Albemarle First Bank Announces Net Income for the First Quarter of 2006
2006年4月28日 - 5:30AM
ビジネスワイヤ(英語)
Albemarle First Bank, Charlottesville, Virginia (NASDAQ: AFBK)
reports net income of $75 thousand ($0.04 per diluted share) for
the quarter ended March 31, 2006, a 242% increase when compared to
net income of $31 thousand ($0.02 per diluted share) reported for
the same quarter in 2005. President and Chief Executive Officer
Thomas M. Boyd, Jr., comments, "I am delighted with the Bank's
progress during 2006, we are profitable and achieved loan growth of
$7.2 million. Loan demand in the Charlottesville market was strong
during the first quarter and we are optimistic about future growth.
The pending merger with Premier Community Bankshares, Inc. (NASDAQ:
PREM) should provide the Bank with the additional capital base to
take advantage of this loan demand through a higher individual
lending limit and increased market presence. This merger should
produce synergies between the two institutions that will allow us
to provide a wider array of products to all of our customers, while
significantly reducing costs." Total assets were $123.1 million as
of March 31, 2006, a $6.5 million increase over the $116.6 million
reported at the end of 2005. Net loans totaled $94.3 million as of
March 31, 2006, compared to $87.1 million at the end of the prior
quarter. Likewise, deposits grew $1.8 million during the first
quarter of 2006 totaling $100.8 million, up from $99.0 million as
of December 31, 2005. During the first quarter of 2006, the Bank
incurred $100 thousand of nonrecurring legal expenses related to
the pending merger with Premier Community Bankshares, Inc. (NASDAQ:
PREM). 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, the
consummation of the pending merger with Premier Community
Bankshares, Inc., 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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