Please wait while we load the requested 10-Q report or click the link below:
https://last10k.com/sec-filings/report/1397533/000095012311048272/c16778e10vq.htm
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.
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
