0001065407-11-000749.txt : 20111028 0001065407-11-000749.hdr.sgml : 20111028 20111028145023 ACCESSION NUMBER: 0001065407-11-000749 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20111027 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20111028 DATE AS OF CHANGE: 20111028 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Alliance Bancorp, Inc. of Pennsylvania CENTRAL INDEX KEY: 0001500711 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 000000000 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-54246 FILM NUMBER: 111164868 BUSINESS ADDRESS: STREET 1: 541 LAWRENCE ROAD CITY: BROOMALL STATE: PA ZIP: 19008 BUSINESS PHONE: (610) 353-2900 MAIL ADDRESS: STREET 1: 541 LAWRENCE ROAD CITY: BROOMALL STATE: PA ZIP: 19008 8-K 1 form8k.htm FORM 8-K form8k.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
   
Washington, D.C.  20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
   
   
 
Date of Report (Date of earliest event reported)
October 27, 2011
 
   
Alliance Bancorp, Inc. of Pennsylvania
(Exact name of registrant as specified in its charter)
   
   
Pennsylvania
000-54246
90-0606221
(State or other jurisdiction
(Commission File Number)
(IRS Employer
of incorporation)
Identification No.)
 
 
541 Lawrence Road, Broomall, Pennsylvania
  
19008
(Address of principal executive offices)
(Zip Code)
   
   
 
Registrant’s telephone number, including area code
  (610) 353-2900
 
 
Not Applicable
(Former name or former address, if changed since last report)
   
   
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
 
[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
 
ITEM 2.02
Results of Operations and Financial Condition
 
On October 27, 2011, Alliance Bancorp, Inc. of Pennsylvania (the “Corporation”) issued a press release announcing its results of operations for the quarter and nine months ended September 30, 2011. A copy of the press release, dated October 27, 2011, is included as Exhibit 99.1 and is incorporated herein by reference.
 
ITEM 9.01
Financial Statements and Exhibits
   
  (a)
Not applicable.
  (b)
Not applicable.
  (c)
Not applicable.
  (d)
Exhibits
 
The following exhibits are filed herewith.
 
 
 
  
Exhibit Number
    
Description
 
 
    99.1   Press Release, dated October 27, 2011
 
 
 
 
* This information, including the press release filed as Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1
 
SIGNATURES
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
ALLIANCE BANCORP, INC. OF PENNSYLVANIA
     
     
     
Date:  October 28, 2011
By:
/s/ Peter J. Meier
   
Peter J. Meier
   
Executive Vice President and
   
  Chief Financial Officer
 
 
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2
 EX-99.1 2 pr.htm PRESS RELEASE pr.htm
 
Exhibit 99.1
 
PRESS RELEASE
 
 
FOR IMMEDIATE RELEASE      Contact:  Peter J. Meier, CFO
    Phone:  (610) 359-6903
    Fax: (610) 359-6908
 
                                                                                                                          
ALLIANCE BANCORP, INC. OF PENNSYLVANIA REPORTS THIRD
QUARTER RESULTS AND REGULAR QUARTERLY CASH DIVIDEND
 
Broomall, Pennsylvania.  October 27, 2011 – Alliance Bancorp, Inc. of Pennsylvania (the “Company”) (NASDAQ Global Market:  ALLB) announced today its results for the quarter and nine months ended September 30, 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 November 18, 2011 to shareholders of record at the close of business on November 4, 2011.
 
The Company reported a net loss of $778,000 or $.15 per share for the quarter ended September 30, 2011 as compared to net income of $209,000 or $.04 per share for the quarter ended September 30, 2010.  The net loss for the third quarter was primarily due to an increase of $1.7 million in the provision for loan losses to $2.4 million for the quarter as compared to $750,000 for the same period in 2010.  The increased provision was made primarily due to the receipt of two updated appraisals on real estate construction loans and management’s decision to use the bulk sale or liquidation values of the collateral supporting these loans as their carrying values.  Net interest income increased $153,000 or 4.3% to $3.7 million and other income decreased $69,000 or 24.5% to $213,000 for the quarter ended September 30, 2011 as compared to the same period in 2010.  Other expenses decreased $86,000 or 2.9% to $2.8 million for the quarter ended September 30, 2011.  Lastly, an income tax benefit of $572,000 was recorded for the quarter ended September 30, 2011 as compared to an income tax benefit of $54,000 for the same period in 2010.
 
The increase in net interest income was primarily due to a $364,000 or 26.6% 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 $211,000 or 4.3% 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.  The decrease in other expenses primarily resulted from lower amounts of professional fees and FDIC deposit insurance premiums, which were partially offset by higher amounts of salaries and benefits as well as other noninterest expenses.  The increase in the provision for loan losses in the third quarter of 2011 compared to the third quarter of 2010 was primarily due to $2.6 million and $1.1 million in charge-offs taken on two non-accrual real estate construction loans on properties located in Bradenton, Florida and center city Philadelphia, respectively.  The increase in income tax benefit in the third quarter was due to the pre-tax loss for the quarter.
 
 
1
 
For the nine months ended September 30, 2011, net income amounted to $541,000 or $.10 per share as compared to net income of $474,000 or $.09 per share for the nine months ended September 30, 2010.  Net interest income increased $1.1 million or 11.1% to $11.0 million and other income decreased $307,000 or 36.5% to $533,000 for the nine months ended September 30, 2011 as compared to the same period in 2010.  Other expenses decreased $405,000 or 4.7% to $8.2 million and the provision for loan losses increased $1.1 million to $3.0 million for the nine months ended September 30, 2011 as compared to $1.9 million for the same period in 2010.  Lastly, an income tax benefit of $232,000 was recorded for the nine months ended September 30, 2011 as compared to an income tax benefit of $259,000 for the same period in 2010 due to a lower level of taxable income in the 2011 period.
 
The increase in net interest income was primarily due to a $1.9 million or 37.8% 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 $846,000 or 5.6% 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.  The decrease in other expenses primarily resulted from decreases in 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 as well as other noninterest expenses.  The increase in the provision for loan losses during the first nine months of 2011 compared to the first nine months of 2010 primarily resulted from the $3.7 million in charge-offs taken in the third quarter on two non-accrual real estate construction loans as previously discussed.
 
The Company’s total assets increased $5.6 million or 1.2% to $460.0 million at September 30, 2011 as compared to $454.5 million at December 31, 2010.  Cash and cash equivalents increased $23.6 million or 38.1% to $85.4 million and investment and mortgage-backed securities decreased $19.5 million or 25.1% to $58.1 million.  In addition, net loans receivable decreased $592,000 to $285.5 million at September 30, 2011.  Customer deposits decreased $16.3 million or 4.2% to $368.3 million while borrowings decreased $4.7 million or 63.2% to $2.7 million at September 30, 2011.  Total stockholders’ equity increased to $84.0 million or 18.3% of total assets as of September 30, 2011 compared to $49.0 million or 10.8% of total assets at December 31, 2010, primarily as a result of net proceeds received from the stock offering completed in January 2011.
 
Nonperforming assets decreased $4.3 million to $14.7 million or 3.20% of total assets at September 30, 2011 as compared to $19.0 million or 4.17% of total assets at December 31, 2010.  The nonperforming assets at September 30, 2011 included $12.8 million in nonperforming loans and $1.9 million in other real estate owned.  The decrease in nonperforming assets during the first nine months of 2011 was primarily due to a $5.6 million decrease in nonperforming real estate construction loans that was primarily due to the $3.7 million in charge-offs discussed above and the transfer of a $1.7 million commercial real estate construction loan to other real estate owned which was sold in September 2011 and resulted in a $40,000 recovery against the $224,000 charge-off taken in June 2011.  In addition, other changes in nonperforming assets were a $777,000 decrease in other real estate owned, a $962,000 increase in nonperforming single-family residential real estate loans, a $910,000 increase in non-performing commercial real estate loans and a $220,000 increase in non-performing consumer loans as of September 30, 2011.  Overall, nonperforming loans included $3.3 million in single-family residential real estate loans, $3.0 million in commercial real estate loans, $5.9 million in real estate construction loans, $74,000 in commercial business loans and $504,000 in consumer loans.  The allowance for loan losses amounted to $4.1 million or 31.6% of nonperforming loans at September 30, 2011 as compared to $5.1 million or 31.2% of non-performing loans at December 31, 2010.
 
 
2
 
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.
 
# # # # #
 
 
 
 
 
3
 
 
ALLIANCE BANCORP, INC. OF PENNSYLVANIA
  
                         
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
  
(In thousands, except per share data)
  
                         
   
Three Months Ended
    
Nine Months Ended
  
   
September 30,
    
September 30,
  
   
2011
    
2010
    
2011
    
2010
  
Interest income
   $ 4,706     $ 4,917     $ 14,204     $ 15,050  
Interest expense
     1,005       1,369       3,209       5,156  
Net interest income
     3,701       3,548       10,995       9,894  
Provision for loan losses
     2,425       750       3,025       1,920  
Other income
     213       282       533       840  
Other expenses
     2,839       2,925       8,194       8,599  
Income (Loss) before income tax benefit
     (1,350 )     155       309       215  
Income tax benefit
     572       54       232       259  
Net (loss) income
   $ (778 )   $ 209     $ 541     $ 474  
                                 
Basic (loss) earnings per share
   $ (0.15 )   $ 0.04 *   $ 0.10     $ 0.09 *
                                 
*Basic (loss) 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)
  
                                 
                   
September 30,
    
  December 31,
  
                      2011       2010  
Total assets
                   $ 460,049     $ 454,476  
Cash and cash equivalents
                     85,444       61,891  
Investment and mortgage-backed securities
               58,098       77,574  
Loans receivable - net
                     285,464       286,056  
Deposits
                     368,335       384,595  
Borrowings
                     2,721       7,384  
Total stockholders' equity
                     83,970       48,991  
 
 
 
 
 
4