Albemarle First Bank Announces Earnings for the Third Quarter of 2005
27 Oktober 2005 - 3:17PM
Business Wire
Albemarle First Bank, Charlottesville, Virginia (NASDAQ: AFBK)
reports net Income of $44 thousand ($0.03 per diluted share) for
the quarter ended September 30, 2005, compared to net income of $46
thousand ($0.03 per diluted share) reported for the same period of
2004. Net income for the nine months ended September 30, 2005
totaled $65 thousand ($0.04 per diluted share), compared to a $69
thousand ($0.04 per diluted share) for the same period a year ago.
The net income for the three and nine month periods ended September
30, 2005 was significantly impacted by nonrecurring expenses
related to the previously announced planned merger with the
Millennium Bankshares Corporation (NASDAQ: MBVA). The nonrecurring
expenses related to the planned merger totaled $142 thousand and
$214 thousand for the three and nine months ended September 30,
2005, respectively. Net income before merger-related expenses (net
of taxes) for the quarter ended September 30, 2005 was $138
thousand ($0.08 per diluted share), compared to $46 thousand ($0.03
per diluted share) for the same period last year. Income before
merger-related expenses (net of taxes) for the nine months ended
September 30, 2005 was $206 thousand ($0.12 per diluted share)
compared to $69 thousand ($0.04 per diluted share), for the same
period last year. Total assets were $120.1 million as of September
30, 2005, compared to $120.6 million at the end of 2004. Net loans
totaled $90.7 million at the end of the third quarter, down from
$91.3 million as of December 31, 2004. Total deposits were $100.8
million as of September 30, 2005, a $1.3 million increase over the
$99.5 million reported at December 31, 2004. Thomas M. Boyd, Jr.,
President and Chief Executive Officer said, "We are eagerly
awaiting the consummation of the upcoming merger with the
Millennium Bankshares Corporation. The merger will allow Albemarle
First Bank the opportunity to expand our presence in the
Charlottesville market while providing customers with additional
products and services. While the Bank's growth has been measured
during 2005 the earnings potential of Albemarle First Bank has
never looked brighter. In accordance with our strategic planning
our net interest margin continues to improve in this rising
interest rate environment, and the operational efficiencies gained
by the merger should have a profound impact on earnings. Our annual
shareholders meeting is scheduled for November 28th, and we hope to
see many of our loyal and valued shareholders." Albemarle First
Bank offers a full range of banking and financial services to
individuals, professionals, and small and medium-sized businesses
in the City of Charlottesville, Albemarle County, Greene County,
and the surrounding areas. This press release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended. These statements may be
based on certain assumptions and may describe future plans,
strategies, and expectations of the Bank, and are generally
identifiable by use of the words "believe," "expect," "intend,"
"anticipate," "estimate," "project," "may," "will," or similar
expressions. Although we believe our plans, intensions, and
expectations reflected in these forward-looking statements are
reasonable, we can give no assurance that these plans, intensions,
and expectations will be achieved. Our ability to predict results
or the actual effect of future plans or strategies is inherently
uncertain, and actual results, performance or achievements could
differ materially from those contemplated. Factors that could have
a material adverse effect on our operations and future prospects
include, but are not limited to, changes in: interest rates,
general economic conditions, the legislative/regulatory climate,
monetary and fiscal policies of the U.S. Government, including
policies of the U.S. Treasury and the Board of Governors of the
Federal Reserve System, the quality or composition of the loan or
investment portfolios, demand for loan products, deposit flows,
competition, demand for financial services in our market area and
accounting principles, policies, and guidelines. These risks and
uncertainties should be considered in evaluating the
forward-looking statements contained herein and undue reliance
should not be placed on such statements, which reflect our position
as of the date of this release. Consequently, all forward-looking
statements made in this press release are qualified by the
cautionary language contained in the Bank's quarterly and annual
reports filed pursuant to the Securities Exchange Act of 1934.
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