EX-99.1
2
ex99-1.txt
EXHIBIT 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 INCREASE IN NET INCOME FOR THE THIRD
QUARTER OF 2006

Jenkintown, PA (October 31, 2006) - Abington Community Bancorp, Inc. (the
"Company") (Nasdaq: ABBC), the "mid-tier" holding company for Abington Bank (the
"Bank"), reported net income of $1.7 million for the quarter ended September 30,
2006, representing an increase of 7.0% over the comparable 2005 period. Diluted
earnings per share increased to $0.12 for the quarter compared to $0.10 for the
third quarter of 2005. Additionally, the Company reported net income of $5.2
million for the first nine months of 2006, representing an increase of 10.2%
over the comparable 2005 period. Diluted earnings per share increased to $0.35
for the first nine months of 2006 from $0.31 for the first nine months of 2005.

Mr. Robert W. White, Chairman, President and CEO of the Company, stated,
"Although we continue to face stiff competition within the industry, we have
continued to be successful in growing our loan and deposit portfolios. Our
growth has enabled us to increase our net interest income despite the ongoing
flat yield curve. We have continued to expand our branch network with the
October opening of our new Concordville, Pennsylvania branch. We look forward to
the opening of our new Lansdale, Pennsylvania branch by the end of 2006 as well
as the opening of two additional branches in Chalfont and Springhouse,
Pennsylvania by mid 2007. With these new branches we hope to attract new core
customers and enhance our reputation as the #1 Community Bank."

Net interest income was $5.6 million and $17.0 million for the three months and
nine months ended September 30, 2006, respectively, representing increases of
5.5% and 9.1%, respectively, over the comparable 2005 periods. Interest income
for the three months ended September 30, 2006 increased $2.7 million or 25.7%
over the comparable 2005 period. Interest income for the nine months ended
September 30, 2006 increased $7.6 million or 26.2% over the comparable 2005
period. For both the three-month and nine-month periods, the increase in
interest income was primarily a result of growth in the average balance of our
loan portfolio combined with an increase in the average yield on those assets.
The average balance of our loan portfolio increased $97.3 million or 19.8% to
$588.4 million for the quarter ended September 30, 2006 from $491.1




million for the quarter ended September 30, 2005. The average yield on our loan
portfolio increased 64 basis points to 6.90% from 6.26% over the same period.
Similarly, the average balance of our loan portfolio increased $109.5 million or
24.2% to $561.6 million for the nine months ended September 30, 2006 from $452.2
million for the nine months ended September 30, 2005. The average yield on our
loan portfolio increased 57 basis points to 6.72% from 6.15% over the same
nine-month period.

Our increase in interest income for both the three-month and nine-month periods
was partially offset by an increase in our interest expense. Interest expense
for the three months ended September 30, 2006 increased $2.4 million or 47.2%
over the comparable 2005 period. Interest expense for the nine months ended
September 30, 2006 increased $6.2 million or 45.9% over the comparable 2005
period. For both the three- and nine-month periods, the increase in interest
expense was primarily the result of increases in the average balances of and
average rate paid on deposits. During the three months ended September 30, 2006
compared to the three months ended September 30, 2005, our average deposit
balance grew by $80.7 million or 18.7%, primarily due to growth in higher-rate
certificates of deposit. During the nine months ended September 30, 2006
compared to the nine months ended September 30, 2005, our average deposit
balance grew by $81.9 million or 20.3%, again, primarily due to growth in
higher-rate certificates of deposit. As a result of this growth, as well as the
rising interest rate environment, the average rate we paid on our deposits
increased 114 basis points to 3.62% for the third quarter of 2006 from 2.48% for
the third quarter of 2005. Similarly, the average rate we paid on our deposits
increased 98 basis points to 3.23% for the first nine months of 2006 from 2.25%
for the first nine months of 2005. Our average interest rate spread and net
interest margin for the third quarter of 2006 decreased to 2.05% and 2.62%,
respectively, from 2.26% and 2.76%, respectively, for the third quarter of 2005.
Our average interest rate spread and net interest margin for the first nine
months of 2006 decreased to 2.17% and 2.71%, respectively, from 2.29% and 2.79%,
respectively, for the first nine months of 2005.

We made a $120,000 provision to the allowance for loan losses during the third
quarter of 2006, and our provision for loan losses amounted to $128,000 for the
first nine months of 2006. During the third quarter of 2005, we made a provision
of $20,000 to the allowance for loan losses with no provision taken earlier in
2005. 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
2006 was largely the result of growth in the loan portfolio while the overall
credit quality of the loan portfolio remains strong. A portion of the provision,
however, related to an aggregate of $2.9 million of loans to one borrower,
consisting of four construction loans and one commercial real estate loan that
we classified as substandard during the quarter. Although the borrower has made
payments on all of these loans on a timely basis, we determined that on two of
the construction loans, the Bank had disbursed a greater amount of the loan
proceeds than was warranted given the progress of construction at the time of
disbursement. The Company subsequently made a physical inspection of every
project securing the construction loans in its portfolio and determined that
this was an isolated incident. All other construction properties were
sufficiently complete for the funds advanced.



                                       2


For the specific construction loans, we have confessed judgment against the
borrower, which provides us with additional collateral securing the loans. We
also obtained current appraisals of the underlying collateral properties, which
support the full value of the loans. Based on the value of the construction
properties, as well as the additional collateral available, we do not expect to
incur any additional losses on the loans to this borrower. Since the loans have
continued to perform they remain on accrual status. At September 30, 2006,
non-performing loans amounted to 0.04% of loans receivable and our allowance for
loan losses amounted to 645.23% of non-performing loans.

Our total non-interest income amounted to $716,000 for the third quarter of 2006
compared to $770,000 for the third quarter of 2005. The decrease was due
primarily to a $37,000 decrease in gain on derivative instruments, net, as our
final swap agreement expired in December 2005, combined with a $22,000 decrease
in other non-interest income, primarily due to a decrease in appraisal income.
For the nine months ended September 30, 2006, our total non-interest income
amounted to $2.2 million, compared to $2.1 million for the nine months ended
September 30, 2005. The increase of $50,000 was due primarily to a $174,000
increase in income on bank owned life insurance ("BOLI") that was partially
offset by decreases in service charge income and in gain on derivative
instruments, net, of $38,000 and $80,000, respectively.

Our total non-interest expense for the third quarter of 2006 amounted to $3.9
million, representing a decrease of $36,000 from the third quarter of 2005.
Decreases in occupancy expense and professional services expense were partially
offset by increases in salaries and employee benefits expense, depreciation
expense and advertising and promotions expense. The decrease in professional
services expense of $92,000 for the third quarter of 2006 compared to the third
quarter of 2005 was primarily the result of our change in independent auditors.
The $43,000 increase in salaries and employee benefits expense was due primarily
to growth in the total number of employees, normal merit increases in salaries,
and higher health and insurance benefit costs. Also contributing to the increase
in salaries and employee benefits expense was an increase in the expense for our
Employee Stock Ownership Plan ("ESOP"), which is based on the average price of
our common stock for the period. The increase in depreciation expense of $40,000
was a result of our additional facilities, primarily the Bank's new branch in
Warrington, Pennsylvania, which opened in April 2006. The increase in
advertising expense of $26,000 was a result of increased advertising to promote
our deposit products. For the nine months ended September 30, 2006, our total
non-interest expense amounted to $11.7 million, representing an increase of
$726,000 or 6.6% from the nine months ended September 30, 2005. As was the case
for the quarter ended September 30, 2006, decreases in occupancy expense and
professional services expense were offset by increases in other expense
categories. The largest increases in expense for the first nine months of 2006
compared to the first nine months of 2005 were in salaries and employee benefits
expense, depreciation expense and other non-interest expense. The decrease in
professional services expense of $155,000 for the first nine months of 2006
compared to the first nine months of 2005 was primarily the result of our change
in independent auditors, as was the case for the third quarter of 2006. Salaries
and employee benefits expense increased $609,000 or 10.5% for the nine months
ended September 30, 2006 compared to the nine months ended September 30, 2005.
This increase was primarily due to additional expenses of $378,000 in the
aggregate relating to the Company's 2005 Stock Option Plan ("SOP") and 2005
Recognition and Retention Plan ("RRP"), both of which began in the third quarter
of 2005.



                                       3


The remainder of the increase again was due to growth in the total number of
employees, normal merit increases in salaries, and higher health and insurance
benefit costs. Depreciation expense for the first nine months of 2006 compared
to the first nine months of 2005 increased $113,000 or 29.8%. As was the case
for the three-month period, the increase was primarily due to our new
facilities. Additional expenses of approximately $154,000 were recognized in
other non-interest expense for SOP and RRP awards to directors, but were
somewhat offset by decreases in various other categories of other non-interest
expense.

Income tax expense for the third quarter of 2006 amounted to $666,000 compared
to $604,000 for the third quarter of 2005. Income tax expense for the nine
months ended September 30, 2006 amounted to $2.1 million compared to $1.9
million for the nine months ended September 30, 2005. Our effective tax rate
increased to 28.1% for the quarter ended September 30, 2006, from 27.5% for
quarter ended September 30, 2005, however, our effective tax rate improved to
28.7% for the nine months ended September 30, 2006 from 29.1% for the nine
months ended September 30, 2005.

The Company's total assets increased $61.6 million, or 7.3%, to $905.7 million
at September 30, 2006 compared to $844.1 million at December 31, 2005. The
primary reason for the increase in total assets during the first nine months of
2006 was a $65.3 million or 12.3% increase in net loans receivable. The largest
loan growth occurred in one- to four-family residential loans, which increased
$45.6 million or 14.1% and construction loans, which increased $13.3 million or
10.0%. Additionally, multi-family residential and commercial loans increased
$10.9 million or 14.3%. Also contributing to the overall increase in assets
during the first nine months of 2006 was an increase in property and equipment,
net, of $1.8 million or 28.3%, primarily as a result of increased investment in
our new branches. The first of these branches opened in April 2006 in
Warrington, Pennsylvania, and was followed by the opening of another branch in
Concordville, Pennsylvania in October 2006. Additional branches are also
expected to open later this year (Lansdale, Pennsylvania) and early next year
(Springhouse and Chalfont, Pennsylvania). These increases were somewhat offset
by a decrease in investment and mortgage-backed securities of $8.4 million in
the aggregate, which occurred as a portion of our maturities and repayments were
reinvested into new loans.

Our total deposits increased $53.8 million or 10.7% to $555.0 million at
September 30, 2006 compared to $501.2 million at December 31, 2005. The increase
was due primarily to an increase in certificate accounts of $88.2 million that
was partially offset by a decrease in savings and money market accounts of $23.4
million and a decrease in checking accounts of $11.0 million. The shift towards
higher-rate certificates of deposit was a result of the increased rates
available on those products relative to other deposit products or other
investments in the current interest rate environment. The Company continues to
remain focused on maintaining and growing its base of core deposits over the
long term.

Our stockholders' equity decreased $4.1 million to $113.2 million at September
30, 2006 compared to $117.2 million at December 31, 2005. The decrease was
primarily due to the purchase of approximately 582,000 shares of the Company's
common stock for an aggregate of $8.3 million as part of the Company's stock
repurchase program announced in January 2006. The payment of the Company's
quarterly cash dividends of $0.05 per share in March and $0.06



                                       4


per share in June and September reduced retained earnings by $2.6 million, but
this was offset by our $5.2 million of net income for the first nine months of
2006, resulting in a net increase to retained earnings of $2.7 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 eight
additional full service branch offices and five limited service banking offices
located in Montgomery, Bucks and Delaware Counties, Pennsylvania. As of
September 30, 2006, Abington Community Bancorp had $905.7 million in total
assets, $555.0 million in deposits and $113.2 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 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, 2006 December 31, 2005 ----------------------------------------- ASSETS Cash and due from banks $ 12,757,692 $ 19,460,237 Interest-bearing bank balances 15,500,133 8,254,004 ------------- ------------- Total cash and cash equivalents 28,257,825 27,714,241 Investment securities held to maturity (estimated fair value--2006, $20,624,239; 2005, $20,316,775) 20,393,971 20,395,593 Investment securities available for sale (amortized cost-- 2006, $80,995,631; 2005, $80,775,605) 79,536,089 78,828,696 Mortgage-backed securities held to maturity (estimated fair value--2006, $56,673,006; 2005, $65,505,255) 58,905,688 67,410,735 Mortgage-backed securities available for sale (amortized cost-- 2006, $81,579,068; 2005, $82,212,270) 79,372,301 79,943,379 Loans receivable, net of allowance for loan losses (2006, $1,555,278; 2005, $1,454,510) 594,759,328 529,487,209 Accrued interest receivable 4,618,869 3,475,350 Federal Home Loan Bank stock--at cost 11,888,500 11,061,200 Cash surrender value - bank owned life insurance 16,003,814 15,498,958 Property and equipment, net 8,352,523 6,510,144 Deferred tax asset 2,620,173 2,648,200 Prepaid expenses and other assets 969,316 1,098,106 ------------- ------------- TOTAL ASSETS $ 905,678,397 $ 844,071,811 ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES: Deposits: Noninterest-bearing $ 37,653,586 $ 43,333,286 Interest-bearing 517,362,004 457,849,738 ------------- ------------- Total deposits 555,015,590 501,183,024 Advances from Federal Home Loan Bank 204,396,450 201,444,952 Other borrowed money 21,995,785 16,113,949 Accrued interest payable 6,325,273 1,909,234 Advances from borrowers for taxes and insurance 547,000 2,384,314 Accounts payable and accrued expenses 4,238,533 3,805,571 ------------- ------------- Total liabilities 792,518,631 726,841,044 ------------- ------------- 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: 15,870,000 in 2006 and 2005, oustanding: 15,293,464 in 2006 and 15,870,000 in 2005 158,700 158,700 Additional paid-in capital 69,540,776 69,234,964 Treasury stock--at cost, 576,536 shares (8,316,768) - Unallocated common stock held by: Employee Stock Ownership Plan (ESOP) (6,511,650) (6,880,236) Recognition & Retention Plan Trust (RRP) (2,791,047) (3,339,413) Deferred compensation plans trust (1,059,876) (1,050,000) Retained earnings 64,559,396 61,889,180 Accumulated other comprehensive loss (2,419,765) (2,782,428) ------------- ------------- Total stockholders' equity 113,159,766 117,230,767 ------------- ------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 905,678,397 $ 844,071,811 ============= =============
6
ABINGTON COMMUNITY BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited) ------------------------------------------------------------------------------------------------------------------------------------ Three Months Ended September 30, Nine Months Ended September 30, --------------------------------------- -------------------------------------- 2006 2005 2006 2005 --------------------------------------- -------------------------------------- INTEREST INCOME: Interest on loans $ 10,146,533 $ 7,683,975 $ 28,321,461 $ 20,860,816 Interest and dividends on investment and mortgage-backed securities: Taxable 2,715,257 2,500,970 7,599,627 7,639,385 Tax-exempt 212,727 214,482 639,935 471,876 ------------ ------------ ------------ ------------ Total interest income 13,074,517 10,399,427 36,561,023 28,972,077 INTEREST EXPENSE: Interest on deposits 4,629,897 2,668,445 11,776,374 6,826,392 Interest on Federal Home Loan Bank advances 2,535,445 2,259,801 7,207,782 6,290,844 Interest on other borrowed money 268,440 122,642 620,257 318,307 ------------ ------------ ------------ ------------ Total interest expense 7,433,782 5,050,888 19,604,413 13,435,543 ------------ ------------ ------------ ------------ NET INTEREST INCOME 5,640,735 5,348,539 16,956,610 15,536,534 PROVISION FOR LOAN LOSSES 120,000 20,000 128,000 20,000 ------------ ------------ ------------ ------------ NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 5,520,735 5,328,539 16,828,610 15,516,534 ------------ ------------ ------------ ------------ NON-INTEREST INCOME Service charges 435,978 436,938 1,282,401 1,320,289 Rental income 10,348 10,048 25,520 33,998 Gain on derivative instruments, net -- 37,380 -- 80,050 Income on bank owned life insurance 171,605 166,113 504,856 330,453 Loss on sale of investment securities -- -- (601) -- Other income 97,910 119,890 349,289 347,120 ------------ ------------ ------------ ------------ Total non-interest income 715,841 770,369 2,161,465 2,111,910 ------------ ------------ ------------ ------------ NON-INTEREST EXPENSES Salaries and employee benefits 2,158,377 2,115,019 6,402,075 5,793,082 Occupancy 365,762 429,222 1,140,453 1,219,505 Depreciation 173,723 133,302 490,874 378,222 Professional services 128,871 221,192 514,731 669,903 Data processing 322,957 309,527 957,032 908,914 ATM expense 82,734 82,174 246,772 250,204 Deposit insurance premium 35,345 31,620 104,623 91,265 Advertising and promotions 158,786 132,524 390,191 334,510 Other 437,795 446,121 1,419,965 1,295,198 ------------ ------------ ------------ ------------ Total non-interest expenses 3,864,350 3,900,701 11,666,716 10,940,803 ------------ ------------ ------------ ------------ INCOME BEFORE INCOME TAXES 2,372,226 2,198,207 7,323,359 6,687,641 PROVISION FOR INCOME TAXES 665,667 603,819 2,099,227 1,946,193 ------------ ------------ ------------ ------------ NET INCOME $ 1,706,559 $ 1,594,388 $ 5,224,132 $ 4,741,448 ============ ============ ============ ============ BASIC EARNINGS PER COMMON SHARE $ 0.12 $ 0.10 $ 0.35 $ 0.31 DILUTED EARNINGS PER COMMON SHARE $ 0.12 $ 0.10 $ 0.35 $ 0.31 BASIC AVERAGE COMMON SHARES OUTSTANDING: 14,554,073 15,244,232 14,802,227 15,366,869 DILUTED AVERAGE COMMON SHARES OUTSTANDING: 14,799,709 15,485,363 15,040,647 15,448,129
7
ABINGTON COMMUNITY BANCORP, INC. SELECTED FINANCIAL DATA (unaudited) ------------------------------------------------------------------------------------------------------------------------- Three Months Ended September 30, Nine Months Ended September 30, ------------------------------------- -------------------------------- 2006 2005 2006 2005 ------------------------------------- -------------------------------- Selected Operating Ratios(1): Average yield on interest-earning assets 6.08% 5.36% 5.85% 5.21% Average rate on interest-bearing liabilities 4.03% 3.10% 3.68% 2.92% Average interest rate spread(2) 2.05% 2.26% 2.17% 2.29% Net interest margin(2) 2.62% 2.76% 2.71% 2.79% Average interest-earning assets to average interest-bearing liabilities 116.61% 119.02% 117.45% 120.91% Net interest income after provision for loan losses to non-interest expense 142.88% 136.61% 144.24% 141.82% Total non-interest expense to average assets 1.71% 1.90% 1.77% 1.86% Efficiency ratio(3) 60.78% 63.75% 61.03% 61.99% Return on average assets 0.77% 0.78% 0.80% 0.81% Return on average equity 6.25% 5.36% 6.12% 5.25% Average equity to average assets 12.35% 14.49% 13.06% 15.36% ASSET QUALITY RATIOS(4): Non-performing loans as a percent of total loans receivable(5) 0.04% 0.06% 0.04% 0.06% Non-performing assets as a percent of total assets(5) 0.03% 0.04% 0.04% 0.04% Allowance for loan losses as a percent of non-performing loans 645.23% 435.00% 645.23% 435.00% Net charge-offs to average loans receivable 0.00% 0.00% 0.00% 0.01% CAPITAL RATIOS(6): Tier 1 leverage ratio 10.40% 10.47% 10.40% 10.47% Tier 1 risk-based capital ratio 16.37% 17.05% 16.37% 17.05% Total risk-based capital ratio 16.64% 17.33% 16.64% 17.33% ------------------------------------------------------------------------------------------------------------------------
(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, 2006 and 2005, 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 Wednesday, November 1, 2006 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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