 214
-------------------------------------------
Total interest
income 6,962 4,364 12,944 8,319
INTEREST EXPENSE:
Deposits 1,762 1,194 3,279 2,309
Purchased funds and
other borrowings 836 406 1,421 806
-------------------------------------------
Total interest
expense 2,598 1,600 4,700 3,115
-------------------------------------------
Net interest income 4,364 2,764 8,244 5,204
Provision for loan losses 365 135 577 220
-------------------------------------------
Net interest income
after provision for
loan losses 3,999 2,629 7,667 4,984
-------------------------------------------
OTHER INCOME:
Deposit account service
charges 41 47 90 87
Gain on sale of loans 1,159 1,548 1,783 2,677
Net gain (loss) on sale
of securities 22 18 (5) 295
Net gain on trading
activities - 9 - 31
Other operating income 75 48 149 119
-------------------------------------------
Total other income 1,297 1,670 2,017 3,209
OTHER EXPENSES:
Salaries and employee
benefits 1,973 1,936 3,919 3,680
Occupancy expense 363 323 659 614
Equipment expense 247 175 434 332
Operating expenses 1,353 1,005 2,615 1,894
-------------------------------------------
Total other expenses 3,936 3,439 7,627 6,520
-------------------------------------------
INCOME BEFORE INCOME TAXES 1,360 860 2,057 1,673
Income tax expense 271 201 298 372
-------------------------------------------
NET INCOME $ 1,089 $ 659 $ 1,759 $ 1,301
===========================================
Net income per common
share, basic $ 0.23 $ 0.14 $ 0.37 $ 0.30
===========================================
Net income per common
share, diluted $ 0.21 $ 0.13 $ 0.35 $ 0.28
===========================================
Weighted average number of
shares, basic 4,796,050 4,751,878 4,795,915 4,309,095
===========================================
Weighted average number of
shares, diluted 5,084,547 5,101,106 5,094,188 4,680,074
===========================================
----------------------------------------------------------------------
* Unaudited financial results
ALLIANCE BANKSHARES CORPORATION
Statistical Information
June 30, June 30,
2005* 2004*
--------------------
(Dollars in
thousands, except
per share)
Performance Information:
For The Quarter Ended:
Earnings per share, basic $ 0.23 $ 0.14
Earnings per share, diluted 0.21 0.13
Return on average assets 0.75% 0.61%
Return on average equity 9.27% 6.16%
Net interest margin** 3.32% 2.90%
For The Six Months Ended:
Earnings per share, basic $ 0.37 $ 0.30
Earnings per share, diluted 0.35 0.28
Return on average assets 0.65% 0.65%
Return on average equity 7.55% 7.24%
Net interest margin ** 3.34% 2.93%
Growth Statistics:***
Loan Growth 22.6% 27.4%
Asset Growth 44.3% 36.1%
Deposit Growth 53.1% 35.8%
Non-Interest Bearing Deposits/Total Deposit 49.1% 43.1%
Credit Quality Ratios:****
Allowance for loan losses to total loans 1.12% 1.09%
Allowance for loan losses to non-accrual loans NM 16.4 X
Allowance for loan losses to nonperforming assets 1.7 X 16.4 X
Nonperforming assets to total assets 0.25% 0.02%
Net chargeoffs to average loans 0.00% 0.01%
Capital Information:
Book value per share $ 10.13 $ 8.87
Tier I risk-based capital ratio 17.1% 20.1%
Total risk-based capital ratio 18.0% 20.8%
Leverage capital ratio 10.4% 10.8%
Total equity to total assets ratio 7.0% 8.7%
----------------------------------------------------------------------
* Unaudited financial results
** On a fully tax-equivalent basis assuming a 34% federal tax rate.
*** Growth from the preceding year end.
**** Nonperforming assets are defined as non-accrual loans, impaired
loans, and loans past due 90 days or more and still accruing
interest.
The allowance for loan losses includes a specific allocation for
impaired loans.
NM = Not Meaningful
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