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Alliance Bancorp, Inc. Of Pennsylvania Reports Revised Fourth Quarter And Year End Results

BROOMALL, Pa., March 3, 2014 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:ALLB) today issued revised results, amending the results previously reported in its Press Release dated January 22, 2014 for the quarter and year ended December 31, 2013. The revision relates to the accounting treatment for the Company's fourth quarter sale and lease of a branch office. After consulting with our independent auditors, the Company originally reported a $667,000 pre-tax gain on sale of fixed assets. Upon further review performed during the preparation of the Company's audited financial statements to be included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, it was determined that the transaction is more appropriately accounted for as a deferred gain on sale of fixed assets and will be recognized in income over a 12 year period beginning January 1, 2014.  Also related to the gain on sale of fixed assets the Company's income tax expense was reduced by $227,000. As such, the previously reported fourth quarter and year end results for 2013 have been revised and are shown below.        

The Company reported net income of $21,000 or $.0045 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 $23,000 to $221,000 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 $434,000 for the quarter ended December 31, 2013 as compared to $41,000 for the same period in 2012.

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