FOR IMMEDIATE RELEASE Contact: Peter J. Meier, CFO Phone:
(610) 359-6903
Fax: (610) 359-6908
ALLIANCE BANCORP, INC. OF PENNSYLVANIA REPORTS FOURTH QUARTER AND YEAR END RESULTS AND REGULAR QUARTERLY CASH DIVIDEND
Broomall, Pennsylvania. January 25, 2012 - Alliance Bancorp,
Inc. of Pennsylvania (the "Company") (NASDAQ Global Market:
ALLB) announced today its results for the quarter and year
ended December 31, 2011. 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 24, 2012 to shareholders of record at the close
of business on February 10, 2012.
The Company reported net income of $608,000 or $.11 per share
for the quarter ended December
31, 2011 as compared to net income of $606,000 or $.11 per
share for the quarter ended December 31, 2010. Net interest
income increased $109,000 or 3.1% to $3.6 million and other
income decreased $51,000 or 20.9% to $193,000 for the quarter
ended December 31, 2011 as compared to the same period in
2010. Other expenses increased $9,000 or 0.3% to $2.8 million
and the provision for loan losses increased $25,000 to
$225,000 for the quarter ended December
31, 2011 as compared to the same period in 2010. Lastly,
income tax expense of $153,000 was recorded for the quarter
ended December 31, 2011 as compared to $131,000 for the same
period in 2010 due to a higher amount of taxable income in
the 2011 quarter.
The increase in net interest income was primarily due to a
$383,000 or 30.0% decrease in interest expense on customer
deposits primarily as a result of a decrease in rates paid
which was partially offset by a decrease in interest income
of $274,000 or 5.8% primarily due to lower yields on
interest-earning assets. The decrease in other income was
primarily due to the elimination of management fees received
from the Company's former mutual holding company due to the
successful completion of the Company's reorganization and
stock offering in January 2011 and the elimination of the
mutual holding company. The increase in other expenses
primarily resulted from higher amounts of salaries and
benefits, advertising and marketing costs and professional
fees, which were mostly offset by lower amounts of occupancy
and equipment expense, FDIC deposit insurance premiums and
other noninterest expenses. The increase in the provision for
loan losses in the fourth quarter of 2011 compared to the
fourth quarter of 2010 was primarily due to $287,000 in
charge-offs and updated valuations of collateral securing
certain real estate construction and commercial real estate
loans.
For the year ended December 31, 2011, net income amounted to
$1.15 million or $.21 per share as compared to net income of
$1.08 million or $.20 per share for the year ended December
31,
2010. Net interest income increased $1.2 million or 9.1% to
$14.6 million and other income decreased $358,000 or 33.0% to
$726,000 for the year ended December 31, 2011 as compared to
541 Lawrence Road • Broomall, PA 19008-3599 • Phone: 610-353-2900 • Fax: 610-359-6908
www.allianceanytime.com
the same period in 2010. Other expenses decreased $396,000 or
3.5% to $11.0 million and the provision for loan losses
increased $1.1 million to $3.2 million for the year ended
December 31,
2011 as compared to $2.1 million for the same period in 2010.
Lastly, an income tax benefit of
$79,000 was recorded for the year ended December 31, 2011 as
compared to an income tax benefit of $128,000 for the same
period in 2010.
The increase in net interest income was primarily due to a
$2.3 million or 36.2% decrease in interest expense on
customer deposits and FHLB advances as a result of a decrease
in rates paid and the repayment of all outstanding FHLB
advances in 2010. These decreases were partially offset by a
decrease in interest income of $1.1 million or 5.7% primarily
due to lower yields on interest-earning assets. The decrease
in other income was primarily due to the elimination of
management fees received from the Company's former mutual
holding company due to the completion of the Company's
reorganization and stock offering in January 2011. The
decrease in other expenses primarily resulted from decreases
in occupancy and equipment expense, professional fees, FDIC
deposit insurance premiums and the provision for loss on
other real estate owned. These decreases were partially
offset by increases in salaries and benefits, advertising and
marketing costs and other noninterest expenses. The increase
in the provision for loan losses in 2011 compared to 2010
primarily resulted from $3.7 million in charge-offs taken in
the third quarter of 2011 on two non-accrual real estate
construction loans as previously reported.
The Company's total assets increased $15.0 million or 3.3% to
$469.5 million at December 31,
2011 as compared to $454.5 million at December 31, 2010. Cash
and cash equivalents increased
$34.0 million or 54.9% to $95.9 million and investment and
mortgage-backed securities decreased $21.0 million or 27.1%
to $56.5 million. In addition, net loans receivable
decreased
$759,000 to $285.3 million at December 31, 2011. Customer
deposits decreased $8.5 million or
2.2% to $376.0 million while borrowings decreased $3.5
million or 47.5% to $3.9 million at December 31, 2011. Total
stockholders' equity increased $34.0 million or 69.4% to
$83.0 million or 17.7% of total assets as of December 31,
2011 compared to $49.0 million or 10.8% of total assets at
December 31, 2010, primarily as a result of the net proceeds
received from the stock offering completed in January
2011.
Nonperforming assets decreased $2.0 million to $17.0 million
or 3.63% of total assets at December 31, 2011 as compared to
$19.0 million or 4.17% of total assets at December 31, 2010.
The nonperforming assets at December 31, 2011 included $14.4
million in nonperforming loans and $2.6 million in other real
estate owned. The decrease in nonperforming assets in 2011
was primarily due to a $3.7 million decrease in nonperforming
real estate construction loans that was primarily due to the
$3.7 million in charge-offs taken in the third quarter of
2011. In addition, other changes in nonperforming assets
included an $88,000 decrease in other real estate owned,
a
$690,000 increase in nonperforming single-family residential
real estate loans, a $888,000 increase in non-performing
commercial real estate loans, a $7,000 increase in
non-performing commercial business loans and a $277,000
increase in non-performing student loans as of December 31,
2011. Overall, nonperforming loans included $3.1 million in
single-family residential real estate loans, $3.0 million in
commercial real estate loans, $7.7 million in real estate
construction loans, $81,000 in commercial business loans and
$561,000 in student loans which are fully guaranteed by the
U.S. Government. The allowance for loan losses amounted
to
$4.0 million or 27.7% of nonperforming loans at December 31,
2011 as compared to $5.1 million or 31.2% of non-performing
loans at December 31, 2010.
President and CEO Dennis D. Cirucci stated that "We are
pleased with the substantial improvement in net interest
income in 2011, which provided the support to allow for $2.9
million in loan charge-offs (net of taxes) and still report a
positive net income for the year." He added that "The
management team remains laser focused on resolution of all
troubled loans in the portfolio and the continued improvement
in earnings."
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)
Interest income Interest expense | Three Months Ended December 31, 2011 2010 | Year Ended December 31, 2011 2010 | |
Interest income Interest expense | $4,473 $4,747 | $18,677 $19,797 | |
Interest income Interest expense | 895 1,278 | 4,104 6,434 | |
Net interest income | 3,578 3,469 | 14,573 13,363 | |
Provision for loan losses | 225 200 | 3,250 2,120 | |
Other income | 193 244 | 726 1,084 | |
Other expenses |
*Basic and dilutive earnings per share for the prior periods have been adjusted to reflect the impact of the second- step conversion and reorganization of the Company, which occurred in January 2011.
UNAUDITED SELECTED CONSOLIDATED FINANCIAL DATA(In thousands)
At December 31,
2011 | 2010 | |
Total assets | $469,487 | $454,476 |
Cash and cash equivalents | 95,852 | 61,891 |
Investment and mortgage-backed securities | 56,548 | 77,574 |
Loans receivable - net | 285,297 | 286,056 |
Deposits | 376,048 | 384,595 |
Borrowings | 3,878 | 7,384 |
Total stockholders' equity | 82,995 | 48,991 |
distribué par | Ce noodl a été diffusé par Alliance Bancorp Inc. of Pennsylvania et initialement mise en ligne sur le site http://www.alliancebk.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-26 14:49:23 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
Documents associés | |
Alliance Bancorp, Inc. of Pennsylvania Reports Fourth Quarter and Year End Results and Regular Quarterly Cash Dividend |