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Abington Bancorp, Inc.Pa (ABBC) SEC Filing 10-Q Quarterly report for the period ending Wednesday, June 30, 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 SECOND QUARTER OF 2010
Jenkintown, PA (July 29, 2010) — Abington Bancorp, Inc. (the “Company”) (Nasdaq Global Select: ABBC), the parent holding company for Abington Bank (the “Bank”), reported net income of $2.0 million for the quarter ended June 30, 2010, compared to a net loss of $378,000 for the quarter ended June 30, 2009. The Company’s basic and diluted earnings per share were both $0.10 for the second quarter of 2010 compared to basic and diluted loss per share of $0.02 for the second quarter of 2009. Additionally, the Company reported net income of $3.6 million for the six months ended June 30, 2010, compared to net income of $1.8 million for the six months ended June 30, 2009. Basic and diluted earnings per share were $0.19 and $0.18, respectively, for the first six months of 2010 compared to $0.09 for each for the first six months of 2009.
Mr. Robert W. White, Chairman, President and CEO of the Company, stated, “We are very pleased with the recent progress we have made in resolving our non-performing loans and real estate owned. Our management team has been working diligently toward this end, and has succeeded in reducing our non-performing assets by over 40% during the second quarter. As we move forward, we remain focused on resolving the remainder of our non-performing loans and REO.”
Mr. White continued, “We have continued to experience strong growth in our core deposits and have significantly reduced our outstanding borrowings. With both a strong capital position and ample liquidity, we continue to seek qualified credit opportunities. We are encouraged by our recent accomplishments, and we remain committed to increasing long-term shareholder value through our ongoing stock repurchases and payment of our quarterly cash dividend.”
Net Interest Income
Net interest income was $8.2 million and $16.5 million for the three and six months ended June 30, 2010, respectively, representing increases of 8.4% and 8.5% over the comparable 2009 periods, respectively. The increase 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 2.67% and 2.70%, respectively, for the three-month and six-month periods ended June 30, 2010 from 2.36% and 2.34%, respectively, for the three-month and six-month periods ended June 30, 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 period-over-period to 2.89% and 2.93%, respectively, for the three-month and six-month periods ended June 30, 2010 from 2.79% and 2.78%, respectively, for the three-month and six-month periods ended June 30, 2009.

 


The following information was filed by Abington Bancorp, Inc.Pa (ABBC) on Monday, August 2, 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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SEC Filing Tools
Ticker: ABBC
CIK: 1397533
Form Type: 10-Q Quarterly Report
Accession Number: 0000950123-10-073985
Submitted to the SEC: Fri Aug 06 2010 11:51:57 AM EST
Accepted by the SEC: Fri Aug 06 2010
Period: Wednesday, June 30, 2010
Industry: Savings Institutions Not Federally Chartered

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