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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 SECOND QUARTER OF 2011
Jenkintown, PA (July 29, 2011) — 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 June 30, 2011, compared to net income of $2.0 million for the quarter
ended June 30, 2010. The Company’s basic and diluted earnings per share were $0.12 and $0.11,
respectively, for the second quarter of 2011 compared to basic and diluted earnings per share of
$0.10 for the second quarter of 2010. Additionally, the Company reported net income of $3.7 million
for the six months ended June 30, 2011, compared to net income of $3.6 million for the six months
ended June 30, 2010. The Company’s basic and diluted earnings per share were each $0.19 for the
first half of 2011 compared to basic and diluted earnings per share of $0.19 and $0.18,
respectively, for the first half of 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 of 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 branches in
Pennsylvania, New Jersey, Maryland and West Virginia.
Mr. Robert W. White, Chairman, President and CEO of the Company, stated, “We continue to be excited
about the upcoming merger with Susquehanna, which was approved by the shareholders of both
companies on May 6th. We believe that the merger, which is expected to close on or about
October 1, 2011, 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 and $16.0 million, respectively, for the three and six months
ended June 30, 2011, representing decreases of 2.8% and 2.6% over the respective 2010 periods. The
decreases in our net interest income for the 2011 periods compared to the 2010 periods occurred as
lower interest expense was more than offset by a reduction in interest income. Our average interest
rate spread increased to 2.80% and 2.75%, respectively, for the three-month and six-month periods
ended June 30, 2011 from 2.67% and 2.70%, respectively, for the three-month and six-month periods
ended June 30, 2010. The improvement in our average interest rate spread occurred as decreases in
the average balance of and average yield earned on our interest-earning assets was more than offset
by a decrease in the average balance of and average rate paid on our interest-bearing liabilities.
Our net interest margin also increased period-over-period to 3.02% and 2.97%, respectively, for the
three-month and six-month periods ended June 30, 2011 from 2.89% and 2.93%, respectively, for the
three-month and six-month periods ended June 30, 2010.
The following information was filed by Abington Bancorp, Inc.Pa (ABBC) on Friday, July 29, 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
