Exhibit 99.1
NEWS RELEASE
         
FOR IMMEDIATE RELEASE
  CONTACT:   William E. Doyle, Jr.
April 23, 2010
      Paul M. Harbolick, Jr.
 
      (703) 814-7200
Alliance Bankshares Reports Preliminary First Quarter Pre-Tax Profit
and Receives NASDAQ Notice Relating to its Late Form 10-K
CHANTILLY, VA — Alliance Bankshares Corporation (NASDAQ — ABVA) “The Company’s preliminary first quarter 2010 results reflect a pre-tax profit of $114,000. This positive step is a result of improving credit quality, operational business changes and a stronger net interest margin. The shift to a positive earnings stream is a significant step forward for our organization,” said William E. Doyle, Jr., Interim President & CEO.
The Company is still completing the normal closing cycle for the first quarter of 2010; the preliminary financial information is as follows. Total loans amounted to $347.4 million on March 31, 2010 or a decrease of $12.0 million from the December 31, 2009 level of $359.4 million. Total deposits were $453.7 million compared to the December 31, 2009 level of $431.9 million. As part of the Company’s strategic balance sheet management activities the Company reduced its brokered certificate of deposit level by $13.9 million in the first quarter. The Company’s net interest margin continues to improve and was 3.70% in the first quarter of 2010. Nonperforming assets were $13.2 million or $300 thousand lower than the December 31, 2009 level of $13.5 million. A significant piece of Other Real Estate Owned (OREO) is currently under contract. The Company expects the sale of this $2.6 million property to occur in mid 2010. As of March 31, 2010 the Company had an allowance for loan losses of 1.65% of total loans compared to the December 31, 2009 level of 1.56% of total loans. Alliance is a “well capitalized” banking institution.
“The Board of Directors and I are pleased that the organization is showing pre-tax profitability. We feel this represents a key step in returning the Company to a higher performance level. Bill Doyle and the management team are undertaking a variety of studies and action steps designed to significantly enhance the performance of the organization and we are now starting to see results,” said William M. Drohan, Chairman of the Board of Directors.
Form 10-K Matter
Today the Company announced that it has received a notice from the NASDAQ Stock Market indicating that the Company was not in compliance with the continued listing requirements of NASDAQ Listing Rule 5250(c)(1) because the Company did not timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2009. NASDAQ routinely issues such notices when a listed company fails to timely file its Annual Report on Form 10-K. The NASDAQ notice requests that the Company submit a plan to regain compliance with the continued listing requirements by June 18, 2010.
As previously reported in a Form 12b-25 Notification of Late Filing made by the Company with the Securities and Exchange Commission on April 1, 2010, a substantial portion of the Annual Report on Form 10-K has already been completed, but the Company has required additional time

 


The following information was filed by Alliance Bankshares Corp (ABVA) on Friday, April 23, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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