Alliance Bankshares Reports Full Year 2009
Continued progress in reducing nonperforming assets
February 03, 2010 07:33 PM Eastern Time
CHANTILLY, Va.--(EON: Enhanced Online News)--Alliance Bankshares Corporation (NASDAQ:ABVA) today
reported a fourth quarter loss on continuing operations of $1.4 million compared to a loss on continuing operations
of $3.5 million for the fourth quarter of 2008. On a year-to-date basis the company reported a net loss from
continuing operations of $3.6 million compared to a loss of $9.5 million for 2008. Despite the net loss, all regulatory
capital ratios remain above the levels necessary to be considered a “well capitalized” institution.
“This year presented a variety of challenges for the organization. I am pleased to report a continued decline in
nonperforming assets which dropped to $13.5 million. We saw improvements in our net interest margin, with the
fourth quarter 2009 margin rising to 3.13%. In late December we completed the sale of our insurance subsidiary. All
of these actions coupled with internal changes position the company for success in the future,” said William M.
Drohan, Chairman of the Board of Directors.
He further added, “On January 29th, 2010, we announced the appointment of William E. Doyle, Jr., as Interim
President and CEO. Bill brings strong community bank experience and leadership to Alliance. As we enter 2010, the
senior leadership team and the Board will be focused on improving profitability and positioning Alliance for the
Total assets amounted to $576.3 million as of December 31, 2009 compared to $572.8 million as of December 31,
2008. We have taken strategic actions to reduce our fair value option trading portfolio. As of December 31, 2008,
the trading portfolio was $73.5 compared to the reduced December 31, 2009 level of $7.5 million. Our loan
strategies to diversify the portfolio and reduce our exposure to certain real estate sub categories have yielded
positive results in 2009. Our loan portfolio was