Allaire Community Bank Announces 2nd Quarter Earnings.Business Editors SEA GIRT, N.J.--(BUSINESS WIRE)--July 25, 2003 Allaire Community Bank, Wall Township, NJ reported unaudited net income for the quarter ended June 30, 2003 of $393,900 compared to June 30, 2002 of $228,200. For the six (6) month period ending June 30, 2003, net earnings were $721,100 compared to $413,800 for June 30, 2002, an increase of 74%. Basic per share earnings for the six (6) month period was $0.38 compared to June 30, 2002 of $0.23. The June 30, 2002 figures have been restated to reflect a 3 for 2 stock dividend declared in February, 2003. As of June 30, 2003, the Bank had total assets of $168,898,000, an increase of $15,165,000 or 9.86% since December 31, 2002. Total deposits were $154,939,000, an increase of $14,910,000, or 10.65% since December 31, 2002. Allaire's net loan portfolio continues to increase and has grown to $100,901,000 as of June 30, 2003. This is an increase of $10,631,000 or 11.78% since December 31, 2002. The Bank does not have any non-performing loans. George S. Callas Cal·las , Maria Originally Maria Anna Sophia Cecilia Kalogeropoulos. 1923-1977. American soprano known for her technical capacity and dramatic intensity. Among her notable operatic roles was the title role in Bellini's Norma. , Chairman, and Carl F. Chirico, President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , are very pleased with the Bank's performance and the increased earnings. "The Bank continues to carve out to make or get by cutting, or as if by cutting; to cut out. - Shak. See also: Carve a significant presence in southern Monmouth and northern Ocean county." Allaire Community Bank is proud to report we continue to receive a five-star rating from Bauer Financial, Inc. (www.bauerfinancial.com), Coral Gables, Florida Often called "The Gables," Coral Gables is a city in Miami-Dade County, Florida, southwest of Miami, in the United States. The city is best known as the home of the University of Miami, and as an example of City Beautiful urban planning. . A five star rating is the highest rating a bank can receive. "A bank is safe, financially sound and is operating well above its regulatory capital requirements". We are also recognized by Veribanc, Inc. as a "Blue Ribbon Bank". Allaire Community Bank is traded on the Over the Counter Bulletin Board (OTCBB OTCBB See OTC Bulletin Board (OTCBB). ) under the symbol "ALCY". Allaire Community Bank operates six (6) offices, located in Belmar, Bradley Beach, Manasquan, Neptune City, Point Pleasant and Wall Township, New Jersey Wall Township is a Township in Monmouth County, New Jersey, United States. As of the United States 2000 Census, the township population was 25,261. Wall Township was formally incorporated as a township by an Act of the New Jersey Legislature on March 7, 1851. . Any questions can be directed to Carl F. Chirico, President & CEO, or Robert S. Vuono, Executive Vice President & CFO See Chief Financial Officer. at (732) 292-0500. |
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