BROOMALL, Pa., July 24, 2013 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:ALLB) announced today its results for the quarter and six months ended June 30, 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 August 23, 2013 to shareholders of record at the close of business on August 9, 2013.
The Company reported net income of $432,000 or $.09 per share for the quarter ended June 30, 2013 as compared to net income of $962,000 or $.18 per share for the quarter ended June 30, 2012. The 2012 net income included a onetime gain on sale of property held for future development totaling $806,000 ($532,000 net of taxes). Without the onetime gain, net income for the comparable period in 2012 would have been $430,000. Net interest income increased $1,000 to $3.5 million while other income decreased $1.0 million or 83.7% to $201,000 for the quarter ended June 30, 2013 as compared to the same period in 2012. Other expenses increased $130,000 or 4.5% to $3.0 million and the provision for loan losses decreased $375,000 or 71.4% to $150,000 for the quarter ended June 30, 2013 as compared to the same period in 2012. Income tax expense amounted to $89,000 for the quarter ended June 30, 2013 as compared to $343,000 for the same period in 2012.
The increase in net interest income was primarily due to a $220,000 or 26.1% decrease in interest expense on customer deposits and other borrowings, which was mostly offset by a decrease of $219,000 or 5.1% in interest income on loans and securities. The decrease in other income was primarily due to the prior-year gain on sale of property held for future development, which amounted to $806,000. The increase in other expenses primarily resulted from increases in salaries and employee benefits expense and professional fees, which were partially offset by decreases in advertising and marketing costs and FDIC deposit insurance premiums. The decrease in the provision for loan losses in the second quarter of 2013 compared to the second quarter of 2012 was primarily due to providing additional specific reserves of $413,000 for two former participation loans in the prior year. The decrease in income tax expense was due to a lower level of taxable income in the 2013 period.
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 Plus 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