EX-99.1
2
foxchaseexb99oct30-09.txt

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                                                                   EXHIBIT 99.1



FOX CHASE BANCORP, INC.                                3rd QUARTER EARNINGS 2009
PAGE 1


               [FOX CHASE BANCORP, INC. LETTERHEAD]

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

FOR IMMEDIATE RELEASE

DATE:     October 29, 2009
CONTACT:  Roger Deacon
          Chief Financial Officer
PHONE:    (215) 775-1435

                   FOX CHASE BANCORP, INC. ANNOUNCES EARNINGS
             FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009

HATBORO, PA, OCTOBER 29, 2009 - Fox Chase Bancorp, Inc. (the "Company") (NASDAQ
GM: FXCB), the holding company for Fox Chase Bank (the "Bank"), today announced
net income of $513,000 and $1.4 million for the three and nine months ended
September 30, 2009, respectively, compared to net income of $659,000 and $1.3
million for the three and nine months ended September 30, 2008, respectively.

Highlights for the three and nine month periods ended September 30, 2009
included:

   o     Net interest income increased $264,000, or 4.5%, to $6.1 million for
         the three months ended September 30, 2009, compared to $5.8 million for
         the three months ended September 30, 2008, and increased $1.4 million,
         or 9.0%, to $17.3 million for the nine months ended September 30, 2009
         from $15.9 million for the same period in 2008;
   o     Net interest income increased $642,000 for the three months ended
         September 30, 2009, compared to the three months ended June 30, 2009,
         and the net interest margin increased to 2.09% for the three months
         ended September 30, 2009 from 1.93% for the three months ended June 30,
         2009. This increase was primarily due to loan growth and the investment
         of excess cash into higher earning securities;

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FOX CHASE BANCORP, INC.                                3rd QUARTER EARNINGS 2009
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   o     The Company recorded provisions for loan losses of $1.5 million and
         $2.4 million for the three and nine months ended September 30, 2009,
         respectively, compared to $500,000 and $900,000 for the three and nine
         months ended September 30, 2008, respectively. The increase in the
         provision was primarily driven by an increase in nonperforming,
         delinquent and classified loans in both the residential and commercial
         loan portfolios. Nonperforming loans increased to $16.2 million, or
         2.51% of gross loans, at September 30, 2009 from $5.9 million, or 0.98%
         of gross loans, at December 31, 2008;
   o     The allowance for loan losses at September 30, 2009 was 1.32% of total
         loans outstanding at September 30, 2009, compared to 1.05% of total
         loans outstanding at December 31, 2008;
   o     Net investment securities gains were $958,000 and $1.4 million for the
         three and nine months ended September 30, 2009, respectively, compared
         to $0 and $118,000, respectively, for the three and nine months ended
         September 30, 2008;
   o     Federal Deposit Insurance Corporation ("FDIC") premiums were $343,000
         and $1.4 million for the three and nine months ended September 20,
         2009, respectively, and $26,000 and $81,000 for the three and nine
         months ended September 30, 2008, respectively. This increase was due to
         (a) a one-time FDIC special assessment of $536,000 assessed in the
         second quarter of 2009, (b) the Bank's FDIC insurance credit was fully
         utilized during the fourth quarter of 2008, and (c) an increase in both
         the average deposit balances and the FDIC premium rate;
   o     Total  assets were $1.19  billion at  September  30, 2009,  an increase
         of $255.0  million,  or 27.4% from December 31, 2008;
   o     Loans totaled $636.7 million at September 30, 2009, representing an
         increase of $47.8 million, or 8.1%, from December 31, 2008, primarily
         in the multi-family and commercial real estate category; and
   o     Deposits totaled $860.5 million at September 30, 2009, representing an
         increase of $252.1 million, or 41.4%, from December 31, 2008.

Thomas M. Petro, President and CEO said, "The economic environment in the
mid-Atlantic region of the United States continued to deteriorate in the last
three months. Unemployment and continued declines in residential real estate
values in our market area have negatively impacted our customers and resulted in
increasing delinquencies and nonperforming loans. While we have initiated

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FOX CHASE BANCORP, INC.                                3rd QUARTER EARNINGS 2009
PAGE 3

strategies to mitigate the effects of these economic and recessionary risks, we
are also optimistic that our strong capital position and our deposit and loan
growth will help us take advantage of a future economic recovery. Despite this
environment, in the third quarter the Company was able to be profitable while
increasing its reserves for loan losses. We continue to remain well capitalized
for regulatory purposes and are highly focused on improving the long-term
operational capacity and profitability of the Company."

During the three and nine months ended September 30, 2009, the Company
repurchased 120,683 and 387,272 shares of its common stock, respectively,
pursuant to previously announced stock repurchase programs. The Company's July
2008 program was completed in the third quarter of 2009. There are 307,537
shares remaining to be repurchased under the Company's May 2009 program. The
timing and volume of future 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 other 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.


 4
FOX CHASE BANCORP, INC.                                3rd QUARTER EARNINGS 2009
PAGE 4

CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2009 2008 2009 2008 ------------------------- ----------------------- INTEREST INCOME Interest and fees on loans $ 8,698 $ 8,106 $ 25,833 $ 22,415 Interest on money market funds 23 - 183 521 Interest on mortgage related securities available-for-sale 3,975 3,138 10,765 9,248 Interest on investment securities available-for-sale Taxable 238 121 623 876 Nontaxable 107 146 390 469 Dividend income - 69 1 193 Other interest income 290 17 426 124 --------- --------- ---------- ---------- TOTAL INTEREST INCOME 13,331 11,597 38,191 33,846 --------- --------- ---------- ---------- INTEREST EXPENSE Deposits 5,478 4,345 15,576 14,004 Federal Home Loan Bank advances 1,333 1,230 3,992 3,380 Other borrowed funds 437 203 1,298 567 --------- --------- ---------- ---------- TOTAL INTEREST EXPENSE 7,248 5,778 20,866 17,951 --------- --------- ---------- ---------- NET INTEREST INCOME 6,083 5,819 17,325 15,895 Provision for loan losses 1,450 500 2,412 900 --------- --------- ---------- ---------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 4,633 5,319 14,913 14,995 --------- --------- ---------- ---------- NONINTEREST INCOME Service charges and other fee income 192 218 672 633 Net gain on sale of loans - 6 3 10 Income on bank-owned life insurance 115 114 336 338 Other 58 21 269 56 Total other-than-temporary impairment loss - - (605) - Less: Portion of loss recognized in other comprehensive income (before taxes) - - 448 - --------- --------- ---------- ---------- Net other-than-temporary impairment loss - - (157) - Net gains on sale of investment securities 958 - 1,546 118 --------- --------- ---------- ---------- Net investment securities gains 958 - 1,389 118 --------- --------- ---------- ---------- TOTAL NONINTEREST INCOME 1,323 359 2,669 1,155 --------- --------- ---------- ---------- NONINTEREST EXPENSE Salaries, benefits and other compensation 3,198 2,928 8,963 8,790 Occupancy expense 441 458 1,374 1,412 Furniture and equipment expense 170 226 571 669 Data processing costs 384 402 1,146 1,204 Professional fees 267 285 831 863 Marketing expense 72 117 242 337 FDIC premiums 343 26 1,415 81 Other 379 347 1,155 1,111 --------- --------- ---------- ---------- TOTAL NONINTEREST EXPENSE 5,254 4,789 15,697 14,467 --------- --------- ---------- ---------- INCOME BEFORE INCOME TAXES 702 889 1,885 1,683 Income tax provision 189 230 473 375 --------- --------- ---------- ---------- NET INCOME $ 513 $ 659 $ 1,412 $ 1,308 ========= ========= ========== ========== Earnings per share: Basic $ 0.04 $ 0.05 $ 0.11 $ 0.10 Diluted $ 0.04 $ 0.05 $ 0.11 $ 0.10
5 FOX CHASE BANCORP, INC. 3rd QUARTER EARNINGS 2009 PAGE 5
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (DOLLARS IN THOUSANDS, EXCEPT SHARE DATA) SEPTEMBER 30, DECEMBER 31, 2009 2008 ------------- ------------ (UNAUDITED) ASSETS Cash and due from banks $ 241 $ 642 Interest-earning demand deposits in other banks 57,933 3,302 ----------- ----------- Total cash and cash equivalents 58,174 3,944 Investment securities available-for-sale 27,235 25,041 Mortgage related securities available-for-sale 415,029 269,682 Loans, net of allowance for loan losses of $8,489 at September 30, 2009 and $6,260 at December 31, 2008 636,749 588,975 Loans held for sale 167 - Federal Home Loan Bank stock, at cost 10,435 9,707 Bank-owned life insurance 12,551 12,214 Premises and equipment 11,311 11,748 Real estate held for investment 1,880 1,957 Accrued interest receivable 4,583 3,721 Mortgage servicing rights 735 827 Deferred tax asset, net - 1,869 Other assets 7,399 1,585 ----------- ----------- TOTAL ASSETS $1,186,248 $ 931,270 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits 860,529 608,472 Federal Home Loan Bank advances 143,232 146,379 Other borrowed funds 50,000 50,000 Advances from borrowers for taxes and insurance 1,221 2,589 Accrued interest payable 759 727 Deferred tax liability, net 1,187 - Accrued expenses and other liabilities 2,385 1,883 ----------- ----------- TOTAL LIABILITIES 1,059,313 810,050 ----------- ----------- STOCKHOLDERS' EQUITY Preferred stock ($.01 par value; 1,000,000 shares authorized, none issued and outstanding at September 30, 2009 and December 31, 2008) - - Common stock ($.01 par value; 35,000,000 shares authorized, 14,679,750 shares issued and 13,679,287 shares outstanding at September 30, 2009 and 14,679,750 shares issued and 14,066,559 shares outstanding at December 31, 2008) 147 147 Additional paid-in capital 63,765 63,516 Treasury stock (at cost, 1,000,463 shares at September 30, 2009 and 613,191 shares at December 31, 2008) (11,112) (7,293) Common stock acquired by benefit plans (6,957) (7,819) Retained earnings 74,044 72,664 Accumulated other comprehensive income, net 7,048 5 ----------- ----------- TOTAL STOCKHOLDERS' EQUITY 126,935 121,220 ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,186,248 $ 931,270 =========== ===========
6 FOX CHASE BANCORP, INC. 3rd QUARTER EARNINGS 2009 PAGE 6
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF THE COMPANY (UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) September 30, December 31, September 30, 2009 2008 2008 ------------ ------------ ------------- CAPITAL RATIOS(1): Total Stockholders' Equity (to Total Assets)(1) 10.70% 13.02% 13.61% Tier 1 capital (to adjusted assets)(2) 8.63% 10.70% 11.20% Tier 1 risk-based capital (to risk-weighted assets)(2) 15.39 18.11 18.72 Total risk-based capital (to risk-weighted assets)(2) 16.53 19.25 19.52 ASSET QUALITY INDICATORS: Total nonperforming loans(3) $ 16,216 $ 5,850 $ 1,871 Real estate owned - - - ---------- ---------- --------- Total nonperforming assets $ 16,216 $ 5,850 $ 1,871 ========= ========== ========= Ratio of nonperforming loans to total loans 2.51% 0.98% 0.32% ========= ========== ========= Ratio of nonperforming loans to total assets 1.37 0.63 0.21 ========= ========== ========= Ratio of allowance for loan losses to total loans 1.32 1.05 0.74 ========= ========== ========= Ratio of allowance for loan losses to nonperforming assets 52.4 107.0 227.7 ========= ========== ========= At or for the Three Months Ended: September 30, June 30, September 30, 2009 2009 2008 ----------------- --------------- ---------------- PERFORMANCE RATIOS(4): Return on average assets 0.17% 0.10% 0.31% Return on average equity 1.63 0.96 2.18 Net interest margin 2.09 1.93 2.79 OTHER: Book value per share $9.28 $ 9.02 $ 8.54 Employees (full-time equivalents) 138 142 139 For the Nine Months Ended: September 30, September 30, 2009 2008 --------------- ---------------- PERFORMANCE RATIOS(4): Return on average assets 0.17% 0.20% Return on average equity 1.52 1.43 Net interest margin 2.14 2.55
(1) Represents stockholders' equity to assets ratio of Fox Chase Bancorp, Inc. (2) Represents regulatory 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 Friday, October 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.

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