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.
 
 
 
 
# # # # #
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3

 
 
 
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  
 

4

The following information was filed by Alliance Bancorp, Inc. Of Pennsylvania (ALLB) on Wednesday, January 22, 2014 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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