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Article Excerpt
BALA CYNWYD, Pa. -- Allegiance Bank of North America (the Bank) reported a net loss of $519,000, or $0.11 per share, for the third quarter of 2009, compared to a net loss of $670,000, or $.14 per share for the third quarter of 2008. The Bank continued its efforts to reduce non-performing loans during the third quarter of 2009. The $7.4 million balance of non-performing loans at September 30, 2009 was $2.8 million, or 28%, less than the balance at June 30, 2009 as a result of the sale of the Paramount Mortgage and Capital, LLC (Paramount) loan portfolio, the sale of one Bank non-performing loan and loan charge-offs to adjust non-performing loans fair value. As previously disclosed, during the first half of 2009, the Bank initiated a strategy to significantly reduce its non-performing loans by reclassifying its Paramount loan portfolio from "loans receivable" to "loans held for sale."
Management made the decision to shut down Paramount operations on February 29, 2008, due to a rise in delinquencies....
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