Allegiance Bank of North America Reports Record Operating Results for Quarter Ended March 31, 2005

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
A.B.Ports Assd	LSE:ABPA	London	Ordinary Share	GB00B1765577	ORD 25P (ASSD ADMIRAL LN NTS)

Industry Sector	Turnover	Profit	EPS - Basic	PE Ratio	Market Cap
	0	0		N/A	0

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Allegiance Bank of North America Reports Record Operating Results for Quarter Ended March 31, 2005 BALA CYNWYD, Pa., May 2 /PRNewswire-FirstCall/ -- Allegiance Bank of North America (OTC:ABPA) (BULLETIN BOARD: ABPA) , reported today its eleventh consecutive profitable quarter of operations with record operating results for the quarter ended March 31, 2005. Significant events during 2005 include the following: * The Bank recorded its eleventh consecutive quarter of profitable operations. * Further strengthening of our net interest margin. For the quarter ended March 31, 2005, the Bank's net interest margin grew 65 bps from the prior year period to 5.31% and 65 bps from the 4.66% reported in the fourth quarter of 2004; * Total assets increased to $100.8 million at March 31, 2005 from $71.4 million at March 31, 2004, representing a 41.2% increase over the prior year period; * Successfully completed a common stock offering underwritten by Ryan Beck & Co. raising approximately $12.7 million of additional capital to support the continued growth of the Bank. The Bank's shares were listed for quotation on the OTC Bulletin Board on January 13, 2005; * Opened the Bank's second branch, located in the Old City section of Philadelphia. The branch successfully opened for business on April 21, 2005; Net income for the first quarter 2005 was $231 thousand or $0.05 per share compared to $130 thousand or $0.06 for the first quarter of 2004. The decline in earnings per share was due to a doubling of outstanding shares as a result of our common stock offering completed in January. The increase in net income is primarily the result of a $341 thousand or 40.3% increase in net interest income to $1.2 million in the first quarter of 2005 from $846 thousand for the same period in 2004 and an $89 thousand or 387.0% increase in non-interest income to $112 thousand in the first quarter of 2005 from $23 thousand for the same period of 2004. The increases were partially offset by a $69 thousand or 116.9% increase in the provision for loan losses to $128 thousand in the first quarter of 2005 from $59 thousand in the first quarter of 2004 and a $260 thousand or 38.2% increase in non-interest expenses to $940 thousand in the first quarter of 2005 from $680 thousand in the first quarter of 2004. The increase in net interest income was primarily due to $438 thousand increase in interest income to $1.6 million in the first quarter of 2005 from $1.2 million in the first quarter of 2004. Substantially all of the increase in interest income was due to an increase in interest on loans receivable which increased $414 thousand. The increase in loan interest income was driven by a 21.4% increase in the Bank's loan portfolio to $82.7 million at March 31, 2005 from $68.1 million at March 31, 2004. The increase in the loan loss provision was related to the increase in the loan portfolio. Net interest income for the first quarter of 2005 increased by 40.3% to $1.2 million from $846 thousand for the first quarter of 2004 reflecting continued growth in assets, primarily loans. The Company's net interest margin improved to 5.31% for the first quarter 2005 compared to 4.66% for the same period in 2004 and 4.66% for the fourth quarter of 2004. To further support continued growth of our franchise, the Bank opened its second branch in April 2005 which should stimulate further deposit growth and improve our deposit mix by emphasizing lower cost core deposit generation. Non-interest income grew by 387.0% in the first quarter of 2005 to $112 thousand compared to $23 thousand for the same period in 2004. Non-interest income represented 8.6% of total revenue for the quarter ended March 31, 2005 compared to 2.6% for the same period in 2004. The increase in non-interest income was primarily due to mortgage banking activities, which generated $84 thousand of income in the first quarter of 2005 compared to $0 for the same period in 2004. Assets increased 41.2% to $100.8 million from $71.4 million at March 31, 2004 fueled by a $17.0 million or 28.5% increase in deposits from $59.4 million in March 31, 2004 to $76.4 million at March 31, 2005 and the $12.7 million proceeds from the stock offering. Total loans increased 21.4% or $14.6 million to $82.7 million at March 31, 2005 from $68.1 million one year earlier. Investment securities totaled $12.5 million at March 31, 2005, an increase of $10.6 million over the year earlier period due in large part to the purchase of short-term investment with the offering proceeds during the quarter. At quarter-end, the Bank's allowance for loan losses equaled $1.1 million or 1.28% of total loans and 641% of non-performing loans. Non-performing loans totaled $165 thousand or 0.20% of total loans and 0.16% of total assets at March 31, 2005. Non-performing loans totaled $165 thousand at December 31, 2004. Stockholders' equity increased by $12.9 million to $22.1 million at March 31, 2005 from $9.2 million at December 31, 2004. At quarter end, stockholders' equity equaled 21.9% of total assets compared to 10.5% at December 31, 2004. In mid-January 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 of $12.7 million. The Bank's regulatory capital ratios are all significantly above the "well-capitalized" threshold. Allegiance Bank of North America President and Chief Executive Officer C. Andrew Cook commented, "We are pleased to report our eleventh consecutive quarter of profitability. We are particularly pleased with the significant increase in our net income and continued improvement in our net interest margin, which increased to 5.31% for the first quarter. With the opening of our second branch, located in the Old City section of Philadelphia, we expect to increase core deposits and generate new loans to support the Bank's continued growth." Allegiance Bank of North America is a Pennsylvania state-chartered full- service commercial bank formed in 1999, headquartered in Bala Cynwyd, Pennsylvania. The Bank offers a sophisticated package of services beyond traditional bank services, such as escrow account management, specialty real estate lending programs, internet banking and non-bank services including title insurance, real estate settlement services, financial planning, life and health insurance and retirement programs through its three subsidiaries, Allegiance Financial Services, Inc., AllSearch Abstract, LLC, and Paramount 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 of 1995. Amounts herein could vary as a result of market and other factors. Such forward-looking statements 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; changes in legislation or regulation; and other economic, competitive, governmental, regulatory, and technological factors affecting the Company's operations, pricing, products and services. DATASOURCE: Allegiance Bank of North America CONTACT: C. Andrew Cook, President and Chief Executive Officer, Allegiance Bank of North America, +1-610-949-0760

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ABPA A.B.Ports Assd