Allegiance Bank of North America Reports Operating Results for the Three and Six Month Periods Ended June 30, 2005
12 8월 2005 - 6:15AM
PR Newswire (US)
BALA CYNWYD, Pa., Aug. 11 /PRNewswire-FirstCall/ -- Allegiance Bank
of North America (OTC:ABPA) (BULLETIN BOARD: ABPA) reported today
its twelfth consecutive profitable quarter of operations for the
quarter ended June 30, 2005. C. Andrew Cook, President and Chief
Executive Officer, noted the achievements of the organization in
2005 to date: -- The second quarter of 2005 marked the Bank's
twelfth consecutive quarter of profitable operations. Earnings for
the second quarter of 2005 increased to $215 thousand from $159
thousand during the year- ago period, an increase of 35.2%.
Earnings per share fell from $0.07 in the second quarter of 2004 to
$0.05 in the second quarter of 2005. The decline in earnings per
share was due to a doubling of outstanding shares as a result of
our issuance of common stock in an offering completed in January
2005. -- Net income for the six months ended June 30, 2005 grew
54.3% over net income for the prior-year period. Net income for the
six months ended June 30, 2005 increased to $446 thousand or $0.10
per share from $289 thousand or $0.12 per share in 2004. --
Increased an already strong net interest margin. For the six months
ended June 30, 2005, the Bank expanded its net interest margin by
17 basis points from 4.74% for the prior year period to 4.91% for
2005; -- Increased total assets by 38.2% year over year to $108.4
million at June 30, 2005 from $78.4 million a year earlier; --
Increased total loans by $17.9 million or 24.5% to $90.9 million at
June 30, 2005 from $73.0 million at June 30, 2004; -- Maintained
superior asset quality as the Bank had no non-performing loans at
June 30, 2005; -- Opened a new branch, the Bank's second
full-service retail location, in the Old City section of
Philadelphia on April 21, 2005; Net income for the second quarter
of 2005 was $215 thousand or $0.05 per share compared to $159
thousand or $0.07 per share for the second quarter of 2004. The
increase in earnings is primarily the result of a 45.9% increase in
net interest income to $1.3 million from $889 thousand and a $77
thousand or 240.6% increase in non-interest income to $109 thousand
in the second quarter of 2005 from $32 thousand in the prior-year
period. These increases were partially offset by a 114.1% or $73
thousand increase in the provision for loan losses to $137 thousand
during the second quarter of 2005 from $64 thousand during the same
period in 2004 and a $356 thousand increase in other expenses from
$698 thousand during the second quarter of 2004 to $1.1 million in
the second quarter of 2005. The increase in net interest income was
primarily due to a $632 thousand increase in interest income driven
by a 24.5% increase in the Bank's loan portfolio. The increase in
the loan loss provision was related solely to the growth of the
loan portfolio as asset quality remained excellent with no
non-performing loans at June 30, 2005. Net interest income for the
second quarter of 2005 increased by 45.9% to $1.3 million from $889
thousand for the second quarter of 2004 reflecting continued growth
in earning assets, primarily investments and loans, and a higher
net interest margin. The Bank opened its second office on April 21,
2005 to further support its franchise growth in attractive markets
and stimulate further loan and deposit growth while improving its
deposit mix by emphasizing lower cost core deposit generation.
Non-interest income grew by 240.6% in the second quarter of 2005 to
$109 thousand compared to $32 thousand for the same period in 2004.
The increase in non-interest income was primarily due to mortgage
banking activities, which generated $87 thousand of additional
income. For the six months ended June 30, 2005, the Bank earned
$446 thousand or $0.10 per share compared to $289 thousand or $0.12
per share during the prior- year period. Driven by continued growth
in the loan portfolio and higher interest rates, interest income
for the first half of 2005 increased 43.7% to $3.5 million compared
to $2.4 million reported in the year-ago period. For the six months
ended June 30, 2005, the net interest margin was 4.91% versus 4.74%
for the first six months of 2004. Net interest income for the six
months ended June 30, 2005 amounted to $2.5 million, a 43.2%
increase over the $1.7 million recorded in the same six-month
period in 2004. Non-interest income for the first six months of
2005 was $221 thousand, an increase of $166 thousand from the same
period in 2004, mainly driven by mortgage banking revenues which
contributed $179 thousand over the six-month period in 2005.
Non-interest expenses amounted to $2.0 million for the six months
ended June 30, 2005, a 44.7% increase from the $1.4 million
reported in the first half of 2004. The increase in non-interest
expenses reflects the Bank's overall growth in loans, deposits and
the addition of a second branch office. As reported, assets
increased 38.2% to $108.4 million at June 30, 2005 from $78.4
million at June 30, 2004. Investments increased by $12.2 million or
450.0% from $2.7 million at June 30, 2004 to $14.9 million at June
30, 2005 while loans increased by 24.5% or $17.9 million to $90.9
million at June 30, 2005 from $73.0 million one year earlier.
Deposits increased 37.4% to $84.2 million at June 30, 2005 from
$61.3 million at June 30, 2004. Short-term borrowings decreased
93.8% or $6.4 million to $424 thousand at June 30, 2005 from $6.8
million reported twelve months ago as deposit inflows were used to
repay short-term borrowings. At June 30, 2005, the Bank's allowance
for loan losses equaled $1.2 million or 1.33% of total loans
compared to $875 thousand or 1.20% of total loans at June 30, 2004.
The Bank had no non-performing loans at June 30, 2005.
Stockholders' equity increased by $13.3 million to $22.3 million at
June 30, 2005 compared to $9.0 million a year earlier.
Stockholders' equity equaled 20.6% of total assets at June 30,
2005. In January 2005 the Bank issued 2,415,000 shares of its
common stock in a public offering underwritten by Ryan Beck &
Co. and received net proceeds of $12.7 million. Regulatory capital
ratios are all well in excess of the "well-capitalized" threshold.
Allegiance Bank of North America is a Pennsylvania state-chartered
full- service commercial bank formed in 1999, headquartered in Bala
Cynwyd, Pennsylvania. The Bank offers a sophisticated package of
services beyond traditional bank services, such as escrow account
management, specialty real estate lending programs, Internet
banking and non-bank services including title insurance, real
estate settlement services, financial planning, life and health
insurance and retirement programs through its three subsidiaries,
Allegiance Financial Services, Inc., AllSearch Abstract, LLC, and
Paramount Mortgage and Capital, LLC. The common stock of the
Company is traded on OTC Bulletin Board under the symbol ABPA.
Statements contained in this news release, which are not historical
facts, are forward-looking statements, as that term is defined in
the Private Securities Litigation Reform Act of 1995. Amounts
herein could vary as a result of market and other factors. Such
forward-looking statements are subject to risks and uncertainties
which could cause actual results to differ materially from those
currently anticipated due to a number of factors. Such
forward-looking statements may be identified by the use of such
words as "believe," "expect," "anticipate," "should," "planned,"
"estimated," and "potential." Examples of forward-looking
statements include, but are not limited to, estimates with respect
to the financial condition, expected or anticipated revenue,
results of operations and business of the Company that are subject
to various factors which could cause actual results to differ
materially from these estimates. These factors include, but are not
limited to, general economic conditions, changes in interest rates,
deposit flows, loan demand, real estate values, and competition;
changes in accounting principals, policies, or guidelines; changes
in legislation or regulation; and other economic, competitive,
governmental, regulatory, and technological factors affecting the
Company's operations, pricing, products and services. DATASOURCE:
Allegiance Bank of North America CONTACT: C. Andrew Cook, President
and Chief Executive Officer, Allegiance Bank of North America,
+1-610-949-0760
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