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Last10K.com | 10-K Annual Report Mon Mar 14 2011
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 BANCORP, INC. ANNOUNCES RESULTS FOR THE FOURTH QUARTER OF 2010
Jenkintown, PA (January 26, 2011) — Abington Bancorp, Inc. (the “Company”) (Nasdaq Global Select:
ABBC), the parent holding company for Abington Bank (the “Bank”), reported net income of $1.9
million for the quarter ended December 31, 2010, compared to a net loss of $2.0 million for the
quarter ended December 31, 2009. The Company’s basic and diluted earnings per share were $0.11 and
$0.09, respectively, for the fourth quarter of 2010 compared to basic and diluted loss per share of
$0.10 for the fourth quarter of 2009. Additionally, the Company reported net income of $7.7 million
for the year ended December 31, 2010, compared to a net loss of $7.2 million for the year ended
December 31, 2009. Basic and diluted earnings per share were $0.41 and $0.39, respectively, for
2010 compared to basic and diluted loss per share of $0.36 for 2009.
Mr. Robert W. White, Chairman, President and CEO of the Company, stated, “We are very pleased to
announce our results for the quarter and the full year. Abington Bancorp ended 2010 with solid
earnings and marked improvement in the reduction of our non-performing assets. Supported by our
strong capital and liquidity positions, we increased our dividend from $0.05 to $0.06 for the
fourth quarter of 2010.”
Net Interest Income
Net interest income was $8.4 million and $33.3 million for the three months and year ended December
31, 2010, respectively, representing increases of 1.7% and 8.1% over the comparable 2009 periods,
respectively. The increases in our net interest income for the 2010 periods over the 2009 periods
occurred as lower interest expense more than offset a reduction in interest income. Our average
interest rate spread increased to 2.75% and 2.72%, respectively, for the three months and year
ended December 31, 2010 from 2.67% and 2.43%, respectively, for the three months and year ended
December 31, 2009. The improvements in our average interest rate spread occurred as a decrease in
the average yield earned on our interest-earning assets was more than offset by a decrease in the
average rate paid on our interest-bearing liabilities. Our net interest margin also increased
period-over-period to 2.97% and 2.95%, respectively, for the three months and year ended December
31, 2010 from 2.96% and 2.81%, respectively, for the three months and year ended December 31, 2009.
The following information was filed by Abington Bancorp, Inc.Pa (ABBC) on Wednesday, January 26, 2011 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Abington Bancorp, Inc.Pa's Definitive Proxy Statement (Form DEF 14A) filed after their 2011 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
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Abington Bancorp, Inc.Pa provided additional information to their SEC Filing as exhibits
Ticker: ABBC
CIK: 1397533
Form Type: 10-K Annual Report
Accession Number: 0000950123-11-025234
Submitted to the SEC: Mon Mar 14 2011 4:59:25 PM EST
Accepted by the SEC: Mon Mar 14 2011
Period: Friday, December 31, 2010
Industry: Savings Institutions Not Federally Chartered
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