Alliance Bancorp Inc of Pennsylvania (ALLB, Financial) filed Quarterly Report for the period ended 2009-06-30.
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 $58.65 million; its shares were traded at around $8.5 with a P/E ratio of 283.33 and P/S ratio of 2.57. The dividend yield of Alliance Bancorp Inc of Pennsylvania stocks is 1.41%.
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 $11.2 million or 2.57% of total assets at June 30, 2009 from $7.0 million or 1.65% 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 June 30, 2009, the $11.2 million of nonperforming assets consisted of $1.7 million of accruing loans 90 days or more delinquent, $7.4 million of nonaccrual loans, and $2.1 million in OREO. At June 30, 2009, the $7.4 million of nonaccrual loans consisted of two single family real estate loans totaling $1.4 million, ten commercial real estate loans totaling $1.8 million, one real estate construction loan in the amount of $3.9 million, and one commercial business loan in the amount of $248,000. The amount of specific reserves related to nonaccrual loans was $249,000 as of June 30, 2009. Management continues to aggressively pursue the collection and resolution of all delinquent loans.
General. Net income increased $129,000 or 152.6% to $213,000 or $0.03 per share for the three months ended June 30, 2009 as compared to $84,000 or $0.01 per share for the same period in 2008. The increase in net income was primarily due to the prior year $266,000 impairment charge on certain mutual funds and a $153,000 loss on the sale of certain mutual funds recorded during the three month period in 2008, and a increase in net interest income of $81,000 or 3.0% for the three months ended June 30, 2009 compared to the three months ended June 30, 2008. These items were partially offset by an increase in other expenses which included an increase of $277,000 or 543.1% in deposit insurance premiums for the three months ended June 30, 2009 when compared to the same period in 2008.
Net income increased $499,000 or 396.0% to $625,000 or $0.09 per share for the six months ended June 30, 2009 as compared to $126,000 or $0.02 per share for the same period in 2008. The increase in net income was primarily due to the prior year $629,000 impairment charge on certain mutual funds and a $153,000 loss on the sale of certain mutual funds recorded during the six month period in 2008, and a increase in net interest income of $370,000 or 7.0% for the six months ended June 30, 2009 compared to the six months ended June 30, 2008. These items were partially offset by an increase in other expenses which included an increase of $389,000 or 637.7% in deposit insurance premiums for the six months ended June 30, 2009, including a $195,000 charge for an FDIC special assessment payable on September 30, 2009, when compared to the same period in 2008.
Interest Income. Interest income decreased $314,000 or 5.7% to $5.2 million for the three months ended June 30, 2009, compared to the same period in 2008. The decrease was due to a $138,000 or 78.4% decrease in interest income on balances due from depository institutions, a $52,000 or 14.0% decrease on interest income on mortgage backed securities, a $49,000 or 7.2% decrease in interest income from investment securities, and a $75,000 or 1.7% decrease in interest income on loans. The decrease in interest income on balances due from depository institutions was due to a 165 basis point or 80.9% decrease in rates earned on balances due from depository institutions, partially offset by a $4.1 million or 11.9% increase in the average balance of the balances due from depository institutions. The decrease in interest income on mortgage backed securities was due to a $3.7 million or 11.2% decrease in the average balance of the mortgage backed securities and a 15 basis point or 3.3% decrease in rates earned on mortgage backed securities. The decrease in interest earned on investment securities was due to a $1.4 million or 2.5% decrease in the average balance in investment securities and a 23 basis point or 4.8% decrease in rates earned on investment securities. The decrease in interest earned on loans was due to a 33 basis point or 5.2% decrease in rates earned on loans, partially offset by a $10.0 million increase in the average balance of the loans.
Interest income decreased $830,000 or 7.3% to $10.6 million for the six months ended June 30, 2009, compared to the same period in 2008. The decrease was due to a $404,000 or 85.6% decrease in interest income on balances due from depository institutions, a $97,000 or 12.6% decrease on interest income on mortgage backed securities, a $179,000 or 12.6% decrease in interest income from investment securities, and a $150,000 or 1.7% decrease in interest income on loans. The decrease in interest income on balances due from depository institutions was due to a 220 basis point or 84.0% decrease in rates earned on balances due from depository institutions and a $3.5 million or 9.8% decrease in the average balance of the balances due from depository institutions. The decrease in interest income on mortgage backed securities was due to a $3.8 million or 11.3% decrease in the average balance of the mortgage backed securities and a 7 basis point or 1.5% decrease in rates earned on mortgage backed securities. The decrease in interest earned on investment securities was due to a $6.4 million or 10.1% decrease in the average balance in investment securities and a 9 basis point or 1.9% decrease in rates earned on investment securities. The decrease in interest earned on loans was due to a 45 basis point or 6.9% decrease in rates earned on loans, partially offset by a $14.8 million or 5.5% increase in the average balance of the loans.
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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 $58.65 million; its shares were traded at around $8.5 with a P/E ratio of 283.33 and P/S ratio of 2.57. The dividend yield of Alliance Bancorp Inc of Pennsylvania stocks is 1.41%.
Highlight of Business Operations:
Total assets increased $12.3 million or 2.9% to $436.4 million at June 30, 2009 compared to $424.1 million at December 31, 2008. This increase was primarily due to a $20.1 million or 70.9% increase in total cash and cash equivalents and a $2.5 million or 0.9% increase in loans receivable, net of allowance for loan losses. The increase was partially offset by a $9.7 million or 25.6% decrease in investment securities available for sale and a $4.6 million or 14.5% decrease in mortgage backed securities available for sale. The increase in total cash and cash equivalents was primarily attributed to an increase in customer deposits as well as the decrease in investment securities available for sale that resulted from certain securities being called by the issuers and the decrease in mortgage backed securities available for sale which was due to normal principal repayments.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 $11.2 million or 2.57% of total assets at June 30, 2009 from $7.0 million or 1.65% 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 June 30, 2009, the $11.2 million of nonperforming assets consisted of $1.7 million of accruing loans 90 days or more delinquent, $7.4 million of nonaccrual loans, and $2.1 million in OREO. At June 30, 2009, the $7.4 million of nonaccrual loans consisted of two single family real estate loans totaling $1.4 million, ten commercial real estate loans totaling $1.8 million, one real estate construction loan in the amount of $3.9 million, and one commercial business loan in the amount of $248,000. The amount of specific reserves related to nonaccrual loans was $249,000 as of June 30, 2009. Management continues to aggressively pursue the collection and resolution of all delinquent loans.
General. Net income increased $129,000 or 152.6% to $213,000 or $0.03 per share for the three months ended June 30, 2009 as compared to $84,000 or $0.01 per share for the same period in 2008. The increase in net income was primarily due to the prior year $266,000 impairment charge on certain mutual funds and a $153,000 loss on the sale of certain mutual funds recorded during the three month period in 2008, and a increase in net interest income of $81,000 or 3.0% for the three months ended June 30, 2009 compared to the three months ended June 30, 2008. These items were partially offset by an increase in other expenses which included an increase of $277,000 or 543.1% in deposit insurance premiums for the three months ended June 30, 2009 when compared to the same period in 2008.
Net income increased $499,000 or 396.0% to $625,000 or $0.09 per share for the six months ended June 30, 2009 as compared to $126,000 or $0.02 per share for the same period in 2008. The increase in net income was primarily due to the prior year $629,000 impairment charge on certain mutual funds and a $153,000 loss on the sale of certain mutual funds recorded during the six month period in 2008, and a increase in net interest income of $370,000 or 7.0% for the six months ended June 30, 2009 compared to the six months ended June 30, 2008. These items were partially offset by an increase in other expenses which included an increase of $389,000 or 637.7% in deposit insurance premiums for the six months ended June 30, 2009, including a $195,000 charge for an FDIC special assessment payable on September 30, 2009, when compared to the same period in 2008.
Interest Income. Interest income decreased $314,000 or 5.7% to $5.2 million for the three months ended June 30, 2009, compared to the same period in 2008. The decrease was due to a $138,000 or 78.4% decrease in interest income on balances due from depository institutions, a $52,000 or 14.0% decrease on interest income on mortgage backed securities, a $49,000 or 7.2% decrease in interest income from investment securities, and a $75,000 or 1.7% decrease in interest income on loans. The decrease in interest income on balances due from depository institutions was due to a 165 basis point or 80.9% decrease in rates earned on balances due from depository institutions, partially offset by a $4.1 million or 11.9% increase in the average balance of the balances due from depository institutions. The decrease in interest income on mortgage backed securities was due to a $3.7 million or 11.2% decrease in the average balance of the mortgage backed securities and a 15 basis point or 3.3% decrease in rates earned on mortgage backed securities. The decrease in interest earned on investment securities was due to a $1.4 million or 2.5% decrease in the average balance in investment securities and a 23 basis point or 4.8% decrease in rates earned on investment securities. The decrease in interest earned on loans was due to a 33 basis point or 5.2% decrease in rates earned on loans, partially offset by a $10.0 million increase in the average balance of the loans.
Interest income decreased $830,000 or 7.3% to $10.6 million for the six months ended June 30, 2009, compared to the same period in 2008. The decrease was due to a $404,000 or 85.6% decrease in interest income on balances due from depository institutions, a $97,000 or 12.6% decrease on interest income on mortgage backed securities, a $179,000 or 12.6% decrease in interest income from investment securities, and a $150,000 or 1.7% decrease in interest income on loans. The decrease in interest income on balances due from depository institutions was due to a 220 basis point or 84.0% decrease in rates earned on balances due from depository institutions and a $3.5 million or 9.8% decrease in the average balance of the balances due from depository institutions. The decrease in interest income on mortgage backed securities was due to a $3.8 million or 11.3% decrease in the average balance of the mortgage backed securities and a 7 basis point or 1.5% decrease in rates earned on mortgage backed securities. The decrease in interest earned on investment securities was due to a $6.4 million or 10.1% decrease in the average balance in investment securities and a 9 basis point or 1.9% decrease in rates earned on investment securities. The decrease in interest earned on loans was due to a 45 basis point or 6.9% decrease in rates earned on loans, partially offset by a $14.8 million or 5.5% increase in the average balance of the loans.
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