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Abington Bancorp, Inc.Pa (ABBC) SEC Filing 10-Q Quarterly report for the period ending Thursday, June 30, 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 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.

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SEC Filing Tools
Ticker: ABBC
CIK: 1397533
Form Type: 10-Q Quarterly Report
Accession Number: 0000950123-11-073471
Submitted to the SEC: Fri Aug 05 2011 1:15:48 PM EST
Accepted by the SEC: Fri Aug 05 2011
Period: Thursday, June 30, 2011
Industry: Savings Institutions Not Federally Chartered

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