EX-99.1
2
tex99_1-8053.txt
EX-99.1



                                                                    Exhibit 99.1


PRESS RELEASE                                     FOR IMMEDIATE RELEASE

                                                  Contact:
                                                   Robert W. White,
                                                   CHAIRMAN, PRESIDENT AND CEO
                                                   or
                                                   Jack Sandoski,
                                                   SENIOR VICE PRESIDENT AND CFO
                                                   (215) 886-8280

ABINGTON COMMUNITY BANCORP, INC. ANNOUNCES 51.2% INCREASE IN NET INCOME FOR THE
THIRD QUARTER OF 2005

Jenkintown, PA (October 28, 2005) - Abington Community Bancorp, Inc. (the
"Company") (Nasdaq: ABBC), "mid-tier" holding company for Abington Bank (the
"Bank"), reported net income of $1.6 million for the quarter ended September 30,
2005, representing an increase of 51.2% over the comparable 2004 period.
Additionally, the Company reported net income of $4.7 million for the first nine
months of 2005, representing an increase of 50.7% over the comparable 2004
period. Earnings per share were $0.10 and $0.31, respectively, for the quarter
and nine months ended September 30, 2005.

Mr. Robert W. White, Chairman, President and CEO of the Company, stated, "We
have continued to successfully meet our goals and financial targets as a new
public company. We were pleased to pay another quarterly dividend of $0.05 per
share in September. Our growth on both sides of the balance sheet has been
exceptional, especially in the areas of loans and deposits. Our plans to open
three new branches in Montgomery County and Bucks County will help us to
continue this growth."

Net interest income was $5.3 million and $15.5 million for the three months and
nine months ended September 30, 2005, respectively, representing increases of
28.6% and 29.3% over the comparable 2004 periods. Interest income for the three
months ended September 30, 2005 increased $2.6 million or 34.0% over the
comparable 2004 period. Interest income for the nine months ended September 30,
2005 increased $6.5 million or 29.2% over the comparable 2004 period. For both
the three-month and nine-month periods, the increase in interest income was
primarily a result of growth in the average balances of all categories of
interest-earning assets, as well as increases in the average yields on those
assets. The most substantial growth was seen in our loan portfolio. The average
balance of our loan portfolio increased $99.4 million or 25.4% to $491.1 million
for the quarter ended September 30, 2005 from $391.7 million for quarter ended
September 30, 2004. Similarly, the average balance of our loan portfolio
increased $74.6 million or 19.8% to $452.2 million for the first nine months of
2005 from $377.6 million for the first nine months of 2004. The increases in
interest income were somewhat offset by increases in



interest expense. Interest expense for the three months ended September 30, 2005
increased $1.4 million or 40.3% over the comparable 2004 period. Interest
expense for the nine months ended September 30, 2005 increased $3.0 million or
29.1% over the comparable 2004 period. For the three months ended September 30,
2005, the increase in interest expense was the result of increases in the
average balances of deposits and FHLB advances as well as increases in the
average rates paid on deposits, FHLB advances and other borrowings. For the
three months ended September 30, 2005 our average deposit balance grew by $78.8
million or 22.4%, primarily due to growth in higher-rate certificates of
deposit. For the nine months ended September 30, 2005, the increase in interest
expense was the result of increases in the average balances of, and average
rates paid on, all categories of interest bearing liabilities. For the nine
months ended September 30, 2005 our average deposit balance grew by $60.9
million or 17.7%, again due primarily to growth in higher-rate certificates of
deposit. Consequently, our average interest rate spread decreased to 2.26% and
2.29% for the three months and nine months ended September 30, 2005,
respectively, from 2.36% and 2.32% for the three months and nine months ended
September 30, 2004, respectively. Our net interest margin, however, increased to
2.76% and 2.79% for the three months and nine months ended September 30, 2005,
respectively, from 2.67% and 2.65% for the three months and nine months ended
September 30, 2004, respectively.

We made a $20,000 provision to the allowance for loan losses during the third
quarter of 2005 with no such provision during the third quarter of 2004.
However, a provision for loan losses of $20,000 was made in the first nine
months of 2005 compared to a provision of $45,000 in the first nine months of
2004. The provision for loan losses is charged to expense as necessary to bring
our allowance for loan losses to a sufficient level to cover known and inherent
losses in the loan portfolio. The provision taken during the third quarter of
2005 was primarily the result of growth in the loan portfolio while the overall
credit quality of the loan portfolio remains strong. At September 30, 2005,
non-performing loans amounted to 0.06% of loans receivable and our allowance for
loan losses amounted to 435.0% of non-performing loans.

Our total non-interest income amounted to $770,000 for the quarter ended
September 30, 2005 compared to $509,000 for the quarter ended September 30,
2004. The increase was due primarily to a $37,000 gain on derivative instruments
in 2005 compared to a $106,000 loss on derivative instruments in 2004 as well as
to $166,000 of income from bank owned life insurance ("BOLI") recognized during
the third quarter of 2005 with no comparable BOLI income in 2004. These gains
were partially offset by a $40,000 decrease in service charge income.

Total non-interest income amounted to $2.1 million for the nine months ended
September 30, 2005 compared to $1.6 million for the nine months ended September
30, 2004. The increase was due primarily to $330,000 of income from BOLI
purchased in March 2005 and an $80,000 gain on derivative instruments for the
first nine months of 2005 compared to a loss of $155,000 for the first nine
months of 2004. These gains were partially offset by a $62,000 decrease in
service charge income for the first nine months of 2005 compared to the first
nine months of 2004.

Our total non-interest expense for the quarter ended September 30, 2005 amounted
to $3.9 million, representing an increase of $856,000 or 28.1% from the quarter
ended September 30, 2004. The overall increase was due to increases in all
categories of non-interest expense with the exception of ATM expense and deposit
insurance premiums, which decreased slightly. Salaries

                                       2


and employee benefits expense increased $464,000 or 28.3% for the third quarter
of 2005 when compared to the third quarter of 2004, primarily due to additional
expenses of $296,000 relating to the Company's employee stock ownership plan
("ESOP"), 2005 Stock Option Plan ("SOP") and 2005 Recognition and Retention Plan
("RRP"). The remainder of the increase in salaries and employee benefits expense
was due to growth in total employees and normal merit increases in salaries. Net
occupancy expense increased approximately $160,000 or 59.6%, due in part to
leases entered into for the three new branches that are expected to open later
this year and next year. Other non-interest expense increased approximately
$164,000 or 31.9% due primarily to increased audit and professional fees
primarily as the result of becoming a public reporting entity as well as to
additional expense of $77,000 for SOP and RRP awards to directors.

Total non-interest expense for the nine months ended September 30, 2005 amounted
to $10.9 million, representing an increase of $2.1 million or 23.9% from the
nine months ended September 30, 2004. The overall increase was due to increases
in all categories of non-interest expense with the exception of data processing
expense, which decreased slightly. Salaries and employee benefits expense, the
largest component of non-interest expense, increased $1.1 million or 23.3% for
the first nine months of 2005 when compared to the first nine months of 2004.
This increase was primarily due to additional expense of $531,000 relating to
the Company's ESOP, SOP and RRP, all of which began in 2005. The remainder of
the increase in salaries and employee benefits expense was due to growth in
total employees and normal merit increases in salaries. Our net occupancy
expense increased approximately $363,000 or 42.3%, due in part to the leases
entered into for the three new branches. Other non-interest expense increased
approximately $498,000 or 33.5% due primarily to increased audit and
professional fees as the result of becoming a public reporting entity as well as
to additional expense of $77,000 for SOP and RRP awards to directors.

Income tax expense for the third quarter of 2005 amounted to $604,000 compared
to $571,000 for the third quarter of 2004. Income tax expense for the nine
months ended September 30, 2005 amounted to $2.0 million compared to $1.6
million for the nine months ended September 30, 2004. For both the three- and
nine-month periods in 2005, the increase in income tax expense was due to the
increase in our pre-tax income, partially offset by an improvement in our
effective tax rate. Our effective tax rate decreased to 27.5% and 29.3% for the
three months and nine months ended September 30, 2005, respectively, from 35.1%
and 33.9% for the three months and nine months ended September 30, 2004,
respectively. The improved tax rates were primarily a result of increased
investment in tax-exempt municipal securities and bank owned life insurance.

The Company's total assets increased $110.7 million, or 15.4%, to $828.7 million
at September 30, 2005 compared to $718.0 million at December 31, 2004. During
the first nine months of 2005, net loans receivable increased $93.1 million or
22.6% to $505.8 million. All categories of loans increased, with the largest
growth occurring in one- to four-family residential loans and construction
loans. Our investment securities, both held-to-maturity and available-for-sale,
increased by an aggregate of $13.0 million or 15.0% to an aggregate of $99.4
million at September 30, 2005 compared to an aggregate of $86.4 million at
December 31, 2004. Our mortgage-backed securities, both held-to-maturity and
available-for-sale, decreased by an aggregate of $5.8 million or 3.5% to an
aggregate of $159.0 million at September 30, 2005

                                       3


compared to an aggregate of $164.7 million at December 31, 2004. During the
first nine months of 2005, purchases of investment and mortgage-backed
securities of $43.6 million in the aggregate were partially offset by $34.1
million in repayments of our held-to-maturity and available-for-sale investment
and mortgage-backed securities. Additionally, the Company purchased $15.0
million of BOLI during the first quarter of 2005, which is reflected in the
Company's balance sheet at its cash surrender value. The BOLI is intended to
fund various benefit programs of the Company.

Our total deposits increased $69.3 million or 17.1% to $474.6 million at
September 30, 2005 from $405.3 million at December 31, 2004 as a result of a
$83.1 million increase in certificate accounts that was partially offset by
decreases in savings and money market accounts and checking accounts. Our
advances from the Federal Home Loan Bank ("FHLB") increased $41.9 million or
24.6% during the first nine months of 2005 to $212.6 million at September 30,
2005 compared to $170.7 million at December 31, 2004. We utilize advances from
the FHLB as an alternative to retail deposits in order to fund operations and
additional asset growth. The $3.9 million increase in other borrowed money to
$16.7 million at September 30, 2005 compared to $12.9 million at December 31,
2004 reflects an increase in the amount of securities repurchase agreements
entered into with certain commercial checking account customers.

Our stockholders' equity decreased $6.7 million to $116.4 million at September
30, 2005 compared to $123.1 million at December 31, 2004. The decrease was
primarily due to the purchase of approximately 419,000 shares of the Company's
common stock for an aggregate of $5.3 million by the Company's ESOP and the
purchase of approximately 286,000 shares of the Company's common stock for an
aggregate of $3.7 million by the Company's RRP. These purchases were partially
offset by a commitment to release approximately 29,000 unallocated ESOP shares
and the amortization of approximately 14,000 unvested RRP shares for aggregate
costs of approximately $355,000 and $164,000, respectively. The payment of the
Company's quarterly cash dividends of $0.05 per share in June and September
reduced retained earnings by $1.5 million. Additionally, our accumulated other
comprehensive loss increased $1.4 million. These decreases to stockholders'
equity were partially offset by our net income for the first nine months of
2005, resulting in a net increase to retained earnings of $3.2 million.

Abington Community Bancorp, Inc. is the "mid-tier" holding company for Abington
Bank. Abington Bank is a Pennsylvania-chartered, FDIC-insured savings bank which
was originally organized in 1867. Abington Bank conducts business from its
headquarters and main office in Jenkintown, Pennsylvania as well as seven
additional full service branch offices and four limited service banking offices
located in Montgomery and Bucks Counties, Pennsylvania. As of September 30,
2005, Abington Community Bancorp had $828.7 million in total assets, $474.6
million in deposits and $116.4 million in stockholders' equity.

THIS NEWS RELEASE CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS, INCLUDING
STATEMENTS ABOUT THE FINANCIAL CONDITION, RESULTS OF OPERATIONS AND EARNINGS
OUTLOOK FOR ABINGTON COMMUNITY BANCORP, INC. FORWARD-LOOKING STATEMENTS CAN BE
IDENTIFIED BY THE FACT THAT THEY DO NOT RELATE STRICTLY TO HISTORICAL OR CURRENT
FACTS. THEY OFTEN INCLUDE WORDS SUCH AS "BELIEVE," "EXPECT," "ANTICIPATE,"
"ESTIMATE" AND "INTEND" OR FUTURE OR CONDITIONAL VERBS SUCH AS "WILL," "WOULD,"
"SHOULD," "COULD" OR "MAY." FORWARD-LOOKING STATEMENTS, BY THEIR NATURE, ARE
SUBJECT TO RISKS

                                       4


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. OTHER FACTORS DESCRIBED INCLUDE CHANGES IN OUR LOAN PORTFOLIO,
CHANGES IN COMPETITION, FISCAL AND MONETARY POLICIES AND LEGISLATION AND
REGULATORY CHANGES. INVESTORS ARE ENCOURAGED TO ACCESS THE COMPANY'S PERIODIC
REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION FOR FINANCIAL AND
BUSINESS INFORMATION REGARDING THE COMPANY AT WWW.ABINGTONBANK.COM UNDER THE
INVESTOR RELATIONS MENU. WE UNDERTAKE NO OBLIGATION TO UPDATE ANY
FORWARD-LOOKING STATEMENTS.





                                       5


ABINGTON COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) --------------------------------------------------------------------------------------------------------------- SEPTEMBER 30, 2005 DECEMBER 31, 2004 --------------------------------------- ASSETS Cash and due from banks $ 18,094,729 $ 24,867,784 Interest-bearing bank balances 6,516,474 8,428,048 ------------------ ----------------- Total cash and cash equivalents 24,611,203 33,295,832 Investment securities held to maturity (estimated fair value--2005, $20,418,189; 2004, $10,336,485) 20,396,133 10,219,764 Investment securities available for sale (amortized cost-- 2005, $80,916,417; 2004, $77,348,884) 78,964,879 76,163,951 Mortgage-backed securities held to maturity (estimated fair value--2005, $72,012,247; 2004, $81,322,041) 73,552,676 81,703,737 Mortgage-backed securities available for sale (amortized cost-- 2005, $87,020,697; 2004, $83,300,963) 85,398,931 83,027,943 Loans receivable, net of allowance for loan losses (2005, $1,392,243; 2004, $1,412,697) 505,789,110 412,655,664 Accrued interest receivable 3,604,620 2,710,162 Federal Home Loan Bank stock--at cost 11,605,400 10,450,100 Cash surrender value - bank owned life insurance 15,330,453 - Property and equipment, net 6,033,298 5,533,085 Deferred tax asset 2,343,631 1,313,068 Prepaid expenses and other assets 1,044,633 905,074 ------------------ ----------------- TOTAL ASSETS $ 828,674,967 $ 717,978,380 ================== ================= LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Deposits: Noninterest-bearing $ 37,462,510 $ 37,596,228 Interest-bearing 437,124,600 367,693,829 ------------------ ----------------- Total deposits 474,587,110 405,290,057 Advances from Federal Home Loan Bank 212,580,104 170,666,374 Other borrowed money 16,738,753 12,865,521 Accrued interest payable 3,912,433 910,040 Advances from borrowers for taxes and insurance 506,355 2,047,151 Accounts payable and accrued expenses 3,960,829 3,144,536 ------------------ ----------------- Total liabilities 712,285,584 594,923,679 ------------------ ----------------- COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Preferred stock, $0.01 par value, 10,000,000 shares authorized, none issued - - Common stock, $0.01 par value, 40,000,000 shares authorized, issued and outstanding: 15,870,000 in 2005 and 2004 158,700 158,700 Additional paid-in capital 69,070,524 69,096,936 Unallocated common stock held by: Employee Stock Ownership Plan (ESOP) (7,003,098) (2,046,137) Recognition & Retention Plan Trust (RRP) (3,521,593) - Deferred compensation plans trust (1,050,000) (1,074,200) Retained earnings 61,093,231 57,881,651 Accumulated other comprehensive loss (2,358,381) (962,249) ------------------ ----------------- Total stockholders' equity 116,389,383 123,054,701 ------------------ ----------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 828,674,967 $ 717,978,380 ================== ================= 6
ABINGTON COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited) ----------------------------------------------------------------------------------------------------------------------------------- Three Months Ended September 30, NINE MONTHS ENDED SEPTEMBER 30, -------------------------------------- --------------------------------------- 2005 2004 2005 2004 -------------------------------------- --------------------------------------- INTEREST INCOME: Interest on loans $ 7,683,975 $ 5,743,416 $ 20,860,816 $ 16,708,624 Interest and dividends on investment and mortgage-backed securities: Taxable 2,500,970 1,986,157 7,639,385 5,678,580 Tax-exempt 214,482 31,755 471,876 35,265 ---------------- ---------------- ---------------- ---------------- Total interest income 10,399,427 7,761,328 28,972,077 22,422,469 INTEREST EXPENSE: Interest on deposits 2,668,445 1,665,979 6,826,392 4,779,645 Interest on Federal Home Loan Bank advances 2,259,801 1,908,494 6,290,844 5,571,236 Interest on other borrowed money 122,642 26,508 318,307 54,737 ---------------- ---------------- ---------------- ---------------- Total interest expense 5,050,888 3,600,981 13,435,543 10,405,618 ---------------- ---------------- ---------------- ---------------- NET INTEREST INCOME 5,348,539 4,160,347 15,536,534 12,016,851 PROVISION FOR LOAN LOSSES 20,000 - 20,000 45,000 ---------------- ---------------- ---------------- ---------------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 5,328,539 4,160,347 15,516,534 11,971,851 ---------------- ---------------- ---------------- ---------------- NON-INTEREST INCOME Service charges 436,938 477,187 1,320,289 1,382,010 Rental income 10,048 12,687 33,998 39,277 Gain (loss) on derivative instruments, net 37,380 (105,644) 80,050 (154,869) Other income 286,003 125,135 677,573 337,563 ---------------- ---------------- ---------------- ---------------- Total non-interest income 770,369 509,365 2,111,910 1,603,981 ---------------- ---------------- ---------------- ---------------- NON-INTEREST EXPENSES Salaries and employee benefits 2,107,339 1,643,103 5,772,441 4,682,746 Net occupancy 429,222 268,963 1,219,505 856,905 Depreciation 133,302 124,310 378,222 374,398 Data processing 306,020 300,560 897,669 902,333 ATM expense 82,174 94,274 250,204 207,461 Deposit insurance premium 31,620 32,721 91,265 84,898 Advertising and promotions 132,524 66,047 334,510 226,563 Other 678,500 514,511 1,980,927 1,483,318 ---------------- ---------------- ---------------- ---------------- Total non-interest expenses 3,900,701 3,044,489 10,924,743 8,818,622 ---------------- ---------------- ---------------- ---------------- INCOME BEFORE INCOME TAXES 2,198,207 1,625,223 6,703,701 4,757,210 ---------------- ---------------- ---------------- ---------------- PROVISION FOR INCOME TAXES 603,819 570,900 1,962,253 1,610,740 ---------------- ---------------- ---------------- ---------------- NET INCOME $ 1,594,388 $ 1,054,323 $ 4,741,448 $ 3,146,470 ================ ================ ================ ================ EARNINGS PER COMMON SHARE: BASIC $ 0.10 n/a $ 0.31 n/a DILUTED $ 0.10 n/a $ 0.31 n/a AVERAGE COMMON SHARES OUTSTANDING: BASIC 15,244,232 n/a 15,366,869 n/a DILUTED 15,485,363 n/a 15,448,129 n/a 7
ABINGTON COMMUNITY BANCORP, INC. SELECTED FINANCIAL DATA (unaudited) -------------------------------------------------------------------------------------------------------------------------- THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30, ------------------------------------- ------------------------------------- 2005 2004 2005 2004 ------------------------------------- ------------------------------------- Selected Operating Ratios(1): Average yield on interest-earning assets 5.36% 4.98% 5.21% 4.94% Average rate on interest-bearing liabilities 3.10% 2.62% 2.92% 2.62% Average interest rate spread(2) 2.26% 2.36% 2.29% 2.32% Net interest margin(2) 2.76% 2.67% 2.79% 2.65% Average interest-earning assets to average interest-bearing liabilities 119.02% 113.61% 120.91% 114.02% Net interest income after provision for loan losses to non-interest expense 136.61% 136.66% 142.03% 135.75% Total non-interest expense to average assets 1.90% 1.87% 1.86% 1.86% Efficiency ratio(3) 63.75% 65.20% 61.90% 64.75% Return on average assets 0.78% 0.65% 0.81% 0.67% Return on average equity 5.36% 7.69% 5.25% 7.70% Average equity to average assets 14.46% 8.41% 15.34% 8.64% ASSET QUALITY RATIOS(4): Non-performing loans as a percent of total loans receivable(5) 0.06% 0.01% 0.06% 0.01% Non-performing assets as a percent of total assets(5) 0.04% 0.00% 0.04% 0.00% Allowance for loan losses as a percent of non-performing loans 435.00% 5430.77% 435.00% 5430.77% Net charge-offs/(recoveries) to average loans receivable 0.00% (0.01)% 0.01% 0.02% CAPITAL RATIOS(6): Tier 1 leverage ratio 10.47% 8.72% 10.47% 8.72% Tier 1 risk-based capital ratio 17.05% 14.42% 17.05% 14.42% Total risk-based capital ratio 17.33% 14.78% 17.33% 14.78% ------------------------------------------------------------------------------------------------------------------------- (1) With the exception of end of period ratios, all ratios are based on average monthly balances during the indicated periods and, for the three-month and nine-month periods ended September 30, 2005 and 2004, are annualized where appropriate. (2) Average interest rate spread represents the difference between the average yield on interest-earning assets and the average rate paid on interest-bearing liabilities, and net interest margin represents net interest income as a percentage of average interest-earning assets. (3) The efficiency ratio represents the ratio of non-interest expense divided by the sum of net interest income and non-interest income. (4) Asset quality ratios are end of period ratios, except for net charge-offs to average loans receivable. (5) Non-performing assets consist of non-performing loans and real estate owned. Non-performing loans consist of all accruing loans 90 days or more past due and all non-accruing loans. It is our policy to cease accruing interest on all loans 90 days or more past due. Real estate owned consists of real estate acquired through foreclosure and real estate acquired by acceptance of a deed-in-lieu of foreclosure. (6) Capital ratios are end of period ratios and are calculated for Abington Bank per regulatory requirements. 8

The following information was filed by Abington Community Bancorp, Inc. on Monday, October 31, 2005 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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