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Alliance Bancorp, Inc. Of Pennsylvania Reports Third Quarter Results And Regular Quarterly Cash Dividend

Stocks in this article: ALLB

BROOMALL, Pa., Oct. 22, 2012 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:ALLB) announced today its results for the quarter and nine months ended September 30, 2012. The Company also announced that its Board of Directors declared a regular quarterly cash dividend on the common stock of the Company of $.05 per share, payable on November 23, 2012 to shareholders of record at the close of business on November 9, 2012.

The Company reported net income of $640,000 or $.12 per share for the quarter ended September 30, 2012 as compared to a net loss of $778,000 or $.15 per share for the quarter ended September 30, 2011. Net interest income decreased $71,000 or 1.9% to $3.6 million while other income increased $102,000 or 47.9% to $315,000 for the quarter ended September 30, 2012 as compared to the same period in 2011. Other expenses increased $79,000 or 2.8% to $2.9 million and the provision for loan losses decreased $2.2 million to $225,000 for the quarter ended September 30, 2012 as compared to the same period in 2011. Income tax expense amounted to $162,000 for the quarter ended September 30, 2012 as compared to an income tax benefit of $572,000 for the same period in 2011.

The decrease in net interest income was primarily due to a $302,000 or 6.4% decrease in interest income on loans and securities, which was partially offset by a decrease of $231,000 or 23.0% in interest expense on customer deposits and borrowings. The increase in other income was primarily due to a net gain on sale of certain REO properties, which amounted to $125,000. The increase in other expenses primarily resulted from increases in salaries and employee benefits expense, advertising and marketing costs and FDIC deposit insurance premiums, which were partially offset by lower amounts of professional fees and loan and other real estate owned expense. The significant decrease in the provision for loan losses in the third quarter of 2012 compared to the third quarter of 2011 was primarily due to providing prior-year additional reserves on two real estate construction loans.  The increase in income tax expense was due to a higher level of taxable income in the 2012 period.

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