Alliance Bankshares Reports 4th Quarter 2005 Results; Quarterly Net Income up 80.7% Total Assets up 27.5%.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 2005 and its twenty-second consecutive quarterly profit. For the quarter ended December December: see month. 31, 2005, the Company reported earnings of $1.1 million, an 80.7% increase over the fourth quarter 2004 results. On a year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. basis, net income was $4.1 million for the year ended December 31, 2005 or 46.7% greater than the 2004 results of $2.8 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, "Our company had a very successful year in 2005 as our loan portfolio grew by 45.4% to $304.2 million as of December 31, 2005. The core profitability at our banking subsidiary was robust and our net interest margin continued to improve even in light of the extensive interest rate increases experienced in 2005. In November November: see month. 2005, we completed the acquisition of Danaher Insurance, (Alliance Insurance Agency, Inc.). As we integrate the insurance operations into our 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, we believe business synergies and enhanced product lines give Alliance a winning combination." Total assets were $611.5 million or $131.8 million greater than December 31, 2004 level of $479.7 million, representing year over year growth of 27.5%. Credit quality remained strong as evidenced by minimal charge-offs, a low level of non-performing and past due loans despite the substantial growth in the portfolio. Total deposits grew by $105.5 million or 29.7% to $461.2 million as of December 31, 2005. Investment securities grew to $228.8 million as of December 31, 2005 or $19.7 million greater than the December 31, 2004 level of $209.1 million. "The year 2005 was a period of transition for our mortgage banking operation. Under the leadership of newly appointed ap·point tr.v. ap·point·ed, ap·point·ing, ap·points 1. To select or designate to fill an office or a position: appointed her the chief operating officer of the company. 2. president Frank Grace, a longtime long·time adj. Having existed or persisted for a long time: a longtime friend; a longtime resident of Detroit. longtime Adjective Alliance executive, and Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. Haskett, our new chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Alliance Home Funding, considerable time and resources were invested in re-building the mortgage company. We look forward to positive results from their efforts in the future," said Young. 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 $.22 for the fourth quarter of 2005 compared to $.12 for the same period in 2004. Full year 2005 earnings per share, diluted were $.80 compared to $.57 for the full year 2004. Net interest margin continued to improve in the fourth quarter, reaching 3.78% or 46 basis points greater than the fourth quarter 2004 net interest margin of 3.32%. The full year 2005 net interest margin was 3.51% or 41 basis points greater than the 2004 level of 3.10%. 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 said, "We are extremely pleased with this year's results. Our investment in people, our commitment to customer satisfaction, and our disciplined approach to the business of banking are very apparent in the numbers we are reporting today." 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,
2005* 2004
-------------------------
ASSETS (Dollars in thousands,
except per share)
Cash and due from banks $25,224 $29,467
Federal funds sold 37,522 1,139
Investment securities available-for-sale, at
fair value 228,691 209,041
Investment securities held-to-maturity, at
amortized cost 100 100
Loans held for sale 5,936 24,746
Loans, net of unearned discount and fees 304,228 209,204
less: allowance for loan losses (3,422) (2,300)
-------------------------
Loans, net 300,806 206,904
Premises and equipment, net 1,952 2,156
Other assets 11,254 6,167
-------------------------
TOTAL ASSETS $611,485 $479,720
=========================
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits $185,877 $128,287
Interest-bearing deposits 275,301 227,404
-------------------------
Total deposits 461,178 355,691
Repurchase agreements, federal funds
purchased and other borrowings 58,089 45,352
Federal Home Loan Bank advances 30,000 20,000
Trust Preferred Capital Notes 10,310 10,310
Other liabilities 3,297 1,745
Commitments and contingent liabilities - -
-------------------------
TOTAL LIABILITIES 562,874 433,098
-------------------------
STOCKHOLDERS' EQUITY 48,611 46,622
-------------------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $611,485 $479,720
=========================
----------------------------------------------------------------------
* Unaudited financial results
ALLIANCE BANKSHARES CORPORATION
Income Statements
Quarter Quarter Twelve Twelve
Ended Ended Months Months
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2005* 2004 2005* 2004
-----------------------------------------
(Dollars in thousands, except per share)
INTEREST INCOME:
Loans $5,492 $3,375 $18,149 $10,289
Investment securities 2,570 2,239 9,567 8,376
Federal funds sold 258 159 1,213 486
-----------------------------------------
Total interest income 8,320 5,773 28,929 19,151
INTEREST EXPENSE:
Deposits 1,926 1,376 7,008 4,989
Purchased funds and other
borrowings 1,102 592 3,493 1,863
-----------------------------------------
Total interest expense 3,028 1,968 10,501 6,852
-----------------------------------------
Net interest income 5,292 3,805 18,428 12,299
Provision for loan losses 285 364 1,142 886
-----------------------------------------
Net interest income
after provision for
loan losses 5,007 3,441 17,286 11,413
-----------------------------------------
OTHER INCOME:
Deposit account service
charges 36 55 171 205
Gain on sale of loans 468 1,136 2,997 5,362
Net gain (loss) on sale of
securities 3 15 (21) 346
Net gain on trading
activities - - - 51
Other operating income 156 45 367 217
-----------------------------------------
Total other income 663 1,251 3,514 6,181
OTHER EXPENSES:
Salaries and employee
benefits 2,118 2,155 7,911 7,839
Occupancy expense 313 341 1,302 1,270
Equipment expense 242 220 937 745
Operating expenses 1,253 1,201 4,898 4,109
-----------------------------------------
Total other expenses 3,926 3,917 15,048 13,963
-----------------------------------------
INCOME BEFORE INCOME TAXES 1,744 775 5,752 3,631
Income tax expense 633 160 1,694 864
-----------------------------------------
NET INCOME $1,111 $615 $4,058 $2,767
=========================================
Net income per common share,
basic $0.23 $0.13 $0.85 $0.61
=========================================
Net income per common share,
diluted $0.22 $0.12 $0.80 $0.57
=========================================
Weighted average number of
shares, basic 4,806,050 4,789,499 4,798,907 4,546,117
=========================================
Weighted average number of
shares, diluted 5,114,280 5,035,967 5,101,552 4,873,081
=========================================
----------------------------------------------------------------------
* Unaudited financial results
ALLIANCE BANKSHARES CORPORATION
Statistical Information
December 31, December 31,
2005* 2004
-------------------------
(Dollars in thousands,
except per share)
Performance Information:
For The Quarter Ended:
Earnings per share, basic $0.23 $0.13
Earnings per share, diluted 0.22 0.12
Return on average assets 0.74% 0.49%
Return on average equity 9.07% 5.29%
Net interest margin** 3.78% 3.32%
For The Twelve Months Ended:
Earnings per share, basic $0.85 $0.61
Earnings per share, diluted 0.80 0.57
Return on average assets 0.71% 0.63%
Return on average equity 8.59% 6.87%
Net interest margin** 3.51% 3.10%
Growth Statistics:***
Loan Growth 45.4% 76.2%
Asset Growth 27.5% 34.5%
Deposit Growth 29.7% 28.5%
Non-Interest Bearing Deposits/Total Deposit 40.3% 36.1%
Credit Quality Ratios:****
Allowance for loan losses to total loans 1.12% 1.10%
Allowance for loan losses to non-accrual 16.9X
loans NM
Allowance for loan losses to nonperforming 1.9X 1.8 X
assets
Nonperforming assets to total assets 0.30% 0.27%
Net chargeoffs to average loans 0.01% 0.02%
Capital Information:
Book value per share $10.10 $9.73
Tier I risk-based capital ratio 16.1% 21.5%
Total risk-based capital ratio 17.0% 22.3%
Leverage capital ratio 10.0% 11.6%
Total equity to total assets ratio 7.9% 9.7%
----------------------------------------------------------------------
* 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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