Alliance Bancorp Inc of Pennsylvania (ALLB, Financial) filed Quarterly Report for the period ended 2009-03-31.
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 million; its shares were traded at around $8.3896 with a P/E ratio of 279.6 and P/S ratio of 2.6. The dividend yield of Alliance Bancorp Inc of Pennsylvania stocks is 1.4%.
Total liabilities increased $3.8 million or 1.0% to $379.0 million at March 31, 2009 compared to $375.2 million at December 31, 2008. This increase was due to a $3.7 million or 1.1% increase in interest bearing deposits and a $336,000 or 2.5% increase in non-interest bearing deposits. These increases were partially offset by a $160,000 decrease in demand notes issued to the U.S. Treasury from December 31, 2008 to March 31, 2009.
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 $10.8 million or 2.5% of total assets at March 31, 2009 from $7.0 million or 1.7% 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. This loan is secured by 18 substantially completed condominium units, 2 of which have been sold and settled, located near center city Philadelphia. At March 31, 2009, the $10.8 million of nonperforming assets consisted of $1.3 million of accruing loans 90 days or more delinquent, and $7.9 million of nonaccrual loans, and $1.6 million in OREO. At March 31, 2009, the $7.9 million of nonaccrual loans consisted of two single family real estate loans totaling $1.4 million, ten commercial real estate loans totaling $2.6 million, and one real estate construction loan in the amount of $3.9. Management continues to aggressively pursue the collection and resolution of all delinquent loans.
Interest Income. Interest income decreased $516,000 or 8.8% to $5.4 million for the three months ended March 31, 2009, compared to the same period in 2008. The decrease was due to a $266,000 or 89.9% decrease in interest income on balances due from depository institutions, a $131,000 or 15.7% decrease in interest income on investment securities, a $44,000 or 11.0% decrease in interest income on mortgage backed securities, and a $75,000 or 1.7% decrease on interest income on loans. The decrease in interest income on balances due from depository institutions was due to an $11.3 million or 30.0% decrease in the average balance of balances due from depository institutions and a 270 basis point or 85.4% decrease in the average yield earned on balances due from depository institutions. The decrease in interest income on investment securities was due to a $11.5 million or 16.5% decrease in the average balance of investment securities, partially offset by a 4 basis point or 0.8% increase in the average yield earned on investment securities. The decrease in interest income on mortgage backed securities was due to a $4.0 million or 11.2% decrease in the average balance of mortgage backed securities. The increase in interest income on loans was due to a $19.7 million or 7.5% increase in the average balance of loans outstanding, partially offset by a 57 basis point or 8.6% decrease in the average yield earned.
Other Income (Loss). Other income (loss) was $290,000 for the three months ended March 31, 2009 as compared to a loss of $43,000 for the same period in 2008. The increase was primarily the result of the Company identifying an impairment charge on its $20.0 million investment in certain mutual funds as other than temporary and recording a $363,000 pretax loss against operating income in the first quarter of 2008. These mutual funds were sold to Alliance Mutual Holding Company in the third quarter of 2008 at fair value. The increase in other income (loss) was partially offset by a $16,000 or 17.6% decrease in service charges on deposit accounts, a $6,000 or 6.3% decrease in management fees, a $2,000 or 5.1% decrease in other fee income, and a $4,000 or 4.3% decrease in the increase in cash surrender value of bank owned life insurance.
Other Expenses. Other expenses increased $159,000 or 6.5% to $2.6 million for the three months ended March 31, 2009 compared to the same period in 2008. The increase was primarily due to an $112,000 or 1,120.0% increase in deposit insured premiums the Company has been accruing. On February 27, 2009, the FDIC adopted an interim rule imposing a 20 basis point emergency special assessment on insured institutions as of June 30, 2009, payable on September 30, 2009. The interim rule also permits the FDIC to impose an additional special assessment after June 30, 2009, of up to 10 basis points, if necessary to maintain public confidence in federal deposit insurance. However, the FDIC has indicated that the amount of the special assessment may be reduced if congress increases the FDICs borrowing authority. Also contributing to the increase in other expense was a $39,000 or 38.2% increase in professional fees, and a $28,000 or 2.0% increase in salaries and employee benefits. The increase in other expense was partially offset by a $22,000 or 27.9% decrease in advertising and marketing expense.
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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 million; its shares were traded at around $8.3896 with a P/E ratio of 279.6 and P/S ratio of 2.6. The dividend yield of Alliance Bancorp Inc of Pennsylvania stocks is 1.4%.
Highlight of Business Operations:
Total assets increased $3.9 million or 0.9% to $428.0 million at March 31, 2009 compared to $424.1 million at December 31, 2008. This increase was primarily due to an $8.4 million or 29.8% increase in total cash and cash equivalents, a $3.5 million or 1.3% increase in net loans and a $2.1 million or 8.7% increase in investment securities held to maturity. These increases were partially offset by a $10.0 million or 26.5% decrease in investment securities available forTotal liabilities increased $3.8 million or 1.0% to $379.0 million at March 31, 2009 compared to $375.2 million at December 31, 2008. This increase was due to a $3.7 million or 1.1% increase in interest bearing deposits and a $336,000 or 2.5% increase in non-interest bearing deposits. These increases were partially offset by a $160,000 decrease in demand notes issued to the U.S. Treasury from December 31, 2008 to March 31, 2009.
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 $10.8 million or 2.5% of total assets at March 31, 2009 from $7.0 million or 1.7% 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. This loan is secured by 18 substantially completed condominium units, 2 of which have been sold and settled, located near center city Philadelphia. At March 31, 2009, the $10.8 million of nonperforming assets consisted of $1.3 million of accruing loans 90 days or more delinquent, and $7.9 million of nonaccrual loans, and $1.6 million in OREO. At March 31, 2009, the $7.9 million of nonaccrual loans consisted of two single family real estate loans totaling $1.4 million, ten commercial real estate loans totaling $2.6 million, and one real estate construction loan in the amount of $3.9. Management continues to aggressively pursue the collection and resolution of all delinquent loans.
Interest Income. Interest income decreased $516,000 or 8.8% to $5.4 million for the three months ended March 31, 2009, compared to the same period in 2008. The decrease was due to a $266,000 or 89.9% decrease in interest income on balances due from depository institutions, a $131,000 or 15.7% decrease in interest income on investment securities, a $44,000 or 11.0% decrease in interest income on mortgage backed securities, and a $75,000 or 1.7% decrease on interest income on loans. The decrease in interest income on balances due from depository institutions was due to an $11.3 million or 30.0% decrease in the average balance of balances due from depository institutions and a 270 basis point or 85.4% decrease in the average yield earned on balances due from depository institutions. The decrease in interest income on investment securities was due to a $11.5 million or 16.5% decrease in the average balance of investment securities, partially offset by a 4 basis point or 0.8% increase in the average yield earned on investment securities. The decrease in interest income on mortgage backed securities was due to a $4.0 million or 11.2% decrease in the average balance of mortgage backed securities. The increase in interest income on loans was due to a $19.7 million or 7.5% increase in the average balance of loans outstanding, partially offset by a 57 basis point or 8.6% decrease in the average yield earned.
Other Income (Loss). Other income (loss) was $290,000 for the three months ended March 31, 2009 as compared to a loss of $43,000 for the same period in 2008. The increase was primarily the result of the Company identifying an impairment charge on its $20.0 million investment in certain mutual funds as other than temporary and recording a $363,000 pretax loss against operating income in the first quarter of 2008. These mutual funds were sold to Alliance Mutual Holding Company in the third quarter of 2008 at fair value. The increase in other income (loss) was partially offset by a $16,000 or 17.6% decrease in service charges on deposit accounts, a $6,000 or 6.3% decrease in management fees, a $2,000 or 5.1% decrease in other fee income, and a $4,000 or 4.3% decrease in the increase in cash surrender value of bank owned life insurance.
Other Expenses. Other expenses increased $159,000 or 6.5% to $2.6 million for the three months ended March 31, 2009 compared to the same period in 2008. The increase was primarily due to an $112,000 or 1,120.0% increase in deposit insured premiums the Company has been accruing. On February 27, 2009, the FDIC adopted an interim rule imposing a 20 basis point emergency special assessment on insured institutions as of June 30, 2009, payable on September 30, 2009. The interim rule also permits the FDIC to impose an additional special assessment after June 30, 2009, of up to 10 basis points, if necessary to maintain public confidence in federal deposit insurance. However, the FDIC has indicated that the amount of the special assessment may be reduced if congress increases the FDICs borrowing authority. Also contributing to the increase in other expense was a $39,000 or 38.2% increase in professional fees, and a $28,000 or 2.0% increase in salaries and employee benefits. The increase in other expense was partially offset by a $22,000 or 27.9% decrease in advertising and marketing expense.
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