BROOMALL, Pa., April 24, 2013 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:ALLB) announced today its results for the quarter ended March 31, 2013. 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 May 24, 2013 to shareholders of record at the close of business on May 10, 2013.
The Company reported net income of $422,000 or $.08 per share for the quarter ended March 31, 2013 as compared to net income of $505,000 or $.09 per share for the quarter ended March 31, 2012. Net interest income decreased $122,000 or 3.4% to $3.5 million and other income decreased $16,000 or 8.3% to $177,000 for the quarter ended March 31, 2013 as compared to the same period in 2012. Other expenses increased $56,000 or 1.9% to $3.0 million and the provision for loan losses decreased $75,000 to $150,000 for the quarter ended March 31, 2013 as compared to the same period in 2012. Income tax expense amounted to $77,000 for the quarter ended March 31, 2013 as compared to $113,000 for the same period in 2012.
The decrease in net interest income was due to a $331,000 or 7.4% decrease in interest income which was partially offset by a decrease of $209,000 or 23.9% in interest expense, substantially all of which was due to a decrease in interest expense on customer deposits. The decrease in other income was primarily due to a lower amount of other fee income. The increase in other expenses primarily resulted from write-downs on certain real estate owned properties along with increases in advertising and marketing costs and professional fees. These increases were partially offset by a decrease in loan and real estate owned expense and a lower amount of FDIC deposit insurance premiums. The decrease in income tax expense was due to a lower level of taxable income.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV