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Abington Bancorp, Inc.Pa (ABBC) SEC Filing 10-Q Quarterly report for the period ending Thursday, March 31, 2011

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 2011
Jenkintown, PA (April 29, 2011) — Abington Bancorp, Inc. (the “Company”) (Nasdaq Global Select: ABBC), the parent holding company for Abington Bank (the “Bank”), reported net income of $1.5 million for the quarter ended March 31, 2011, compared to net income of $1.6 million for the quarter ended March 31, 2010. The Company’s basic and diluted earnings per share were each $0.08 for the first quarter of 2011 and 2010.
On January 26, 2011, the Company announced the signing of a definitive merger agreement with Susquehanna Bancshares, Inc., (“Susquehanna”) pursuant to which the Company will be merged with Susquehanna in a stock transaction that was valued at approximately $273 million (the “Merger”). Under the terms of the merger agreement, shareholders the Company will receive 1.32 shares of Susquehanna common stock for each share of Company common stock. The Bank’s 20 branches in the suburban counties surrounding Philadelphia will join Susquehanna Bank’s network of 221 branches in Pennsylvania, New Jersey, Maryland and West Virginia. The combined company will have approximately $15 billion in assets, including $10 billion in loans, and $10 billion in deposits. The Merger is subject to shareholder and regulatory approvals and other customary closing conditions.
Mr. Robert W. White, Chairman, President and CEO of the Company, stated, “We are excited about the upcoming merger with Susquehanna, which we expect to close later this year. We believe that the merger will add value for our stockholders, and that the combined company will benefit our existing customers in the form of additional products and services and a larger branch network.”
Net Interest Income
Net interest income was $8.0 million for the three months ended March 31, 2011, representing a decrease of $206,000 or 2.5% over the first three months of 2010. The decrease occurred as lower interest expense was more than offset by a reduction in interest income. Our average interest rate spread improved to 2.72% for the first quarter of 2011 from 2.65% for the first quarter of 2010 as a decrease in the average rate paid on our interest-bearing liabilities exceeded the decrease in the average yield earned on our interest-earning assets. Our net interest margin improved to 2.94% for the first three months of 2011 from 2.92% for the three months of 2010.
Interest income for the three months ended March 31, 2011 decreased $1.4 million or 10.7% over the comparable 2010 period to $11.7 million. The decrease occurred as a result of a decline in both the average balance of our total interest-earning assets and the average yield earned on those assets. Although the average balances of our investment and mortgage-backed securities increased quarter-over-quarter, as did the balance of our other interest-earning assets, these increases were more than offset by a decrease in the average balance of our loan portfolio of $75.5 million or 9.9% quarter-over-quarter. The average yield earned on our total interest-earning assets decreased 35 basis points to 4.28% for the first quarter of 2011 compared to 4.63% for the first quarter of 2010 due to primarily to declines in the average yield earned on investment and mortgage-backed securities.

 

 


The following information was filed by Abington Bancorp, Inc.Pa (ABBC) on Monday, May 2, 2011 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: 0000950123-11-048272
Submitted to the SEC: Tue May 10 2011 3:54:42 PM EST
Accepted by the SEC: Tue May 10 2011
Period: Thursday, March 31, 2011
Industry: Savings Institutions Not Federally Chartered

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