Alliance Bankshares Reports 4th Quarter and Annual 2006 Results.Earnings Up 10% Over 2005 Annual Results 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 fourth quarter 2006 earnings of $554 thousand compared to $1.1 million the same period last year. The fourth quarter 2006 results include an after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charge of $449,000 for the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). the mortgage operations. For the year ended December December: see month. 31, 2006 net income was $4.5 million or 10.4% greater than the earnings of $4.1 million for the year ended December 31, 2005. 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. were $.09 for the quarter compared to the fourth quarter 2005 results of $.19. Earnings per share, diluted for the year ended December 31, 2006 were $.76 per share compared to $.69 per share for the year ended December 31, 2005. 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, "The fourth quarter results include a pre-tax charge of $680,000 and an after-tax charge of $449,000 to wind down the Alliance Home Funding operation. Our decision to radically restructure the mortgage operation is centered on our belief that a small self contained operation will service the client base effectively yet remove the significant volatility associated with a traditional mortgage operation. Our core banking and insurance operations performed very well in 2006 and we are pleased with our loan growth. As our portfolio continues to grow, we will remain focused on quality client relationships and as we enter 2007, we are well positioned for future success." Total assets were $644.4 million or $32.9 million greater than December 31, 2005 level of $611.5 million. Total loans were $378.7 million as of December 31, 2006 or 24.5% greater than the December 31, 2005 level of $304.2 million. Total loans represent 58.8% of total assets as of December 31, 2006 compared to 49.7% as of December 31, 2005. Our loan to deposit ratio amounted to 80.4% as of December 31, 2006 compared to 66.0% as of December 31, 2005. Total deposits increased by $10.1 million to $471.3 million as of December 31, 2006 compared to $461.2 million as of December 31, 2005. Investment securities were $200.8 million as of December 31, 2006, down $28.0 million from the December 31, 2005 level of $228.8 million. As with many other banks, we have experienced net interest margin pressure throughout 2006. In the fourth quarter our net interest margin dropped to 3.45% compared to 3.78% for the fourth quarter of 2005 and 3.64% in the third quarter of 2006. On a year to date basis our net interest margin was 3.64% compared to 3.51% for the same period in 2005. 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, "As we enter 2007, the Board and Management strongly feel the restructured mortgage operation coupled with the new insurance agency have further refined an already strong operating platform. Our recent bank expansion into the Fredericksburg market is a natural extension of our lending operation." 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-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and other documents filed with the Securities and Exchange Commission. All per share amounts are adjusted to reflect the three-for-twenty stock split in the form of a 15% stock dividend payable on June 30, 2006. More information on Alliance Bankshares Corporation can be found online at www.alliancebankva.com, or by phoning an Alliance office. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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