Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/1397533/000118811208000852/t61941_10k.htm
SEC Filings
ABBC Annual Reports
ABBC Quarterly Reports
ABBC Corporate News
Financial Exhibit
Other Events September 2011
Financial Exhibit
Other Events August 2011
Earnings Release
Financial Exhibit July 2011
Financial Exhibit
Other Events May 2011
Other Events
Vote of Security Holders May 2011
Earnings Release
Financial Exhibit May 2011
Other Events April 2011
Financial Exhibit
Other Events February 2011
Event for Officers
Financial Exhibit
New Agreement
Regulated Disclosure January 2011
Financial Exhibit
Other Events
Other Events
September 2011
Financial Exhibit
Other Events
Other Events
August 2011
Earnings Release
Financial Exhibit
Financial Exhibit
July 2011
Financial Exhibit
Other Events
Other Events
May 2011
Other Events
Vote of Security Holders
Vote of Security Holders
May 2011
Earnings Release
Financial Exhibit
Financial Exhibit
May 2011
Other Events
April 2011
Financial Exhibit
Other Events
Other Events
February 2011
Event for Officers
Financial Exhibit
New Agreement
Regulated Disclosure
Financial Exhibit
New Agreement
Regulated Disclosure
January 2011
Last10K.com | 10-K Annual Report Fri Mar 14 2008
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 RECORD
NET INCOME FOR THE FOURTH QUARTER OF 2007
Jenkintown,
PA (January 31, 2008) –
Abington Bancorp, Inc. (the “Company”) (Nasdaq: ABBC), the parent holding
company for Abington Bank (the “Bank”), reported record net income of $2.1
million for the quarter ended December 31, 2007, representing an increase of
$544,000 or 34.5% over the comparable 2006 period. Diluted earnings per share
increased to $0.09 for the 2007 quarter compared to $0.07 for the fourth quarter
of 2006. Additionally, the Company reported net income of $7.1 million for
the
year ended December 31, 2007, representing an increase of $264,000 or 3.9%
over
2006. Diluted earnings per share increased to $0.30 for 2007 from $0.28 for
2006. Earnings per share for the prior periods have been adjusted to reflect
the
impact of the second-step conversion and reorganization of the Company, which
occurred on June 27, 2007.
Mr.
Robert W. White, Chairman, President
and CEO of the Company, stated, “Amid the turmoil in the financial markets, we
are extremely pleased to report record earnings for 2007. Following our
second-step conversion in June, we have continued our strategy of consistent,
conservative loan underwriting and prudent investing. We have no exposure to
subprime credit in our loan or investment portfolios, and our operations have
not been directly affected by the fallout in the subprime credit markets. For
140 years, we have lent money in a responsible manner that has contributed
to
our growth and benefited the communities that we serve.”
Net
interest income was $7.2 million and
$25.7 million for the three months and year ended December 31, 2007,
respectively, representing increases of 29.2% and 14.2%, respectively, over
the
comparable 2006 periods. Our net interest margin for the fourth quarter of
2007
increased 31 basis points to 2.89% from 2.58% for the fourth quarter of 2006.
For the year ended December 31, 2007 our net interest margin increased five
basis points to 2.73% from 2.68% for the year ended December 31, 2006. Our
average interest rate spread for the three months and year ended December 31,
2007 decreased to 1.99% and 1.94%, respectively, from 2.00% and 2.13%,
respectively, for the comparable 2006 periods. Over
consecutive quarters, however, our
average interest rate spread of 1.99% for the fourth quarter of 2007 was an
increase of seven basis points over the third quarter of 2007 and 14 basis
points over the second quarter of 2007.
Interest
income for the three months
ended December 31, 2007 increased $1.8 million or 13.4% over the comparable
2006
period to $15.0 million. Interest income for the year ended December 31, 2007
increased $7.0 million or 14.0% over 2006 to $56.8 million. For both the three
months and year, the increase in interest income was primarily a result of
growth in the average balance of our interest-earning assets. The most
significant impact was due to increases in the average balances of loans
receivable and other interest-earning assets, although the average balance
of
our investment securities also increased. The average balance of our loan
portfolio increased $76.1 million or 12.6% to $677.6 million for the quarter
ended December 31, 2007 from $601.5 million for the quarter ended December
31,
2006. The average balance of our other interest-earning assets increased $45.2
million or 159.2% over the same period, primarily as a result of an increase
in
our interest-bearing deposits in other banks. The average balance of our loan
portfolio increased $75.6 million or 13.2% to $646.5 million for the year ended
December 31, 2007 from $570.9 million for the year ended December 31, 2006.
The
average balance of our other interest-earning assets increased $35.3 million
or
136.9% over the same period. For the year ended December 31, 2007, an
increase in the average yield on our interest-earning assets of nine basis
points also contributed to the increase in interest income over the prior
year.
Our
increases in interest income for
both the three months and year ended December 31, 2007 were offset to varying
degrees by increases in our interest expense. Interest expense for the three
months ended December 31, 2007 increased $136,000 or 1.8% over the comparable
2006 period. Interest expense for the year ended December 31, 2007 increased
$3.8 million or 13.9% over the comparable 2006 period. For the three-month
period, the increase in interest expense was the result of an increase in
interest expense on deposits, partially offset by decreases in interest expense
on advances from the Federal Home Loan Bank (“FHLB”) and other borrowings.
During the three months ended December 31, 2007 compared to the three months
ended December 31, 2006, our average deposit balance grew by $39.1 million
or
7.4%, primarily due to growth in higher-rate certificates of deposit. This
was
partially offset by a decrease of 25 basis points in the average rate we paid
on
our certificates of deposit and an overall decrease of 10 basis points in the
average rate we paid on total deposits. During the three months ended December
31, 2007 compared to the three months ended December 31, 2006, our interest
expense on advances from the FHLB decreased $73,000 or 3.0%, primarily due
to a
$7.8 million decrease in the average balance of those borrowings. Over the
same
period, our interest expense on other borrowings decreased $29,000 or 13.5%,
primarily due to a decrease of 61 basis points in the average rate paid on
those
borrowings. Year-over-year, the increase in interest expense was primarily
the
result of an increase in interest expense on deposits, partially offset by
a
decrease in interest expense on advances from the FHLB. During the year ended
December 31, 2007 compared to the year ended December 31, 2006, our average
deposit balance grew by $63.5 million or 12.8%, again, primarily due to growth
in higher-rate certificates of deposit. The average rate we paid on
our certificates of deposits increased 33 basis points and the average rate
we
paid on our total deposits increased 42 basis points in 2007 compared to 2006.
During the year ended December 31, 2007 compared to the year ended December
31,
2006, our interest expense on advances from the FHLB decreased $752,000 or
7.8%,
primarily due to an $18.4 million decrease in the average balance of those
borrowings.
2
We
recorded a $184,000 provision for
loan losses during the fourth quarter of 2007, and our provision for loan losses
amounted to $457,000 for the year ended December 31, 2007. During the fourth
quarter of 2006, we recorded a provision of $58,000 to the allowance for loan
losses, resulting in a provision of $186,000 for the year ended December 31,
2006. The provision for loan losses is charged to expense as necessary to bring
our allowance for loan losses to a sufficient level to cover known and inherent
losses in the loan portfolio. Our loan portfolio at December 31, 2007 included
an aggregate of $1.4 million of non-accrual commercial real estate and
construction loans to one borrower. At September 30, 2007 our loan portfolio
included an aggregate of $5.0 million of non-accrual commercial real estate
and
construction loans to two borrowers. In December 2007, an agreement was reached
for the sale of the underlying collateral property on two of these loans with
an
aggregate value of approximately $1.8 million. The payment from this sale,
which
was received in January 2008, included the full amount of the loans, as well
as
all past due interest and fees. Three more of these loans with an aggregate
balance of $1.8 million were settled in October and December when we acquired
the underlying collateral properties through foreclosure. These properties
are
classified as Real Estate Owned (“REO”) and are recorded at their fair value of
$1.6 million on the December 31, 2007 balance sheet. A loss of approximately
$197,000 was recognized through the allowance for loan losses in conjunction
with the acquisitions. No reserve is recorded at December 31, 2007 on the
remaining $1.4 million of non-accrual loans or the $1.6 million of REO. At
December 31, 2007, non-performing loans amounted to 0.23% of loans receivable
and our allowance for loan losses amounted to 116.8% of non-performing loans.
At
December 31, 2006, non-performing loans of approximately $2.3 million amounted
to 0.42% of loans receivable and our allowance for loan losses amounted to
62.7%
of non-performing loans. The Company did not have any REO at December 31,
2006.
Our
total non-interest income amounted
to $997,000 for the fourth quarter of 2007 compared to $715,000 for the fourth
quarter of 2006. The increase of $282,000 was due primarily to an increase
in
income on bank owned life insurance (“BOLI”) of $287,000 partially offset by a
decrease in service charge income of $7,000. The increase in income on BOLI
resulted primarily from the purchase of $20.0 million of additional BOLI during
the third quarter of 2007. For the year ended December 31, 2007, our total
non-interest income amounted to $3.2 million compared to $2.9 million for the
year ended December 31, 2006. The increase of $301,000 resulted from a $429,000
increase in income on BOLI that was partially offset by an $86,000 decrease
in
service charge income and a $39,000 decrease in other non-interest income.
As
was the case for the three-month periods, the increase in income on BOLI for
2007 when compared to 2006 resulted primarily from the purchase of additional
BOLI during the third quarter of 2007. The decrease in service charge income
in
2007 compared to 2006 resulted primarily from a $141,000 decrease in overdraft
fees, partially offset by a $68,000 increase in debit card income. The decrease
in other non-interest income for the year ended December 31, 2007 compared
to
the year ended December 31, 2006 resulted primarily from a $36,000 decrease
in
appraisal income.
Our
total non-interest expenses for the
fourth quarter of 2007 amounted to $5.1 million, representing an increase of
$1.0 million from the fourth quarter of 2006. The largest increases were in
salaries and employee benefits, occupancy, and professional services. Salaries
and employee benefits expense increased $466,000 quarter-over-quarter due
primarily to growth in the total number of employees, normal merit increases
in
salaries, and higher health and insurance benefit costs. Also contributing
to
the increase in salaries and employee benefits expense was a $139,000 or 86.1%
increase in the expense for our Employee Stock Ownership Plan (“ESOP”). This
increase was due primarily to the purchase of additional shares of Company
stock
by our ESOP in conjunction with the second-step conversion and reorganization
completed in June 2007. Occupancy expense increased by $182,000
quarter-over-quarter. The increase primarily was the result of our new branches
in Lansdale, Chalfont, Whitemarsh and Springhouse, Pennsylvania,
all of which opened during 2007. Our
professional services expense increased $196,000, quarter-over-quarter, due
primarily to increased legal and audit expenses.
3
For
the year ended December 31, 2007,
our total non-interest expenses amounted to $18.7 million, representing an
increase of $2.9 million or 18.7% from the year ended December 31, 2006. As
was
the case for the quarter ended December 31, 2007, the largest increases were
in
salaries and employee benefits, occupancy, and professional services. The causes
for the increases in these expenses year-over-year mirrored the causes for
the
increases for the quarter-over-quarter. Salaries and employee benefits expense
increased $1.4 million for 2007 compared to 2006 due primarily to growth in
the
total number of employees, normal merit increases in salaries, and higher health
and insurance benefit costs, as well as a $406,000 or 72.1% increase in the
expense for our ESOP. Occupancy expense increased by $453,000 for 2007 compared
to 2006 as a result of our new branches. Our professional services expense
increased $447,000 over the same period due primarily to increased legal and
audit expenses. For 2007 compared to 2006, other non-interest expenses also
increased. Our other non-interest expenses increased by $254,000 or 13.0%
year-over-year due largely to increases in expenses for office supplies,
copying, and postage as a result of our new branch offices.
Income
tax expense for the fourth
quarter of 2007 amounted to $797,000 compared to $593,000 for the fourth quarter
of 2006. Income tax expense for the year ended December 31, 2007 amounted to
$2.7 million compared to $2.7 million for the year ended December 31, 2006.
Our
effective tax rate was unchanged at 27.3% for the fourth quarter of 2007 and
2006, however, our effective tax rate improved to 27.8% for the year ended
December 31, 2007 from 28.4% for the year ended December 31, 2006. The
improvement resulted primarily from an increase in our tax-exempt income from
municipal securities and BOLI as a percent of our total pretax
income.
The
Company’s total assets increased
$154.5 million, or 16.7%, to $1.1 billion at December 31, 2007 compared to
$925.2 million at December 31, 2006. The increase in total assets was due
primarily to $134.7 million in net proceeds received from the Company’s
second-step conversion and stock offering completed on June 27, 2007. Our cash
and cash equivalents increased $23.5 million to $68.1 million at December 31,
2007 from $44.6 million at December 31, 2006, primarily due to an increase
in
our interest-bearing deposits in other banks. Additionally, our total investment
and mortgage-backed securities increased by an aggregate of $31.1 million as
purchases of $99.7 million and unrealized gains on available for sale securities
of $3.5 million exceeded the aggregate amount of calls, maturities and
repayments of $71.9 million during 2007. Our net loans receivable increased
$77.0 million or 12.7% during 2007. The largest loan growth occurred in one-
to
four-family residential loans, which increased $48.4 million or 12.9%,
construction loans, which increased $33.7 million or 25.0%, and commercial
business loans, which increased $18.0 million or 157.3%. Consumer
non-real estate loans also increased $3.5 million or 79.9%. These increases
were
partially offset by a $15.3 million decrease in multi-family residential and
commercial real estate loans and an $862,000 decrease in home equity lines
of
credit. Also contributing to the overall increase in assets during 2007 was
the
purchase of $20.0 million of BOLI during the third quarter, which increased
our
total BOLI to $37.3 million at December 31, 2007.
4
Our
total deposits increased $22.6
million or 3.9% to $609.6 million at December 31, 2007 compared to $587.0
million at December 31, 2006. The increase was due primarily to growth in
certificate accounts of $25.7 million. Increases in savings and money market
accounts of $2.0 million and interest-bearing checking accounts of $3.1 million
during 2007 were offset by a decrease of $8.2 million in non-interest-bearing
checking accounts. Advances from the Federal Home Loan Bank decreased $6.7
million or 3.4% to $189.6 million at December 31, 2007 from $196.3 million
at
December 31, 2006.
Our
stockholders’ equity increased
$135.8 million to $249.9 million at December 31, 2007 compared to $114.1 million
at December 31, 2006. The increase was due primarily to the $134.7 million
in
net proceeds received from the Company’s second-step conversion and stock
offering, which occurred in June 2007. In conjunction with this offering, our
ESOP purchased approximately 1.0 million additional shares of the Company’s
common stock for an aggregate of $10.4 million. Our retained earnings increased
$3.1 million during 2007 as our net income of $7.1 million was partially offset
by a reduction of $4.0 million resulting from the payment of our quarterly
dividends. Our accumulated other comprehensive loss improved $2.4 million due
primarily to unrealized gains on available for sale
securities.
Abington
Bancorp, Inc. is the holding
company for Abington Bank. Abington Bank is a Pennsylvania-chartered,
FDIC-insured savings bank which was originally organized in
1867. Abington Bank conducts business from its headquarters and main
office in Jenkintown,
Pennsylvaniaas
well as eleven additional full
service branch offices and six limited service banking offices located in
Montgomery,
Bucks and Delaware Counties,
Pennsylvania. As
of December 31, 2007,
Abington Bancorp had $1.1 billion in total assets, $609.6 million in total
deposits and $249.9 million in stockholders’ equity.
This
news release contains certain
forward-looking statements, including statements about the financial condition,
results of operations and earnings outlook for Abington Bancorp, Inc.
Forward-looking statements can be identified by the fact that they do not relate
strictly to historical or current facts. They often include words such as
“believe,” “expect,” “anticipate,” “estimate” and “intend” or future or
conditional verbs such as “will,” “would,” “should,” “could” or “may.”
Forward-looking statements,
by their nature, are subject to risks and uncertainties. A number of factors
–
many of which are beyond the Company’s control – could cause actual conditions,
events or results to differ significantly from those described in the
forward-looking statements. The Company’s reports filed from time-to-time with
the Securities and Exchange Commission describe some of these factors, including
general economic conditions, changes in interest rates, deposit flows, the
cost
of funds, changes in credit quality and interest rate risks associated with
the
Company’s business and operations. Other factors described include changes in
our loan portfolio, changes in competition, fiscal and monetary policies and
legislation and regulatory changes. Investors are encouraged
to access the
Company’s periodic reports filed with the Securities and Exchange Commission for
financial and business information regarding the Company at www.abingtonbank.comunder
the Investor Relations menu. We
undertake no obligation to update any forward-looking
statements.
5
|
ABINGTON
BANCORP,
INC.
|
||||||||
|
CONSOLIDATED
STATEMENTS OF
FINANCIAL CONDITION (unaudited)
|
||||||||
|
December
31,
2007
|
December
31,
2006
|
|||||||
|
ASSETS
|
||||||||
|
Cash
and due from
banks
|
$ | 22,342,499 | $ | 22,136,438 | ||||
|
Interest-bearing
deposits in other
banks
|
45,712,962 | 22,428,814 | ||||||
|
Total
cash and cash
equivalents
|
68,055,461 | 44,565,252 | ||||||
|
Investment
securities held to
maturity (estimated fair value—2007,
$20,656,427; 2006, $20,429,576)
|
20,391,268 | 20,393,430 | ||||||
|
Investment
securities available
for sale (amortized cost—2007,
$98,202,711;
2006, $75,834,898)
|
98,780,774 | 74,489,055 | ||||||
|
Mortgage-backed
securities held to
maturity (estimated fair value—2007,
$45,627,107; 2006, $53,957,015)
|
46,891,843 | 56,143,619 | ||||||
|
Mortgage-backed
securities
available for sale (amortized cost—2007,
$94,400,607; 2006, $79,831,266)
|
94,124,123 | 78,022,794 | ||||||
|
Loans
receivable, net of allowance
for loan losses (2007,
$1,811,121;
2006, $1,602,613)
|
682,038,113 | 605,062,980 | ||||||
|
Accrued
interest
receivable
|
4,977,909 | 4,365,535 | ||||||
|
Federal
Home Loan Bank stock—at
cost
|
10,958,700 | 11,240,700 | ||||||
|
Cash
surrender value - bank owned
life insurance
|
37,298,126 | 16,184,256 | ||||||
|
Property
and equipment,
net
|
10,759,799 | 8,908,910 | ||||||
|
Real
estate
owned
|
1,558,000 | - | ||||||
|
Deferred
tax
asset
|
1,892,051 | 2,808,716 | ||||||
|
Prepaid
expenses and other
assets
|
1,942,454 | 3,001,035 | ||||||
|
TOTAL
ASSETS
|
$ | 1,079,668,621 | $ | 925,186,282 | ||||
|
LIABILITIES
AND STOCKHOLDERS'
EQUITY
|
||||||||
|
LIABILITIES:
|
||||||||
|
Deposits:
|
||||||||
|
Noninterest-bearing
|
$ | 37,027,767 | $ | 45,186,397 | ||||
|
Interest-bearing
|
572,584,934 | 541,815,163 | ||||||
|
Total
deposits
|
609,612,701 | 587,001,560 | ||||||
|
Advances
from Federal Home Loan
Bank
|
189,557,572 | 196,293,273 | ||||||
|
Other
borrowed
money
|
17,453,060 | 17,781,260 | ||||||
|
Accrued
interest
payable
|
3,498,235 | 2,504,270 | ||||||
|
Advances
from borrowers for taxes
and insurance
|
2,978,650 | 2,624,310 | ||||||
|
Accounts
payable and accrued
expenses
|
6,653,343 | 4,879,385 | ||||||
|
Total
liabilities
|
829,753,561 | 811,084,058 | ||||||
|
COMMITMENTS
AND
CONTINGENCIES
|
||||||||
|
STOCKHOLDERS'
EQUITY
|
||||||||
|
Preferred
stock, $0.01 par value;
authorized: 20,000,000 shares in 2007, 10,000,000
shares in
2006; none issued
|
- | - | ||||||
|
Common
stock, $0.01 par value; authorized: 80,000,000 shares in
2007, 40,000,000 shares in 2006; issued: 24,460,240
|
|
|||||||
|
in
2007, 15,870,000
in 2006; outstanding: 24,449,526 in 2007, 15,288,154 in
2006
|
244,602 | 158,700 | ||||||
|
Additional
paid-in
capital
|
200,634,467 | 69,674,243 | ||||||
|
Treasury
stock—at cost, 10,714
shares in 2007; 581,846 shares in 2006
|
(104,997 | ) | (8,317,848 | ) | ||||
|
Unallocated
common stock held
by:
|
||||||||
|
Employee
Stock Ownership Plan
(ESOP)
|
(15,977,458 | ) | (6,388,788 | ) | ||||
|
Recognition
&
Retention
Plan
Trust (RRP)
|
(1,867,065 | ) | (2,606,781 | ) | ||||
|
Deferred
compensation plans
trust
|
(1,149,610 | ) | (1,059,116 | ) | ||||
|
Retained
earnings
|
68,360,520 | 65,252,214 | ||||||
|
Accumulated
other comprehensive
loss
|
(225,399 | ) | (2,610,400 | ) | ||||
|
Total
stockholders'
equity
|
249,915,060 | 114,102,224 | ||||||
|
TOTAL
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$ | 1,079,668,621 | $ | 925,186,282 | ||||
6
|
ABINGTON
BANCORP,
INC.
|
||||||||||||||||
|
CONSOLIDATED
STATEMENTS OF INCOME
(unaudited)
|
||||||||||||||||
|
Three
Months Ended December
31,
|
Year
Ended December
31,
|
|||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||
|
INTEREST
INCOME:
|
||||||||||||||||
|
Interest
on
loans
|
$ | 11,420,819 | $ | 10,311,998 | $ | 43,591,724 | $ | 38,633,459 | ||||||||
|
Interest
and dividends on
investment and
|
||||||||||||||||
|
mortgage-backed
securities:
|
||||||||||||||||
|
Taxable
|
3,355,578 | 2,732,441 | 12,322,890 | 10,332,068 | ||||||||||||
|
Tax-exempt
|
251,077 | 212,726 | 896,381 | 852,661 | ||||||||||||
|
Total
interest
income
|
15,027,474 | 13,257,165 | 56,810,995 | 49,818,188 | ||||||||||||
|
INTEREST
EXPENSE:
|
||||||||||||||||
|
Interest
on
deposits
|
5,235,013 | 4,997,157 | 21,287,957 | 16,773,531 | ||||||||||||
|
Interest
on Federal Home Loan Bank
advances
|
2,375,709 | 2,448,525 | 8,904,716 | 9,656,307 | ||||||||||||
|
Interest
on other borrowed
money
|
188,580 | 218,034 | 870,858 | 838,291 | ||||||||||||
|
Total
interest
expense
|
7,799,302 | 7,663,716 | 31,063,531 | 27,268,129 | ||||||||||||
|
NET
INTEREST
INCOME
|
7,228,172 | 5,593,449 | 25,747,464 | 22,550,059 | ||||||||||||
|
PROVISION
FOR LOAN
LOSSES
|
184,257 | 57,521 | 457,192 | 185,521 | ||||||||||||
|
NET
INTEREST INCOME
AFTER
|
||||||||||||||||
|
PROVISION
FOR LOAN
LOSSES
|
7,043,915 | 5,535,928 | 25,290,272 | 22,364,538 | ||||||||||||
|
NON-INTEREST
INCOME
|
||||||||||||||||
|
Service
charges
|
430,427 | 437,036 | 1,632,949 | 1,719,437 | ||||||||||||
|
Rental
income
|
7,536 | 7,536 | 30,144 | 33,056 | ||||||||||||
|
Income
on bank owned life
insurance
|
467,194 | 180,442 | 1,113,870 | 685,298 | ||||||||||||
|
Loss
on sale of investment
securities
|
- | - | - | (601 | ) | |||||||||||
|
Other
income
|
91,424 | 89,667 | 400,317 | 438,956 | ||||||||||||
|
Total
non-interest
income
|
996,581 | 714,681 | 3,177,280 | 2,876,146 | ||||||||||||
|
NON-INTEREST
EXPENSES
|
||||||||||||||||
|
Salaries
and employee
benefits
|
2,736,900 | 2,270,811 | 10,056,100 | 8,672,886 | ||||||||||||
|
Occupancy
|
577,235 | 395,334 | 1,989,281 | 1,535,787 | ||||||||||||
|
Depreciation
|
194,803 | 180,521 | 776,052 | 671,395 | ||||||||||||
|
Professional
services
|
347,130 | 151,442 | 1,113,054 | 666,173 | ||||||||||||
|
Data
processing
|
362,908 | 328,858 | 1,432,851 | 1,285,890 | ||||||||||||
|
ATM
expense
|
95,643 | 79,025 | 368,038 | 325,797 | ||||||||||||
|
Deposit
insurance
premium
|
40,069 | 35,946 | 153,190 | 140,569 | ||||||||||||
|
Advertising
and
promotions
|
188,181 | 101,115 | 586,234 | 491,306 | ||||||||||||
|
Other
|
578,627 | 536,492 | 2,210,290 | 1,956,457 | ||||||||||||
|
Total
non-interest
expenses
|
5,121,496 | 4,079,544 | 18,685,090 | 15,746,260 | ||||||||||||
|
INCOME
BEFORE INCOME
TAXES
|
2,919,000 | 2,171,065 | 9,782,462 | 9,494,424 | ||||||||||||
|
PROVISION
FOR INCOME
TAXES
|
796,975 | 592,949 | 2,715,726 | 2,692,176 | ||||||||||||
|
NET
INCOME
|
$ | 2,122,025 | $ | 1,578,116 | $ | 7,066,736 | $ | 6,802,248 | ||||||||
|
BASIC
EARNINGS PER COMMON
SHARE
|
$ | 0.09 | $ | 0.07 | * | $ | 0.31 | $ | 0.29 | * | ||||||
|
DILUTED
EARNINGS PER COMMON
SHARE
|
$ | 0.09 | $ | 0.07 | * | $ | 0.30 | $ | 0.28 | * | ||||||
|
BASIC
AVERAGE COMMON SHARES
OUTSTANDING:
|
22,444,612 | 22,842,982 | * | 22,886,089 | 23,592,677 | * | ||||||||||
|
DILUTED
AVERAGE COMMON SHARES
OUTSTANDING:
|
22,766,481 | 23,829,118 | * | 23,348,529 | 23,994,168 | * | ||||||||||
|
*
Earnings per share and average
common shares outstanding for the prior periods have been adjusted
to
reflect the impact of the second-step conversion and reorganization
of the
Company, which occurred on June 27, 2007.
|
||||||||||||||||
7
|
ABINGTON
BANCORP,
INC.
|
||||||||||||||||
|
SELECTED
FINANCIAL DATA
(unaudited)
|
||||||||||||||||
|
Three
Months Ended December
31,
|
Year
Ended December
31,
|
|||||||||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||||||
|
Selected
Operating
Ratios(1):
|
||||||||||||||||
|
Average
yield on interest-earning
assets
|
6.01 | % | 6.12 | % | 6.02 | % | 5.93 | % | ||||||||
|
Average
rate on interest-bearing
liabilities
|
4.02 | % | 4.12 | % | 4.08 | % | 3.80 | % | ||||||||
|
Average
interest rate
spread(2)
|
1.99 | % | 2.00 | % | 1.94 | % | 2.13 | % | ||||||||
|
Net
interest
margin(2)
|
2.89 | % | 2.58 | % | 2.73 | % | 2.68 | % | ||||||||
|
Average
interest-earning assets to
average
|
||||||||||||||||
|
interest-bearing
liabilities
|
128.93 | % | 116.31 | % | 123.84 | % | 117.21 | % | ||||||||
|
Net
interest income after
provision
|
||||||||||||||||
|
for
loan losses to non-interest
expense
|
137.52 | % | 135.69 | % | 135.35 | % | 142.03 | % | ||||||||
|
Total
non-interest expense to
average assets
|
1.90 | % | 1.79 | % | 1.86 | % | 1.78 | % | ||||||||
|
Efficiency
ratio(3)
|
62.27 | % | 64.68 | % | 64.60 | % | 61.93 | % | ||||||||
|
Return
on average
assets
|
0.79 | % | 0.69 | % | 0.70 | % | 0.77 | % | ||||||||
|
Return
on average
equity
|
3.42 | % | 5.54 | % | 3.79 | % | 5.94 | % | ||||||||
|
Average
equity to average
assets
|
23.06 | % | 12.50 | % | 18.56 | % | 12.94 | % | ||||||||
|
Asset
Quality
Ratios(4):
|
||||||||||||||||
|
Non-performing
loans as a percent
of
|
||||||||||||||||
|
total
loans
receivable(5)
|
0.23 | % | 0.42 | % | 0.23 | % | 0.42 | % | ||||||||
|
Non-performing
assets as a percent
of
|
||||||||||||||||
|
total
assets(5)
|
0.14 | % | 0.28 | % | 0.14 | % | 0.28 | % | ||||||||
|
Allowance
for loan losses as a
percent of
|
||||||||||||||||
|
non-performing
loans
|
116.84 | % | 62.69 | % | 116.84 | % | 62.69 | % | ||||||||
|
Net
charge-offs to average loans
receivable
|
0.12 | % | 0.01 | % | 0.08 | % | 0.01 | % | ||||||||
|
Capital
Ratios(6):
|
||||||||||||||||
|
Tier
1 leverage
ratio
|
15.45 | % | 10.54 | % | 15.45 | % | 10.54 | % | ||||||||
|
Tier
1 risk-based capital
ratio
|
24.22 | % | 16.49 | % | 24.22 | % | 16.49 | % | ||||||||
|
Total
risk-based capital
ratio
|
24.49 | % | 16.77 | % | 24.49 | % | 16.77 | % | ||||||||
|
(1)
With the exception of end of
period ratios, all ratios are based on average monthly balances
during the
indicated periods and, for the three-month periods ended December
31, 2007
and 2006, are annualized where appropriate.
|
||||||||||||||||
|
(2)
Average interest rate spread
represents the difference between the average yield on interest-earning
assets and the average rate paid on interest-bearing liabilities,
and net
interest margin represents net interest income as a percentage
of average
interest-earning assets.
|
||||||||||||||||
|
(3)
The efficiency ratio
represents the ratio of non-interest expense divided by the sum
of net
interest income and non-interest income.
|
||||||||||||||||
|
(4)
Asset quality ratios are end
of period ratios, except for net charge-offs to average loans
receivable.
|
||||||||||||||||
|
(5)
Non-performing assets consist
of non-performing loans and real estate owned. Non-performing loans
consist of all accruing loans 90 days or more past due and all
non-accruing loans. It is our policy to cease accruing interest on
all loans 90 days or more past due. Real estate owned consists of
real estate acquired through foreclosure and real estate acquired
by
acceptance of a deed-in-lieu of foreclosure.
|
||||||||||||||||
|
(6)
Capital ratios are end of
period ratios and are calculated for Abington Bank per regulatory
requirements.
|
||||||||||||||||
8
The following information was filed by Abington Bancorp, Inc.Pa (ABBC) on Friday, February 1, 2008 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Abington Bancorp, Inc.Pa's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Abington Bancorp, Inc.Pa.
Assess how Abington Bancorp, Inc.Pa's management team is paid from their Annual Proxy
Abington Bancorp, Inc.Pa's Definitive Proxy Statement (Form DEF 14A) filed after their 2008 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
SEC Filing Tools
Material Contracts, Statements, Certifications & more
Abington Bancorp, Inc.Pa provided additional information to their SEC Filing as exhibits
Ticker: ABBC
CIK: 1397533
Form Type: 10-K Annual Report
Accession Number: 0001188112-08-000852
Submitted to the SEC: Fri Mar 14 2008 4:18:38 PM EST
Accepted by the SEC: Fri Mar 14 2008
Period: Monday, December 31, 2007
Industry: Savings Institutions Not Federally Chartered
External Resources:
Stock Quote
Social Media
SEC.gov
Bookmark the Permalink: https://last10k.com/sec-filings/abbc/0001188112-08-000852.htm
SEC Filing Exhibit
PDF Download
Loading SEC Filing Exhibit...
Excel DownloadLoading SEC Filing Financial Summary...