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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. 23, 2013 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:ALLB) announced today its results for the quarter and nine months ended September 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 November 22, 2013 to shareholders of record at the close of business on November 8, 2013.

The Company reported net income of $533,000 or $.11 per share for the quarter ended September 30, 2013 as compared to net income of $640,000 or $.12 per share for the quarter ended September 30, 2012. Net interest income decreased $52,000 or 1.4% to $3.6 million and other income decreased $136,000 or 43.2% to $179,000 for the quarter ended September 30, 2013 as compared to the same period in 2012. Other expenses decreased $4,000 or 0.1% to $2.9 million and the provision for loan losses decreased $75,000 or 33.3% to $150,000 for the quarter ended September 30, 2013 as compared to the same period in 2012. Income tax expense amounted to $160,000 for the quarter ended September 30, 2013 as compared to $162,000 for the same period in 2012.

The $52,000 decrease in net interest income was primarily due to a $221,000 or 5.0% decrease in total interest and dividend income, which was partially offset by a decrease of $169,000 or 21.8% in interest expense on customer deposits and other borrowings. The decrease in other income was primarily due to the prior-year net gain on sale of certain real estate owned properties, which amounted to $125,000. The decrease in other expenses primarily resulted from decreases in advertising and marketing costs and FDIC deposit insurance premiums, which were mostly offset by salaries and employee benefits expense and professional fees. The decrease in the provision for loan losses in the third quarter of 2013 compared to the third quarter of 2012 was primarily due to a lower amount that was required to maintain an adequate allowance for loan losses at September 30, 2013.  The decrease in income tax expense was due to a lower level of taxable income in the 2013 period.

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