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 2009
Jenkintown, PA (January 29, 2010) — Abington Bancorp, Inc. (the “Company”) (Nasdaq Global Select: ABBC), the parent holding company for Abington Bank (the “Bank”), reported a net loss of $2.0 million for the quarter ended December 31, 2009, compared to a net loss of $3.9 million for the quarter ended December 31, 2008. The Company’s basic and diluted loss per share were both $0.10 for the fourth quarter of 2009 compared to a basic and diluted loss per share of $0.18 for the fourth quarter of 2008. Additionally, the Company reported a net loss of $7.2 million for the year ended December 31, 2009, compared to net income of $2.1 million for the year ended December 31, 2008. The Company’s basic and diluted loss per share were both $0.36 for 2009 compared to basic and diluted earnings per share of $0.10 and $0.09, respectively, for 2008.
The net loss for the quarter and year were due primarily to our provision for loan losses, which amounted to $6.4 million for the fourth quarter of 2009 and $18.7 million for the year 2009. The results for the year also include a net loss on real estate owned (“REO”) of $5.5 million. Despite these losses, we have maintained our book value per share by utilizing our strong capital base to repurchase outstanding common shares. Our book value per share at December 31, 2009 and 2008 was $10.18 and $10.19, respectively.
Mr. Robert W. White, Chairman, President and CEO of the Company, stated, “Our financial results for the fourth quarter and the year 2009 reflect the continued impact of the national recession. While the overall economy is beginning to see signs of a recovery, our local and regional real estate markets are still suffering. In the face of declining values for collateral properties as well as financial pressure on some of our large loan customers, we made additional provisions to our allowance for loan losses during the fourth quarter, primarily related to our construction loan portfolio. As a result of our strong capital base, we were able to absorb these losses and remain well-capitalized under any financial or regulatory measure.”
Mr. White continued, “Our deposits grew substantially during 2009, with most of the growth in core deposits. Furthermore, we increased our net interest income for the sixth consecutive year. While the economic environment remains challenging, our business fundamentals remain strong and we are well-positioned as we move into 2010. We are working diligently to manage and resolve our non-performing loans and real estate owned, and we remain committed to building long-term shareholder value. To this end, we recently completed our third 5% stock buyback and approved a fourth 5% stock buyback, and we have continued to pay quarterly cash dividends.”

 

1


The following information was filed by Abington Bancorp, Inc.Pa (ABBC) on Friday, January 29, 2010 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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