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June 2007
June 2007
June 2007
May 2007
April 2007
March 2007
January 2007
January 2007
November 2006
November 2006
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.
|
|||||||
CONSOLIDATED
STATEMENTS OF FINANCIAL CONDITION (unaudited)
|
|||||||
March
31, 2007
|
December
31, 2006
|
||||||
ASSETS
|
|||||||
Cash
and due from banks
|
$
|
16,908,221
|
$
|
22,136,438
|
|||
Interest-bearing
bank balances
|
30,480,176
|
22,428,814
|
|||||
Total
cash and cash equivalents
|
47,388,397
|
44,565,252
|
|||||
Investment
securities held to maturity (estimated fair value—2007,
$20,509,646; 2006, $20,429,576)
|
20,392,890
|
20,393,430
|
|||||
Investment
securities available for sale (amortized cost— 2007, $80,873,244; 2006,
$75,834,898)
|
79,861,772
|
74,489,055
|
|||||
Mortgage-backed
securities held to maturity (estimated fair value—2007, $52,247,321; 2006,
$53,957,015)
|
54,138,914
|
56,143,619
|
|||||
Mortgage-backed
securities available for sale (amortized cost— 2007, $76,723,280; 2006,
$79,831,266)
|
75,271,962
|
78,022,794
|
|||||
Loans
receivable, net of allowance for loan losses (2007, $1,598,633;
2006,
$1,602,613)
|
628,953,078
|
605,062,980
|
|||||
Accrued
interest receivable
|
4,704,277
|
4,365,535
|
|||||
Federal
Home Loan Bank stock—at cost
|
10,867,100
|
11,240,700
|
|||||
Cash
surrender value - bank owned life insurance
|
16,362,723
|
16,184,256
|
|||||
Property
and equipment, net
|
9,575,127
|
8,908,910
|
|||||
Deferred
tax asset
|
2,667,215
|
2,808,716
|
|||||
Prepaid
expenses and other assets
|
976,079
|
3,001,035
|
|||||
TOTAL
ASSETS
|
$
|
951,159,534
|
$
|
925,186,282
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
LIABILITIES:
|
|||||||
Deposits:
|
|||||||
Noninterest-bearing
|
$
|
49,766,580
|
$
|
45,186,397
|
|||
Interest-bearing
|
566,087,837
|
541,815,163
|
|||||
Total
deposits
|
615,854,417
|
587,001,560
|
|||||
Advances
from Federal Home Loan Bank
|
186,474,148
|
196,293,273
|
|||||
Other
borrowed money
|
19,824,758
|
17,781,260
|
|||||
Accrued
interest payable
|
5,051,739
|
2,504,270
|
|||||
Advances
from borrowers for taxes and insurance
|
2,941,919
|
2,624,310
|
|||||
Accounts
payable and accrued expenses
|
5,410,349
|
4,879,385
|
|||||
Total
liabilities
|
835,557,330
|
811,084,058
|
|||||
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 2007 and 2006, outstanding: 15,288,154 in 2007 and
2006
|
158,700
|
158,700
|
|||||
Additional
paid-in capital
|
69,820,453
|
69,674,243
|
|||||
Treasury
stock—at cost, 581,846 shares in 2007 and 2006
|
(8,317,848
|
)
|
(8,317,848
|
)
|
|||
Unallocated
common stock held by:
|
|||||||
Employee
Stock Ownership Plan (ESOP)
|
(6,265,926
|
)
|
(6,388,788
|
)
|
|||
Recognition
& Retention Plan Trust (RRP)
|
(2,421,852
|
)
|
(2,606,781
|
)
|
|||
Deferred
compensation plans trust
|
(1,062,227
|
)
|
(1,059,116
|
)
|
|||
Retained
earnings
|
65,824,780
|
65,252,214
|
|||||
Accumulated
other comprehensive loss
|
(2,133,876
|
)
|
(2,610,400
|
)
|
|||
Total
stockholders' equity
|
115,602,204
|
114,102,224
|
|||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
951,159,534
|
$
|
925,186,282
|
ABINGTON
COMMUNITY BANCORP, INC.
|
|||||||
CONSOLIDATED
STATEMENTS OF INCOME (unaudited)
|
|||||||
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
INTEREST
INCOME:
|
|||||||
Interest
on loans
|
$
|
10,368,479
|
$
|
8,717,783
|
|||
Interest
and dividends on investment and mortgage-backed
securities:
|
|||||||
Taxable
|
2,638,797
|
2,345,812
|
|||||
Tax-exempt
|
212,727
|
214,482
|
|||||
Total
interest income
|
13,220,003
|
11,278,077
|
|||||
INTEREST
EXPENSE:
|
|||||||
Interest
on deposits
|
5,178,577
|
3,298,660
|
|||||
Interest
on Federal Home Loan Bank advances
|
2,354,977
|
2,289,428
|
|||||
Interest
on other borrowed money
|
184,560
|
144,127
|
|||||
Total
interest expense
|
7,718,114
|
5,732,215
|
|||||
NET
INTEREST INCOME
|
5,501,889
|
5,545,862
|
|||||
PROVISION
FOR LOAN LOSSES
|
3,607
|
-
|
|||||
NET
INTEREST INCOME AFTER
|
|||||||
PROVISION
FOR LOAN LOSSES
|
5,498,282
|
5,545,862
|
|||||
NON-INTEREST
INCOME
|
|||||||
Service
charges
|
397,716
|
408,635
|
|||||
Rental
income
|
7,536
|
7,636
|
|||||
Income
on bank owned life insurance
|
178,467
|
166,687
|
|||||
Loss
on sale of investment securities
|
-
|
(601
|
)
|
||||
Other
income
|
103,731
|
112,631
|
|||||
Total
non-interest income
|
687,450
|
694,988
|
|||||
NON-INTEREST
EXPENSES
|
|||||||
Salaries
and employee benefits
|
2,327,544
|
2,121,408
|
|||||
Occupancy
|
436,810
|
387,745
|
|||||
Depreciation
|
184,182
|
148,919
|
|||||
Professional
services
|
161,614
|
160,631
|
|||||
Data
processing
|
350,676
|
324,348
|
|||||
ATM
expense
|
87,559
|
82,493
|
|||||
Deposit
insurance premium
|
36,832
|
34,476
|
|||||
Advertising
and promotions
|
95,762
|
92,981
|
|||||
Other
|
515,843
|
438,870
|
|||||
Total
non-interest expenses
|
4,196,822
|
3,791,871
|
|||||
INCOME
BEFORE INCOME TAXES
|
1,988,910
|
2,448,979
|
|||||
PROVISION
FOR INCOME TAXES
|
526,478
|
702,468
|
|||||
NET
INCOME
|
$
|
1,462,432
|
$
|
1,746,511
|
|||
BASIC
EARNINGS PER COMMON SHARE
|
$
|
0.10
|
$
|
0.12
|
|||
DILUTED
EARNINGS PER COMMON SHARE
|
$
|
0.10
|
$
|
0.11
|
|||
BASIC
AVERAGE COMMON SHARES OUTSTANDING:
|
14,600,634
|
15,026,117
|
|||||
DILUTED
AVERAGE COMMON SHARES OUTSTANDING:
|
14,972,741
|
15,278,905
|
ABINGTON
COMMUNITY BANCORP, INC.
|
|||||||
SELECTED
FINANCIAL DATA (unaudited)
|
|||||||
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
Selected
Operating Ratios(1):
|
|||||||
Average
yield on interest-earning assets
|
6.00
|
%
|
5.59
|
%
|
|||
Average
rate on interest-bearing liabilities
|
4.07
|
%
|
3.36
|
%
|
|||
Average
interest rate spread(2)
|
1.93
|
%
|
2.23
|
%
|
|||
Net
interest margin(2)
|
2.50
|
%
|
2.75
|
%
|
|||
Average
interest-earning assets to average interest-bearing
liabilities
|
116.28
|
%
|
118.25
|
%
|
|||
Net
interest income after provision for loan losses to non-interest
expense
|
131.00
|
%
|
146.26
|
%
|
|||
Total
non-interest expense to average assets
|
1.81
|
%
|
1.78
|
%
|
|||
Efficiency
ratio(3)
|
67.81
|
%
|
60.76
|
%
|
|||
Return
on average assets
|
0.63
|
%
|
0.82
|
%
|
|||
Return
on average equity
|
5.09
|
%
|
5.97
|
%
|
|||
Average
equity to average assets
|
12.38
|
%
|
13.77
|
%
|
|||
Asset
Quality Ratios(4):
|
|||||||
Non-performing
loans as a percent of total loans receivable(5)
|
0.38
|
%
|
0.07
|
%
|
|||
Non-performing
assets as a percent of total assets(5)
|
0.25
|
%
|
0.05
|
%
|
|||
Allowance
for loan losses as a percent of non-performing loans
|
67.13
|
%
|
370.00
|
%
|
|||
Net
charge-offs or (recoveries) to average loans
receivable
|
0.00
|
%
|
0.00
|
%
|
|||
Capital
Ratios(6):
|
|||||||
Tier
1 leverage ratio
|
10.55
|
%
|
10.55
|
%
|
|||
Tier
1 risk-based capital ratio
|
16.54
|
%
|
17.21
|
%
|
|||
Total
risk-based capital ratio
|
16.81
|
%
|
17.49
|
%
|
|||
(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 periods ended March 31, 2007 and 2006, 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.
|
|||||||
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Abington Community Bancorp, Inc..
Abington Community Bancorp, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2007 10-K Annual Report includes:
CIK: 1292898
Form Type: 10-Q Quarterly Report
Accession Number: 0001188112-07-001522
Submitted to the SEC: Tue May 15 2007 10:13:55 AM EST
Accepted by the SEC: Tue May 15 2007
Period: Saturday, March 31, 2007
Industry: Savings Institutions Not Federally Chartered