Exhibit 99.1
NEWS RELEASE
         
FOR IMMEDIATE RELEASE
February 3, 2011
  CONTACT:   William E. Doyle, Jr.
Paul M. Harbolick, Jr.
(703) 814-7200
Alliance Bankshares Reports 2010 Results
Significant progress achieved on repositioning activities in 2010
CHANTILLY, VA — Alliance Bankshares Corporation (NASDAQ — ABVA) today reported fourth quarter net income of $158,000. For the full year of 2010, the Company has earned $705,000, representing a significant improvement over the 2009 results when the Company reported a loss on continuing operations of $3.7 million and a loss of $4.4 million after discontinued operations. Alliance’s regulatory capital ratios remain above the levels necessary to be considered a “well capitalized” financial institution.
“We are very pleased with the significant performance improvement generated in 2010. As I have indicated in shareholder letters, press releases and regulatory filings, 2010 was a key transition period for Alliance. Our team has focused significant energies on repositioning the Company. Many of the key indicators such as lower levels of non-performing assets, an improved net interest margin, a meaningful decrease in operating expenses and positive net income reflect our progress. Internally, we monitor our core earnings performance very closely and I am pleased to report significant improvement in that key metric as well,” said William E. Doyle, Jr., President and Chief Executive Officer. The Company’s 2011 focus remains on reducing nonperforming assets, improving core operations and optimizing profitability, while investing in the future. “I believe Alliance is in a strong position to grow and serve our community. Our commercial banking team is very focused on small to medium sized businesses. We offer a broad array of loan products, including real estate financing, and design our products to meet the financing needs of our clients and prospects. Our continued commitment to this key market segment provides needed credit in the marketplace while adding strong client relationships,” further added Doyle.
At December 31, 2010, total assets amounted to $538.5 million, a decline of $37.8 million compared to the December 31, 2009 level of $576.3 million. As of December 31, 2010, total loans were down $27.1 million from the December 31, 2009 level of $359.4 million. Investment securities amounted to $135.9 million as of December 31, 2010, a decline of $9.1 million from the December 31, 2009 level of $145.0 million. A key part of our 2010 repositioning strategy has been focused on rightsizing the balance sheet, adjusting the asset mix and driving down the cost of funding on deposits and other liabilities. We have tactically reduced certain types of real estate loans and the size of the investment portfolio. The longer-term objective is to grow small business commercial loans and owner occupied commercial real estate portfolios.

 


The following information was filed by Alliance Bankshares Corp (ABVA) on Friday, February 4, 2011 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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