Alliance Bancorp Inc of Pennsylvania (ALLB, Financial) filed Quarterly Report for the period ended 2010-06-30.
Alliance Bancorp Inc Of Pennsylvania has a market cap of $53.4 million; its shares were traded at around $8 with a P/E ratio of 53.1 and P/S ratio of 2.4. The dividend yield of Alliance Bancorp Inc Of Pennsylvania stocks is 1.5%.ALLB is in the portfolios of Chuck Royce of Royce& Associates.
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 $5.3 million to $16.1 million or 3.60% of total assets at June 30, 2010 from $10.8 million or 2.33% of total assets at December 31, 2009. This increase was primarily due to the placement of a $6.1 million land and development loan for a mixed use commercial real estate project located in Bradenton, Florida, as nonaccruing at March 31, 2010. This resulted from a lack of sales activity combined with a decline in the liquidity of the borrowers and their inability to access additional funds. At June 30, 2010, the $16.1 million of nonperforming assets consisted of $1.8 million of accruing loans 90 days or more delinquent, $11.3 million of nonaccrual loans, and $3.0 million in OREO. At June 30, 2010, the $11.3 million of nonaccrual loans consisted of one single family real estate loan in the amount of $76,000, nine commercial real estate loans totaling $1.4 million, two real estate construction loans in the amount of $9.8 million, and one commercial business loan in the amount of $74,000. The amount of specific reserves related to nonaccrual loans was $1.2 million as of June 30, 2010. Management continues to aggressively pursue the collection and resolution of all delinquent loans.
General. Net income decreased $135,000 or 63.4% to $78,000 or $0.01 per share for the three months ended June 30, 2010 as compared to $213,000 or $0.03 per share for the same period in 2009. The decrease in net income was primarily due to a $575,000 or 766.7% increase in provision for loan losses for the three months ended June 30, 2010 compared to the three months ended June 30, 2009. Also contributing to the decrease in net income was a $135,000 provision for loss on OREO. The increase in the provision for loan losses was primarily due to the need for additional reserves that resulted from our quarterly valuation analysis for problem loans and charge-offs of $455,000. The provision for loss on OREO was primarily due to the need for additional write-downs that resulted from our quarterly valuation analysis of our OREO.
Net income decreased $360,000 or 57.6% to $265,000 or $0.04 per share for the six months ended June 30, 2010 as compared to $625,000 or $0.09 per share for the same period in 2009. The decrease in net income was primarily due to a $1.0 million or 680.0% increase in provision for loan losses for the six months ended June 30, 2010 compared to the six months ended June 30, 2009. Also contributing to the decrease in net income was the $135,000 provision for loss on OREO. The increase in the provision for loan losses was primarily due to the need for additional reserves that resulted from our quarterly valuation analysis for problem loans and, charge-offs of $523,000. The provision for loss on OREO was primarily due to the need for additional write-downs that resulted from our quarterly valuation analysis of our OREO.
Interest Income. Interest income decreased $185,000 or 3.5% to $5.1 million for the three months ended June 30, 2010, compared to the same period in 2009. The decrease was due to a $111,000 or 17.6% decrease in interest income on investment securities and a $111,000 or 34.7% decrease in interest income on mortgage backed securities. These decreases were partially offset by a $35,000 or 92.1% increase in interest income earned on balances due from depository institutions and a $2,000 increase on interest earned on loans. The decrease in interest income on investment securities was due to a $2.3 million or 4.1% decrease in the average balance of investment securities and a 64 basis point or 14.1% decrease in the average yield earned. The decrease in interest income on mortgage backed securities was due to an $8.1 million or 28.0% decrease in the average balance of mortgage backed securities and a 41 basis point or 9.3% decrease in the average yield earned. The increase in interest income on balances due from depository institutions was due to a $39.6 million or 102.3% increase in the average balance of balances due from depository institutions, partially offset by a 2 basis point or 5.1% decrease in the average yield earned. The increase in interest income on loans was due to a $6.0 million or 2.1% increase in the average balance of loans outstanding, partially offset by a 12 basis point or 2.0% decrease in the average yield earned.
Interest income decreased $472,000 or 4.5% to $10.1 million for the six months ended June 30, 2010, compared to the same period in 2009. The decrease was due to a $275,000 or 20.6% decrease in interest income on investment securities, a $224,000 or 33.2% decrease in interest income on mortgage backed securities, and a $55,000 or 0.6% decrease in interest income on loans. These decreases were partially offset by an $82,000 or 120.6% increase in interest income earned on balances due from depository institutions. The decrease in interest income on investment securities was due to a $3.4 million or 6.1% decrease in the average balance of investment securities and a 73 basis point or 15.6% decrease in the average yield earned. The decrease in interest income on mortgage backed securities was due to an $8.3 million or 27.6% decrease in the average balance of mortgage backed securities and a 34 basis point or 7.6% decrease in the average yield earned. The decrease in interest income on loans was due to a 15 basis point or 2.5% decrease in the average yield earned on loans, partially offset by a $5.7 million or 2.0% increase in the average balance of loans. The increase in interest income on balances due from depository institutions was due to a $42.5 million or 130.9% increase in the average balance of balances due from depository institutions, partially offset by a 2 basis point or 4.8% decrease in the average yield earned.
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Alliance Bancorp Inc Of Pennsylvania has a market cap of $53.4 million; its shares were traded at around $8 with a P/E ratio of 53.1 and P/S ratio of 2.4. The dividend yield of Alliance Bancorp Inc Of Pennsylvania stocks is 1.5%.ALLB is in the portfolios of Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Total assets decreased $15.8 million or 3.4% to $448.4 million at June 30, 2010 compared to $464.2 million at December 31, 2009. This decrease was primarily due to an $8.5 million or 11.3% decrease in total cash and cash equivalents, a $3.8 million or 16.3% decrease in mortgage backed securities available for sale, a $1.4 million or 5.8% decrease in investment securities held to maturity, a $674,000 or 2.3% decrease in investment securities available for sale, and a $2.0 million or 0.7% decrease in loans receivable, net of allowance for loan losses.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 $5.3 million to $16.1 million or 3.60% of total assets at June 30, 2010 from $10.8 million or 2.33% of total assets at December 31, 2009. This increase was primarily due to the placement of a $6.1 million land and development loan for a mixed use commercial real estate project located in Bradenton, Florida, as nonaccruing at March 31, 2010. This resulted from a lack of sales activity combined with a decline in the liquidity of the borrowers and their inability to access additional funds. At June 30, 2010, the $16.1 million of nonperforming assets consisted of $1.8 million of accruing loans 90 days or more delinquent, $11.3 million of nonaccrual loans, and $3.0 million in OREO. At June 30, 2010, the $11.3 million of nonaccrual loans consisted of one single family real estate loan in the amount of $76,000, nine commercial real estate loans totaling $1.4 million, two real estate construction loans in the amount of $9.8 million, and one commercial business loan in the amount of $74,000. The amount of specific reserves related to nonaccrual loans was $1.2 million as of June 30, 2010. Management continues to aggressively pursue the collection and resolution of all delinquent loans.
General. Net income decreased $135,000 or 63.4% to $78,000 or $0.01 per share for the three months ended June 30, 2010 as compared to $213,000 or $0.03 per share for the same period in 2009. The decrease in net income was primarily due to a $575,000 or 766.7% increase in provision for loan losses for the three months ended June 30, 2010 compared to the three months ended June 30, 2009. Also contributing to the decrease in net income was a $135,000 provision for loss on OREO. The increase in the provision for loan losses was primarily due to the need for additional reserves that resulted from our quarterly valuation analysis for problem loans and charge-offs of $455,000. The provision for loss on OREO was primarily due to the need for additional write-downs that resulted from our quarterly valuation analysis of our OREO.
Net income decreased $360,000 or 57.6% to $265,000 or $0.04 per share for the six months ended June 30, 2010 as compared to $625,000 or $0.09 per share for the same period in 2009. The decrease in net income was primarily due to a $1.0 million or 680.0% increase in provision for loan losses for the six months ended June 30, 2010 compared to the six months ended June 30, 2009. Also contributing to the decrease in net income was the $135,000 provision for loss on OREO. The increase in the provision for loan losses was primarily due to the need for additional reserves that resulted from our quarterly valuation analysis for problem loans and, charge-offs of $523,000. The provision for loss on OREO was primarily due to the need for additional write-downs that resulted from our quarterly valuation analysis of our OREO.
Interest Income. Interest income decreased $185,000 or 3.5% to $5.1 million for the three months ended June 30, 2010, compared to the same period in 2009. The decrease was due to a $111,000 or 17.6% decrease in interest income on investment securities and a $111,000 or 34.7% decrease in interest income on mortgage backed securities. These decreases were partially offset by a $35,000 or 92.1% increase in interest income earned on balances due from depository institutions and a $2,000 increase on interest earned on loans. The decrease in interest income on investment securities was due to a $2.3 million or 4.1% decrease in the average balance of investment securities and a 64 basis point or 14.1% decrease in the average yield earned. The decrease in interest income on mortgage backed securities was due to an $8.1 million or 28.0% decrease in the average balance of mortgage backed securities and a 41 basis point or 9.3% decrease in the average yield earned. The increase in interest income on balances due from depository institutions was due to a $39.6 million or 102.3% increase in the average balance of balances due from depository institutions, partially offset by a 2 basis point or 5.1% decrease in the average yield earned. The increase in interest income on loans was due to a $6.0 million or 2.1% increase in the average balance of loans outstanding, partially offset by a 12 basis point or 2.0% decrease in the average yield earned.
Interest income decreased $472,000 or 4.5% to $10.1 million for the six months ended June 30, 2010, compared to the same period in 2009. The decrease was due to a $275,000 or 20.6% decrease in interest income on investment securities, a $224,000 or 33.2% decrease in interest income on mortgage backed securities, and a $55,000 or 0.6% decrease in interest income on loans. These decreases were partially offset by an $82,000 or 120.6% increase in interest income earned on balances due from depository institutions. The decrease in interest income on investment securities was due to a $3.4 million or 6.1% decrease in the average balance of investment securities and a 73 basis point or 15.6% decrease in the average yield earned. The decrease in interest income on mortgage backed securities was due to an $8.3 million or 27.6% decrease in the average balance of mortgage backed securities and a 34 basis point or 7.6% decrease in the average yield earned. The decrease in interest income on loans was due to a 15 basis point or 2.5% decrease in the average yield earned on loans, partially offset by a $5.7 million or 2.0% increase in the average balance of loans. The increase in interest income on balances due from depository institutions was due to a $42.5 million or 130.9% increase in the average balance of balances due from depository institutions, partially offset by a 2 basis point or 4.8% decrease in the average yield earned.
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