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

BROOMALL, Pa., April 24, 2013 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of Pennsylvania (the "Company") (Nasdaq:ALLB) announced today its results for the quarter ended March 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 May 24, 2013 to shareholders of record at the close of business on May 10, 2013.

The Company reported net income of $422,000 or $.08 per share for the quarter ended March 31, 2013 as compared to net income of $505,000 or $.09 per share for the quarter ended March 31, 2012.  Net interest income decreased $122,000 or 3.4% to $3.5 million and other income decreased $16,000 or 8.3% to $177,000 for the quarter ended March 31, 2013 as compared to the same period in 2012. Other expenses increased $56,000 or 1.9% to $3.0 million and the provision for loan losses decreased $75,000 to $150,000 for the quarter ended March 31, 2013 as compared to the same period in 2012. Income tax expense amounted to $77,000 for the quarter ended March 31, 2013 as compared to $113,000 for the same period in 2012.

The decrease in net interest income was due to a $331,000 or 7.4% decrease in interest income   which was partially offset by a decrease of $209,000 or 23.9% in interest expense, substantially all of which was due to a decrease in interest expense on customer deposits. The decrease in other income was primarily due to a lower amount of other fee income.  The increase in other expenses primarily resulted from write-downs on certain real estate owned properties along with increases in advertising and marketing costs and professional fees. These increases were partially offset by a decrease in loan and real estate owned expense and a lower amount of FDIC deposit insurance premiums. The decrease in income tax expense was due to a lower level of taxable income.  

If you liked this article you might like

ALLB Ex-Dividend Reminder - 2/11/15

Alliance Bancorp Inc Of Pennsylvania Stock Upgraded (ALLB)

Alliance Bancorp Inc Of Pennsylvania Stock Downgraded (ALLB)

Alliance Bancorp Inc Of Pennsylvania Stock Upgraded (ALLB)

Alliance Bancorp Inc Of Pennsylvania Stock Downgraded (ALLB)