Exhibit 99.1
NEWS RELEASE
         
FOR IMMEDIATE RELEASE
  CONTACT:   Thomas A. Young, Jr.
February 6, 2008
      Paul M. Harbolick, Jr.
 
      (703) 814-7200
Alliance Bankshares Reports 4th Quarter 2007 Results
Real Estate Recession Impacts Performance
CHANTILLY, VA – Alliance Bankshares Corporation (NASDAQ – ABVA) today reported fourth quarter results and the full year 2007 results. We had a net loss of $4,252,000 for the fourth quarter 2007 and a net loss of $2,844,000 for the full year of 2007. The performance is below the 2006 fourth quarter net income of $554,000 and the full year 2006 results of $4,479,000.
The results were impacted largely by three key factors: deteriorated credit quality, increased funding costs throughout the year, and the impact of SFAS 159 and the resulting negative mark-to-market primarily on the liability side of the balance sheet. Despite the 2007 net loss, all regulatory capital ratios remain above the levels necessary to be considered a “well capitalized” institution.
“Obviously, the management team and Board of Directors are very disappointed in these results,” stated Thomas A. Young, Jr., President and CEO. “The well documented downturn in the residential real estate markets has impacted us on both sides of our balance sheet. On the asset side, we have seen weakness with a handful of our builders and we have also experienced losses in our home equity product. On the liability side of the balance sheet a number of our real estate service providers have seen their businesses contract significantly which has impacted us in the area of non-interest bearing deposits. While somewhat apparent in earlier quarters, these factors all converged at the end of the year,” Young continued.
Our provision for loan losses was $4.7 million in the fourth quarter of 2007 and $5.8 million for the full year of 2007. The significant increase in the fourth quarter provision for loan losses was necessary to cover $3.4 million in chargeoffs for the quarter and to increase the allowance for loan losses to an appropriate level based upon our performing loans and the specific allocations necessary for the impaired loans. As of December 31, 2007, the allowance for loan losses was $6.4 million or 1.61% of loans. The allowance for loan losses has grown from the third quarter 2007 level of $5.1 million or 1.30% of September 30, 2007 loans and the December 31, 2006 level of $4.4 million or 1.16% of the year end 2006 loan. The chargeoffs included $.8 million to resolve a previously reported impaired loan as well as a partial write-down of $1.5 million on a land loan due to a valuation issue. The remaining $1.1 million was spread across 20 smaller credits, primarily home equity loans, where borrowers tied to the residential real estate industry were hit with losses of personal income along with the loss of value and marketability of the underlying property. Approximately $2.2 million of the $6.4 million allowance for

 


The following information was filed by Alliance Bankshares Corp (ABVA) on Thursday, February 7, 2008 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.

View differences made from one year to another to evaluate Alliance Bankshares Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Alliance Bankshares Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account