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Abington Bancorp, Inc.Pa (ABBC) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

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 FOURTH QUARTER OF 2008 AND SHARE REPURCHASE PLAN
Jenkintown, PA (January 28, 2009) — Abington Bancorp, Inc. (the “Company”) (Nasdaq Global Select: ABBC), the parent holding company for Abington Bank (the “Bank”), reported a net loss of $3.9 million for the quarter ended December 31, 2008, compared to net income of $2.1 million for the quarter ended December 31, 2007. Basic and diluted loss per share were both $0.18 per share for the fourth quarter of 2008 compared to basic and diluted earnings per share of $0.09 for each for the fourth quarter of 2007. Additionally, the Company reported net income of $2.1 million for the year ended December 31, 2008, compared to net income of $7.1 million for the year ended December 31, 2007. Basic and diluted earnings per share were $0.10 and $0.09, respectively, for 2008 compared to $0.31 and $0.30, respectively, for 2007.
The net loss for the quarter and the decrease in net income for the year were due primarily to our provision for loan losses, which amounted to $8.7 million for the three months ended December 31, 2008 and $9.8 million for the year. Our allowance for loan losses increased to $11.6 million at December 31, 2008 from $1.8 million at December 31, 2007.
The Company also announced today that it will commence a share repurchase program for up to 5% of its outstanding shares, or 1,163,475 shares. The shares may be purchased in the open market or in privately negotiated transactions from time to time depending on market conditions and other factors over a one-year period. Repurchases are expected to commence promptly. The initiation of this share repurchase plan follows the completion of our previous share repurchase plan in January 2009, under which we repurchased 1,221,772 shares or 5% of the then outstanding shares.
Mr. Robert W. White, Chairman, President and CEO of the Company, stated, “The Philadelphia market and the mid-Atlantic region, which had until the second half of 2008 managed to escape the worst effects of the deeper national recession, are now more directly experiencing the impact of the broader financial crisis. In light of this economic reality, we undertook an evaluation of our loan portfolio to determine the potential losses that may now exist within those assets, with particular attention given to our construction loan portfolio. Based on our evaluation, we believed that it was necessary to make significant additions to our allowance for loan losses, but by doing so we believe that we have strengthened our balance sheet going forward. While we are disappointed at the net loss we are reporting for the fourth quarter of 2008, we are pleased to report positive net income for the year, largely as a result of the significant year-over-year increase in our net interest spread and net interest margin. Furthermore, we are encouraged by our strong capital position that has allowed us to absorb our loan losses without affecting our core operations. We remain in a secure position to continue executing our long-term strategy.”

 

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The following information was filed by Abington Bancorp, Inc.Pa (ABBC) on Wednesday, January 28, 2009 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.

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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: 0001362310-09-003772
Submitted to the SEC: Fri Mar 13 2009 10:31:00 AM EST
Accepted by the SEC: Fri Mar 13 2009
Period: Wednesday, December 31, 2008
Industry: Savings Institutions Not Federally Chartered

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