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BALA CYNWYD, Pa., Nov. 8 /PRNewswire-FirstCall/ -- Allegiance Bank of North America (OTC:ABPA) (BULLETIN BOARD: ABPA) , reported today its thirteenth consecutive profitable quarter of operations for the quarter ended September 30, 2005.
C. Andrew Cook, President and Chief Executive Officer noted the achievements of the organization in 2005 to date:
- The third quarter of 2005 marked the Bank's thirteenth consecutive
quarter of profitable operations. Earnings for the third quarter of
2005 increased to a record $327 thousand from $27 thousand during the
third quarter of 2004. Earnings per share rose to $0.07 in the third
quarter of 2005 from $0.01 in the third quarter of 2004.
- Net income for the nine months ended September 30, 2005 was $773
thousand, an increase of 146.2% over the $314 thousand reported for the
prior-year period. Earnings per share for the nine months ended
September 30, 2005 increased to $0.17 per share from $0.14 per share in
the 2004 period, an increase of 21.4%. The smaller percentage increase
in earnings per share was due to a doubling of outstanding shares as a
result of our issuance of common stock in an offering completed in
January 2005.
- Increased an already strong net interest margin. For the nine months
ended September 30, 2005, the Bank's net interest margin was 5.38%, an
increased 46 bps from the 4.92% reported in the 2004 nine-month period.
- For the three months ended September 30, 2005, our net interest margin
was 5.74%, an increase of 57 bps from the 5.17% reported in the
prior-year period.
- Total assets increased by 43.6% year over year to $116.6 million at
September 30, 2005 from $81.2 million a year earlier;
- Increased total loans by $23.2 million or 30.9% to $98.3 million at
September 30, 2005 from $75.1 million at September 30, 2004;
- Maintained superior asset quality with no non-performing loans at
September 30, 2005.
Net income for the third quarter 2005 was $327 thousand or $0.07 per share compared to $27 thousand or $0.01 per share for the third quarter of 2004. The increase in earnings was primarily the result of a $548 thousand increase in net interest income and $89 thousand increase in non-interest income. The increase in net interest income was driven by significant increases in earning assets and our net interest margin. These increases were partially offset by a 67.7% or $492 thousand increase in other expenses from $727 thousand during the third quarter of 2004 to $1.2 million in the third quarter of 2005.
Net interest income for the third quarter of 2005 increased 54.1% to $1.6 million from $1.0 million for the third quarter of 2004 reflecting continued growth in assets, primarily investments and loans. The increase in net interest income was primarily due to a $778 thousand increase in interest income driven by a 30.9% increase in the Bank's loan portfolio. Contributing to the increase in net interest income was an increase in our net interest margin to 5.74% for the three months ended September 30, 2005 versus 5.17% for the same period of 2004.
Non-interest income grew by 342.3% in the third quarter of 2005 to $115 thousand compared to $26 thousand for the same period in 2004. The increase in non-interest income was primarily due to mortgage banking activities, which generated $72 thousand of additional revenue.
The provision for loan losses fell $155 thousand from $285 thousand in the third quarter of 2004 to $130 thousand in 2005. The Bank had no non- performing assets at September 30, 2005.
For the nine months ended September 30, 2005, the Bank earned $773 thousand or $0.17 per share compared to $314 thousand or $0.14 per share during the prior-year period. Driven by continued growth in the loan portfolio and higher interest rates, interest income for the first nine months of 2005 increased 47.8% to $5.7 million compared to $3.9 million reported in the prior-year period. For the nine months ended September 30, 2005, our net interest margin was 5.38% versus 4.92% for the first nine months of 2004. Net interest income for the nine months ended September 30, 2005 amounted to $4.0 million, a 47.3% increase over the $2.7 million recorded in the same nine month period in 2004.
Non-interest income for the first nine months of 2005 was $336 thousand, an increase of $255 thousand from the same period in 2004, mainly driven by mortgage banking revenues which contributed $243 thousand over the nine-month period in 2005. Non-interest expenses totaled to $3.2 million for the nine months ended September 30, 2005, a 52.6% increase from the $2.1 million reported in the first nine months of 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 43.6% to $116.6 million at September 30, 2005 from $81.2 million at September 30, 2004. Investments increased $11.7 million or 317.4% from $3.7 million at September 30, 2004 to $15.3 million at September 30, 2005 while loans increased 30.9% or $23.2 million to $98.3 million at September 30, 2005 from $75.1 million one year earlier. Deposits increased 28.0% to $84.6 million at September 30, 2005 from $66.1 million at September 30, 2004. Short-term borrowings increased 110.7% or $4.2 million to $7.9 million at September 30, 2005 from $3.8 million one year prior to fund a portion of the investment growth.
At September 30, 2005, the Bank's allowance for loan losses equaled $1.3 million or 1.36% of total loans compared to $1.2 million or 1.54% of total loans at September 30, 2004. The Bank had no non-performing loans at September 30, 2005.
Stockholders' equity increased by $13.5 million to $22.6 million at September 30, 2005 compared to $9.1 million a year earlier. Stockholders' equity equaled 19.4% of total assets at September 30, 2005. In January 2005 the Bank issued 2,415,000 shares of its common stock in a public offering underwritten by Ryan Beck & Co. and received net proceeds of $12.7 million. Regulatory capital ratios are all well in excess of the "well-capitalized" threshold.
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.
ALLEGIANCE BANK OF NORTH AMERICA
Consolidated Balance Sheets
(in Thousands)
September 30, December 31, September 30,
2005 2004 2004
(unaudited) (unaudited)
ASSETS
Cash & due from banks $1,440 $1,097 $1,680
Interest bearing demand deposits 130 524 136
Federal funds sold - 1,142 117
Cash & Cash Equivalents 1,570 2,763 1,933
Securities available for sale 15,947 3,255 4,222
Loans receivable 98,343 81,204 75,112
Less: Allowance for loan losses (1,341) (931) (1,158)
Net loans receivable 97,002 80,273 73,954
Bank premises & equipment 1,154 627 556
Accrued interest receivable 610 343 356
Other assets 359 348 211
Total Assets $116,642 $87,609 $81,232
LIABILITIES & STOCKHOLDERS' EQUITY
LIABILITIES
Deposits
Non-interest bearing deposits $6,316 $4,439 $4,338
Interest bearing deposits (NOW,
MMDA) 30,117 24,868 24,086
Savings 999 786 802
Time deposits 47,129 38,425 36,854
Total Deposits 84,561 68,518 66,080
Borrowings 8,624 8,986 4,491
Accrued interest payable 109 115 93
Other liabilities 741 791 1,503
Total Liabilities 94,035 78,410 72,167
STOCKHOLDERS' EQUITY
Common Stock 4,781 2,362 2,363
Surplus 19,595 9,304 9,303
Accumulated deficit (1,677) (2,455) (2,605)
Accumulated other comprehensive
income (loss) (92) (12) 4
Total Stockholders' Equity 22,607 9,199 9,065
Total Liabilities &
Stockholders' Equity $116,642 $87,609 $81,232
ALLEGIANCE BANK OF NORTH AMERICA
Consolidated Income Statements
(in Thousands, except per share data)
Three Three Nine Nine
Months Months Months Months
ended ended ended ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2005 2004 2005 2004
(unaudited)(unaudited)(unaudited)(unaudited)
Interest Income:
Loans receivable $2,100 $1,408 $5,439 $3,802
Securities 99 21 175 65
Other 9 1 110 7
Total Interest
Income 2,208 1,430 5,724 3,874
Interest Expense:
Deposits 633 385 1,634 1,059
Borrowings 14 32 45 69
Total Interest
Expense 647 417 1,679 1,128
Net Interest
Income 1,561 1,013 4,045 2,746
Provision for loan losses 130 285 395 408
Net Interest income
after provision
for loan losses 1,431 728 3,650 2,338
Non-Interest Income
Customer service fees 31 17 73 54
Other 84 9 263 27
Total Non-Interest
Income 115 26 336 81
Non-Interest Expense
Salaries and employee
benefits 669 391 1,845 1,159
Occupancy 105 55 258 172
Equipment and data
processing 147 103 361 304
Advertising, marketing and
business development 33 21 155 77
Professional fees 110 67 225 177
Bank Shares tax 17 14 50 42
Other 138 76 319 174
Total Non-Interest
Expense 1,219 727 3,213 2,105
Income before
minority interests 327 27 773 314
Minority interest in
subsidiary - - - -
Net Income $327 $27 $773 $314
Earnings per share
Basic $0.07 $0.01 $0.17 $0.14
Diluted $0.07 $0.01 $0.17 $0.14
DATASOURCE: Allegiance Bank of North America
CONTACT: C. Andrew Cook, President and Chief Executive Officer of
Allegiance Bank of North America, +1-610-949-0760