Alliance Bankshares Reports Third Quarter Results; Total Assets Exceed a Half a Billion Dollars; Strong Loan and Deposit Growth Continue to Propel the Company.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 third quarter 2004 and its seventeenth consecutive quarterly profit. For the quarter ended September September: see month. 30, 2004, the Company reported earnings of $851 thousand and earnings for the first nine months of 2004 of $2.2 million. Additionally, the Company reported total assets grew to a record $525.7 million. "Our loan growth has been exceptionally strong in 2004," 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 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. . "The loan portfolio has grown to $175.5 million as of September 30, 2004 or $56.7 million greater than the December December: see month. 31, 2003 level of $118.8 million. Additionally, the loan portfolio has grown 62.5% over the September 30, 2003 level of $108.0 million. We remain focused on attracting profitable long term customer relationships," continued 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. for the quarter were $.17 compared to $.33 for the same period one year ago. The decrease is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the increase in the number of diluted shares outstanding. In February February: see month. 2004, the Company issued an additional 1,481,470 shares in an over-subscribed secondary stock offering. Diluted shares outstanding for the quarter ended September 30, 2004 were 5,096,208 compared to 3,546,589 shares outstanding as of September 30, 2003. Earnings per share, diluted for the first nine months were $.45 compared to $1.01 for the same period one year ago. The decrease is primarily attributable to the increase in the number of diluted shares outstanding and a decrease in gains from the sale of securities. Approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $.39 of the 2003 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of was directly related to the level of investment securities gains. Diluted shares outstanding for the nine months ended September 30, 2004 were 4,818,786 compared to 3,468,442 diluted shares outstanding as of September 30, 2003. Total assets grew to $525.7 million from $356.7 million as of December 31, 2003 or a 47.4% increase. The Bank's deposit initiatives continue to generate strong results. Total deposits amounted to $398.7 million as of September 30, 2004, or $122.0 million greater than the December 31, 2003 level of $276.7 million. As of September 30, 2004, Loans Held for Sale amounted to $32.0 million compared to $26.5 million as of September 30, 2003. Investment securities amounted to $210.8 million as September 30, 2004 compared to $175.1 million as of December 31, 2003 and $180.3 million as of September 30, 2003. "Our consistent focus on quality growth has resulted in solid quarterly performance," said Thomas P. Danaher, Chairman of the Board of Directors for Alliance Bankshares Corporation. "As previously announced, we have established a Private Client Group within our mortgage banking unit, Alliance Home Funding. The new group will augment aug·ment v. aug·ment·ed, aug·ment·ing, aug·ments v.tr. 1. To make (something already developed or well under way) greater, as in size, extent, or quantity: our Private Client initiatives within the bank. The seasoned professionals leading the team will help Alliance Home Funding expand and prosper in the future," added 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
Sept. 30, Dec. 31, Sept. 30,
2004(1) 2003 2003(1)
-----------------------------
ASSETS (Dollars in thousands, except
per share)
Cash and due from banks $ 25,866 $ 11,321 $ 21,455
Federal funds sold 75,825 32,709 28,153
Investment securities available-for-
sale, at fair value 210,743 174,999 180,181
Investment securities held-to-maturity,
at amortized cost 100 100 100
Loans held for sale 32,017 13,033 26,478
Loans, net of unearned discount and
fees 175,461 118,762 107,959
less: allowance for loan losses (1,926) (1,444) (1,369)
-----------------------------
Loans, net 173,535 117,318 106,590
Premises and equipment, net 2,265 1,764 1,582
Other assets 5,340 5,494 4,483
-----------------------------
TOTAL ASSETS $525,691 $356,738 $369,022
=============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits $174,678 $ 88,874 $123,688
Interest-bearing deposits 223,985 187,865 159,377
-----------------------------
Total deposits 398,663 276,739 283,065
Repurchase agreements and other borrowed
funds 48,580 35,251 41,384
Federal Home Loan Bank advances 20,000 13,000 13,000
Trust Preferred Capital Notes 10,000 10,000 10,000
Other liabilities 1,954 2,393 2,008
Commitments and contingent liabilities - - -
-----------------------------
TOTAL LIABILITIES 479,197 337,383 349,457
-----------------------------
STOCKHOLDERS' EQUITY 46,494 19,355 19,565
-----------------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $525,691 $356,738 $369,022
=============================
----------------------------------------------------------------------
(1) Unaudited financial results
ALLIANCE BANKSHARES CORPORATION
Income Statements
Quarter Quarter Nine
Ended Ended Nine Months Months
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2004(1) 2003(1) 2004(1) 2003(1)
-------------------------------------------
(Dollars in thousands, except per share)
INTEREST INCOME:
Loans $ 2,834 $ 2,002 $ 6,914 $ 5,692
Investment securities 2,112 1,810 6,137 4,903
Federal funds sold 113 68 327 213
-------------------------------------------
Total interest
income 5,059 3,880 13,378 10,808
INTEREST EXPENSE:
Deposits 1,304 960 3,613 2,646
Purchased funds and
other borrowings 465 448 1,271 1,229
-------------------------------------------
Total interest
expense 1,769 1,408 4,884 3,875
-------------------------------------------
Net interest income 3,290 2,472 8,494 6,933
Provision for loan
losses 302 99 522 310
-------------------------------------------
Net interest income
after provision for
loan losses 2,988 2,373 7,972 6,623
-------------------------------------------
OTHER INCOME:
Deposit account
service charges 63 43 150 127
Gain on loan sales 1,549 1,860 4,226 4,946
Gain on sale of
available-for-sale
securities 56 268 382 2,009
Other operating
income 53 67 172 108
-------------------------------------------
Total other income 1,721 2,238 4,930 7,190
OTHER EXPENSES:
Salaries and employee
benefits 2,004 1,914 5,684 5,068
Occupancy expense 315 262 929 685
Equipment expense 193 161 525 435
Operating expenses 1,014 684 2,908 2,645
-------------------------------------------
Total other
expenses 3,526 3,021 10,046 8,833
-------------------------------------------
INCOME BEFORE INCOME
TAXES 1,183 1,590 2,856 4,980
Income tax expense 332 436 704 1,493
-------------------------------------------
NET INCOME $ 851 $ 1,154 $ 2,152 $ 3,487
===========================================
Net income per common
share, basic $ 0.18 $ 0.36 $ 0.48 $ 1.09
===========================================
Net income per common
share, diluted $ 0.17 $ 0.33 $ 0.45 $ 1.01
===========================================
Weighted average number of
shares, basic 4,776,777 3,223,388 4,464,989 3,197,955
===========================================
Weighted average number of
shares, diluted 5,096,208 3,546,589 4,818,786 3,468,442
===========================================
----------------------------------------------------------------------
(1) Unaudited financial results
ALLIANCE BANKSHARES CORPORATION
Statistical Information
September 30, September 30,
2004(1) 2003(1)
---------------------------
(Dollars in thousands,
except per share)
Performance Information:
For The Quarter Ended,
Earnings per share, basic $ 0.18 $ 0.36
Earnings per share, diluted 0.17 0.33
Return on average assets 0.74% 1.18%
Return on average equity 7.78% 24.50%
Net interest margin(2) 3.15% 2.97%
For The Nine Months Ended,
Earnings per share, basic $ 0.48 $ 1.09
Earnings per share, diluted 0.45 1.01
Return on average assets 0.68% 1.39%
Return on average equity 7.45% 24.74%
Net interest margin (2) 3.01% 3.17%
Credit Quality Ratios:
Allowance for loan losses to
total loans 1.10% 1.27%
Allowance for loan losses to
non-accrual loans NM 7.13 X
Allowance for loan losses to
nonperforming assets NM 7.13 X
Nonperforming assets to
total assets 0.00% 0.05%
Net chargeoffs to average loans 0.03% 0.01%
Capital Information:
Book value per share $ 9.72 $ 6.04
Tier I risk-based capital ratio 18.5% 14.8%
Total risk-based capital ratio 19.2% 18.4%
Leverage capital ratio 10.3% 6.7%
Total equity to total assets ratio 8.8% 5.3%
----------------------------------------------------------------------
(1) Unaudited financial results
(2) On a fully tax-equivalent basis assuming a 34%
federal tax rate.
NM = Not Meaningful
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