BROOMALL, Pa., Jan. 23, 2013 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:ALLB) announced today its results for the quarter and year ended December 31, 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 February 22, 2013 to shareholders of record at the close of business on February 8, 2013.
The Company reported net income of $435,000 or $.08 per share for the quarter ended December 31, 2012 as compared to $608,000 or $.11 per share for the quarter ended December 31, 2011. Net interest income decreased $88,000 or 2.5% to $3.5 million while other income increased $5,000 or 2.6% to $198,000 for the quarter ended December 31, 2012 as compared to the same period in 2011. Other expenses increased $377,000 or 13.5% to $3.2 million and the provision for loan losses decreased $175,000 to $50,000 for the quarter ended December 31, 2012 as compared to the same period in 2011. Income tax expense amounted to $41,000 for the quarter ended December 31, 2012 as compared to $153,000 for the same period in 2011.
The decrease in net interest income was primarily due to a $265,000 or 5.9% decrease in interest income on loans and securities, which was partially offset by a decrease of $177,000 or 19.8% in interest expense on customer deposits and borrowings. The increase in other income was primarily due to rental income from certain REO properties. The increase in other expenses primarily resulted from $302,000 in provision for write-downs on certain REO properties and increases in salaries and employee benefits expense, which were partially offset by lower amounts of professional fees. The decrease in the provision for loan losses in the fourth quarter of 2012 compared to the fourth quarter of 2011 was due to the recovery of $418,000 that resulted from the borrowers' cash sale of property that secured a $3.2 million non-accrual real estate construction loan. The decrease in income tax expense was due to a lower level of taxable income in the 2012 period.