The Bank reported net income of $720,000 or $.22 per share for the quarter ended June 30, 2000 as compared to $546,000 or $.17 per share for the quarter ended June 30, 1999. Net interest income increased $338,000 or 13.5% to $2.8 million for the quarter ended June 30, 2000 as compared to the same period in 1999. This increase was partially offset by a $150,000 increase in the provision for loan losses for the quarter ended June 30, 2000 as compared to the same period in 1999.

For the six months ended June 30, 2000, net income amounted to $1.4 million or $.43 per share as compared to $1.1 million or $.33 per share for the six months ended June 30, 1999. Net interest income increased $801,000 or 16.7% to $5.6 million for the six months ended June 30, 2000 as compared to the same period in 1999. This increase was partially offset by an increase in other expenses of $126,000 or 3.8% to $3.5 million and a $300,000 increase in the provision for loan losses for the six months ended June 30, 2000 as compared to the same period in 1999.

The Bank’s total assets increased $19.9 million or 6.4% and amounted to $328.6 million at June 30, 2000 as compared to $308.7 million at December 31, 1999. Net loans and lease financing receivables increased $16.1 million or 8.6% to $203.3 million at June 30, 2000 as compared to $187.2 million at December 31, 1999. Deposits grew $13.6 million or 6.0% to $241.2 million at June 30, 2000 from $227.6 million at December 31, 1999. Total stockholders’ equity amounted to $28.1 million or 8.6% of total assets at June 30, 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.