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Exhibit 99.1
Press Release
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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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ABBC Annual Reports
- 10-K Annual Report March 2011
-
10-K Annual Report March 2010
- 10-K Annual Report March 2009
- 10-K Annual Report March 2008
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Abington Bancorp, Inc.Pa provided additional information to their SEC Filing as exhibits
SEC Filing Exhibit
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Ticker: ABBC
CIK: 1397533
Form Type: 10-K Annual Report
Accession Number: 0000950123-10-024036
Submitted to the SEC: Fri Mar 12 2010 2:11:39 PM EST
Accepted by the SEC: Fri Mar 12 2010
Period: Thursday, December 31, 2009
Industry: Savings Institutions Not Federally Chartered
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