Albemarle First Bank Announces Earnings for the Third Quarter of 2005

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.