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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.
View differences made from one quarter to another to evaluate Abington Bancorp, Inc.Pa's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Abington Bancorp, Inc.Pa.
ABBC Quarterly Reports
- 10-Q Quarterly Report August 2011
- 10-Q Quarterly Report May 2011
-
10-Q Quarterly Report November 2010
- 10-Q Quarterly Report August 2010
- 10-Q Quarterly Report May 2010
