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Alliance Financial Corp. (ALNC) filed Quarterly Report for the period ended 2011-09-30.
Alliance Financial Corp. has a market cap of $140.5 million; its shares were traded at around $29.57 with a P/E ratio of 10.6 and P/S ratio of 1.7. The dividend yield of Alliance Financial Corp. stocks is 4.2%. 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:
At September 30, 2011 and December 31, 2010, securities with a carrying value of $403.2 million and $402.3 million, respectively, were pledged as collateral for certain deposits and for other purposes as required or permitted by law. Alliance recognized gross gains on sales of securities of $1.3 million for the three and nine month period ending September 30, 2011, respectively. We recognized gross gains on sales of securities of $308,000 for the three and nine months ended September 30, 2010, respectively. The tax provision related to these net realized gains was $513,000 and $119,000, respectively.Net income for the quarter ended September 30, 2011 increased 18.7% to $3.7 million or $0.77 per diluted share compared to $3.1 million or $0.66 per diluted share in the year-ago quarter. Non-recurring items, which included gains on the sales of securities available-for-sale, partially offset by a write-down of a vacant operations center owned by the Bank, totaled $472,000 after tax or $0.10 per share in the third quarter. The return on average assets and return on average shareholders’ equity were 1.01% and 10.69%, respectively, for the third quarter of 2011, compared to 0.86% and 9.57%, respectively, for the third quarter of 2010.
Net interest income totaled $11.0 million in the three months ended September 30, 2011, compared with $11.2 million in the year-ago quarter and $11.3 million in second quarter of 2011. Average interest-earning assets were $1.3 billion in the third quarter, which was an increase of $14.1 million compared with the year-ago quarter, but were down $18.9 million compared
Net interest income for the nine months ended September 30, 2011 totaled $33.3 million, which was a decrease of $185,000 from the year-ago period. Average interest-earning assets were $1.3 billion in the first nine months of 2011, which was an increase of $27.2 million compared with the year-ago period. Average securities available-for-sale increased $51.0 million compared with the year-ago period, which offset a decline in average loans and leases of $25.2 million.
Our principal sources of funds for operations are cash flows generated from earnings, deposit inflows, loan and lease repayments, investment amortization and maturities, borrowings from the Federal Home Loan Bank of New York (“FHLB”), and securities sold under repurchase agreements. During the nine months ended September 30, 2011, cash and cash equivalents increased by $10.5 million, as net cash provided by operating and investing activities of $49.2 million exceeded net cash used in financing activities of $38.7 million. Net cash from operating activities was primarily provided by net income in the amount of $10.5 million and proceeds from sale of loans held-for-sale of $29.2 million, partly reduced by originations of loans held-for-sale of $27.4 million. Net cash provided by investing activities primarily resulted from proceeds from securities sales, maturities and principal repayments exceeding purchases by $9.7 million combined with a net decrease in loans and leases of $24.2 million. Net cash used in financing activities in the first nine months of 2011 principally reflects a $26.5 million decrease in deposits, a $7.6 million net decrease in borrowings, and cash dividends of $4.3 million.
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