EX-99.1
2
foxchase8kapril30-09ex99.txt



                         [FOX CHASE BANCORP, INC. LOGO]


                                  NEWS RELEASE
                                  ------------

FOR IMMEDIATE RELEASE

DATE:        April 30, 2009
CONTACT:     Roger Deacon
             Chief Financial Officer
PHONE:       (215) 682-4116

             FOX CHASE BANCORP ANNOUNCES 74% INCREASE IN NET INCOME
                             FOR FIRST QUARTER 2009

HATBORO, PA, APRIL 30, 2009 - Fox Chase Bancorp, Inc. (the "Company") (NASDAQ
GM: FXCB), the holding company for Fox Chase Bank (the "Bank"), today announced
net income of $601,000 for the three months ended March 31, 2009, compared to
net income of $345,000 for the three months ended March 31, 2008, an increase of
74.2%.

Highlights for the quarter included:

    o    Net interest income increased $866,000, or 17.5%, to $5.8 million for
         the three months ended March 31, 2009, compared to $4.9 million for the
         three months ended March 31, 2008;

    o    Noninterest expense increased $229,000, or 4.8%, to $5.0 million for
         the three months ended March 31, 2009, compared to $4.7 million for the
         three months ended March 31, 2008, primarily due to a $211,000 increase
         in FDIC insurance premium expense. A special insurance premium
         assessment has been proposed by the FDIC which will substantially
         increase this amount in the second quarter of 2009;

    o    Total assets were $1.1 billion at March 31, 2009, an increase of $203
         million, or 21.8% from  December 31, 2008;





    o    Deposits totaled $810 million at March 31, 2009, representing an
         increase of $202  million,  or 33.1%, from December 31, 2008.

Thomas M. Petro, President and CEO stated, "Fox Chase Bank achieved several
significant milestones this quarter. For the first time in our 142-year history
we surpassed $1.0 billion in assets and $600 million in loans. During the month
of March, we offered attractive rates on selected deposit products to increase
our market share in the Philadelphia region and we were pleased with the
results. In that timeframe we opened 6,500 new deposit accounts, representing
greater than $200 million in deposits, of which 50% were new deposit customers
to Fox Chase Bank. We intend to lend these deposit dollars to qualified
businesses and consumers in the year ahead. While we remain cautious about the
economic environment, our strong capital base positions us to increase market
share and build long-term relationships with borrowers and depositors."

The Bank intends to maintain a significant portion of the first quarter increase
in deposits in short-term money market funds, which will have a negative impact
on net interest margin, until the funds are deployed into higher-yielding loans.

Nonperforming assets totaled $6.5 million, or 0.58% of total assets, at March
31, 2009 compared to $5.9 million, or 0.63% of total assets, at December 31,
2008. The Company recorded provisions for loan losses of $395,000 and $175,000
for the three months ended March 31, 2009 and March 31, 2008, respectively. The
increase in the provision reflected the increase in nonperforming assets and
loan growth, primarily commercial loans. The allowance for loan losses at March
31, 2009 and December 31, 2008 was 1.05% of total loans outstanding.

During the three months ended March 31, 2009, the Company repurchased 89,039
shares of common stock, which included completing the stock repurchase program
announced in February 2008 (the "February 2008 program"). Included in the
repurchases this quarter was 48,230 shares of the 327,000 shares approved to be
purchased under the repurchase program announced in July 2008 (the "July 2008"
program). Timing and volume of purchases will depend on market conditions and
other factors. Repurchased shares will be held in treasury.




Fox Chase Bancorp, Inc. is the mid-tier stock holding company of Fox Chase Bank.
The Bank is a federally chartered savings bank originally established in 1867.
The Bank offers traditional banking services and products from its main office
in Hatboro, Pennsylvania and ten branch offices in Bucks, Montgomery, Chester,
Delaware and Philadelphia Counties in Pennsylvania and Atlantic and Cape May
Counties in New Jersey. For more information, please visit the Bank's website at
www.foxchasebank.com.
--------------------

This news release contains forward-looking statements within the meaning of the
federal securities laws. Forward-looking statements can generally be identified
by the fact that they do not relate strictly to historical or current facts.
They often include words like "believe," "expect," "anticipate," "estimate" and
"intend" or future or conditional verbs such as "will," "would," "should,"
"could" or "may." Statements in this release that are not strictly historical
are forward-looking and are based upon current expectations that may differ
materially from actual results. These forward-looking statements involve risks
and uncertainties that could cause actual results to differ materially from
those anticipated by the statements made herein. These risks and uncertainties
involve general economic trends, changes in interest rates, loss of deposits and
loan demand to other financial institutions, substantial changes in financial
markets; changes in real estate value and the real estate market, regulatory
changes, possibility of unforeseen events affecting the industry generally, the
uncertainties associated with newly developed or acquired operations, the
outcome of pending litigation, and market disruptions and other effects of
terrorist activities. The Company undertakes no obligation to update these
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unforeseen events, except as required
under the rules and regulations of the Securities and Exchange Commission.



CONSOLIDATED STATEMENT OF OPERATIONS (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) THREE MONTHS ENDED MARCH 31, 2009 2008 ----------- ------------ INTEREST INCOME Interest and fees on loans $ 8,377 $ 7,128 Interest on money market funds 38 275 Interest on mortgage related securities available-for-sale 3,255 2,904 Interest on investment securities available-for-sale Taxable 124 651 Nontaxable 143 168 Dividend income 1 58 Other interest income 1 70 ----------- ------------ TOTAL INTEREST INCOME 11,939 11,254 ----------- ------------ INTEREST EXPENSE Deposits 4,379 5,107 Federal Home Loan Bank advances 1,330 1,030 Other borrowed funds 429 182 ----------- ------------ TOTAL INTEREST EXPENSE 6,138 6,319 ----------- ------------ NET INTEREST INCOME 5,801 4,935 Provision for loan losses 395 175 ----------- ------------ NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 5,406 4,760 ----------- ------------ NONINTEREST INCOME Service charges and other fee income 170 191 Net gain on sale of: Securities available-for-sale -- 70 Loans 3 3 Income on bank-owned life insurance 109 111 Other 65 18 ----------- ------------ TOTAL NONINTEREST INCOME 347 393 ----------- ------------ NONINTEREST EXPENSE Salaries, benefits and other compensation 2,850 2,798 Occupancy expense 495 486 Furniture and equipment expense 221 216 Data processing costs 385 393 Professional fees 266 313 Marketing expense 84 95 FDIC premiums 241 30 Other 409 391 ----------- ------------ TOTAL NONINTEREST EXPENSE 4,951 4,722 ----------- ------------ INCOME BEFORE INCOME TAXES 802 431 Income tax provision 201 86 ----------- ------------ NET INCOME $ 601 $ 345 =========== ============ Earnings per shares: Basic $ 0.05 $ 0.03 Diluted $ 0.05 $ 0.03
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (DOLLARS IN THOUSANDS, EXCEPT SHARE DATA) MARCH 31, DECEMBER 31, 2009 2008 ---------------- ----------------- (UNAUDITED) ASSETS Cash and due from banks $ 375 $ 642 Interest-earning demand deposits in other banks 31,722 3,302 Money market funds 103,000 -- -------------- --------------- Total cash and cash equivalents 135,097 3,944 Investment securities available-for-sale 31,657 25,041 Mortgage related securities available-for-sale 307,669 269,682 Loans, net of allowance for loan losses of $6,510 at March 31, 2009 and $6,260 at December 31, 2008 616,291 588,975 Federal Home Loan Bank stock, at cost 9,707 9,707 Bank-owned life insurance 12,323 12,214 Premises and equipment 13,540 13,705 Accrued interest receivable 3,907 3,721 Mortgage servicing rights 756 827 Deferred tax asset, net 719 1,869 Other assets 2,830 1,585 -------------- --------------- TOTAL ASSETS $1,134,496 $ 931,270 ============== =============== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits $ 810,095 $ 608,472 Federal Home Loan Bank advances 145,339 146,379 Other borrowed funds 50,000 50,000 Advances from borrowers for taxes and insurance 2,427 2,589 Accrued interest payable 733 727 Accrued expenses and other liabilities 1,982 1,883 -------------- --------------- TOTAL LIABILITIES 1,010,576 810,050 -------------- --------------- STOCKHOLDERS' EQUITY Preferred stock ($.01 par value; 1,000,000 shares authorized, none issued and outstanding at March 31, 2009 and December 31, 2009 -- -- Common stock ($.01 par value; 35,000,000 shares authorized, 14,679,750 shares issued and 13,977,520 shares outstanding at March 31, 2009 and 14,679,750 shares issued and 14,066,559 shares outstanding at December 31, 2008) 147 147 Additional paid-in capital 63,758 63,516 Treasury stock (at cost, 702,230 shares at March 31, 2009 and 613,191 shares at December 31, 2008) (8,149) (7,293) Common stock acquired by benefit plans (7,695) (7,819) Retained earnings 73,261 72,664 Accumulated other comprehensive income, net 2,598 5 -------------- --------------- TOTAL STOCKHOLDERS' EQUITY 123,920 121,220 -------------- --------------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,134,496 $ 931,270 ============== ===============
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF THE COMPANY (UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) March 31, December 31, March 31, 2009 2008 2008 ------------- ------------ ------------ CAPITAL RATIOS(1): Total Stockholders' Equity (to Total Assets)(1) 10.92% 13.02% 14.26% Tier 1 capital (to adjusted assets)(2) 8.91% 10.70% 11.39% Tier 1 risk -based capital (to risk-weighted assets)(2) 16.40 18.11 21.75 Total risk-based capital (to risk-weighted assets)(2) 17.35 19.25 22.53 ASSET QUALITY INDICATORS: Nonperforming loans(3) $ 6,535 $ 5,850 $ 774 Real estate owned -- -- -- --------- ------- ------ Total nonperforming assets $ 6,535 $ 5,850 $ 774 ========= ======== ====== Ratio of nonperforming loans to total loans 1.05% 0.98% 0.17% ========= ======== ====== Ratio of nonperforming loans to total assets 0.58 0.63 0.09 ========= ======== ====== Ratio of allowance for loan losses to total loans 1.05 1.05 0.77 ========= ======== ====== At or for the Three Months Ended; March 31, December 31, March 31, 2009 2008 2008 ---------------- --------------- ---------------- PERFORMANCE RATIOS(4): Return on average assets 0.25% (0.04)% 0.16% Return on average equity 1.97 (0.31) 1.12 Net interest margin 2.45 2.70 2.39 OTHER: Book value per share $ 8.87 $ 8.62 $ 8.62 Employees (full-time equivalents) 137 137 140
--------------------------- (1) Represents stockholders' equity ratio of Fox Chase Bancorp, Inc. (2) Represents capital ratios of Fox Chase Bank (3) Includes nonaccruing loans and accruing loans past due 90 days or more (4) Annualized

The following information was filed by Fox Chase Bancorp Inc on Thursday, April 30, 2009 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.

View differences made from one quarter to another to evaluate Fox Chase Bancorp Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

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 Fox Chase Bancorp Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account