Abington Bancorp, Inc.Pa (ABBC) SEC Filing 10-Q Quarterly report for the period ending Wednesday, March 31, 2010

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 FIRST QUARTER OF 2010

Jenkintown, PA (April 30, 2010) — Abington Bancorp, Inc. (the “Company”) (Nasdaq Global Select: ABBC), the parent holding company for Abington Bank (the “Bank”), reported net income of $1.6 million for the quarter ended March 31, 2010, compared to net income of $2.2 million for the quarter ended March 31, 2009. The Company’s basic and diluted earnings per share were both $0.08 for the first quarter of 2010 compared to basic and diluted earnings per share of $0.10 for the first quarter of 2009.

Mr. Robert W. White, Chairman, President and CEO of the Company, stated, “We are pleased to begin 2010 with our business soundly moving forward. During the first quarter of 2010 we increased our net interest income over both the prior year and the linked quarter, and we further increased our core deposits from record levels at the end of 2009. After reporting significant provisions for loan losses for three consecutive quarters, our provision moderated this quarter, and we are making progress in resolving our non-performing assets. We are focused on further reducing our non-performing assets throughout the year. Additionally, we remain committed to increasing the return to our shareholders through appreciation in our stock price and the continued payment of our quarterly cash dividends.”

Net Interest Income

Net interest income was $8.2 million for the three months ended March 31, 2010, compared to $7.6 million for the three months ended March 31, 2009, an increase of 8.7%. The increase in our net interest income for the first quarter of 2010 compared to the first quarter of 2009 occurred as a decrease in our interest expense quarter-over-quarter exceeded the decrease in our interest income. Our average interest rate spread increased 34 basis points to 2.65% for the three months ended March 31, 2010 from 2.31% for the three months ended March 31, 2009. The improvement in our average interest rate spread occurred as a decrease in the average yield 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 quarter-over-quarter to 2.92% for the three months ended March 31, 2010 from 2.77% for the three months ended March 31, 2009.