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ALLIANCE BANK REPORTS DIVIDEND & THIRD QUARTER RESULTS.
Broomall, Pennsylvania. October 26, 2000 - Alliance Bank
(NASDAQ Small Cap -- ALLB) today announced a $.09 per share quarterly dividend
payable November 16, 2000 to stockholders of record on November 2, 2000 and
results for the three and nine months ended September 30, 2000.
The Bank reported net income of $653,000 or $.20 per share
for the quarter ended September 30, 2000 as compared to $608,000 or $.19 per
share for the quarter ended September 30, 1999. Net interest income increased
$101,000 or 3.9% to $2.7 million and other income increased $180,000 for the
quarter ended September 30, 2000 as compared to the same period in 1999. These
increases were partially offset by an increase in other expenses of $143,000 or
8.4% to $1.8 million and a $150,000 increase in the provision for loan losses
for the quarter ended September 30, 2000 as compared to the same period in 1999.
For the nine months ended September 30, 2000, net income
amounted to $2.0 million or $.63 per share as compared to $1.7 million or $.52
per share for the nine months ended September 30, 1999. Net interest income
increased $902,000 or 12.2% to $8.3 million and other income increased $224,000
for the nine months ended September 30, 2000 as compared to the same period in
1999. These increases were partially offset by an increase in other expenses of
$269,000 or 5.3% to $5.3 million and a $450,000 increase in the provision for
loan losses for the nine months ended September 30, 2000 as compared to the same
period in 1999.
The Bank’s total assets increased $36.1 million or 11.7%
and amounted to $344.7 million at September 30, 2000 as compared to $308.7
million at December 31, 1999. Net loans and lease financing receivables
increased $20.2 million or 10.8% to $207.4 million at September 30, 2000 as
compared to $187.2 million at December 31, 1999. Deposits grew $21.7 million or
9.5% to $249.3 million at September 30, 2000 from $227.6 million at December 31,
1999. Total stockholders’ equity amounted to $29.4 million or 8.5% of total
assets at September 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.
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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
September 30,
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(Unaudited)
Nine Months Ended
September
30, |
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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 |
$6,268 |
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$5,250 |
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$18,143 |
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$15,179 |
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Interest expense |
3,571 |
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2,654 |
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9,855 |
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7,793 |
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Net interest income |
2,697 |
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2,596 |
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8,288 |
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7,386 |
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Provision for loan losses |
195 |
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45 |
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585 |
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135 |
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Other income |
242 |
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62 |
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578 |
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354 |
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Other expenses |
1,844 |
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1,701 |
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5,300 |
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5,031 |
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Income before income taxes |
900 |
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912 |
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2,981 |
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2,574 |
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Income tax expense |
247 |
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304 |
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934 |
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890 |
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Net income |
$ 653 |
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$ 608 |
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$
2,047 |
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$1,684 |
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Basic earnings per share |
$0.20 |
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$0.19 |
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$0.63 |
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$0.52 |
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Diluted earnings per share |
$0.20 |
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$0.19 |
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$0.63 |
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$0.52 |
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SELECTED FINANCIAL DATA |
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(In thousands) |
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(Unaudited) |
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(Audited) |
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Sept 30, |
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Dec. 31, |
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2000 |
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1999 |
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Total assets |
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$344,726 |
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$308,652 |
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Cash and cash equivalents |
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7,200 |
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8,129 |
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Investments and mortgage-backed securities |
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112,976 |
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103,618 |
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Loans and lease financing receivables-net |
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207,371 |
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187,214 |
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Deposits |
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249,288 |
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227,603 |
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Total borrowings |
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64,199 |
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52,459 |
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Total stockholders' equity |
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29,422 |
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27,177 |
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