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BROOMALL, Pa., Oct. 22, 2010 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:ALLB) announced today its results for the quarter and nine months ended September 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 November 19, 2010 to shareholders of record at the close of business on November 5, 2010.
The Company reported net income of $209,000 or $.03 per share for the quarter ended September 30, 2010 as compared to net income of $459,000 or $.07 per share for the quarter ended September 30, 2009. Net interest income increased $573,000 or 19.3% to $3.5 million while other income decreased $27,000 or 8.7% to $282,000 for the quarter ended September 30, 2010 as compared to the same period in 2009. Other expenses increased $230,000 or 8.5% to $2.9 million and the provision for loan losses increased $675,000 to $750,000 for the quarter ended September 30, 2010 as compared to $75,000 for the same period in 2009. Lastly, income tax benefit amounted to $54,000 for the quarter ended September 30, 2010 as compared to income tax expense of $55,000 for the same period in 2009.
The increase in net interest income was primarily due to a $921,000 or 40.2% decrease in interest expense on customer deposits and FHLB advances, which more than offset a decrease of $348,000 or 6.6% in interest income primarily resulting from lower yields on interest-earning assets. In addition, the Company repaid its remaining $5.0 million in FHLB advances during the quarter. The decrease in other income was primarily due to the prior period gain on sale of other real estate owned. The increase in other expenses primarily resulted from higher amounts of professional fees due to litigation expense related to the protection of our Customer First mark. The increase in the provision for loan losses was primarily due to an increase in our allowance for loan losses primarily due to our quarter end valuation analysis primarily with respect to two loan relationships, $60,000 in charge-offs to our allowance for loan losses during the quarter, an increase in non-performing loans and current economic conditions. The decrease in the income tax expense was due to a lower level of taxable income.