0001065407-13-000040.txt : 20130124 0001065407-13-000040.hdr.sgml : 20130124 20130124103659 ACCESSION NUMBER: 0001065407-13-000040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130123 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130124 DATE AS OF CHANGE: 20130124 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: 13544377 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)
January 23, 2013
 
   
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 January 23, 2013, Alliance Bancorp, Inc. of Pennsylvania (the “Corporation”) issued a press release announcing its results of operations for the quarter and year ended December 31, 2012.
 
A copy of the press release, dated January 23, 2013, 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 January 23, 2013
 
* 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:  January 24, 2013
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 FOURTH QUARTER AND YEAR END RESULTS AND REGULAR QUARTERLY CASH DIVIDEND
 
Broomall, Pennsylvania.  January 23, 2013 – Alliance Bancorp, Inc. of Pennsylvania (the “Company”) (NASDAQ Global Market:  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.
 
 
1
 
 
 
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.
 
 
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
  
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
 
 
 
 
4