Allaire Community Bank Announces Third Quarter Earnings.SEA GIRT, N.J. -- Allaire Community Bank, Wall Township, NJ (ALCY-OTCBB), is pleased to report our results for the nine (9) month period ended September 30, 2004. Our net earnings were $1,306,723 compared to $1,156,393 for the same period in 2003. This represents an increase of 13.00%. Basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. per share earnings for the nine (9) month period ended September 30, 2004, were $0.66 and $0.59, respectively, compared to $0.59 and $0.53, respectively, for the same period in September 2003. The September 30, 2003 earnings per share were restated to reflect the June 7, 2004 five (5) percent stock dividend. Expenses in the amount of $191,729 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the pending combination with Monmouth Community Bancorp, subject to regulatory and shareholder approval, were taken during this period and had an effect upon earnings. Additional expenses will be recognized as they occur in order to effectuate ef·fec·tu·ate tr.v. ef·fec·tu·at·ed, ef·fec·tu·at·ing, ef·fec·tu·ates To bring about; effect. [Medieval Latin effectu the proposed tax free stock exchange when and if the combination is consummated. Earnings for the three (3) month period ending September 30, 2004, were $451,920 compared to $435,272 for the same period ending September 30, 2003. The following reflects our results as of September 30, 2004, compared to December 31, 2003:
Dollar
9/30/04 12/31/03 Increase % Increase
------------ ----------- ---------- --------
Assets $ 206,186,000 $ 182,020,000 $ 24,166,000 13.28%
Deposits $ 188,801,000 $ 157,458,000 $ 31,343,000 19.91%
Loans, Net $ 117,139,000 $ 108,235,000 $ 8,904,000 8.23%
Allaire Community Bank operates seven (7) offices located in Belmar, Bradley Beach, Manasquan, Neptune City, Point Pleasant, Sea Girt and Wall Township's Shop Rite Plaza. Additionally, we presented our request for approval of our eighth office to the Wall Township Planning Board Noun 1. planning board - a board appointed to advise the chief administrator advisory board governance, governing body, organisation, administration, brass, establishment, organization - the persons (or committees or departments etc. in the latter part of October, 2004. The new office will be located on Highway 34 and Hurley Hurley has become the English version of at least three distinct original Irish names: the Ó hUirthile, part of the Dál gCais tribal group, based in Clare and North Tipperary; the Ó Muirthile, based around Kilbritain in west Cork; and the OhIarlatha, from the district of Pond Road. Allaire Community Bank is traded on the Over-the-Counter Bulletin Board (OTCBB OTCBB See OTC Bulletin Board (OTCBB). ) under the symbol "ALCY". Statements about the future expectations of Allaire Community Bank including future revenues and earnings, and all other statements in this report of results other than historical facts are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Since these statements involve risks and uncertainties and are subject to change at any time, the company's actual results could differ materially from expected results. Among these risks, trends and uncertainties are the effect of governmental regulation on Allaire Community Bank, the availability of working capital, the cost of personnel, and the competitive market in which Allaire Community Bank competes. Any questions can be directed to 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. , and Robert S Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. . Vuono, Senior Executive Vice President, at (732) 292-0500. |
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