BROOMALL, Pa., July 28, 2010 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:ALLB) announced today its results for the quarter and six months ended June 30, 2010. The Company also announced that its Board of Directors declared a regular quarterly cash dividend on the common stock of the Company of $.03 per share, payable on August 20, 2010 to shareholders of record at the close of business on August 6, 2010.
The Company reported net income of $78,000 or $.01 per share for the quarter ended June 30, 2010 as compared to net income of $213,000 or $.03 per share for the quarter ended June 30, 2009. Net interest income increased $477,000 or 17.1% to $3.3 million while other income decreased $7,000 or 2.3% to $292,000 for the quarter ended June 30, 2010 as compared to the same period in 2009. Other expenses increased $77,000 or 2.7% to $3.0 million and the provision for loan losses increased $575,000 to $650,000 for the quarter ended June 30, 2010 as compared to $75,000 for the same period in 2009. Lastly, income tax benefit increased $47,000 to $130,000 for the quarter ended June 30, 2010 as compared to $83,000 for the same period in 2009.
The increase in net interest income was primarily due to a $662,000 or 27.1% decrease in interest expense on customer deposits as a result of a decrease in rates paid, which more than offset a $185,000 or 3.5% decrease in interest income as a result of lower yields on interest-earning assets. In addition, the Company repaid $21.0 million in FHLB advances during the quarter which also had a favorable impact on net interest income. The decrease in other income was primarily due to lower amounts of income from Bank owned life insurance. The increase in other expenses primarily resulted from higher amounts of professional fees and provision for loss on other real estate owned which were partially offset by the prior period Federal Deposit Insurance Corporation ("FDIC") special assessment of $195,000 recorded on June 30, 2009. The increase in the provision for loan losses was primarily due to loan charge-offs of $455,000 which was primarily related to two commercial loan relationships, the level of delinquent loans and current economic conditions. The increase in the income tax benefit was due to a lower level of taxable income.