Alliance Bankshares Reports Record Net Income; Earnings Per Share, Diluted Amount to $.33 for Third Quarter of 2003 and $1.01 for the First Nine Months of 2003.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)--Nov. 5, 2003 Return on Average Equity Exceeds 24% for the Third Quarter of 2003 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 third quarter 2003 financial results marking the Company's thirteenth consecutive quarterly profit. The Company reported record quarterly earnings of $1.2 million compared to $876 thousand for the third quarter of 2002. Earnings for the nine months ended September September: see month. 30, 2003 amounted to $3.5 million compared to $1.6 million for the first nine months of 2002. "We are pleased with our corporate performance as we continue to generate solid results from all business lines. We are particularly delighted with our mortgage subsidiary, Alliance Home Funding, which has produced good results that have positively impacted the banks profitability in 2003," 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 and Chief Executive Officer. The earnings of $1.2 million for the quarter ended September 30, 2003 were $278 thousand greater than the third quarter 2002 earnings of $876 thousand. Our year to date 2003 earnings amounted to $3.5 million compared to $1.6 million for the first nine months of 2002. The strong results are attributed to the success of our core banking unit, Alliance Bank Corporation, quality performance of our mortgage banking unit, Alliance Home Funding, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and positive results from our investment portfolio. On September 29, 2003, the company issued additional shares under a three-for-two stock split in the form of a stock dividend. 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. as adjusted for the impact of the three-for-two stock split in the form of a stock dividend amounted to $.33 for the third quarter of 2003 compared to $.27 for the same quarter in 2002. On a year to date basis, earnings per share, diluted were $1.01 in 2003 compared to $.49 during the first nine months of 2002. Total assets amounted to $369 million compared to $255 million as of September 30, 2002. The loan portfolio grew to $108 million or $38 million greater than the September 30, 2002 level of $70 million. The company continues to focus on developing quality customer relationships. Our deposits amounted to $283 million as of September 30, 2003, or 39.9% greater than the 2002 level of $202 million. As of September 30, 2003, we had $26.5 million in Loans Held for Sale compared to $26.7 million as of September 30, 2002. Investment securities amounted to $180 million as September 30, 2003 or $78 million greater than the September 30, 2002 level of $102 million. As part of the company's routine asset / liability management process, the company sold investment securities that generated $268 thousand in gains during the third quarter of 2003 compared to gains of $577 thousand in the third quarter of 2002. On a year to date basis, the company realized $2.0 million in gains in 2003 compared to $762 thousand during the same period in 2002. Additionally, the unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. (loss) on investment securities was ($1.2) million compared to a gain of $1.8 million as of September 30, 2002. During the quarter, we executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. a lease for our fifth banking office. The office is located in the strong and vibrant Tyson's Corner area of 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. . "We believe the talented team we have assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. for the Tyson's market will be a strong complement to our banking franchise," said Young. Alliance Bankshares Corporation is a locally managed community banking organization based in Northern Virginia. 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
September December September
30, 31, 30,
2003(a) 2002 2002(a)
-----------------------------
ASSETS (Dollars in thousands, except
per share)
Cash and due from banks $21,455 $17,215 $24,354
Federal funds sold 28,153 10,127 30,159
Investment securities available-for-
sale, at fair value 180,181 130,985 101,637
Investment securities held-to-maturity,
at amortized cost 100 100 100
Loans held for sale 26,478 37,134 26,692
Loans, net of unearned discount and fees 107,959 82,786 69,943
less: allowance for loan losses (1,369) (1,066) (910)
-----------------------------
Loans, net 106,590 81,720 69,033
Premises and equipment, net 1,582 1,281 926
Other assets 4,483 2,063 1,702
-----------------------------
TOTAL ASSETS $369,022 $280,625 $254,603
=============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits $123,688 $108,691 $106,536
Interest-bearing deposits 159,377 107,275 95,765
-----------------------------
Total deposits 283,065 215,966 202,301
Repurchase agreements and other borrowed
funds 41,384 34,482 23,054
Federal Home Loan Bank Advances 13,000 10,500 10,500
Trust Preferred Capital Notes 10,000 - -
Other liabilities 2,008 2,109 1,673
Commitments and contingent liabilities - - -
-----------------------------
TOTAL LIABILITIES 349,457 263,057 237,528
-----------------------------
STOCKHOLDERS' EQUITY 19,565 17,568 17,075
-----------------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $369,022 $280,625 $254,603
=============================
(a) Unaudited financial results
All share amounts and dollar amounts per share have been adjusted to
reflect the three-for-two split in the form of a stock dividend
distributed on September 29, 2003.
ALLIANCE BANKSHARES CORPORATION
Income Statements
Quarter Quarter Nine Nine
Ended Ended Months Months
September September September September
30, 30, 30, 30,
2003(a) 2002(a) 2003(a) 2002(a)
-------------------------------------------
(Dollars in thousands, except per share)
INTEREST INCOME:
Loans $2,002 $1,470 $5,692 $3,763
Investment
securities 1,810 1,173 4,903 3,137
Federal funds sold 68 80 213 157
-------------------------------------------
Total interest
income 3,880 2,723 10,808 7,057
INTEREST EXPENSE:
Deposits 960 618 2,646 1,570
Purchased funds and
other borrowings 448 303 1,229 898
-------------------------------------------
Total interest
expense 1,408 921 3,875 2,468
-------------------------------------------
Net interest income 2,472 1,802 6,933 4,589
Provision for loan
losses 99 150 310 321
-------------------------------------------
Net interest
income after
provision for
loan losses 2,373 1,652 6,623 4,268
-------------------------------------------
OTHER INCOME:
Deposit account
service charges 43 28 127 79
Gain on loan sales 1,860 1,174 4,946 2,275
Gain on sale of
securities 268 577 2,009 762
Other operating
income 67 34 108 98
-------------------------------------------
Total other
income 2,238 1,813 7,190 3,214
OTHER EXPENSES:
Salaries and
employee benefits 1,914 1,247 5,068 2,860
Occupancy expense 262 131 685 338
Equipment expense 161 90 435 246
Operating expenses 684 799 2,645 1,905
-------------------------------------------
Total other
expenses 3,021 2,267 8,833 5,349
-------------------------------------------
INCOME BEFORE INCOME
TAXES 1,590 1,198 4,980 2,133
Income tax expense 436 322 1,493 537
-------------------------------------------
NET INCOME $1,154 $876 $3,487 $1,596
===========================================
Net income per common
share, basic(b) $0.36 $0.28 $1.09 $0.50
===========================================
Net income per common
share, diluted(b) $0.33 $0.27 $1.01 $0.49
===========================================
Weighted average number
of shares, basic(b) 3,223,388 3,172,653 3,197,955 3,172,653
===========================================
Weighted average number
of shares, diluted(b) 3,546,589 3,295,937 3,468,442 3,265,424
===========================================
(a) Unaudited financial results, includes certain reclassifications
from prior period which do not affect end results
(b) All share amounts and dollar amounts per share have been adjusted
to reflect the three-for-two split in the form of a stock dividend
distributed on September 29, 2003.
ALLIANCE BANKSHARES CORPORATION
Statistical Information
September September
30, 30,
2003(a) 2002(a)
--------- ---------
(Dollars in thousands,
except per share)
Performance Information:
For The Quarter Ended,
Earnings per share, basic(c) $0.36 $0.28
Earnings per share, diluted(c) 0.33 0.27
Return on average assets 1.18% 1.67%
Return on average equity 24.50% 22.09%
Net interest margin(b) 2.97% 3.90%
For The Nine Months Ended,
Earnings per share, basic(c) $1.09 $0.50
Earnings per share, diluted(c) 1.01 0.49
Return on average assets 1.39% 1.21%
Return on average equity 24.74% 14.63%
Net interest margin(b) 3.17% 3.94%
Credit Quality Ratios:
Allowance for loan losses to
total loans 1.27% 1.30%
Allowance for loan losses to
non-accrual loans 7.13 X N/A
Allowance for loan losses to
nonperforming assets 7.13 X N/A
Nonperforming assets to
total assets 0.05% N/A
Net chargeoffs to average loans 0.01% 0.03%
Capital Information:
Book value per share(c) $6.04 $5.38
Tier I risk-based capital ratio 14.8% 13.6%
Total risk-based capital ratio 18.4% 14.4%
Leverage capital ratio 6.7% 7.6%
Total equity to total assets ratio 5.3% 6.7%
(a) Unaudited financial results, includes certain reclassifications
from prior period which do not affect end results
(b) On a fully tax-equivalent basis assuming a 34% federal tax rate.
(c) All share amounts and dollar amounts per share have been adjusted
to reflect the three-for-two split in the form of a stock dividend
distributed on September 29, 2003.
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion