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

Abington Bancorp, Inc.Pa

CIK: 1397533 Ticker: ABBC
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.

 

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The following information was filed by Abington Bancorp, Inc.Pa (ABBC) on Friday, April 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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SEC Filing Tools
Ticker: ABBC
CIK: 1397533
Form Type: 10-Q Quarterly Report
Accession Number: 0000950123-10-046209
Submitted to the SEC: Fri May 07 2010 1:45:43 PM EST
Accepted by the SEC: Fri May 07 2010
Period: Wednesday, March 31, 2010
Industry: Savings Institutions Not Federally Chartered

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