Abington Bancorp, Inc. Announces Earnings for the Third Quarter of 2008
Market Wire, October, 2008
ABINGTON BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
September 30, December 31,
2008 2007
--------------- ---------------
ASSETS
Cash and due from banks $ 22,135,061 $ 22,342,499
Interest-bearing deposits in other banks 32,945,397 45,712,962
--------------- ---------------
Total cash and cash equivalents 55,080,458 68,055,461
Investment securities held to maturity
(estimated fair value--2008,
$19,462,561; 2007, $20,656,427) 20,389,646 20,391,268
Investment securities available for sale
(amortized cost--2008, $78,871,230;
2007, $98,202,711) 78,441,097 98,780,774
Mortgage-backed securities held to
maturity (estimated fair value--2008,
$83,418,180; 2007, $45,627,107) 85,276,643 46,891,843
Mortgage-backed securities available for
sale (amortized cost--2008, $119,866,050;
2007, $94,400,607) 119,886,015 94,124,123
Loans receivable, net of allowance for
loan losses (2008, $2,890,189; 2007,
$1,811,121) 725,055,200 682,038,113
Accrued interest receivable 5,354,823 4,977,909
Federal Home Loan Bank stock--at cost 14,238,300 10,958,700
Cash surrender value - bank owned life
insurance 38,734,507 37,298,126
Property and equipment, net 11,049,861 10,759,799
Real estate owned 3,080,714 1,558,000
Deferred tax asset 2,750,271 1,892,051
Prepaid expenses and other assets 1,243,247 1,942,454
--------------- ---------------
TOTAL ASSETS $ 1,160,580,782 $ 1,079,668,621
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Deposits:
Noninterest-bearing $ 38,485,392 $ 37,027,767
Interest-bearing 592,783,386 572,584,934
--------------- ---------------
Total deposits 631,268,778 609,612,701
Advances from Federal Home Loan Bank 252,043,267 189,557,572
Other borrowed money 20,407,203 17,453,060
Accrued interest payable 4,799,387 3,498,235
Advances from borrowers for taxes and
insurance 921,354 2,978,650
Accounts payable and accrued expenses 6,937,534 6,653,343
--------------- ---------------
Total liabilities 916,377,523 829,753,561
--------------- ---------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value,
20,000,000 shares authorized,
none issued - -
Common stock, $0.01 par value,
80,000,000 shares authorized;
issued: 24,460,240 shares in 2008 and
2007; outstanding: 23,924,084 shares
in 2008, 24,449,526 shares in 2007 244,602 244,602
Additional paid-in capital 201,291,747 200,634,467
Treasury stock--at cost, 536,156 shares
in 2008, 10,714 shares in 2007 (5,174,638) (104,997)
Unallocated common stock held by:
Employee Stock Ownership Plan (ESOP) (15,348,178) (15,977,458)
Recognition & Retention Plan Trust
(RRP) (6,013,327) (1,867,065)
Deferred compensation plans trust (1,179,476) (1,149,610)
Retained earnings 71,017,326 68,360,520
Accumulated other comprehensive loss (634,797) (225,399)
--------------- ---------------
Total stockholders' equity 244,203,259 249,915,060
--------------- ---------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 1,160,580,782 $ 1,079,668,621
=============== ===============
ABINGTON BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
2008 2007 2008 2007
------------ ------------ ------------ ------------
INTEREST INCOME:
Interest on loans $ 10,266,825 $ 11,141,193 $ 31,582,679 $ 32,170,905
Interest and
dividends on
investment and
mortgage-backed
securities:
Taxable 3,158,686 2,445,120 8,600,152 7,064,251
Tax-exempt 374,661 219,851 1,010,059 645,304
Interest and
dividends on other
interest-earning
assets 206,824 1,088,405 1,031,230 1,903,061
------------ ------------ ------------ ------------
Total interest
income 14,006,996 14,894,569 42,224,120 41,783,521
INTEREST EXPENSE:
Interest on deposits 3,842,347 5,424,299 13,015,386 16,052,944
Interest on Federal
Home Loan Bank
advances 2,342,205 2,053,327 6,755,223 6,529,007
Interest on other
borrowed money 91,429 263,146 321,002 682,278
------------ ------------ ------------ ------------
Total interest
expense 6,275,981 7,740,772 20,091,611 23,264,229
------------ ------------ ------------ ------------
NET INTEREST INCOME 7,731,015 7,153,797 22,132,509 18,519,292
PROVISION FOR LOAN
LOSSES 309,372 163,390 1,035,360 272,935
------------ ------------ ------------ ------------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 7,421,643 6,990,407 21,097,149 18,246,357
------------ ------------ ------------ ------------
NON-INTEREST INCOME
Service charges 416,449 398,880 1,222,899 1,202,522
Income on bank owned
life insurance 476,406 287,294 1,436,381 646,676
Gain on sale of
securities - - 146,375 -
Impairment charge on
investment
securities - - (330,527) -
Other income 91,564 97,215 308,388 331,501
------------ ------------ ------------ ------------
Total
non-interest
income 984,419 783,389 2,783,516 2,180,699
------------ ------------ ------------ ------------
NON-INTEREST EXPENSES
Salaries and
employee benefits 2,668,866 2,585,302 8,487,776 7,319,200
Occupancy 553,075 538,268 1,594,913 1,412,046
Depreciation 214,231 197,524 612,572 581,249
Professional
services 302,437 307,643 888,585 765,924
Data processing 358,183 361,965 1,119,805 1,069,943
Advertising and
promotions 156,828 163,092 375,299 398,053
Director
compensation 224,867 115,814 634,096 355,642
Other 673,037 554,089 1,985,819 1,661,537
------------ ------------ ------------ ------------
Total
non-interest
expenses 5,151,524 4,823,697 15,698,865 13,563,594
------------ ------------ ------------ ------------
INCOME BEFORE INCOME
TAXES 3,254,538 2,950,099 8,181,800 6,863,462
PROVISION FOR INCOME
TAXES 876,629 876,731 2,138,847 1,918,751
------------ ------------ ------------ ------------
NET INCOME $ 2,377,909 $ 2,073,368 $ 6,042,953 $ 4,944,711
============ ============ ============ ============
BASIC EARNINGS PER
COMMON SHARE $ 0.11 $ 0.09 $ 0.27 $ 0.21
DILUTED EARNINGS PER
COMMON SHARE $ 0.10 $ 0.09 $ 0.26 $ 0.21
BASIC AVERAGE COMMON
SHARES OUTSTANDING: 21,855,861 22,386,157 22,112,239 23,033,868
DILUTED AVERAGE COMMON
SHARES OUTSTANDING: 22,668,249 22,745,007 22,908,703 23,539,206
ABINGTON BANCORP, INC.
UNAUDITED SELECTED FINANCIAL DATA
Three Months Nine Months
Ended Ended
September 30, September 30,
---------------- ----------------
2008 2007 2008 2007
------ ------- ------ -------
Selected Operating Ratios(1):
Average yield on interest-earning
assets 5.42% 6.02% 5.49% 5.99%
Average rate on interest-bearing
liabilities 3.05% 4.10% 3.32% 4.09%
Average interest rate spread(2) 2.37% 1.92% 2.17% 1.90%
Net interest margin(2) 2.99% 2.89% 2.88% 2.65%
Average interest-earning assets to
average interest-bearing liabilities 125.63% 131.11% 127.10% 122.68%
Net interest income after provision
for loan losses to non-interest
expense 144.09% 144.92% 134.38% 134.53%
Total non-interest expense to average
assets 1.83% 1.82% 1.88% 1.83%
Efficiency ratio(3) 59.10% 60.78% 63.01% 65.52%
Return on average assets 0.84% 0.78% 0.72% 0.67%
Return on average equity 3.86% 3.38% 3.24% 3.86%
Average equity to average assets 21.87% 23.23% 22.36% 17.32%
Asset Quality Ratios(4):
Non-performing loans as a percent of
total loans receivable(5) 3.02% 0.77% 3.02% 0.77%
Non-performing assets as a percent of
total assets(5) 2.16% 0.48% 2.16% 0.48%
Allowance for loan losses as a percent
of non-performing loans 13.13% 35.55% 13.13% 35.55%
Net (recoveries) charge-offs to
average loans receivable (0.04)% 0.01% (0.04)% 0.01%
Capital Ratios(6):
Tier 1 leverage ratio 15.03% 15.48% 15.03% 15.48%
Tier 1 risk-based capital ratio 23.11% 24.24% 23.11% 24.24%
Total risk-based capital ratio 23.50% 24.51% 23.50% 24.51%
------ ------- ------ -------
(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 and nine-month periods ended September 30, 2008 and 2007,
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, with
certain limited exceptions, to cease accruing interest on single-family
residential mortgage loans 120 days or more past due and all other
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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