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September 2011
August 2011
July 2011
May 2011
May 2011
May 2011
April 2011
February 2011
January 2011
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.
|
||||||||
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 |
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.
|
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.
|
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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