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Abington Bancorp, Inc.Pa (ABBC) SEC Filing 10-Q Quarterly report for the period ending Thursday, September 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 THIRD QUARTER OF 2010
Jenkintown, PA (October 29, 2010) – Abington Bancorp, Inc. (the “Company”) (Nasdaq Global Select: ABBC), the parent holding company for Abington Bank (the “Bank”), reported net income of $2.2 million for the quarter ended September 30, 2010, compared to a net loss of $7.0 million for the quarter ended September 30, 2009. The Company’s basic and diluted earnings per share were $0.12 and $0.11, respectively for the third quarter of 2010 compared to basic and diluted loss per share of $0.36 for the third quarter of 2009. Additionally, the Company reported net income of $5.7 million for the nine months ended September 30, 2010, compared to a net loss of $5.2 million for the nine months ended September 30, 2009. Basic and diluted earnings per share were $0.31 and $0.29, respectively, for the first nine months of 2010 compared to basic and diluted loss per share of $0.26 for the first nine months of 2009.
Mr. Robert W. White, Chairman, President and CEO of the Company, stated, “We are pleased to report continued progress in resolving our non-performing assets during the quarter. Although the lingering effects of the recession have caused a widespread decline in loan demand and limited our ability to grow the Bank’s balance sheet, we have taken advantage of this environment to substantially reduce our outstanding borrowings. Our capital and liquidity remain strong, and we remain committed to increasing long-term shareholder value.”
Net Interest Income
Net interest income was $8.5 million and $24.9 million for the three and nine months ended September 30, 2010, respectively, representing increases of 14.4% and 10.5% 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 2.76% and 2.72%, respectively, for the three-month and nine-month periods ended September 30, 2010 from 2.34% for both the three-month and nine-month periods ended September 30, 2009. The improvement in our average interest rate spread occurred as a decrease in the average yield earned 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 2.98% and 2.95%, respectively, for the three-month and nine-month periods ended September 30, 2010 from 2.71% and 2.76%, respectively, for the three-month and nine-month periods ended September 30, 2009.

 

 


The following information was filed by Abington Bancorp, Inc.Pa (ABBC) on Monday, November 1, 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: 0000950123-10-103002
Submitted to the SEC: Tue Nov 09 2010 11:29:17 AM EST
Accepted by the SEC: Tue Nov 09 2010
Period: Thursday, September 30, 2010
Industry: Savings Institutions Not Federally Chartered

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