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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 THIRD
QUARTER RESULTS AND REGULAR QUARTERLY CASH DIVIDEND
Broomall, Pennsylvania. October 17, 2007 - Alliance Bancorp,
Inc. of Pennsylvania (the "Company") (NASDAQ Global Market:
ALLB) announced today results for the quarter ended September 30,
2007. 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 16, 2007 to
the shareholders of record at the close of business on November
2, 2007.
The Company reported net income of $453,000 or $.06 per diluted
share for the quarter ended September 30, 2007 as compared to
$418,000 or $.06 per diluted share for the quarter ended
September 30, 2006 (prior period share amounts have been adjusted
for the exchange and additional share issuance in our
reorganization and offering completed on January 30, 2007). Net
interest income decreased $25,000 or 0.9% to $2.6 million while
other income increased $17,000 or 5.2% to $344,000 for the
quarter ended September 30, 2007 as compared to the same period
in 2006. Other expenses decreased $96,000 or 3.8% to $2.4
million and the provision for income taxes increased $33,000 for
the quarter ended September 30, 2007 as compared to the same
period in 2006. The decrease in net interest income was
primarily due to an increase in interest expense on customer
deposits and the decrease in other expenses primarily resulted
from decreases in salaries and employee benefits as well as
advertising and marketing costs.
For the nine months ended September 30, 2007, net income amounted
to $1.3 million or $.18 per diluted share as compared to $1.1
million or $.15 per diluted share for the nine months ended
September 30, 2006. Net interest income decreased $72,000 or
0.9% to $7.8 million and other income decreased $109,000 or 9.8%
to $999,000. Other expenses decreased $482,000 or 6.1% to $7.4
million and the provision for income taxes increased $136,000 for
the nine months ended September 30, 2007 as compared to the same
period in 2006. The decrease in net interest income was
primarily due to an increase in interest expense on customer
deposits and the decrease in other income was primarily due to
prior-year gains on sale of other real estate owned. The
decrease in other expenses primarily resulted from decreases in
salaries and employee benefits as well as advertising and
marketing costs.
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Dennis D. Cirucci, President and Chief Executive Officer of the
Company, stated that the "Company's strong capital position and
profitability continue to afford the Board with the ability to
enhance shareholder value through the payment of cash dividends.
In addition, we are also pleased to announce that Alliance Bank
is currently the largest community bank located in Delaware
County, Pennsylvania as well as the sixth largest depository
institution in Delaware County as reported by the FDIC in their
recently released deposit share statistics as of June 30, 2007."
The Company's total assets increased $12.0 million or 2.9% to
$422.3 million at September 30, 2007 as compared to $410.3
million at December 31, 2006. Investment securities increased
$8.5 million or 14.4% to $67.8 million while mortgage-backed
securities decreased $6.6 million or 15.2% to $37.0 million. Net
loans receivable increased $11.0 million or 4.7% to $246.8
million at September 30, 2007. Customer deposits decreased $5.1
million or 1.5% to $328.7 million at September 30, 2007 from
$333.8 million at December 31, 2006. Total stockholders' equity
amounted to $50.3 million or 11.9% of total assets at September
30, 2007. Nonperforming assets decreased to $1.2 million or 0.3%
of total assets at September 30, 2007 as compared to $1.6 million
or 0.4% of total assets at December 31, 2006. The nonperforming
assets at September 30, 2007 included $1.2 million in
nonperforming loans substantially all of which were secured by
single-family residential real estate. The allowance for loan
losses was $2.8 million or 225.8% of nonperforming loans at
September 30, 2007 as compared to $2.7 million or 174.4% at
December 31, 2006.
The Company is the recently formed "mid-tier" holding company for
Alliance Bank and is 55% owned by Alliance Mutual Holding Company
and 45% owned by public shareholders. A principal reason for the
formation of the Company was to facilitate the ability to
repurchase shares without adverse tax consequences. The Company
has continued its effort to request that the Office of Thrift
Supervision ("OTS"), the Company's primary federal regulator,
authorize the repurchase of up to 159,300 shares of common stock
(4.9% of the shares held by the public) in the open market.
While the OTS has a general policy prohibiting the repurchase of
shares within one year of formation of a new mutual holding
company and subsidiary stock offering, the Company has asked that
the one year restriction not be applied to its recent formation
since Alliance Bank has operated in the mutual holding company
structure for more than one year. No assurance can be given that
the OTS will permit or authorize share repurchases by the Company
within one year of its formation.
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."
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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 Nine Months Ended
September 30, September 30,
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2007 2006 2007 2006
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Interest income $6,210 $5,521 $18,227 $16,020
Interest expense 3,566 2,852 10,411 8,132
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Net interest income 2,644 2,669 7,816 7,888
Provision for loan losses 35 15 75 45
Other income 344 327 999 1,108
Other expenses 2,437 2,533 7,369 7,851
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Income before income taxes 516 448 1,371 1,100
Income tax expense (benefit) 63 30 119 (17)
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Net income $ 453 $ 418 $ 1,252 $ 1,117
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Basic earnings per share (1) $0.06 $0.06 $0.18 $0.15
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Diluted earnings per share (1) $0.06 $0.06 $0.18 $0.15
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(1) Prior period share amounts have been adjusted for the exchange and
additional share issuance in our reorganization and offering completed on
January 30, 2007.
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UNAUDITED SELECTED FINANCIAL DATA
(In thousands)
Sept. 30, Dec. 31,
--------------------
2007 2006
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Total assets $422,329 $410,350
Cash and cash equivalents 47,904 48,282
Investment and mortgage-backed securities 104,808 102,940
Loans receivable - net 246,788 235,761
Deposits 328,660 333,802
Borrowings 37,268 37,210
Total stockholders' equity 50,253 33,500