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BROOMALL, Pa., Jan. 22, 2014 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:ALLB) announced today its results for the quarter and year ended December 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 February 21, 2014 to shareholders of record at the close of business on February 7, 2014.
The Company reported net income of $461,000 or $.10 per share for the quarter ended December 31, 2013 as compared to $435,000 or $.08 per share for the quarter ended December 31, 2012. Net interest income increased $127,000 or 3.6% to $3.6 million and other income increased $690,000 to $888,000 for the quarter ended December 31, 2013 as compared to the same period in 2012. Other expenses decreased $229,000 or 7.2% to $2.9 million while the provision for loan losses increased $400,000 to $450,000 for the quarter ended December 31, 2013 as compared to the same period in 2012. Income tax expense amounted to $661,000 for the quarter ended December 31, 2013 as compared to $41,000 for the same period in 2012.
The increase in net interest income for the quarter ended December 31, 2013 was due to a $153,000 or 21.3% decrease in interest expense on customer deposits and other borrowings, which was partially offset by a decrease of $26,000 or 0.6% in total interest income. The increase in other income was primarily due to the gain on sale of fixed assets which amounted to $667,000. The decrease in other expenses primarily resulted from lower amounts of salaries and employee benefits, FDIC deposit insurance premiums and provision for loss on REO which were partially offset by higher amounts of professional fees and other non-interest expenses. The increase in the provision for loan losses was primarily due to $712,000 in net loan charge-offs taken in the fourth quarter of 2013 as compared to $416,000 in net loan recoveries in the fourth quarter of 2012. The increase in income tax expense was primarily due to the Company's decision to record a $386,000 valuation allowance on its remaining capital loss carry-forwards which expire over the next three years.