Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 2.54 0.14%
NASDAQ 4,095.52 9.29 0.23%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,516.27 98.74 0.68%
TOPIX 1,173.37 6.78 0.58%
HANG SENG 22,760.24 64.23 0.28%

Alliance Bancorp, Inc. of Pennsylvania Reports Fourth Quarter and Year End Results and Regular Quarterly Cash Dividend



Alliance Bancorp, Inc. of Pennsylvania Reports Fourth Quarter and Year End
Results and Regular Quarterly Cash Dividend

BROOMALL, Pa., Jan. 23, 2013 (GLOBE NEWSWIRE) -- Alliance Bancorp, Inc. of
Pennsylvania (the "Company") (Nasdaq:ALLB) announced today its results for the
quarter and year ended December 31, 2012. 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 22, 2013 to
shareholders of record at the close of business on February 8, 2013.

The Company reported net income of $435,000 or $.08 per share for the quarter
ended December 31, 2012 as compared to $608,000 or $.11 per share for the
quarter ended December 31, 2011. Net interest income decreased $88,000 or 2.5%
to $3.5 million while other income increased $5,000 or 2.6% to $198,000 for
the quarter ended December 31, 2012 as compared to the same period in 2011.
Other expenses increased $377,000 or 13.5% to $3.2 million and the provision
for loan losses decreased $175,000 to $50,000 for the quarter ended December
31, 2012 as compared to the same period in 2011. Income tax expense amounted
to $41,000 for the quarter ended December 31, 2012 as compared to $153,000 for
the same period in 2011.

The decrease in net interest income was primarily due to a $265,000 or 5.9%
decrease in interest income on loans and securities, which was partially
offset by a decrease of $177,000 or 19.8% in interest expense on customer
deposits and borrowings. The increase in other income was primarily due to
rental income from certain REO properties. The increase in other expenses
primarily resulted from $302,000 in provision for write-downs on certain REO
properties and increases in salaries and employee benefits expense, which were
partially offset by lower amounts of professional fees. The decrease in the
provision for loan losses in the fourth quarter of 2012 compared to the fourth
quarter of 2011 was due to the recovery of $418,000 that resulted from the
borrowers' cash sale of property that secured a $3.2 million non-accrual real
estate construction loan. The decrease in income tax expense was due to a
lower level of taxable income in the 2012 period.

For the year ended December 31, 2012, net income amounted to $2.5 million or
$.48 per share as compared to net income of $1.1 million or $.21 per share for
the year ended December 31, 2011. Net interest income decreased $374,000 or
2.6% to $14.2 million while other income increased $1.2 million to $1.9
million for the year ended December 31, 2012 as compared to 2011. Other
expenses increased $931,000 or 8.5% to $11.9 million and the provision for
loan losses decreased $2.2 million to $1.0 million for the year ended December
31, 2012 as compared to $3.2 million for 2011. Lastly, income tax expense
amounted to $659,000 for the year ended December 31, 2012 as compared to an
income tax benefit of $79,000 for 2011.

The decrease in net interest income was primarily due to a $1.3 million or
6.8% decrease in interest income on loans and securities, which was partially
offset by a decrease of $894,000 or 21.8% in interest expense on customer
deposits and borrowings. The increase in other income was primarily due to the
gain on sale of property held for future development which amounted to
$806,000, and to a lesser extent, net gains from the sale of other real estate
owned which amounted to $326,000. The increase in other expenses primarily
resulted from provisions for write-downs on certain REO properties, increases
in salaries and benefits expense and advertising and marketing costs which
were partially offset by decreases in FDIC deposit insurance premiums,
professional fees and other non-interest expense. The decrease in the
provision for loan losses during 2012 compared to 2011 was primarily due to
the prior-year charge-offs of $3.7 million recorded in September 2011 on two
former real estate construction loans. The increase in income tax expense was
due to a higher level of taxable income for the year ended 2012.

The Company's total assets decreased $8.6 million or 1.8% to $460.9 million at
December 31, 2012 as compared to $469.5 million at December 31, 2011. Cash and
cash equivalents increased $16.5 million or 17.2% to $112.3 million, while net
loans receivable decreased $6.4 million or 2.3% to $278.9 million. Investment
and mortgage-backed securities decreased $14.7 million or 26.0% to $41.8
million at December 31, 2012. Customer deposits decreased $5.0 million or 1.3%
to $371.0 million and borrowings decreased $617,000 or 15.9% to $3.3 million
at December 31, 2012.  Total stockholders' equity amounted to $80.0 million or
17.4% of total assets as of December 31, 2012 compared to $83.0 million or
17.7% of total assets at December 31, 2012. 

President and CEO Dennis D. Cirucci stated that, "In spite of the many
challenges faced by community banks over the past year, we are pleased with
our 2012 results especially given the progress we achieved in significantly
reducing our nonperforming assets. As of year-end, the Company has purchased
272,703 shares of our common stock representing 49.8% of the previously
announced share repurchase program in January 2012." Mr. Cirucci further
stated "We are pleased to report that the Board of Directors has approved a
one-year extension of this program to continue to purchase up to 10% of its
outstanding shares, or 547,433 shares of common stock through January 2014."
  

Nonperforming assets decreased $9.3 million to $7.7 million or 1.67% of total
assets at December 31, 2012 as compared to $17.0 million or 3.63% of total
assets at December 31, 2011. The nonperforming assets at December 31, 2012
included $5.6 million in nonperforming loans and $2.1 million in other real
estate owned. The decrease in nonperforming assets was primarily due to an
$8.8 million decrease in nonperforming loans that primarily resulted from the
cash sale of a $3.2 million non-performing construction loan previously
mentioned and the transfer of $4.4 million of former nonperforming real estate
loans to REO during the year ended December 31, 2012. Regarding the $4.4
million in loans transferred to REO, the Company has completed a $2.7 million
sale of a previously owned multi-family REO property that had a carrying value
of $2.7 million in the fourth quarter of 2012. As of December 31, 2012,
nonperforming loans included $2.4 million in single-family residential real
estate loans, $2.9 million in commercial real estate loans and $324,000 in
student loans, which are fully guaranteed by the U.S. Government. The
allowance for loan losses amounted to $4.9 million or 87.8% of nonperforming
loans at December 31, 2012 as compared to $4.0 million or 27.7% at December
31, 2011.

Alliance Bancorp, Inc. of Pennsylvania is the holding company for Alliance
Bank, a Pennsylvania chartered, FDIC-insured savings bank headquartered in
Broomall, Pennsylvania. Alliance Bank operates nine full-service branch
offices located in Delaware and Chester Counties, Pennsylvania.  

This news release contains forward-looking statements. Forward-looking
statements can be identified by the fact that they do not relate strictly to
historical or current facts. They often include the words "believe," "expect,"
"anticipate," "intend'" "plan," "estimate" or words of similar meaning, or
future or conditional verbs such as "will," "would," "should," "could" or
"may."

Forward-looking statements, by their nature, are subject to risks and
uncertainties. A number of factors – many of which are beyond the Company's
control – could cause actual conditions, events or results to differ
significantly from those described in the forward-looking statements. The
Company's reports filed from time-to-time with the Securities and Exchange
Commission describe some of these factors, including general economic
conditions, changes in interest rates, deposit flows, the cost of funds,
changes in credit quality and interest rate risks associated with the
Company's business and operations. Forward-looking statements speak only as of
the date they are made. The Company does not undertake to update
forward-looking statements to reflect circumstances or events that occur after
the date the forward-looking statements are made or to reflect the occurrence
of unanticipated events.

  

ALLIANCE BANCORP, INC. OF PENNSYLVANIA
                                                                       
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
                                                                       
                                          Three Months Ended Year Ended
                                          December 31,       December 31,
                                          2012      2011     2012     2011
Interest income                           $4,208    $4,473   $17,409  $18,677
Interest expense                           718       895      3,210    4,104
Net interest income                        3,490     3,578    14,199   14,573
Provision for loan losses                  50        225      1,025    3,250
Other income                               198       193      1,937    726
Other expenses                             3,162     2,785    11,910   10,979
Income before tax expense (benefit)        476       761      3,201    1,070
Income tax expense (benefit)               41        153      659       (79)
Net income                                 $ 435     $ 608    $ 2,542  $ 1,149
                                                                       
Basic earnings per share                   $0.08     $0.12    $0.48    $0.22
                                                                       
Dilutive earnings per share                $0.08     $0.11    $0.48    $0.21
                                                                       
 
                                                                       
UNAUDITED SELECTED CONSOLIDATED FINANCIAL DATA
(In thousands, except per share data)
                                                                       
                                                             At December 31,
                                                             2012     2011
Total assets                                                 $460,915 $469,487
Cash and cash equivalents                                    112,305  95,852
Investment and mortgage-backed securities                    41,849   56,548
Loans receivable - net                                       278,876  285,297
Deposits                                                     371,037  376,048
Borrowings                                                   3,261    3,878
Total stockholders' equity                                   80,002   82,995
                                                                       
Shares outstanding                                           5,202    5,474
                                                                       
Tangible book value per share                                $15.38   $15.16
                                                                       

CONTACT: Peter J. Meier, CFO
         Phone: (610) 359-6903
         Fax: (610) 359-6908
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement