Exhibit 99.1




PRESS RELEASE

FOR IMMEDIATE RELEASE
Contact:
Peter J. Meier, CFO
 
Phone:
(610) 359-6903
 
Fax:
(610) 359-6906


ALLIANCE BANCORP, INC. OF PENNSYLVANIA REPORTS FIRST QUARTER RESULTS AND REGULAR QUARTERLY CASH DIVIDEND

Broomall, Pennsylvania.  April 28, 2010 – Alliance Bancorp, Inc. of Pennsylvania (the “Company”) (NASDAQ Global Market:  ALLB) announced today its results for the quarter ended March 31, 2010.  The Company also announced that its Board of Directors declared a regular quarterly cash dividend on the common stock of the Company of $.03 per share, payable on May 28, 2010 to shareholders of record at the close of business on May 14, 2010.

The Company reported net income of $186,000 or $.03 per share for the quarter ended March 31, 2010 as compared to net income of $411,000 or $.06 per share for the quarter ended March 31, 2009.  Net interest income increased $247,000 or 8.7% to $3.1 million while other income decreased $24,000 or 8.3% to $266,000 for the quarter ended March 31, 2010 as compared to the same period in 2009.  Other expenses increased $102,000 or 3.9% to $2.7 million and the provision for loan losses increased $445,000 for the quarter ended March 31, 2010 as compared to the same period in 2009.  The provision for income taxes decreased $99,000 for the quarter ended March 31, 2010 as compared to the same period in 2009.

The increase in net interest income was primarily due to a decrease in interest expense on customer deposits as a result of a decrease in rates paid, which more than offset a decrease in interest income as a result of lower yields on interest-earning assets.  The decrease in other income was primarily due to the loss on sale of two real estate owned properties.  The increase in other expenses primarily resulted from increases in salaries and employee benefits and FDIC deposit insurance premiums.  The increase in the provision for loan losses was primarily due to the need for additional reserves of $370,000 that resulted from our quarter end valuation analysis for problem loans and, to a lesser extent, charge-offs of $67,000 related to one residential loan and one commercial real estate loan.  The decrease in the provision for income taxes was due to a lower level of taxable income.

The Company’s total assets increased $7.6 million or 1.6% to $471.8 million at March 31, 2010 as compared to $464.2 million at December 31, 2009.  Cash and cash equivalents increased $11.8 million or 15.7% to $86.7 million, while investment and mortgage-backed securities decreased $5.5 million or 7.3% to $70.2 million and net loans receivable increased $1.4 million or 0.5% to $286.4 million at March 31, 2010.  Customer deposits increased $13.6 million or 3.6% to $391.9 million while borrowings decreased $6.0 million or 18.8% to 26.0 million at March 31, 2010.  Total stockholders’ equity amounted to $48.5 million or 10.3% of total assets as of March 31, 2010.
 
 
 
 
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Nonperforming assets increased $6.3 million to $17.1 million or 3.62% of total assets at March 31, 2010 as compared to $10.8 million or 2.33% of total assets at December 31, 2009.  The nonperforming assets at March 31, 2010 included $14.3 million in nonperforming loans and $2.8 million in real estate owned.  The increase in nonperforming assets was due to a $6.2 million land and development loan for a mixed use commercial real estate project located in Bradenton, Florida being classified as non-accrual as of March 31, 2010.  Overall, nonperforming loans included $1.5 million in single-family residential real estate loans, $2.2 million in commercial real estate loans, $9.9 million in real estate construction loans, $463,000 in commercial business loans and $266,000 in consumer loans.  The allowance for loan losses amounted to $4.0 million or 27.8% of nonperforming loans at March 31, 2010 as compared to $3.5 million or 45.1% at December 31, 2009.

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.

# # # # #
 
 
 
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ALLIANCE BANCORP, INC. OF PENNSYLVANIA
 
             
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
 
(In thousands except per share data)
 
             
   
Three Months Ended
 
   
March 31,
 
   
2010
   
2009
 
Interest income
    5,079     $ 5,366  
Interest expense
    2,004       2,538  
Net interest income
    3,075       2,828  
Provision for loan losses
    520       75  
Other income
    266       290  
Other expenses
    2,710       2,608  
Income before income tax
    111       435  
Income tax (benefit) expense
    (75 )     24  
Net income
  $ 186     $ 411  
                 
Basic earnings per share
  $ 0.03     $ 0.06  
                 
                 
                 
                 
                 
UNAUDITED SELECTED CONSOLIDATED FINANCIAL DATA
 
(In thousands)
 
                 
   
March 31,
   
December 31,
 
      2010       2009  
Total assets
  $ 471,818     $ 464,216  
Cash and cash equivalents
    86,692       74,936  
Investment and mortgage-backed securities
    70,157       75,691  
Loans receivable - net
    286,426       285,008  
Deposits
    391,878       378,323  
Borrowings
    26,011       32,021  
Total stockholders' equity
    48,503       48,445  
 
 
 
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The following information was filed by Alliance Bancorp Inc Of Pennsylvania on Thursday, April 29, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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