Abington Bancorp, Inc. (the "Company") (NASDAQ: ABBC), the parent
holding company for Abington Bank (the "Bank"), reported net income
of $2.2 million for the quarter ended September 30, 2010, compared
to a net loss of $7.0 million for the quarter ended September 30,
2009. The Company's basic and diluted earnings per share were $0.12
and $0.11, respectively for the third quarter of 2010 compared to
basic and diluted loss per share of $0.36 for the third quarter of
2009. Additionally, the Company reported net income of $5.7 million
for the nine months ended September 30, 2010, compared to a net
loss of $5.2 million for the nine months ended September 30, 2009.
Basic and diluted earnings per share were $0.31 and $0.29,
respectively, for the first nine months of 2010 compared to basic
and diluted loss per share of $0.26 for the first nine months of
2009.
Mr. Robert W. White, Chairman, President and CEO of the Company,
stated, "We are pleased to report continued progress in resolving
our non-performing assets during the quarter. Although the
lingering effects of the recession have caused a widespread decline
in loan demand and limited our ability to grow the Bank's balance
sheet, we have taken advantage of this environment to substantially
reduce our outstanding borrowings. Our capital and liquidity remain
strong, and we remain committed to increasing long-term shareholder
value."
Net Interest Income
Net interest income was $8.5 million and $24.9 million for the
three and nine months ended September 30, 2010, respectively,
representing increases of 14.4% and 10.5% over the comparable 2009
periods, respectively. The increase in our net interest income for
the 2010 periods over the 2009 periods occurred as lower interest
expense more than offset a reduction in interest income. Our
average interest rate spread increased to 2.76% and 2.72%,
respectively, for the three-month and nine-month periods ended
September 30, 2010 from 2.34% for both the three-month and
nine-month periods ended September 30, 2009. The improvement in our
average interest rate spread occurred as a decrease in the average
yield earned on our interest-earning assets was more than offset by
a decrease in the average rate paid on our interest-bearing
liabilities. Our net interest margin also increased
period-over-period to 2.98% and 2.95%, respectively, for the
three-month and nine-month periods ended September 30, 2010 from
2.71% and 2.76%, respectively, for the three-month and nine-month
periods ended September 30, 2009.
Interest income for the three months ended September 30, 2010
decreased $47,000 or 0.4% over the comparable 2009 period to $13.0
million. The slight decrease occurred as growth in the average
balance of our total interest-earning assets was more than offset
by a decrease in the average yield earned on those assets. The
average balance of our total interest-earning assets increased
$44.1 million or 4.0% to $1.14 billion for the third quarter of
2010 from $1.09 billion for the third quarter of 2009. The increase
was driven by increases in the average balances of our investment
securities, mortgage-backed securities and other interest-earning
assets of $54.6 million, $7.7 million and $26.8 million,
respectively. These increases were partially offset by a $45.0
million decrease in the average balance of our loans receivable
quarter-over-quarter. The average yield earned on our total
interest-earning assets decreased 20 basis points to 4.57% for the
third quarter of 2010 from 4.77% for the third quarter of 2009. The
decrease in the average yield earned on our interest-earning assets
was primarily the result of the current interest rate
environment.
Interest income for the nine months ended September 30, 2010
decreased $1.3 million or 3.3% over the comparable 2009 period to
$39.0 million. As was the case for the three-month period, the
decrease occurred as growth in the average balance of our total
interest-earning assets was more than offset by a decrease in the
average yield earned on those assets.
Interest expense for the three months ended September 30, 2010
decreased $1.1 million or 19.8% from the comparable 2009 period to
$4.5 million. The decrease in our interest expense occurred as a
decrease in the average rate paid on our total interest-bearing
liabilities more than offset an increase in the average balance of
those liabilities. The average rate we paid on our total
interest-bearing liabilities decreased 62 basis points to 1.81% for
the third quarter of 2010 from 2.43% for the third quarter of 2009.
The average rate we paid on our total deposits decreased 53 basis
points quarter-over-quarter, driven by a 55 basis point decrease in
the average rate paid on our certificates of deposit. The average
balance of our total deposits increased $97.9 million or 13.1% to
$844.1 million for the third quarter of 2010 from $746.2 million
for the third quarter of 2009 due primarily to growth in our core
deposits. The average balance of our core deposits increased $94.2
million or 32.5% to $384.2 million for the third quarter of 2010
from $290.0 million for the third quarter of 2009. The average rate
paid on our advances from the Federal Home Loan Bank ("FHLB")
decreased 49 basis points for the third quarter of 2010 compared to
the third quarter of 2009, resulting in a decrease to our interest
expense on FHLB advances of $492,000 or 27.4% when combined with a
decline of $29.0 million or 19.0% in the average balance of those
advances quarter-over-quarter.
Interest expense for the nine months ended September 30, 2010
decreased $3.7 million or 20.9% from the comparable 2009 period to
$14.0 million. As was the case for the three-month period, the
decrease in our interest expense occurred as a decrease in the
average rate paid on our total interest-bearing liabilities offset
an increase in the average balance of those liabilities.
Provision for Loan Losses and Asset Quality
No provision for loan losses was recorded during the third
quarter of 2010. Our provision for loan losses amounted to $563,000
for the nine months ended September 30, 2010. For the quarter and
nine months ended September 30, 2009, our provision for loan losses
amounted to $8.8 million and $12.3 million, respectively.
Management determined that no provision was required during the
third quarter of 2010 based on our evaluation of the overall
adequacy of the allowance for loan losses in relation to the loan
portfolio, and in consideration of a number of factors including a
decrease in the outstanding balance of our loans receivable, the
resolution or charge-off of certain large-balance, non-performing
loans, and the recognition of a recovery to the allowance for loan
losses during the second quarter of $1.2 million in the
aggregate.
Our non-accrual loans decreased $9.9 million or 45.2% during the
third quarter of 2010 to $12.0 million at September 30, 2010
compared to $22.0 million at June 30, 2010 and $28.3 million at
December 31, 2009. The decrease was due primarily to the transfer
of two construction loans with an aggregate outstanding balance of
$9.8 million at June 30, 2010 to real estate owned ("REO") during
the quarter. In conjunction with these transfers, an aggregate of
approximately $2.5 million of the outstanding loan balances was
charged-off through the allowance for loan losses. At June 30,
2010, approximately $2.0 million of our allowance for loan losses
was allocated to these loans. Our total non-performing loans,
defined as non-accruing loans and accruing loans 90 days or more
past due, decreased to $12.2 million at September 30, 2010, from
$22.1 million at June 30, 2010 and $34.6 million at December 31,
2009. Primarily as a result of the aforementioned transfers, our
REO increased to $20.0 million at September 30, 2010 from $13.1
million at June 30, 2010 and $22.8 million at December 31, 2009.
Our total non-performing assets, which include non-performing loans
and REO, amounted to $32.2 million at September 30, 2010 compared
to $35.3 million at June 30, 2010 and $57.4 million at December 31,
2009, representing a decrease of 43.8% during the first nine months
of 2010. At September 30, 2010 and December 31, 2009, our
non-performing loans amounted to 1.70% and 4.47%, respectively, of
loans receivable, and our allowance for loan losses amounted to
38.34% and 26.28%, respectively, of non-performing loans. At
September 30, 2010 and December 31, 2009, our non-performing assets
amounted to 2.56% and 4.64% of total assets, respectively.
During the remainder of 2010, our oversight of the Company's
loan portfolio, particularly our construction loans, and resolution
efforts with respect to non-performing assets will continue to be a
central focus of our management team. While we have made
significant strides in reducing our non-performing assets, no
assurance can be given that additional provisions for loan losses
or loan charge-offs may not be required in the coming quarters.
Non-Interest Income and Expenses
Our total non-interest income increased to $611,000 for the
third quarter of 2010 from a loss of $4.1 million for the third
quarter of 2009. The increase was due primarily to a $4.9 million
improvement in our net loss on REO for the third quarter of 2010
compared to the third quarter of 2009. The higher expense during
the 2009 period related primarily to a charge taken to write-down
the value of a 40-unit high rise residential condominium project in
Center City, Philadelphia by $3.9 million. This property was sold
during the second quarter of 2010.
Our total non-interest income increased to $1.8 million for the
first nine months of 2010 from a loss of $2.0 million for the first
nine months 2009. As was the case for the three-month period, the
increase was due primarily to a $4.0 million improvement in loss on
REO during the 2010 period from a loss of $5.0 million during the
first nine months of 2009.
Our total non-interest expenses for the third quarter of 2010
amounted to $6.2 million, representing an increase of $643,000 or
11.7% from the third quarter of 2009. The largest increases were in
our salaries and employee benefits, professional services and
deposit insurance premium expenses, which increased $198,000,
$174,000 and $191,000, respectively, quarter-over-quarter. The
increase in salaries and employee benefits expenses was due
primarily to an increase in our employee profit sharing expense. We
had no expense for employee profit sharing during the third quarter
of 2009 as a result of our net loss for the quarter. This increase
was partially offset by a decrease in our expense for our 2005
Stock Option Plan and 2005 Recognition and Retention Plan, for
which the majority of awarded shares became fully vested in July
2010. The increase in professional services expenses was due
primarily to legal fees incurred in relation to the resolution of
certain non-performing loans and real estate owned. The increase in
the deposit insurance premium was due to an increase in our regular
quarterly premium as a result of a new fee structure implemented by
the FDIC.
Our total non-interest expenses for the first nine months of
2010 amounted to $18.5 million, representing an increase of $1.2
million or 6.7% from the first nine months of 2009. Our largest
increases were in our salaries and employee benefits, occupancy,
and professional services expenses. The increase in occupancy
expense was due in part to higher real estate taxes, as well as
costs incurred for certain upgrades to our computer network. The
increases in salaries and employee benefits and professional
services expenses for the nine-month period were driven by the same
factors that produced the increases for the three-month period.
The Company recorded an income tax expense of approximately
$754,000 for the third quarter of 2010 compared to an income tax
benefit of approximately $4.1 million for the third quarter of
2009. The Company recorded an income tax expense of approximately
$1.9 million for the first nine months of 2010 compared to an
income tax benefit of approximately $3.9 million for the first nine
months of 2009. For both the three-month and nine-month periods,
the fluctuations in our income tax expense were primarily a result
of the change in our pre-tax income.
Statement of Financial Condition
The Company's total assets increased $19.9 million, or 1.6%, to
$1.26 billion at September 30, 2010 compared to $1.24 billion at
December 31, 2009. The most significant increases were in our cash
and cash equivalents and our investment and mortgage-backed
securities, which grew by $25.7 million and $44.7 million,
respectively, during the first nine months of 2010. These increases
were largely funded by our deposit growth and our loan repayments.
Our net loans receivable decreased $49.7 million or 6.5% to $714.8
million at September 30, 2010 from $764.6 million at December 31,
2009. Our gross construction loans decreased $56.0 million during
the first nine months of 2010, however, this was partially offset
by a $21.7 million decrease in the balance of our loans-in-process.
Our one- to four-family residential loans also decreased
significantly during the first nine months of 2010 to $403.5
million at September 30, 2010 from $432.0 million at December 31,
2009. Our multi-family residential and commercial real estate loans
and our home equity lines of credit increased $4.8 million and $6.5
million, respectively, during the first nine months of 2010. Our
REO decreased to $20.0 million at September 30, 2010 from $22.8
million at December 31, 2009 as the settlement of five REO
properties earlier in the year were largely offset by the addition
of two properties during the third quarter of 2010 with an
aggregate carrying value of $7.1 million at September 30, 2010.
Our total deposits increased $52.2 million or 6.1% to $902.4
million at September 30, 2010 compared to $850.2 million at
December 31, 2009. The increase during the first nine months of
2010 was due primarily to growth in our core deposits. During the
first nine months of 2010, our core deposits increased $50.1
million or 12.7% driven by an increase in our savings and money
market accounts of $46.3 million, or 17.4%. Our advances from the
FHLB decreased $36.8 million or 25.1% to $109.9 million at
September 30, 2010 from $146.7 million at December 31, 2009, as we
continued to repay existing balances.
Our total stockholders' equity decreased to $212.9 million at
September 30, 2010 from $214.2 million at December 31, 2009. The
decrease was due primarily to our purchases of treasury stock,
partially offset by our net income for the period. During the first
nine months of 2010 we repurchased approximately 860,000 shares of
the Company's common stock for an aggregate cost of approximately
$7.4 million as part of our stock repurchase plans. We have
continued to implement our stock repurchase programs based on
determinations by management and the Board of Directors that the
trading price of our stock, which has been below book value,
provided an opportunity to utilize our current capital to
repurchase shares in a manner intended to positively affect
shareholder value. Our flexibility to undertake such a strategy has
been the result of our strong overall capital position. The Bank's
regulatory capital levels continue to far exceed requirements for
well capitalized institutions.
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,
Pennsylvania as well as 12 additional full service branch offices
and seven limited service banking offices located in Montgomery,
Bucks and Delaware Counties, Pennsylvania. As of September 30,
2010, Abington Bancorp had $1.26 billion in total assets, $902.4
million in total deposits and $212.9 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
and the adequacy of our allowance for loan losses. 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.com under the Investor Relations menu.
We undertake no obligation to update any forward-looking
statements.
ABINGTON BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
September 30, December 31,
2010 2009
--------------- ---------------
ASSETS
Cash and due from banks $ 24,676,284 $ 18,941,066
Interest-bearing deposits in other banks 45,753,105 25,773,173
--------------- ---------------
Total cash and cash equivalents 70,429,389 44,714,239
Investment securities held to maturity
(estimated fair
value--2010, $21,593,960; 2009,
$20,787,269) 20,385,322 20,386,944
Investment securities available for sale
(amortized cost--2010, $114,120,129;
2009, $82,905,101) 116,247,716 84,317,271
Mortgage-backed securities held to
maturity (estimated fair
value--2010, $63,513,898; 2009,
$77,297,497) 61,764,910 77,149,936
Mortgage-backed securities available for
sale (amortized cost--2010,
$161,002,687; 2009, $133,916,731) 166,793,923 138,628,592
Loans receivable, net of allowance for
loan losses (2010, $4,685,160;
2009, $9,090,353) 714,822,707 764,559,941
Accrued interest receivable 4,275,874 4,279,032
Federal Home Loan Bank stock--at cost 14,607,700 14,607,700
Cash surrender value - bank owned life
insurance 42,310,193 40,983,202
Property and equipment, net 9,870,836 10,423,190
Real estate owned 20,027,964 22,818,856
Deferred tax asset 1,751,835 4,711,447
Prepaid expenses and other assets 14,678,221 10,531,771
--------------- ---------------
TOTAL ASSETS $ 1,257,966,590 $ 1,238,112,121
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Deposits:
Noninterest-bearing $ 43,997,062 $ 45,146,650
Interest-bearing 858,364,892 805,053,843
--------------- ---------------
Total deposits 902,361,954 850,200,493
Advances from Federal Home Loan Bank 109,891,311 146,739,435
Other borrowed money 18,019,549 16,673,480
Accrued interest payable 4,022,419 1,807,334
Advances from borrowers for taxes and
insurance 707,332 3,142,470
Accounts payable and accrued expenses 10,094,380 5,366,909
--------------- ---------------
Total liabilities 1,045,096,945 1,023,930,121
--------------- ---------------
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;
24,460,240 shares issued;
outstanding: 20,161,608 shares in 2010,
21,049,025 shares in 2009 244,602 244,602
Additional paid-in capital 202,352,367 201,922,651
Treasury stock--at cost, 4,298,632
shares in 2010, 3,411,215 shares in 2009 (34,995,086) (27,446,596)
Unallocated common stock held by:
Employee Stock Ownership Plan (ESOP) (13,670,098) (14,299,378)
Recognition & Retention Plan Trust
(RRP) (2,833,931) (3,918,784)
Deferred compensation plans trust (1,035,560) (995,980)
Retained earnings 57,692,961 54,804,913
Accumulated other comprehensive income 5,114,390 3,870,572
--------------- ---------------
Total stockholders' equity 212,869,645 214,182,000
--------------- ---------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 1,257,966,590 $ 1,238,112,121
=============== ===============
ABINGTON BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ ------------------------
2010 2009 2010 2009
----------- ----------- ----------- -----------
INTEREST INCOME:
Interest on loans $ 9,950,488 $ 9,872,855 $29,765,723 $30,050,716
Interest and dividends
on investment and
mortgage-backed
securities:
Taxable 2,608,375 2,736,909 7,980,849 9,022,260
Tax-exempt 385,171 401,062 1,171,444 1,204,646
Interest and
dividends on other
interest-earning
assets 26,448 6,607 52,101 33,537
----------- ----------- ----------- -----------
Total interest
income 12,970,482 13,017,433 38,970,117 40,311,159
INTEREST EXPENSE:
Interest on deposits 3,179,474 3,801,382 9,700,929 11,889,584
Interest on Federal
Home Loan Bank
advances 1,302,589 1,794,970 4,270,932 5,783,241
Interest on other
borrowed money 20,068 19,879 54,684 56,214
----------- ----------- ----------- -----------
Total interest
expense 4,502,131 5,616,231 14,026,545 17,729,039
----------- ----------- ----------- -----------
NET INTEREST INCOME 8,468,351 7,401,202 24,943,572 22,582,120
PROVISION FOR LOAN
LOSSES - 8,802,678 563,445 12,324,090
----------- ----------- ----------- -----------
NET INTEREST INCOME
(LOSS) AFTER
PROVISION FOR LOAN
LOSSES 8,468,351 (1,401,476) 24,380,127 10,258,030
----------- ----------- ----------- -----------
NON-INTEREST INCOME
(LOSS)
Service charges 280,464 388,850 903,798 1,175,515
Income on bank owned
life insurance 442,493 451,713 1,326,991 1,353,479
Net loss on real
estate owned (278,152) (5,152,887) (991,348) (4,983,805)
Net gain on sale of
securities - 5,102 - 5,102
Other income 166,449 160,998 532,911 451,836
----------- ----------- ----------- -----------
Total
non-interest
income (loss) 611,254 (4,146,224) 1,772,352 (1,997,873)
----------- ----------- ----------- -----------
NON-INTEREST EXPENSES
Salaries and employee
benefits 2,934,517 2,736,723 8,895,026 8,503,992
Occupancy 645,148 630,544 2,069,856 1,734,540
Depreciation 219,560 228,583 677,095 676,657
Professional services 509,352 335,623 1,529,472 1,034,023
Data processing 429,421 383,011 1,283,832 1,175,790
Deposit insurance
premium 522,443 331,735 1,377,362 1,486,239
Advertising and
promotions 171,709 128,613 427,966 309,669
Director compensation 151,753 224,709 597,208 673,564
Other 576,740 518,032 1,666,885 1,767,573
----------- ----------- ----------- -----------
Total
non-interest
expenses 6,160,643 5,517,573 18,524,702 17,362,047
----------- ----------- ----------- -----------
INCOME (LOSS) BEFORE
INCOME TAXES 2,918,962 (11,065,273) 7,627,777 (9,101,890)
PROVISION (BENEFIT) FOR
INCOME TAXES 753,724 (4,089,152) 1,881,900 (3,900,369)
----------- ----------- ----------- -----------
NET INCOME (LOSS) $ 2,165,238 $(6,976,121) $ 5,745,877 $(5,201,521)
=========== =========== =========== ===========
BASIC EARNINGS (LOSS)
PER COMMON SHARE $ 0.12 $ (0.36) $ 0.31 $ (0.26)
DILUTED EARNINGS (LOSS)
PER COMMON SHARE $ 0.11 $ (0.36) $ 0.29 $ (0.26)
BASIC AVERAGE COMMON
SHARES OUTSTANDING: 18,404,143 19,635,808 18,771,303 19,963,132
DILUTED AVERAGE COMMON
SHARES OUTSTANDING: 19,624,366 19,635,808 20,033,491 19,963,132
ABINGTON BANCORP, INC.
UNAUDITED SELECTED FINANCIAL DATA
Year
Three Months Ended Nine Months Ended Ended
September 30, September 30, December
----------------- ----------------- 31,
2010 2009 2010 2009 2009
-------- ------- -------- ------- -------
Selected Operating
Ratios(1):
Average yield on
interest-earning assets 4.57% 4.77% 4.61% 4.92% 4.90%
Average rate on
interest-bearing
liabilities 1.81% 2.43% 1.89% 2.58% 2.47%
Average interest rate
spread(2) 2.76% 2.34% 2.72% 2.34% 2.43%
Net interest margin(2) 2.98% 2.71% 2.95% 2.76% 2.81%
Average interest-earning
assets to average
interest-bearing
liabilities 114.40% 117.83% 113.86% 119.19% 118.21%
Net interest income after
provision for loan losses
to non-interest expense 137.47% (25.39)% 131.61% 59.08% 52.33%
Total non-interest
expense to average
assets 1.95% 1.83% 1.96% 2.89% 1.91%
Efficiency ratio(3) 67.85% 169.52% 69.34% 84.35% 78.70%
Return on average assets 0.68% (2.31)% 0.61% (0.87)% (0.59)%
Return on average equity 4.07% (12.31)% 3.58% (4.51)% (3.15)%
Average equity to average
assets 16.81% 18.77% 16.96% 19.21% 18.85%
Asset Quality Ratios(4):
Non-performing loans as a
percent of total loans
receivable(5) 1.70% 5.53% 1.70% 5.53% 4.47%
Non-performing assets as
a percent of total
assets(5) 2.56% 5.03% 2.56% 5.03% 4.64%
Allowance for loan losses
as a percent of
non-performing loans 38.34% 43.17% 38.34% 43.17% 26.28%
Allowance for loan losses
as a percent of total loans 0.65% 2.39% 0.65% 2.39% 1.17%
Net charge-offs to
average loans receivable 1.57% 0.39% 0.91% 0.90% 2.81%
Capital Ratios(6):
Tier 1 leverage ratio 13.49% 13.57% 13.49% 13.57% 13.14%
Tier 1 risk-based capital
ratio 22.36% 20.27% 22.36% 20.27% 20.04%
Total risk-based capital
ratio 22.98% 21.54% 22.98% 21.54% 21.16%
-------- ------- -------- ------- -------
(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, 2010 and 2009, 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.
ABINGTON BANCORP, INC.
UNAUDITED SELECTED FINANCIAL DATA (continued)
September 30, June 30, December 31,
2010 2010 2009
----------- ----------- -----------
(Dollars in Thousands)
Non-accruing loans:
One- to four-family residential $ -- $ -- $ 237
Multi-family residential
and commercial real estate(1) 3,455 3,502 4,801
Construction 8,583 18,456 23,303
Commercial business -- -- --
Home equity lines of credit -- -- --
Consumer non-real estate -- -- --
----------- ----------- -----------
Total non-accruing loans 12,038 21,958 28,341
----------- ----------- -----------
Accruing loans 90 days or more past
due:
One- to four-family residential 60 63 110
Multi-family residential
and commercial real estate -- -- --
Construction 16 -- 5,998
Commercial business -- -- --
Home equity lines of credit 107 109 141
Consumer non-real estate -- -- --
----------- ----------- -----------
Total accruing loans 90 days
or more past due 183 172 6,249
----------- ----------- -----------
Total non-performing loans(2) 12,221 22,130 34,590
----------- ----------- -----------
Real estate owned, net 20,028 13,142 22,819
----------- ----------- -----------
Total non-performing assets 32,249 35,272 57,409
----------- ----------- -----------
Performing troubled debt
restructurings:
One- to four-family
residential(3) 583 -- --
Multi-family residential
and commercial real estate -- -- --
Construction -- -- --
Commercial business -- -- --
Home equity lines of credit -- -- --
Consumer non-real estate -- -- --
----------- ----------- -----------
Total performing troubled
debt restructurings 583 -- --
----------- ----------- -----------
Total non-performing assets
and performing troubled debt
restructurings $ 32,832 $ 35,272 $ 57,409
=========== =========== ===========
Total non-performing loans as a
percentage of loans 1.70% 2.98% 4.47%
=========== =========== ===========
Total non-performing loans as a
percentage of total assets 0.97% 1.73% 2.79%
=========== =========== ===========
Total non-performing assets as a
percentage of total assets 2.56% 2.78% 4.64%
=========== =========== ===========
(1) Included in this category of non-accruing loans at September 30 and
June 30, 2010 and December 31, 2009 is one troubled debt restructuring with
a balance of $1.4 million, $1.4 million, and $2.5 million, respectively.
(2) Non-performing loans consist of non-accruing loans plus accruing loans
90 days or more past due.
(3) Two performing troubled debt restructurings ("TDRs") included in one-
to four-family residential loans with an aggregate outstanding balance of
$583,000 at June 30, 2010 were identified as a result of enhanced
procedures, although no such balances were previously reported at such
date.
The following table shows the activity in our allowance for loan losses for
the nine months ended September 30, 2010 and 2009.
For the Nine Months
Ended September 30,
----------------------
2010 2009
---------- ----------
(Dollars in Thousands)
Allowance for loan losses, beginning of period $ 9,090 $ 11,597
Provision for loan losses 563 12,324
Charge-offs (6,188) (5,266)
Recoveries on loans previously charged-off 1,220 147
---------- ----------
(Charge-offs)/recoveries - net (4,968) (5,119)
---------- ----------
Allowance for loan losses, end of period $ 4,685 $ 18,802
========== ==========
Contact: Robert W. White Chairman, President and CEO or Jack
Sandoski Senior Vice President and CFO (215) 886-8280
Abington Bancorp, Inc. (MM) (NASDAQ:ABBC)
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