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Alliance Financial Corp. (ALNC) filed Quarterly Report for the period ended 2011-03-31.
Alliance Financial Corp. has a market cap of $148.8 million; its shares were traded at around $31.38 with a P/E ratio of 12.1 and P/S ratio of 1.9. The dividend yield of Alliance Financial Corp. stocks is 3.8%. Alliance Financial Corp. had an annual average earning growth of 4.8% over the past 10 years.
This is the annual revenues and earnings per share of ALNC over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of ALNC.
Highlight of Business Operations:
Net income for the quarter ended March 31, 2011 was $3.3 million or $0.70 per diluted share compared to $2.7 million or $0.59 per diluted share in the year-ago quarter. The return on average assets and return on average shareholders’ equity were 0.90% and 10.27%, respectively, for the first quarter of 2011, compared to 0.77% and 8.93%, respectively, for the first quarter of 2010.
Net interest income totaled $11.0 million in the three months ended March 31, 2011, compared to $11.1 million in the year-ago quarter, and $10.8 million in fourth quarter of 2010. The tax-equivalent net interest margin decreased 17 basis points in the first quarter compared with the year-ago quarter due to the effect of persistently low interest rates on interest-earning assets.
Our liability mix changed favorably during 2010 and into 2011 as we continued to focus on increasing our transaction account balances and as we refrained from offering premium rates on time accounts. Our effort to increase our transaction account balances has been enhanced by retail and municipal depositors’ reluctance to lock up funds in time accounts which pay very low, yet competitive rates, and by the buildup of cash on corporate customers’ balance sheets. The aggregate average balance of transaction accounts (including non-interest bearing demand deposits) was $814.1 million in the first quarter, which was an increase of $81.1 million or 11.1% from the aggregate average balances of $733.0 million in the year-ago quarter. Average transaction account balances comprised 70.5% of total average deposits in the first quarter, compared with 66.4% in the first quarter of 2010. Average time account balances in the first quarter were $340.9 million or 29.5% of total average deposits in the first quarter, compared with $370.5 million or 33.6% in the year-ago quarter. Our ability to gather transaction deposits over the past year has been greatly enhanced by our strong financial position and earnings performance, enhanced product offerings including upgraded treasury management and internet banking platforms, and a high positive awareness of our brand in our markets and by environmental factors such as equity market volatility and risk aversion among retail investors.
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