Alliance Bancorp Inc of Pennsylvania (ALLB, Financial) filed Quarterly Report for the period ended 2009-09-30.
Greater Delaware Valley is a Pennsylvania-chartered mutual holding holding company engaged in general banking business. The Bank is principally in the business of attracting deposits through its branch offices and investing those deposits together with funds from borrowings and operations in single-family residential, commercial real estate, commercial business and consumer loans. Alliance Bancorp Inc Of Pennsylvania has a market cap of $58.2 million; its shares were traded at around $8.5 with a P/E ratio of 283.33 and P/S ratio of 2.55. The dividend yield of Alliance Bancorp Inc Of Pennsylvania stocks is 1.41%.
Nonperforming assets, which consist of nonaccruing loans, accruing loans 90 days or more delinquent and other real estate owned (OREO) (which includes real estate acquired through, or in lieu of, foreclosure) increased to $10.7 million or 2.37% of total assets at September 30, 2009 from $7.0 million or 1.65% of total assets at December 31, 2008. This increase was primarily due to the placement of a $3.9 million residential real estate construction loan on nonaccrual in the first quarter of 2009. This loan is secured by 18 substantially completed condominium units, 2 of which have been sold and settled, located near center city Philadelphia. At September 30, 2009, the $10.7 million of nonperforming assets consisted of $1.4 million of accruing loans 90 days or more delinquent, $6.4 million of nonaccrual loans, and $2.9 million in OREO. At September 30, 2009, the $6.4 million of nonaccrual loans consisted of three single family real estate loans totaling $1.0 million, eleven commercial real estate loans totaling $1.2 million, one real estate construction loan in the amount of $3.9 million, and two commercial business loans in the amount of $322,000. The amount of specific reserves related to nonaccrual loans was $304,000 as of September 30, 2009. Management continues to aggressively pursue the collection and resolution of all delinquent loans.
General. Net income increased $202,000 or 78.6% to $459,000 or $0.07 per share for the three months ended September 30, 2009 as compared to $257,000 or $0.04 per share for the same period in 2008. The increase in net income was primarily due to the prior year $253,000 impairment charge on certain mutual funds recorded during the three month period in 2008, and an increase in net interest income of $125,000 or 4.4% for the three months ended September 30, 2009 compared to the three months ended September 30, 2008. These items were partially offset by an increase in other expenses which included an increase of $88,000 or 131.3% in deposit insurance premiums for the three months ended September 30, 2009 when compared to the same period in 2008.
Net income increased $701,000 or 183.0% to $1.1 million or $0.16 per share for the nine months ended September 30, 2009 as compared to $383,000 or $0.05 per share for the same period in 2008. The increase in net income was primarily due to the prior year $882,000 impairment charge on certain mutual funds and a $158,000 loss on the sale of certain mutual funds recorded during the nine month period in 2008, and a increase in net interest income of $495,000 or 6.1% for the nine months ended September 30, 2009 compared to the nine months ended September 30, 2008. These items were partially offset by an increase in other expenses which included an increase of $477,000 or 372.7% in deposit insurance premiums for the nine months ended September 30, 2009, including a $195,000 charge for an FDIC special assessment paid on September 30, 2009, when compared to the same period in 2008.
Interest Income. Interest income decreased $365,000 or 6.5% to $5.3 million for the three months ended September 30, 2009, compared to the same period in 2008. The decrease was due to a $127,000 or 69.4% decrease in interest income on balances due from depository institutions, a $67,000 or 18.8% decrease on interest income on mortgage backed securities, and a $194,000 or 4.4% decrease in interest income on loans, partially offset by a $23,000 or 3.6% increase in interest income from investment securities. The decrease in interest income on balances due from depository institutions was due to a 140 basis point or 74.4% decrease in rates earned on balances due from depository institutions, partially offset by a $7.6 million or 19.6% increase in the average balance of the balances due from depository institutions. The decrease in interest income on mortgage backed securities was due to a $4.4 million or 14.2% decrease in the average balance of the mortgage backed securities and a 25 basis point or 5.4% decrease in rates earned on mortgage backed securities. The decrease in interest earned on loans was due to a 56 basis point or 8.6% decrease in rates earned on loans, partially offset by a $12.8 million or 4.7% increase in the average balance of the loans. The increase in interest earned on investment securities was due to a $6.4 million or 12.0% increase in the average balance in investment securities, partially offset by a 36 basis point or 7.5% decrease in rates earned on investment securities.
Interest income decreased $1.2 million or 7.0% to $15.9 million for the nine months ended September 30, 2009, compared to the same period in 2008. The decrease was due to a $532,000 or 81.2% decrease in interest income on balances due from depository institutions, a $162,000 or 14.4% decrease on interest income on mortgage backed securities, a $156,000 or 7.2% decrease in interest income from investment securities, and a $344,000 or 2.6% decrease in interest income on loans. The decrease in interest income on balances due from depository institutions was due to a 191 basis point or 81.3% decrease in rates earned on balances due from depository institutions, partially offset by a $193,000 or 0.5% increase in the average balance of the balances due from depository institutions. The decrease in interest income on mortgage backed securities was due to a $3.6 million or 11.1% decrease in the average balance of the mortgage backed securities and a 17 basis point or 3.7% decrease in rates earned on mortgage backed securities. The decrease in interest earned on investment securities was due to a $570 thousand or 1.0% decrease in the average balance in investment securities and a 31 basis point or 6.3% decrease in rates earned on investment securities. The decrease in interest earned on loans was due to a 46 basis point or 7.1% decrease in rates earned on loans, partially offset by a $13.2 million or 4.9% increase in the average balance of the loans.
Read the The complete Report
Greater Delaware Valley is a Pennsylvania-chartered mutual holding holding company engaged in general banking business. The Bank is principally in the business of attracting deposits through its branch offices and investing those deposits together with funds from borrowings and operations in single-family residential, commercial real estate, commercial business and consumer loans. Alliance Bancorp Inc Of Pennsylvania has a market cap of $58.2 million; its shares were traded at around $8.5 with a P/E ratio of 283.33 and P/S ratio of 2.55. The dividend yield of Alliance Bancorp Inc Of Pennsylvania stocks is 1.41%.
Highlight of Business Operations:
Total assets increased $27.5 million or 6.5% to $451.6 million at September 30, 2009 compared to $424.1 million at December 31, 2008. This increase was primarily due to a $33.0 million or 116.5% increase in total cash and cash equivalents and a $2.1 million or 0.8% increase in loans receivable, net of allowance for loan losses. These increases were partially offset by a $3.7 million or 9.8% decrease in investment securities available for sale and a $6.6 million or 20.7% decrease in mortgage backed securities available for sale. The increase in total cash and cash equivalents was primarily attributed to an increase in customer deposits as well as the decrease in investment securities available for sale that resulted from certain securities being called by the issuers and the decrease in mortgage backed securities available for sale which was due to normal principal repayments.Nonperforming assets, which consist of nonaccruing loans, accruing loans 90 days or more delinquent and other real estate owned (OREO) (which includes real estate acquired through, or in lieu of, foreclosure) increased to $10.7 million or 2.37% of total assets at September 30, 2009 from $7.0 million or 1.65% of total assets at December 31, 2008. This increase was primarily due to the placement of a $3.9 million residential real estate construction loan on nonaccrual in the first quarter of 2009. This loan is secured by 18 substantially completed condominium units, 2 of which have been sold and settled, located near center city Philadelphia. At September 30, 2009, the $10.7 million of nonperforming assets consisted of $1.4 million of accruing loans 90 days or more delinquent, $6.4 million of nonaccrual loans, and $2.9 million in OREO. At September 30, 2009, the $6.4 million of nonaccrual loans consisted of three single family real estate loans totaling $1.0 million, eleven commercial real estate loans totaling $1.2 million, one real estate construction loan in the amount of $3.9 million, and two commercial business loans in the amount of $322,000. The amount of specific reserves related to nonaccrual loans was $304,000 as of September 30, 2009. Management continues to aggressively pursue the collection and resolution of all delinquent loans.
General. Net income increased $202,000 or 78.6% to $459,000 or $0.07 per share for the three months ended September 30, 2009 as compared to $257,000 or $0.04 per share for the same period in 2008. The increase in net income was primarily due to the prior year $253,000 impairment charge on certain mutual funds recorded during the three month period in 2008, and an increase in net interest income of $125,000 or 4.4% for the three months ended September 30, 2009 compared to the three months ended September 30, 2008. These items were partially offset by an increase in other expenses which included an increase of $88,000 or 131.3% in deposit insurance premiums for the three months ended September 30, 2009 when compared to the same period in 2008.
Net income increased $701,000 or 183.0% to $1.1 million or $0.16 per share for the nine months ended September 30, 2009 as compared to $383,000 or $0.05 per share for the same period in 2008. The increase in net income was primarily due to the prior year $882,000 impairment charge on certain mutual funds and a $158,000 loss on the sale of certain mutual funds recorded during the nine month period in 2008, and a increase in net interest income of $495,000 or 6.1% for the nine months ended September 30, 2009 compared to the nine months ended September 30, 2008. These items were partially offset by an increase in other expenses which included an increase of $477,000 or 372.7% in deposit insurance premiums for the nine months ended September 30, 2009, including a $195,000 charge for an FDIC special assessment paid on September 30, 2009, when compared to the same period in 2008.
Interest Income. Interest income decreased $365,000 or 6.5% to $5.3 million for the three months ended September 30, 2009, compared to the same period in 2008. The decrease was due to a $127,000 or 69.4% decrease in interest income on balances due from depository institutions, a $67,000 or 18.8% decrease on interest income on mortgage backed securities, and a $194,000 or 4.4% decrease in interest income on loans, partially offset by a $23,000 or 3.6% increase in interest income from investment securities. The decrease in interest income on balances due from depository institutions was due to a 140 basis point or 74.4% decrease in rates earned on balances due from depository institutions, partially offset by a $7.6 million or 19.6% increase in the average balance of the balances due from depository institutions. The decrease in interest income on mortgage backed securities was due to a $4.4 million or 14.2% decrease in the average balance of the mortgage backed securities and a 25 basis point or 5.4% decrease in rates earned on mortgage backed securities. The decrease in interest earned on loans was due to a 56 basis point or 8.6% decrease in rates earned on loans, partially offset by a $12.8 million or 4.7% increase in the average balance of the loans. The increase in interest earned on investment securities was due to a $6.4 million or 12.0% increase in the average balance in investment securities, partially offset by a 36 basis point or 7.5% decrease in rates earned on investment securities.
Interest income decreased $1.2 million or 7.0% to $15.9 million for the nine months ended September 30, 2009, compared to the same period in 2008. The decrease was due to a $532,000 or 81.2% decrease in interest income on balances due from depository institutions, a $162,000 or 14.4% decrease on interest income on mortgage backed securities, a $156,000 or 7.2% decrease in interest income from investment securities, and a $344,000 or 2.6% decrease in interest income on loans. The decrease in interest income on balances due from depository institutions was due to a 191 basis point or 81.3% decrease in rates earned on balances due from depository institutions, partially offset by a $193,000 or 0.5% increase in the average balance of the balances due from depository institutions. The decrease in interest income on mortgage backed securities was due to a $3.6 million or 11.1% decrease in the average balance of the mortgage backed securities and a 17 basis point or 3.7% decrease in rates earned on mortgage backed securities. The decrease in interest earned on investment securities was due to a $570 thousand or 1.0% decrease in the average balance in investment securities and a 31 basis point or 6.3% decrease in rates earned on investment securities. The decrease in interest earned on loans was due to a 46 basis point or 7.1% decrease in rates earned on loans, partially offset by a $13.2 million or 4.9% increase in the average balance of the loans.
Read the The complete Report
