0001065407-14-000016.txt : 20140122 0001065407-14-000016.hdr.sgml : 20140122 20140122161310 ACCESSION NUMBER: 0001065407-14-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140122 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140122 DATE AS OF CHANGE: 20140122 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: 14540428 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 22, 2014
 
   
Alliance Bancorp, Inc. of Pennsylvania
(Exact name of registrant as specified in its charter)
   
   
Pennsylvania
000-54246
56-2637804
(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 22, 2014, Alliance Bancorp, Inc. of Pennsylvania (the “Corporation”) issued a press release announcing its results of operations for the quarter and year ended December 31, 2013.
 
A copy of the press release, dated January 22, 2014, 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 22, 2014
 
* 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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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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 22, 2014
By:
/s/Peter J. Meier
   
Peter J. Meier
   
Executive Vice President and
   
  Chief Financial Officer
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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 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 22, 2014 – Alliance Bancorp, Inc. of Pennsylvania (the “Company”) (NASDAQ Global Market:  ALLB) announced today its results for the quarter and year ended December 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 February 21, 2014 to shareholders of record at the close of business on February 7, 2014.
 
The Company reported net income of $461,000 or $.10 per share for the quarter ended December 31, 2013 as compared to $435,000 or $.08 per share for the quarter ended December 31, 2012.  Net interest income increased $127,000 or 3.6% to $3.6 million and other income increased $690,000 to $888,000 for the quarter ended December 31, 2013 as compared to the same period in 2012.  Other expenses decreased $229,000 or 7.2% to $2.9 million while the provision for loan losses increased $400,000 to $450,000 for the quarter ended December 31, 2013 as compared to the same period in 2012.  Income tax expense amounted to $661,000 for the quarter ended December 31, 2013 as compared to $41,000 for the same period in 2012.
 
The increase in net interest income for the quarter ended December 31, 2013 was due to a $153,000 or 21.3% decrease in interest expense on customer deposits and other borrowings, which was partially offset by a decrease of $26,000 or 0.6% in total interest income.  The increase in other income was primarily due to the gain on sale of fixed assets which amounted to $667,000.  The decrease in other expenses primarily resulted from lower amounts of salaries and employee benefits, FDIC deposit insurance premiums and provision for loss on REO which were partially offset by higher amounts of professional fees and other non-interest expenses.  The increase in the provision for loan losses was primarily due to $712,000 in net loan charge-offs taken in the fourth quarter of 2013 as compared to $416,000 in net loan recoveries in the fourth quarter of 2012.  The increase in income tax expense was primarily due to the Company’s decision to record a $386,000 valuation allowance on its remaining capital loss carry-forwards which expire over the next three years.
 
 
For the year ended December 31, 2013, net income amounted to $1.8 million or $.38 per share as compared to net income of $2.5 million or $.48 per share for the year ended December 31, 2012.  Net interest income decreased $47,000 or 0.3% to $14.2 million and other income decreased $493,000 to $1.4 million for the year ended December 31, 2013 as compared to 2012.  Other expenses decreased $49,000 or 0.4% to $11.9 million and the provision for loan losses decreased $125,000 or 12.2% to $900,000 for the year ended December 31, 2013 as compared to $1.0 million for 2012.  Lastly, income tax expense amounted to $987,000 for the year ended December 31, 2013 as compared to income tax expense of $659,000 for 2012.
 
 
 
 
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The decrease in net interest income for the year ended December 31, 2013 was due to a $797,000 or 4.6% decrease in total interest income, which was partially offset by a decrease of $750,000 or 23.4% in interest expense on customer deposits and other borrowings.  The decrease in other income was primarily due to a $318,000 decrease in gain on sale of REO and a $139,000 decrease in gain on sale of fixed assets.  The decrease in other expenses primarily resulted from a lower provision for loss on REO, lower FDIC deposit insurance premiums and a decrease in loan and REO expenses.  These decreases were partially offset by increases in professional fees, salaries and employee benefits expense and occupancy and equipment expense.  The decrease in the provision for loan losses during 2013 compared to 2012 was primarily due to a lower level of delinquent and non-performing loans.  The increase in income tax expense was primarily due to the Company’s decision to record a $386,000 valuation allowance on its remaining capital loss carry-forwards which expire over the next three years.
 
The Company’s total assets decreased $35.6 million or 7.7% to $425.3 million at December 31, 2013 as compared to $460.9 million at December 31, 2012.  Cash and cash equivalents decreased $67.1 million or 59.7% to $45.2 million, while net loans receivable increased $20.0 million or 7.2% to $298.9 million.  Investment and mortgage-backed securities increased $12.5 million or 29.9% to $54.4 million at December 31, 2013.  Customer deposits decreased $25.7 million or 6.9% to $345.4 million and other borrowings increased $176,000 or 5.4% to $3.4 million at December 31, 2013.  Total stockholders’ equity amounted to $70.6 million or 16.6% of total assets as of December 31, 2013 compared to $80.0 million or 17.4% of total assets at December 31, 2012.  The $9.4 million decrease in total stockholders’ equity was primarily due to $10.9 million in share repurchases and $1.0 million in dividends paid which were partially offset by $1.8 million in net income for the year ended December 31, 2013.
 
Nonperforming assets decreased $2.0 million to $5.7 million or 1.35% of total assets at December 31, 2013 as compared to $7.7 million or 1.67% of total assets at December 31, 2012.  The nonperforming assets at December 31, 2013 included $2.5 million in nonperforming loans and $3.2 million in other real estate owned.  The decrease in nonperforming assets was primarily due to a $3.1 million decrease in nonperforming loans that primarily resulted from the transfer of $2.4 million of former nonperforming real estate loans to REO during the year ended December 31, 2013.  As of December 31, 2013, nonperforming loans included $1.4 million in single-family residential real estate loans, $744,000 in commercial real estate loans and $412,000 in student loans, which are fully guaranteed by the U.S. Government.  The allowance for loan losses amounted to $4.2 million or 166.7% of nonperforming loans at December 31, 2013 as compared to $4.9 million or 87.8% at December 31, 2012.
 
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.
 
 
 
 
2
 
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.
 
 
 
 
# # # # #
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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ALLIANCE BANCORP, INC. OF PENNSYLVANIA
  
                         
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
  
(In thousands, except per share data)
  
                         
   
Three Months Ended
    
Year Ended
  
   
December 31,
    
December 31,
  
   
2013
    
2012
    
2013
    
2012
  
Interest income
   $ 4,182     $ 4,208     $ 16,612     $ 17,409  
Interest expense
     565       718       2,460       3,210  
Net interest income
     3,617       3,490       14,152       14,199  
Provision for loan losses
     450       50       900       1,025  
Other income
     888       198       1,444       1,937  
Other expenses
     2,933       3,162       11,861       11,910  
Income before income tax expense
     1,122       476       2,835       3,201  
Income tax expense
     661       41       987       659  
Net income
   $ 461     $ 435     $ 1,848     $ 2,542  
                                 
Basic earnings per share
   $ 0.10     $ 0.08     $ 0.38     $ 0.48  
                                 
Dilutive earnings per share
   $ 0.10     $ 0.08     $ 0.38     $ 0.48  
                                 
                                 
                                 
UNAUDITED SELECTED CONSOLIDATED FINANCIAL DATA
  
(In thousands, except per share data)
  
                                 
                   
At December 31,
  
                      2013       2012  
Total assets
                   $ 425,275     $ 460,915  
Cash and cash equivalents
                     45,224       112,305  
Investment and mortgage-backed securities
               54,378       41,849  
Loans receivable - net
                     298,877       278,876  
Deposits
                     345,378       371,037  
Other borrowings
                     3,437       3,261  
Total stockholders' equity
                     70,609       80,002  
                                 
Number of shares outstanding
                     4,467       5,202  
                                 
Book value per share
                   $ 15.81     $ 15.38  
 

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