Abington Bancorp, Inc. (the "Company") (NASDAQ: ABBC), the parent
holding company for Abington Bank (the "Bank"), reported net income
of $1.9 million for the quarter ended December 31, 2010, compared
to a net loss of $2.0 million for the quarter ended December 31,
2009. The Company's basic and diluted earnings per share were $0.11
and $0.09, respectively, for the fourth quarter of 2010 compared to
basic and diluted loss per share of $0.10 for the fourth quarter of
2009. Additionally, the Company reported net income of $7.7 million
for the year ended December 31, 2010, compared to a net loss of
$7.2 million for the year ended December 31, 2009. Basic and
diluted earnings per share were $0.41 and $0.39, respectively, for
2010 compared to basic and diluted loss per share of $0.36 for
2009.
Mr. Robert W. White, Chairman, President and CEO of the Company,
stated, "We are very pleased to announce our results for the
quarter and the full year. Abington Bancorp ended 2010 with solid
earnings and marked improvement in the reduction of our
non-performing assets. Supported by our strong capital and
liquidity positions, we increased our dividend from $0.05 to $0.06
for the fourth quarter of 2010."
Net Interest Income
Net interest income was $8.4 million and $33.3 million for the
three months and year ended December 31, 2010, respectively,
representing increases of 1.7% and 8.1% over the comparable 2009
periods, respectively. The increases 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 2.75% and 2.72%,
respectively, for the three months and year ended December 31, 2010
from 2.67% and 2.43%, respectively, for the three months and year
ended December 31, 2009. The improvements 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 2.97% and
2.95%, respectively, for the three months and year ended December
31, 2010 from 2.96% and 2.81%, respectively, for the three months
and year ended December 31, 2009.
Interest income for the three months ended December 31, 2010
decreased $1.1 million or 8.1% over the comparable 2009 period to
$12.3 million. 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. The
average balance of our total interest-earning assets increased
$15.2 million or 1.4% to $1.13 billion for the fourth quarter of
2010 from $1.11 billion for the fourth 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 $35.2 million, $16.9 million and $24.6
million, respectively. These increases were partially offset by a
$61.6 million decrease in the average balance of our loans
receivable quarter-over-quarter. The average yield earned on our
total interest-earning assets decreased 45 basis points to 4.38%
for the fourth quarter of 2010 from 4.83% for the fourth 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 year ended December 31, 2010 decreased
$2.4 million or 4.5% over 2009 to $51.3 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 December 31, 2010
decreased $1.2 million or 23.5% from the comparable 2009 period to
$4.0 million. The decrease in our interest expense occurred as a
reduction 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 53 basis points to 1.63% for
the fourth quarter of 2010 from 2.16% for the fourth quarter of
2009. The average rate we paid on our total deposits decreased 41
basis points quarter-over-quarter, driven by a 24 basis point
decrease in the average rate paid on our certificates of deposit
and a 51 basis point decrease in the average rate paid on our
savings and money market accounts. The average balance of our total
deposits increased $62.1 million or 7.9% to $852.8 million for the
fourth quarter of 2010 from $790.6 million for the fourth quarter
of 2009 due primarily to growth in our core deposits. The average
balance of our core deposits increased $78.1 million or 23.7% to
$408.0 million for the fourth quarter of 2010 from $329.9 million
for the fourth quarter of 2009. The average rate paid on our
advances from the Federal Home Loan Bank ("FHLB") decreased 65
basis points for the fourth quarter of 2010 compared to the fourth
quarter of 2009, resulting in a decrease to our interest expense on
FHLB advances of $649,000 or 39.6% when combined with a decline of
$43.4 million or 29.0% in the average balance of those advances
quarter-over-quarter.
Interest expense for the year ended December 31, 2010 decreased
$4.9 million or 21.5% from 2009 to $18.0 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
We recorded a provision for loan losses of $413,000 for the
fourth quarter of 2010 compared to $6.4 million for the fourth
quarter of 2009. Our provision for loan losses amounted to $977,000
and $18.7 million, respectively, for the years ended December 31,
2010 and 2009. 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. The
decrease in our provision for loan losses period-over-period is the
result of the resolution of certain non-performing loans, as well
as an improvement in the overall credit quality of our remaining
loan portfolio.
Our non-accrual loans decreased $5.0 million or 41.8% during the
fourth quarter of 2010 to $7.0 million at December 31, 2010
compared to $12.0 million at September 30, 2010 and $28.3 million
at December 31, 2009. The decrease was due primarily to the
transfer of loans with an aggregate outstanding balance of $4.3
million at September 30, 2010 to real estate owned ("REO") during
the quarter. The loans transferred included one construction loan
and one commercial real estate loan. In conjunction with these
transfers, an aggregate of approximately $612,000 of the aggregate
outstanding loan balance was charged-off through the allowance for
loan losses during the 2010 fourth quarter. At September 30, 2010,
approximately $220,000 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 $9.0 million at December 31, 2010 from $12.2 million
at September 30, 2010 and $34.6 million at December 31, 2009 as the
aforementioned reduction in non-accrual loans was partially offset
by an increase in delinquent loans during the fourth quarter of
2010. Our REO increased to $23.6 million at December 31, 2010 from
$20.0 million at September 30, 2010 and $22.8 million at December
31, 2009, primarily as a result of the aforementioned transfer of
two properties. During the fourth quarter of 2010, we sold one REO
property, which had a book value of $400,000 at September 30, 2010.
A loss of $4,000 was recognized on the sale. Our total
non-performing assets, which include non-performing loans and REO,
amounted to $32.6 million at December 31, 2010 compared to $32.2
million at September 30, 2010 and $57.4 million at December 31,
2009, representing a decrease of 43.2% during 2010. At December 31,
2010 and 2009, our non-performing loans amounted to 1.29% and
4.47%, respectively, of loans receivable, and our allowance for
loan losses amounted to 47.27% and 26.28%, respectively, of
non-performing loans. At December 31, 2010 and 2009, our
non-performing assets amounted to 2.62% and 4.64% of total assets,
respectively.
Non-Interest Income and Expenses
Our total non-interest income increased to $867,000 for the
fourth quarter of 2010 from $503,000 for the fourth quarter of
2009. The increase was due primarily to a $517,000 improvement in
our net loss on REO quarter-over-quarter that was partially offset
by a $114,000 decrease in our service charge income.
Our total non-interest income increased to $2.6 million for the
year 2010 from a loss of $1.5 million for 2009. As was the case for
the three-month period, the increase was due primarily to a $4.5
million improvement in loss on REO during 2010 partially offset by
a $386,000 decrease in our service charge income.
Our total non-interest expenses for the fourth quarter of 2010
amounted to $6.2 million, representing an increase of $506,000 or
8.9% from the fourth quarter of 2009. The largest increases were in
our salaries and employee benefits and deposit insurance premium
expenses, which increased $237,000 and $193,000, 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 fourth quarter of 2009 as a result of our net
loss for the quarter. 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 and growth in
deposits.
Our total non-interest expenses for the year 2010 amounted to
$24.7 million, representing an increase of $1.7 million or 7.2%
from 2009. Our largest increases were in our salaries and employee
benefits, occupancy, and professional services expenses. The
increase in salaries and employee benefits expense for the year
was, again, primarily driven by the increase in our profit sharing
expense. The increase in occupancy expense was due largely to
higher real estate taxes. The increase in professional services
expenses was due primarily to additional legal fees incurred in
conjunction with our resolution of certain non-performing
assets.
The Company recorded an income tax expense of approximately
$663,000 for the fourth quarter of 2010 compared to an income tax
benefit of approximately $1.4 million for the fourth quarter of
2009. The Company recorded an income tax expense of approximately
$2.5 million for the year 2010 compared to an income tax benefit of
approximately $5.3 million for 2009. For both the three months and
year, the fluctuations in our income tax expense were primarily a
result of the changes in our pre-tax income.
Statement of Financial Condition
The Company's total assets increased $9.0 million, or 0.7%, to
$1.25 billion at December 31, 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 $33.0 million and $49.9 million,
respectively, during 2010. These increases were largely funded by
our deposit growth and our loan repayments. Our net loans
receivable decreased $68.1 million or 8.9% to $696.4 million at
December 31, 2010 from $764.6 million at December 31, 2009. Our
gross construction loans decreased $65.1 million during 2010,
however, this was partially offset by a $24.1 million decrease in
the balance of our loans-in-process. Our one- to four-family
residential loans also decreased significantly during 2010 to
$393.4 million at December 31, 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 $5.6 million
and $4.9 million, respectively, during 2010.
Our total deposits increased $49.9 million or 5.9% to $900.1
million at December 31, 2010 compared to $850.2 million at December
31, 2009. The increase during 2010 was due primarily to growth in
our core deposits. During 2010, our core deposits increased $74.6
million or 19.0% driven by an increase in our savings and money
market accounts of $60.6 million, or 22.8%. Our advances from the
FHLB decreased $36.9 million or 25.1% to $109.9 million at December
31, 2010 from $146.7 million at December 31, 2009, as we continued
to repay existing balances.
Our total stockholders' equity decreased to $211.9 million at
December 31, 2010 from $214.2 million at December 31, 2009. The
decrease was due primarily to our purchases of treasury stock and
the payment of our quarterly dividends, partially offset by our net
income for the period. During 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 paid an aggregate of $4.0 million in cash dividends
during 2010, including an increased dividend during the fourth
quarter. 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 December 31, 2010,
Abington Bancorp had $1.25 billion in total assets, $900.1 million
in total deposits and $211.9 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
December 31, December 31,
2010 2009
--------------- ---------------
ASSETS
Cash and due from banks $ 17,917,261 $ 18,941,066
Interest-bearing deposits in other banks 59,769,447 25,773,173
--------------- ---------------
Total cash and cash equivalents 77,686,708 44,714,239
Investment securities held to maturity
(estimated fair value--2010,
$20,806,340; 2009, $20,787,269) 20,384,781 20,386,944
Investment securities available for sale
(amortized cost--2010, $124,245,038;
2009, $82,905,101) 124,903,901 84,317,271
Mortgage-backed securities held to
maturity (estimated fair value--2010,
$58,338,548; 2009, $77,297,497) 56,872,188 77,149,936
Mortgage-backed securities available for
sale (amortized cost--2010,
$164,632,654; 2009, $133,916,731) 168,172,796 138,628,592
Loans receivable, net of allowance for
loan losses (2010, $4,271,618; 2009,
$9,090,353) 696,443,502 764,559,941
Accrued interest receivable 4,102,984 4,279,032
Federal Home Loan Bank stock--at cost 13,877,300 14,607,700
Cash surrender value - bank owned life
insurance 42,744,766 40,983,202
Property and equipment, net 9,751,694 10,423,190
Real estate owned 23,588,139 22,818,856
Deferred tax asset 3,631,218 4,711,447
Prepaid expenses and other assets 4,938,037 10,531,771
--------------- ---------------
TOTAL ASSETS $ 1,247,098,014 $ 1,238,112,121
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Deposits:
Noninterest-bearing $ 49,807,778 $ 45,146,650
Interest-bearing 850,251,190 805,053,843
--------------- ---------------
Total deposits 900,058,968 850,200,493
Advances from Federal Home Loan Bank 109,874,674 146,739,435
Other borrowed money 15,881,449 16,673,480
Accrued interest payable 912,321 1,807,334
Advances from borrowers for taxes and
insurance 2,956,425 3,142,470
Accounts payable and accrued expenses 5,504,215 5,366,909
--------------- ---------------
Total liabilities 1,035,188,052 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: 20,166,742 shares in
2010, 21,049,025 shares in 2009 244,602 244,602
Additional paid-in capital 202,517,175 201,922,651
Treasury stock--at cost, 4,293,498
shares in 2010, 3,411,215 shares
in 2009 (34,949,051) (27,446,596)
Unallocated common stock held by:
Employee Stock Ownership Plan (ESOP) (13,460,338) (14,299,378)
Recognition & Retention Plan Trust
(RRP) (2,589,310) (3,918,784)
Deferred compensation plans trust (1,045,153) (995,980)
Retained earnings 58,519,670 54,804,913
Accumulated other comprehensive income 2,672,367 3,870,572
--------------- ---------------
Total stockholders' equity 211,909,962 214,182,000
--------------- ---------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 1,247,098,014 $ 1,238,112,121
=============== ===============
ABINGTON BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
December 31, Year Ended December 31,
------------------------- --------------------------
2010 2009 2010 2009
----------- ------------ ------------ ------------
INTEREST INCOME:
Interest on loans $ 9,437,274 $ 10,269,490 $ 39,202,997 $ 40,320,206
Interest and
dividends on
investment and
mortgage-backed
securities:
Taxable 2,499,345 2,756,995 10,480,194 11,779,255
Tax-exempt 382,956 399,960 1,554,400 1,604,606
Interest and
dividends on
other
interest-earning
assets 28,581 7,539 80,682 41,076
----------- ------------ ------------ ------------
Total interest
income 12,348,156 13,433,984 51,318,273 53,745,143
INTEREST EXPENSE:
Interest on
deposits 2,973,577 3,550,329 12,674,506 15,439,913
Interest on
Federal Home Loan
Bank advances 990,772 1,639,615 5,261,704 7,422,856
Interest on other
borrowed money 18,255 17,553 72,939 73,767
----------- ------------ ------------ ------------
Total interest
expense 3,982,604 5,207,497 18,009,149 22,936,536
----------- ------------ ------------ ------------
NET INTEREST INCOME 8,365,552 8,226,487 33,309,124 30,808,607
PROVISION FOR LOAN
LOSSES 413,105 6,412,757 976,550 18,736,847
----------- ------------ ------------ ------------
NET INTEREST INCOME
AFTER PROVISION FOR
LOAN LOSSES 7,952,447 1,813,730 32,332,574 12,071,760
----------- ------------ ------------ ------------
NON-INTEREST INCOME
(LOSS)
Service charges 297,952 411,925 1,201,750 1,587,440
Income on bank
owned life
insurance 434,573 444,835 1,761,564 1,798,313
Net loss on real
estate owned (42,090) (558,945) (1,033,438) (5,542,750)
Net gain on sale
of securities - - - 5,102
Other income 176,876 204,917 709,787 656,754
----------- ------------ ------------ ------------
Total
non-interest
income (loss) 867,311 502,732 2,639,663 (1,495,141)
----------- ------------ ------------ ------------
NON-INTEREST
EXPENSES
Salaries and
employee benefits 3,068,370 2,831,551 11,963,396 11,335,543
Occupancy 654,585 660,390 2,724,441 2,394,930
Depreciation 212,756 229,924 889,851 906,581
Professional
services 372,910 289,138 1,902,382 1,323,161
Data processing 487,689 430,739 1,771,521 1,606,529
Deposit insurance
premium 534,029 341,433 1,911,391 1,827,672
Advertising and
promotions 117,850 132,407 545,816 442,076
Director
compensation 142,550 227,231 739,758 900,795
Other 621,796 563,748 2,288,681 2,331,321
----------- ------------ ------------ ------------
Total
non-interest
expenses 6,212,535 5,706,561 24,737,237 23,068,608
----------- ------------ ------------ ------------
INCOME (LOSS) BEFORE
INCOME TAXES 2,607,223 (3,390,099) 10,235,000 (12,491,989)
PROVISION (BENEFIT)
FOR INCOME TAXES 663,324 (1,398,798) 2,545,224 (5,299,167)
----------- ------------ ------------ ------------
NET INCOME (LOSS) $ 1,943,899 $ (1,991,301) $ 7,689,776 $ (7,192,822)
=========== ============ ============ ============
BASIC EARNINGS
(LOSS) PER COMMON
SHARE $ 0.11 $ (0.10) $ 0.41 $ (0.36)
DILUTED EARNINGS
(LOSS) PER COMMON
SHARE $ 0.09 $ (0.10) $ 0.39 $ (0.36)
BASIC AVERAGE COMMON
SHARES OUTSTANDING: 18,428,186 19,339,207 18,684,819 19,805,868
DILUTED AVERAGE
COMMON SHARES
OUTSTANDING: 20,871,106 19,339,207 19,929,404 19,805,868
ABINGTON BANCORP, INC.
UNAUDITED SELECTED FINANCIAL DATA
Three Months Ended Year Ended
December 31, December 31,
------------------- -------------------
2010 2009 2010 2009
--------- -------- --------- --------
Selected Operating Ratios(1):
Average yield on
interest-earning assets 4.38% 4.83% 4.55% 4.90%
Average rate on
interest-bearing liabilities 1.63% 2.16% 1.83% 2.47%
Average interest rate spread(2) 2.75% 2.67% 2.72% 2.43%
Net interest margin(2) 2.97% 2.96% 2.95% 2.81%
Average interest-earning assets
to average interest-bearing
liabilities 115.26% 115.63% 114.32% 118.21%
Net interest income after
provision for loan losses to
non-interest expense 128.01% 31.79% 130.70% 52.33%
Total non-interest expense to
average assets 1.99% 1.84% 1.97% 1.91%
Efficiency ratio(3) 67.29% 65.37% 68.81% 78.70%
Return on average assets 0.62% (0.64)% 0.61% (0.59)%
Return on average equity 3.64% (3.63)% 3.60% (3.15)%
Average equity to average
assets 17.06% 17.70% 17.00% 18.85%
Asset Quality Ratios(4):
Non-performing loans as a
percent of total loans
receivable(5) 1.29% 4.47% 1.29% 4.47%
Non-performing assets as a
percent of total assets(5) 2.62% 4.64% 2.62% 4.64%
Allowance for loan losses as a
percent of non-performing loans 47.27% 26.28% 47.27% 26.28%
Allowance for loan losses as a
percent of total loans 0.61% 1.17% 0.61% 1.17%
Net charge-offs to average
loans receivable 0.47% 8.49% 0.81% 2.81%
Capital Ratios(6):
Tier 1 leverage ratio 13.84% 13.14% 13.84% 13.14%
Tier 1 risk-based capital ratio 23.31% 20.04% 23.31% 20.04%
Total risk-based capital ratio 23.89% 21.16% 23.89% 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 periods ended December 31, 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)
December September December
31, 30, 31,
2010 2010 2009
---------- ---------- ----------
(Dollars in Thousands)
Non-accruing loans:
One- to four-family residential $ -- $ -- $ 237
Multi-family residential and
commercial real estate(1) 1,348 3,455 4,801
Construction 5,664 8,583 23,303
Commercial business -- -- --
Home equity lines of credit -- -- --
Consumer non-real estate -- -- --
---------- ---------- ----------
Total non-accruing loans 7,012 12,038 28,341
---------- ---------- ----------
Accruing loans 90 days or more past
due:
One- to four-family residential 1,211 60 110
Multi-family residential and
commercial real estate 725 -- --
Construction 14 16 5,998
Commercial business -- -- --
Home equity lines of credit 76 107 141
Consumer non-real estate -- -- --
---------- ---------- ----------
Total accruing loans 90 days or
more past due 2,026 183 6,249
---------- ---------- ----------
Total non-performing loans(2) 9,038 12,221 34,590
---------- ---------- ----------
Real estate owned, net 23,588 20,028 22,819
---------- ---------- ----------
Total non-performing assets 32,626 32,249 57,409
---------- ---------- ----------
Performing troubled debt
restructurings:
One- to four-family residential 583 583 --
Multi-family residential and
commercial real estate(3) 8,417 -- --
Construction -- -- --
Commercial business -- -- --
Home equity lines of credit -- -- --
Consumer non-real estate -- -- --
---------- ---------- ----------
Total performing troubled debt
restructurings 9,000 583 --
---------- ---------- ----------
Total non-performing assets and
performing troubled debt
restructurings $ 41,626 $ 32,832 $ 57,409
========== ========== ==========
Total non-performing loans as a
percentage of loans 1.29% 1.70% 4.47%
========== ========== ==========
Total non-performing loans as a
percentage of total assets 0.72% 0.97% 2.79%
========== ========== ==========
Total non-performing assets as a
percentage of total assets 2.62% 2.56% 4.64%
========== ========== ==========
(1) Included in this category of non-accruing loans at December 31 and
September 30, 2010 and December 31, 2009 is one troubled debt
restructuring with a balance of $1.3 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
multi-family residential and commercial real estate loans with an
aggregate outstanding balance of $6.0 million at September 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 years ended December 31, 2010 and 2009.
For the Years Ended
December 31,
----------------------
2010 2009
---------- ----------
(Dollars in Thousands)
Allowance for loan losses, beginning of period $ 9,090 $ 11,597
Provision for loan losses 977 18,737
Charge-offs (7,076) (21,395)
Recoveries on loans previously charged-off 1,281 151
---------- ----------
(Charge-offs)/recoveries - net (5,795) (21,244)
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Allowance for loan losses, end of period $ 4,272 $ 9,090
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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)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Abington Bancorp, Inc. (MM) (NASDAQ:ABBC)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024
