Washington Dc Second Mortgage
Alliance Bankshares Reports 2nd Quarter 2006 Results; Earnings Up ...
CHANTILLY, Va.--(BUSINESS WIRE)--Aug. 1, 2006--Alliance Bankshares Corporation (NASDAQ:ABVA) today reported second quarter 2006 earnings of $1.4 million, a 28.6% increase over the same period last year. For the first six months of 2006 net income was $2.6 million or 45.3% greater than the earnings for the first six months of 2005. Continued growth in the loan portfolio, a changing balance sheet mix, and the addition of the insurance company all contributed to the strong results. Earnings per share, diluted were $.24 for the quarter compared to the second quarter 2005 results of $.19. Earnings per share, diluted for the first six months of 2006 were $.43 per share compared to $.30 per share for the first six months of 2005.
Thomas A. Young, Jr., President and Chief Executive Officer of Alliance Bankshares, said, "The positive second quarter results put us squarely on target to achieve our internal goals for the year.
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Alliance Bankshares Profit Up 29%
Alliance Bankshares Corp. reported a 29% increase in net income for the second quarter, but the bank's assets and deposits declined year-over-year, in part due to the slowing housing market in Washington, D.C.Alliance [ticker: ABVA] posted net income of $1.4 million, or $0.24 per share, compared with $0.19 per share in the same quarter last year. Although the Chantilly, Va.-based bank's loan portfolio grew 33% in the quarter to $367 million, total assets declined to $664.6 million, from $692 million at the end of 2005's second quarter.Total deposits fell to $480.6 million compared with $544.7 million at the end of the second quarter of 2005. Compared with the fourth quarter of 2005, however, deposits were up $19.4 million.Alliance's net-interest margin improved to 3.86%, compared with 3.22% in the second quarter last year.