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

Stocks in this article: ALLB

The Company's total assets decreased $3.5 million or 0.8% to $457.4 million at March 31, 2013 as compared to $460.9 million at December 31, 2012. Cash and cash equivalents decreased $2.8 million or 2.5% to $109.5 million and net loans receivable decreased $2.0 million or 0.7% to $276.9 million. Investment and mortgage-backed securities increased $1.4 million or 3.4% to $43.3 million at March 31, 2013. Customer deposits decreased $2.5 million or 0.7% to $368.6 million and borrowings decreased $378,000 or 11.6% to $2.9 million at March 31, 2013.  Total stockholders' equity amounted to $79.7 million or 17.4% of total assets as of March 31, 2013 compared to $80.0 million or 17.4% of total assets at December 31, 2012. 

Nonperforming assets decreased $186,000 to $7.5 million or 1.64% of total assets at March 31, 2013 as compared to $7.7 million or 1.67% of total assets at December 31, 2012. The nonperforming assets at March 31, 2013 included $5.5 million in nonperforming loans and $2.0 million in real estate owned. The decrease in nonperforming assets was primarily due to a $93,000 decrease in nonperforming loans and a $94,000 decrease in real estate owned as of March 31, 2013. Overall, nonperforming loans included $2.2 million in single-family residential real estate loans, $3.1 million in commercial real estate loans and $195,000 in student loans, which are fully guaranteed by the U.S. Government.  

Alliance Bancorp, Inc. of Pennsylvania is the holding company for Alliance Bank, a Pennsylvania chartered, FDIC-insured savings bank headquartered in Broomall, Pennsylvania. Alliance Bank operates nine full-service branch offices located in Delaware and Chester Counties, Pennsylvania.  

This news release contains forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend'" "plan," "estimate" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could" or "may."

Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors – many of which are beyond the Company's control – could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company's reports filed from time-to-time with the Securities and Exchange Commission describe some of these factors, including general economic conditions, changes in interest rates, deposit flows, the cost of funds, changes in credit quality and interest rate risks associated with the Company's business and operations. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events.  

(In thousands, except per share data)
  Three Months Ended
  March 31,
  2013 2012
Interest income $4,140 $4,471
Interest expense 665 874
Net interest income 3,475 3,597
Provision for loan losses 150 225
Other income 177 193
Other expenses 3,003 2,947
Income before income tax 499 618
Income tax expense  77 113
Net income $422 $505
Basic earnings per share $0.08 $0.10
Diluted earnings per share $0.08 $0.09
(In thousands, except per share data)
  March 31, December 31,
  2013 2012
Total assets $457,401 $460,915
Cash and cash equivalents 109,509 112,305
Investment and mortgage-backed securities 43,292 41,849
Loans receivable - net 276,925 278,876
Deposits 368,565 371,037
Borrowings 2,883 3,261
Total stockholders' equity 79,696 80,002
Number of shares outstanding 5,154 5,202
Book value per share $15.46 $15.38
CONTACT: Peter J. Meier, CFO
         Phone: (610) 359-6903
         Fax:(610) 359-6908

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