Exhibit 99.1
NEWS RELEASE
       
FOR IMMEDIATE RELEASE
  CONTACT:   Thomas A. Young, Jr.
February 5, 2007
    Paul M. Harbolick, Jr.
(703) 814-7200
Alliance Bankshares Reports 4th Quarter and Annual 2006 Results
Earnings Up 10% Over 2005 Annual Results
     CHANTILLY, VA — Alliance Bankshares Corporation (NASDAQ — ABVA) today reported fourth quarter 2006 earnings of $554 thousand compared to $1.1 million the same period last year. The fourth quarter 2006 results include an after-tax charge of $449,000 for the restructuring the mortgage operations. For the year ended December 31, 2006 net income was $4.5 million or 10.4% greater than the earnings of $4.1 million for the year ended December 31, 2005. Earnings per share, diluted were $.09 for the quarter compared to the fourth quarter 2005 results of $.19. Earnings per share, diluted for the year ended December 31, 2006 were $.76 per share compared to $.69 per share for the year ended December 31, 2005.
     Thomas A. Young, Jr., President and Chief Executive Officer of Alliance Bankshares, said, “The fourth quarter results include a pre-tax charge of $680,000 and an after-tax charge of $449,000 to wind down the Alliance Home Funding operation. Our decision to radically restructure the mortgage operation is centered on our belief that a small self contained operation will service the client base effectively yet remove the significant volatility associated with a traditional mortgage operation. Our core banking and insurance operations performed very well in 2006 and we are pleased with our loan growth. As our portfolio continues to grow, we will remain focused on quality client relationships and as we enter 2007, we are well positioned for future success.”
     Total assets were $644.4 million or $32.9 million greater than December 31, 2005 level of $611.5 million. Total loans were $378.7 million as of December 31, 2006 or 24.5% greater than the December 31, 2005 level of $304.2 million. Total loans represent 58.8% of total assets as of December 31, 2006 compared to 49.7% as of December 31, 2005. Our loan to deposit ratio amounted to 80.4% as of December 31, 2006 compared to 66.0% as of December 31, 2005. Total deposits increased by $10.1 million to $471.3 million as of December 31, 2006 compared to $461.2 million as of December 31, 2005. Investment securities were $200.8 million as of December 31, 2006, down $28.0 million from the December 31, 2005 level of $228.8 million.
     As with many other banks, we have experienced net interest margin pressure throughout 2006. In the fourth quarter our net interest margin dropped to 3.45% compared to 3.78% for the fourth quarter of 2005 and 3.64% in the third quarter of 2006. On a year to date basis our net interest margin was 3.64% compared to 3.51% for the same period in 2005.

 


The following information was filed by Alliance Bankshares Corp (ABVA) on Tuesday, February 6, 2007 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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