Allegiance Bank of North America Reports Record Operating Results for Year Ended and Quarter Ended December 31, 2005.BALA CYNWYD Cynwyd is a small village in Denbighshire, Wales, about two miles south-west of the town of Corwen. It is home to a large factory, run by Ifor Williams Trailers. See also
See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ABPA ABPA Allergic bronchopulmonary aspergillosis ), reported record operating results for the year ended December December: see month. 31, 2005. C. Andrew Cook, President and Chief Executive Officer noted the achievements of the organization in 2005: --The fourth quarter of 2005 marked the Bank's fourteenth consecutive quarter of profitable operations. Earnings for the fourth quarter of 2005 increased to $244 thousand from $160 thousand, an increase of 52.5%. Earnings per share fell to $0.05 in the fourth quarter of 2005 from $0.06 in the fourth quarter of 2004. The small decrease in earnings per share is a result of a doubling of outstanding shares due to our issuing of common stock in an offering completed in January January: see month. 2005; --Net income for the year ended December 31, 2005 grew 114.6% over net income for the prior year. Net income in 2005 increased to $1.0 million or $0.22 per share from $474 thousand or $0.20, a 10% increase, per share in 2004. The smaller percentage increase is also related to the stock offering completed in January 2005; --Increased already strong net interest margin. For the year ended December 31, 2005, the Bank's net interest margin grew 56bps to 5.47% for the prior year as compared to 4.91% for 2004; --Increased total assets by 39.9% to $122.6 million at December 31, 2005; --Increased total loans by $17.2 million or 21.1% to $98.4 million at December 31, 2005 from $81.2 million at December 31, 2004; --Received regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. approval to open two new branches offices in the Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. suburbs. The Bank's third and fourth branches, will be located in King of Prussia King of Prussia, industrialized suburban area (1990 pop. 18,406), Montgomery co., SE Pa. It has glass and steel fabricating, food processing, printing and publishing, and varied manufacturing (textiles, liquified petroleum gas, water-treatment and electrical and Berwyn Berwyn (bûr`wĭn), city (1990 pop. 45,426), Cook co., NE Ill., a residential suburb of Chicago, on the Chicago Sanitary and Ship Canal; inc. 1891. It has varied light industry and manufactures. and are scheduled to open for business in the second and fourth quarters of 2006; --In January 2005, we raised $12.7 million of additional capital in a common stock offering, underwritten by Ryan Ryan may refer to: Places
Beck Hansen (born Bek David Campbell, July 8, 1970) is a Grammy Award-winning American musician, singer-songwriter, and multi-instrumentalist, known by his simple stage name of & Co. The offering will provide the capital necessary for the continued growth of the Bank. The Bank's shares are listed for quotation QUOTATION, practice. The allegation of some authority or case, or passage of some law, in support of a position which it is desired to establish. 2. Quotations when properly made, assist the reader, but when misplaced, they are inconvenient. on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol "ABPA". Net income for the fourth quarter 2005 was $244 thousand or $0.05 per share compared to $160 thousand or $0.06 per share for the fourth quarter of 2004. The increase in earnings was primarily the result of a $580 thousand increase in net interest income. The increase in net interest income was driven by significant increases in earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin and our net interest margin. These increases were partially offset by a 57.1% or $469 thousand increase in other expenses from $821 thousand during the fourth quarter of 2004 to $1.3 million in the fourth quarter of 2005. Net interest income for the fourth quarter of 2005 increased 58.6% to $1.6 million from $1.0 million for the fourth quarter of 2004 reflecting continued growth in assets, primarily investments and loans. The increase in net interest income was primarily due to $816 thousand increase in interest income driven by a $17.8 million or 686.4% increase in the Bank's investment portfolio and a $17.2 million or 21.1% increase in the loan portfolio. Contributing to the increase in net interest income was an increase in our net interest margin to 5.71% for the three months ended December 31, 2005 versus 4.89% for the same period of 2004. Non-interest income decreased $15 thousand or 14.6% in the fourth quarter of 2005 to $88 thousand compared to $103 thousand for the same period in 2004. The decrease in non-interest income was primarily due to rising interest rates which reduced mortgage banking activities. The provision for loan losses increased $2 thousand from $121 thousand in the fourth quarter of 2004 to $123 thousand in 2005. The Bank had one non-performing loan A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. at December 31, 2005 which totaled $425 thousand or 0.35% of total assets and one non-performing loan at December 31, 2004 for $165 thousand or 0.19% of total assets. For the year ended December 31, 2005, the Bank earned $1.0 million or $0.22 per share compared to $474 thousand or $0.20 per share during the prior year period. Driven by continued growth in the loan portfolio and higher interest rates, interest income for the twelve months of 2005 increased 50.2% to $8.0 million compared to $5.3 million reported in the prior year period. For the year ended December 31, 2005, our net interest margin was 5.47% versus 4.91% for 2004. The 56bps improvement in our strong net interest margin contributed to a 50.3% increase in net interest income. Net interest income for the year ended December 31, 2005 amounted to $5.6 million, a $1.9 million or 50.3% increase over the $3.7 million recorded in the same period in 2004. Non-interest income for 2005 was $424 thousand, an increase of $240 thousand from the same period in 2004, mainly driven by mortgage banking revenues which contributed $306 thousand in 2005. Non-interest expenses totaled $4.5 million for the year ended December 31, 2005, a 53.9% increase from the $2.9 million reported in 2004. The increase in non-interest expenses reflects the Bank's overall growth in loans, deposits and the addition of a second branch office. As reported, assets increased 39.9% to $122.6 million at December 31, 2005 from $87.6 million at December 31, 2004. Loans increased 21.1% or $17.2 million to $98.4 million from $81.2 million one year earlier and investments increased $17.8 million or 686.4% from $2.6 million during the same time period. The increase in assets was fueled both by a deposit increase of 22.1% or $15.1 million to $83.6 million at December 31, 2005 from $68.5 million at December 31, 2004 and the $12.7 million proceeds from the stock offering. Borrowings increased 67.2% or $6.0 million from $9.0 million at December 31, 2004 to $15.0 million at December 31, 2005. The increase in borrowings funded a portion of the investment growth. At year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. , the Bank's allowance for loan losses equaled $1.5 million or 1.49% of total loans and 344% of non-performing loans. At year-end, non-performing loans totaled $425 thousand or 0.43% of total loans and 0.35% of total assets as compared to nonperforming loans at December 31, 2004 of $165 thousand or 0.20% of total loans and 0.19% of total assets. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. increased by $13.6 million to $22.8 million at December 31, 2005 from $9.2 million at December 31, 2004. At year end, stockholders' equity equaled 18.6% of total assets compared to 10.5% at December 31, 2004. In mid-January n. 1. the middle part of January. Noun 1. mid-January - the middle part of January period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" 2005 the Bank issued 2,100,000 shares of its common stock in an underwritten public offering and shortly thereafter issued an additional 315,000 shares related to the underwriter's exercise of its over-allotment option for total net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $12.7 million. The Bank's regulatory capital ratios are all significantly above the "well-capitalized" threshold The point at which a signal (voltage, current, etc.) is perceived as valid. . Allegiance Bank of North America is a Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York state-chartered full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. commercial bank formed in 1999, headquartered in Bala Cynwyd, Pennsylvania Bala Cynwyd is a village in Lower Merion Township which is located in the Main Line in southeastern Pennsylvania, bordering the western edge of Philadelphia. It was originally two separate towns, Bala and Cynwyd, but is commonly treated as a single community. . The Bank offers a sophisticated package of services beyond traditional bank services, such as escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. account management, specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. real estate lending programs, internet banking and non-bank services including title insurance, real estate settlement services, financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against , life and health insurance and retirement programs through its three subsidiaries, Allegiance Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc., AllSearch Abstract, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , and Paramount Paramount (pâr`əmount'), city (1990 pop. 47,669), Los Angeles co., S Calif.; inc. 1957. Originally a dairy region, it has become highly industrialized since the 1950s. Mortgage and Capital, LLC. The common stock of the Company is traded on OTC Bulletin Board under the symbol ABPA. Statements contained in this news release, which are not historical facts, are forward looking statements, as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Amounts herein could vary as a result of market and other factors. Such 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. are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Such forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate", "should," "planned", "estimated", and "potential". Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, expected or anticipated revenue, results of operations and business of the Company that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principals, policies, or guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ; changes in legislation or regulation; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products and services.
ALLEGIANCE BANK OF NORTH AMERICA
Consolidated Balance Sheets
(in Thousands)
December 31, December 31,
2005 2004
------------ ------------
(unaudited) (unaudited)
ASSETS
Cash & due from banks $1,142 $1,097
Interest bearing demand deposits 974 524
Federal funds sold 284 1,142
------------ ------------
Cash & Cash Equivalents 2,400 2,763
Securities available for sale 20,337 2,586
Loans receivable 98,365 81,204
Less: Allowance for loan losses (1,464) (931)
------------ ------------
Net loans receivable 96,901 80,273
Bank premises & equipment 1,220 627
Accrued interest receivable 608 343
Other assets 1,130 1,017
------------ ------------
Total Assets $122,596 $87,609
============ ============
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Non-interest bearing deposits $5,362 $4,439
Interest bearing deposits (NOW, MMDA) 27,696 24,868
Savings 903 786
Time deposits 49,684 38,425
------------ ------------
Total Deposits 83,645 68,518
Borrowings 15,026 8,986
Accrued interest payable 92 115
Other liabilities 1,005 791
------------ ------------
Total Liabilities 99,768 78,410
STOCKHOLDERS' EQUITY
Common Stock 4,781 2,362
Surplus 19,595 9,304
Accumulated deficit (1,438) (2,455)
Accumulated other comprehensive income
(loss) (110) (12)
------------ ------------
Total Stockholders' Equity 22,828 9,199
------------ ------------
Total Liabilities & Stockholders' Equity $122,596 $87,609
============ ============
ALLEGIANCE BANK OF NORTH AMERICA
Consolidated Income Statements
(in Thousands, except per share data)
Three Three Twelve Twelve
Months Months Months Months
ended ended ended ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2005 2004 2005 2004
----------- ----------- ----------- -----------
Interest Income: (unaudited) (unaudited) (unaudited) (unaudited)
Loans receivable $2,140 $1,420 $7,579 $5,222
Securities 107 21 282 86
Other 11 1 121 8
----------- ----------- ----------- -----------
Total Interest
Income 2,258 1,442 7,982 5,316
Interest Expense:
Deposits 641 415 2,275 1,474
Borrowings 48 38 93 107
----------- ----------- ----------- -----------
Total Interest
Expense 689 453 2,368 1,581
----------- ----------- ----------- -----------
Net Interest
Income 1,569 989 5,614 3,735
Provision for loan
losses 123 121 518 529
----------- ----------- ----------- -----------
Net Interest
income after
provision for
loan losses 1,446 868 5,096 3,206
----------- ----------- ----------- -----------
Non-Interest Income
Customer service
fees 16 22 89 76
Other 72 81 335 108
----------- ----------- ----------- -----------
Total Non-
Interest
Income 88 103 424 184
Non-Interest Expense
Salaries and
employee benefits 675 488 2,520 1,647
Occupancy 145 80 403 252
Equipment and data
processing 118 105 479 409
Advertising,
marketing and
business
development 65 70 220 147
Professional fees 170 34 395 211
Bank Shares tax 16 14 66 56
Other 101 30 420 204
----------- ----------- ----------- -----------
Total Non-
Interest
Expense 1,290 821 4,503 2,926
----------- ----------- ----------- -----------
Income before
minority
interests 244 150 1,017 464
Minority interest
in subsidiary - 10 - 10
----------- ----------- ----------- -----------
Net Income $244 $160 $1,017 $474
=========== =========== =========== ===========
Earnings per
share
Basic $0.05 $0.06 $0.22 $0.20
Diluted $0.05 $0.06 $0.22 $0.20
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