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ALLIANCE BANK REPORTS STRONG RESULTS FOR THE FOURTH QUARTER AND YEAR 2000.
Broomall, Pennsylvania. January 17, 2001 - Alliance Bank
(NASDAQ Small Cap -- ALLB) today announced results for the quarter and year
ended December 31, 2000.
The Bank reported a $201,000 or 35.1% increase in net income
to $773,000 or $.24 per share for the quarter ended December 31, 2000 from
$572,000 or $.18 per share for the quarter ended December 31, 1999. Net interest
income increased $202,000 or 7.8% to $2.8 million and other income increased
$142,000 for the quarter ended December 31, 2000 as compared to the same period
in 1999. These increases were partially offset by a $75,000 increase in the
provision for loan losses and a $56,000 increase in income tax expense for the
quarter ended December 31, 2000 as compared to the same period in 1999.
For the year ended December 31, 2000, net income increased
$564,000 or 25.0% and amounted to a record $2.8 million or $.87 per share as
compared to $2.3 million or $.70 per share for the year ended December 31, 1999.
Net interest income increased $1.1 million or 11.1% to $11.1 million and other
income increased $366,000 for the year ended December 31, 2000 as compared to
the same period in 1999. These increases were partially offset by an increase in
other expenses of $281,000 or 4.1% to $7.2 million and a $525,000 increase in
the provision for loan losses for the year ended December 31, 2000 as compared
to the same period in 1999.
The Bank's total assets increased $39.2 million or 12.7%
and amounted to $347.8 million at December 31, 2000 as compared to $308.7
million at December 31, 1999. Net loans and lease financing receivables
increased $19.1 million or 10.2% to $206.4 million at December 31, 2000 as
compared to $187.2 million at December 31, 1999. Deposits grew $23.9 million or
10.5% to $251.5 million at December 31, 2000 from $227.6 million at December 31,
1999. Total stockholders’ equity amounted to $31.8 million or 9.1% of total
assets at December 31, 2000.
Alliance Bank is a Pennsylvania chartered stock savings bank,
headquartered in Broomall, Pennsylvania and conducts business through seven
full-service offices, all located in Delaware County, Pennsylvania. The Bank
again received the Bauer Financial Group’s highest rating of Five Stars for
financial stability, including earnings, capital and quality of loan portfolios.
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ALLIANCE BANK
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CONSOLIDATED STATEMENTS OF INCOME
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(In thousands except per share data)
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- (Unaudited)
- Three Months Ended
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December 31,
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- Year Ended
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December
31,
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2000
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1999
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2000
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1999
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Interest income
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$6,506
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$5,468
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$24,649
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$20,647
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Interest expense
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3,716
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2,880
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13,571
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10,673
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Net interest income
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2,790
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2,588
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11,078
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9,974
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Provision for loan losses
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120
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45
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705
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180
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Other income
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277
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135
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855
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489
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Other expenses
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1,904
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1,892
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7,204
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6,923
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Income before income taxes
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1,043
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786
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4,024
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3,360
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Income tax expense
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270
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214
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1,204
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1,104
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Net income
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$
773
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$
572
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$2,820
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$2,256
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Basic earnings per share
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$0.24
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$0.18
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$0.87
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$0.70
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Diluted earnings per share
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$0.24
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$0.18
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$0.87
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$0.70
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SELECTED FINANCIAL DATA
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(In thousands)
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- At December
31,
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2000
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1999
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Total assets
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$347,820
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$308,652
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Cash and cash equivalents
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8,519
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8,129
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Investments and mortgage-backed securities
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116,029
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103,618
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Loans and lease financing receivables-net
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206,312
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187,214
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Deposits
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251,484
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227,603
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Total borrowings
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62,783
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52,459
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Total stockholders' equity
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31,819
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27,177
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