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 June 30, 2011, compared to
net income of $2.0 million for the quarter ended June 30, 2010. The
Company's basic and diluted earnings per share were $0.12 and
$0.11, respectively, for the second quarter of 2011 compared to
basic and diluted earnings per share of $0.10 for the second
quarter of 2010. Additionally, the Company reported net income of
$3.7 million for the six months ended June 30, 2011, compared to
net income of $3.6 million for the six months ended June 30, 2010.
The Company's basic and diluted earnings per share were each $0.19
for the first half of 2011 compared to basic and diluted earnings
per share of $0.19 and $0.18, respectively, for the first half of
2010.
On January 26, 2011, the Company announced the signing of a
definitive merger agreement with Susquehanna Bancshares, Inc.,
("Susquehanna") pursuant to which the Company will be merged with
Susquehanna in a stock transaction that was valued at approximately
$273 million (the "Merger"). Under the terms of the merger
agreement, shareholders of the Company will receive 1.32 shares of
Susquehanna common stock for each share of Company common stock.
The Bank's 20 branches in the suburban counties surrounding
Philadelphia will join Susquehanna Bank's network of branches in
Pennsylvania, New Jersey, Maryland and West Virginia.
Mr. Robert W. White, Chairman, President and CEO of the Company,
stated, "We continue to be excited about the upcoming merger with
Susquehanna, which was approved by the shareholders of both
companies on May 6th. We believe that the merger, which is expected
to close on or about October 1, 2011, will add value for our
stockholders, and that the combined company will benefit our
existing customers in the form of additional products and services
and a larger branch network."
Net Interest Income Net interest income
was $8.0 million and $16.0 million, respectively, for the three and
six months ended June 30, 2011, representing decreases of 2.8% and
2.6% over the respective 2010 periods. The decreases in our net
interest income for the 2011 periods compared to the 2010 periods
occurred as lower interest expense was more than offset by a
reduction in interest income. Our average interest rate spread
increased to 2.80% and 2.75%, respectively, for the three-month and
six-month periods ended June 30, 2011 from 2.67% and 2.70%,
respectively, for the three-month and six-month periods ended June
30, 2010. The improvement in our average interest rate spread
occurred as decreases in the average balance of and average yield
earned on our interest-earning assets was more than offset by a
decrease in the average balance of and average rate paid on our
interest-bearing liabilities. Our net interest margin also
increased period-over-period to 3.02% and 2.97%, respectively, for
the three-month and six-month periods ended June 30, 2011 from
2.89% and 2.93%, respectively, for the three-month and six-month
periods ended June 30, 2010.
Interest income for the three months ended June 30, 2011
decreased $1.4 million or 11.1% over the comparable 2010 period to
$11.5 million. The decrease occurred as a result of a decline in
both the average balance of our total interest-earning assets and
the average yield earned on those assets. Although the average
balances of our investment and mortgage-backed securities increased
slightly quarter-over-quarter, these increases were more than
offset by a decrease in the average balance of our loan portfolio
of $58.8 million or 8.1% quarter-over-quarter. The average yield
earned on our total interest-earning assets decreased 22 basis
points to 4.32% for the second quarter of 2011 compared to 4.54%
for the second quarter of 2010.
Interest income for the six months ended June 30, 2011 decreased
$2.8 million or 10.9% over the comparable 2010 period to $23.2
million. As was the case for the three-month period, the decrease
occurred as a result of a decline in both the average balance of
our total interest-earning assets and the average yield earned on
those assets.
Interest expense for the three months ended June 30, 2011
decreased $1.2 million or 25.8% from the comparable 2010 period to
$3.5 million. The decrease occurred as a result of a decline in
both the average balance of our total interest-bearing liabilities
and the average rate paid on those liabilities. The average balance
of our total interest-bearing liabilities decreased $86.9 million
or 8.7% to $911.1 million for the second quarter of 2011 from
$998.0 million for the second quarter of 2010. The decrease was due
primarily to decreases in the average balance of our advances from
the Federal Home Loan Bank ("FHLB") of $51.5 million or 39.0% and
our certificates of deposit of $57.5 million or 12.3%,
quarter-over-quarter. This was partially offset by an increase in
the average balance of our core deposits of $25.1 million
quarter-over-quarter. The average rate we paid on our total
interest-bearing liabilities decreased 35 basis points to 1.52% for
the second quarter of 2011 from 1.87% for the second quarter of
2010 due to declines in the average rate paid on our advances from
the FHLB of 74 basis points and our deposits of 19 basis
points.
Interest expense for the six months ended June 30, 2011
decreased $2.4 million or 25.2% from the comparable 2010 period to
$7.1 million. As was the case for the three-month period, the
decrease in our interest expense occurred as a result of a decline
in both the average balance of our total interest-bearing
liabilities and the average rate paid on those liabilities.
Provision for Loan Losses and Asset
Quality No provision for loan losses was recorded during the
three or six months ended June 30, 2011. Likewise, no provision was
recorded during the three months ended June 30, 2010. A provision
of $563,000 was recorded during the six months ended June 30, 2010.
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. Management
determined that no provision was required during the second quarter
of 2011 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 and the resolution or
charge-off of certain large-balance, non-performing loans in recent
periods.
Our non-accrual loans increased to $10.9 million at June 30,
2011 compared to $7.1 million at March 31, 2011 and $7.0 million at
December 31, 2010. The increase during the second quarter of 2011
was due primarily to the addition four multi-family residential and
commercial real estate loans and eight one- to four-family
residential loans to three borrowers with an aggregate outstanding
balance of $3.8 million at June 30, 2011. Also contributing to the
increase was the addition of one construction loan with an
outstanding balance of $1.9 million at June 30, 2011. All of these
loans were classified as substandard at June 30, 2011, and $371,000
of our allowance for loan losses was allocated to these loans at
such date. Our total non-performing loans, defined as non-accruing
loans and accruing loans 90 days or more past due, increased to
$13.9 million at June 30, 2011 compared to $8.2 million at March
31, 2011 and $9.0 million at December 31, 2010. The increase during
the second quarter of 2011 was due primarily to the addition of the
aforementioned non-accrual loans, as well as to one construction
loan with an outstanding balance of $1.8 million at June 30, 2011
that became over 90 days past due during the second quarter of
2011, but continued to remain on accrual status. At June 30, 2011
our non-performing loans amounted to 2.12% of loans receivable
compared to 1.19% at March 31, 2011 and 1.29% at December 31, 2010.
Our allowance for loan losses amounted to 31.35% of non-performing
loans at June 30, 2011 compared to 52.68% at March 31, 2011 and
47.27% at December 31, 2010. At June 30, 2011 our non-performing
assets amounted to 3.19% of total assets compared to 2.71% at March
31, 2011 and 2.62% at December 31, 2010.
Non-Interest Income and Expenses Our total
non-interest income decreased to $785,000 for the second quarter of
2011 from $806,000 for the second quarter of 2010. The decrease
occurred as an increase in other income quarter-over-quarter was
more than offset by decreases in service charge income and income
on bank owned life insurance ("BOLI") as well as a larger net loss
on real estate owned ("REO").
Our total non-interest income increased to $1.5 million for the
first half of 2011 from $1.2 million for the first half of 2010.
The increase was due primarily to an improvement in our net loss on
REO of $381,000 period-over-period partially offset by a decrease
in service charge income of $62,000.
Our total non-interest expenses for the second quarter of 2011
amounted to $5.9 million, representing a decrease of $516,000 or
8.1% compared to the second quarter of 2010. All expense categories
decreased quarter-over-quarter with the exception of our data
processing expense and our advertising and promotions expense. The
largest decreases were in expenses for professional services and
deposit insurance premium, which decreased $132,000 and $158,000,
respectively, quarter-over-quarter.
Our total non-interest expenses for the first half of 2011
amounted to $12.8 million, representing an increase of $453,000 or
3.7% compared to the first half of 2010. The largest increases were
in expenses for salaries and employee benefits and professional
services, which increased $158,000 and $395,000, respectively,
period-over-period. These increases were partially offset by a
decrease of $158,000 in our expense for director compensation
period-over-period.
The Company recorded an income tax expense of approximately
$756,000 and $668,000 for the three months ended June 30, 2011 and
2010, respectively. The Company recorded an income tax expense of
approximately $1.0 million and $1.1 million for the six months
ended June 30, 2011 and 2010, respectively.
Statement of Financial Condition The
Company's total assets decreased $70.4 million, or 5.6%, to $1.18
billion at June 30, 2011 compared to $1.25 billion at December 31,
2010. The most significant decreases were in our investment and
mortgage-backed securities, which decreased $20.7 million in the
aggregate during the first half of 2011, and loans receivable,
which decreased $43.9 million during the first half of 2011. These
decreases occurred as repayments of securities and loans during the
period were used primarily to reduce our liabilities.
Our total deposits decreased $59.4 million or 6.6% to $840.7
million at June 30, 2011 compared to $900.1 million at December 31,
2010. The decrease during the first half of 2011 was due to
decreases in all categories of deposits, including a decrease in
our savings and money market accounts of $22.9 million and a
decrease in our certificates of deposit of $27.0 million. Our
advances from the FHLB decreased $33.0 million or 30.0% to $76.9
million at June 30, 2011 from $109.9 million at December 31, 2010,
as we continued to repay existing balances. Our other borrowed
money, which consists of overnight repurchase agreements entered
into with certain of our commercial checking account customers,
increased $12.9 million or 81.5% to $28.8 million at June 30, 2011
compared to $15.9 million at December 31, 2010.
Our total stockholders' equity increased to $216.3 million at
June 30, 2011 from $211.9 million at December 31, 2010.
Contributing to the increase was the reissuance of approximately
101,000 shares of treasury stock with a cost basis of approximately
$968,000 in conjunction with the exercise of stock options by
certain of our employees during the period. Additionally, our
retained earnings increased $1.4 million as our net income for the
period was partially offset by the payment of our quarterly cash
dividends of $0.06 per share of common stock each quarter.
Furthermore, our accumulated other comprehensive income increased
$1.0 million during the first six months of 2011 primarily due to
increases in the aggregate fair value of our available for sale
investment and mortgage-backed securities.
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 June 30, 2011,
Abington Bancorp had $1.18 billion in total assets, $840.7 million
in total deposits and $216.3 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.
Additional Information and Where to Find It
Susquehanna has filed with the SEC a registration statement on
Form S-4 concerning the Merger. The registration statement included
a prospectus for the offer and sale of Susquehanna common stock to
the Company's shareholders as well as a joint proxy statement of
each of the Company and Susquehanna, which has been mailed to their
respective shareholders. The Joint Proxy Statement/Prospectus and
other documents filed by Susquehanna with the SEC contain important
information about Susquehanna, the Company and the Merger. We urge
investors and the Company's shareholders to read carefully the
Joint Proxy Statement/Prospectus and other documents filed with the
SEC, including any amendments or supplements also filed with the
SEC. Investors and shareholders can obtain a free copy of the Joint
Proxy Statement/Prospectus - along with other filings containing
information about Susquehanna - at the SEC's website at
http://www.sec.gov. Copies of the Joint Proxy Statement/Prospectus,
and the filings with the SEC incorporated by reference in the Joint
Proxy Statement/Prospectus, can also be obtained free of charge by
directing a request to Abington Bancorp, Inc., 180 Old York Road,
Jenkintown, Pennsylvania 19046, Attention Robert W. White,
President, telephone (215) 886-8280.
ABINGTON BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
---------------------------------------------------------------------------
December 31,
June 30, 2011 2010
--------------- ---------------
ASSETS
Cash and due from banks $ 25,743,938 $ 17,917,261
Interest-bearing deposits in other banks 47,834,572 59,769,447
--------------- ---------------
Total cash and cash equivalents 73,578,510 77,686,708
Investment securities held to maturity
(estimated fair value -- 2011,
$21,276,727; 2010, $20,806,340) 20,383,700 20,384,781
Investment securities available for sale
(amortized cost -- 2011, $111,861,327;
2010, $124,245,038) 113,168,140 124,903,901
Mortgage-backed securities held to
maturity (estimated fair value -- 2011,
$51,270,544; 2010, $58,338,548) 49,594,120 56,872,188
Mortgage-backed securities available for
sale (amortized cost -- 2011,
$162,091,967; 2010, $164,632,654) 166,461,270 168,172,796
Loans receivable, net of allowance for
loan losses (2011, $4,357,064; 2010,
$4,271,618) 652,549,648 696,443,502
Accrued interest receivable 3,746,307 4,102,984
Federal Home Loan Bank stock -- at cost 12,524,200 13,877,300
Cash surrender value -- bank owned life
insurance 43,614,652 42,744,766
Property and equipment, net 9,392,901 9,751,694
Real estate owned 23,664,479 23,588,139
Deferred tax asset 3,085,288 3,631,218
Prepaid expenses and other assets 4,975,606 4,938,037
--------------- ---------------
TOTAL ASSETS $ 1,176,738,821 $ 1,247,098,014
=============== ===============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Deposits:
Noninterest-bearing $ 42,675,317 $ 49,807,778
Interest-bearing 798,030,035 850,251,190
--------------- ---------------
Total deposits 840,705,352 900,058,968
Advances from Federal Home Loan Bank 76,869,067 109,874,674
Other borrowed money 28,826,033 15,881,449
Accrued interest payable 3,218,208 912,321
Advances from borrowers for taxes and
insurance 4,878,039 2,956,425
Accounts payable and accrued expenses 5,924,510 5,504,215
--------------- ---------------
Total liabilities 960,421,209 1,035,188,052
--------------- ---------------
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:
20,245,910 shares in 2011, 20,166,742
shares in 2010 244,602 244,602
Additional paid-in capital 202,885,637 202,517,175
Treasury stock--at cost, 4,214,330 shares
in 2011, 4,293,498 shares in 2010 (34,257,469) (34,949,051)
Unallocated common stock held by:
Employee Stock Ownership Plan (ESOP) (13,040,818) (13,460,338)
Recognition & Retention Plan Trust (RRP) (2,085,784) (2,589,310)
Deferred compensation plans trust (1,072,856) (1,045,153)
Retained earnings 59,958,638 58,519,670
Accumulated other comprehensive income 3,685,662 2,672,367
--------------- ---------------
Total stockholders' equity 216,317,612 211,909,962
--------------- ---------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,176,738,821 $ 1,247,098,014
=============== ===============
ABINGTON BANCORP, INC.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
---------------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
------------------------ ------------------------
2011 2010 2011 2010
----------- ----------- ----------- -----------
INTEREST INCOME:
Interest on loans $ 8,893,880 $ 9,816,008 $17,881,281 $19,815,235
Interest and dividends
on investment and
mortgage-backed
securities:
Taxable 2,186,224 2,674,497 4,507,786 5,372,474
Tax-exempt 367,945 388,246 745,579 786,273
Interest and dividends
on other interest-
earning assets 15,822 19,761 32,356 25,653
----------- ----------- ----------- -----------
Total interest
income 11,463,871 12,898,512 23,167,002 25,999,635
INTEREST EXPENSE:
Interest on deposits 2,725,409 3,232,872 5,494,719 6,521,455
Interest on Federal
Home Loan Bank
advances 713,796 1,413,977 1,588,708 2,968,343
Interest on other
borrowed money 21,929 20,324 43,307 34,616
----------- ----------- ----------- -----------
Total interest
expense 3,461,134 4,667,173 7,126,734 9,524,414
----------- ----------- ----------- -----------
NET INTEREST INCOME 8,002,737 8,231,339 16,040,268 16,475,221
PROVISION FOR LOAN
LOSSES - - - 563,445
----------- ----------- ----------- -----------
NET INTEREST INCOME
AFTER
PROVISION FOR LOAN
LOSSES 8,002,737 8,231,339 16,040,268 15,911,776
----------- ----------- ----------- -----------
NON-INTEREST INCOME
Service charges 287,718 326,956 561,649 623,334
Income on bank owned
life insurance 438,866 446,012 869,886 884,498
Net loss on real
estate owned (136,896) (131,921) (332,473) (713,196)
Other income 195,121 164,721 380,175 366,462
----------- ----------- ----------- -----------
Total non-interest
income 784,809 805,768 1,479,237 1,161,098
----------- ----------- ----------- -----------
NON-INTEREST EXPENSES
Salaries and employee
benefits 3,021,289 3,030,727 6,118,246 5,960,509
Occupancy 641,254 711,988 1,389,916 1,424,708
Depreciation 190,193 227,810 386,953 457,535
Professional services 444,244 576,209 1,414,886 1,020,120
Data processing 461,639 431,789 910,379 854,411
Deposit insurance
premium 336,042 494,416 854,067 854,919
Advertising and
promotions 175,626 148,884 345,283 256,257
Director compensation 144,879 225,509 287,795 445,455
Other 465,863 549,406 1,109,731 1,090,145
----------- ----------- ----------- -----------
Total non-interest
expenses 5,881,029 6,396,738 12,817,256 12,364,059
----------- ----------- ----------- -----------
INCOME BEFORE INCOME
TAXES 2,906,517 2,640,369 4,702,249 4,708,815
PROVISION FOR INCOME
TAXES 756,300 668,090 1,009,579 1,128,176
----------- ----------- ----------- -----------
NET INCOME $ 2,150,217 $ 1,972,279 $ 3,692,670 $ 3,580,639
=========== =========== =========== ===========
BASIC EARNINGS PER
COMMON SHARE $ 0.12 $ 0.10 $ 0.19 $ 0.19
DILUTED EARNINGS PER
COMMON SHARE $ 0.11 $ 0.10 $ 0.19 $ 0.18
BASIC AVERAGE COMMON
SHARES OUTSTANDING: 18,595,898 18,920,983 18,952,497 18,957,926
DILUTED AVERAGE COMMON
SHARES OUTSTANDING: 19,267,314 19,395,076 19,290,057 19,383,467
ABINGTON BANCORP, INC.
UNAUDITED SELECTED FINANCIAL DATA
---------------------------------------------------------------------------
Three Months
Ended Six Months Ended
June 30, June 30, Year Ended
---------------- ---------------- December 31,
2011 2010 2011 2010 2010
------ ------- ------ ------- ------------
Selected Operating
Ratios(1):
Average yield on interest-
earning assets 4.32% 4.54% 4.29% 4.63% 4.55%
Average rate on interest-
bearing liabilities 1.52% 1.87% 1.54% 1.93% 1.83%
Average interest rate
spread(2) 2.80% 2.67% 2.75% 2.70% 2.72%
Net interest margin(2) 3.02% 2.89% 2.97% 2.93% 2.95%
Average interest-earning
assets to average
interest-bearing
liabilities 116.51% 113.97% 116.38% 113.81% 114.32%
Net interest income after
provision for loan losses
to non-interest expense 136.08% 128.67% 125.15% 128.70% 130.70%
Total non-interest expense
to average assets 1.99% 2.01% 2.14% 1.96% 1.97%
Efficiency ratio(3) 66.92% 70.79% 73.16% 70.11% 68.81%
Return on average assets 0.73% 0.62% 0.62% 0.57% 0.61%
Return on average equity 4.01% 3.68% 3.46% 3.34% 3.60%
Average equity to average
assets 18.18% 16.86% 17.86% 17.04% 17.00%
Asset Quality Ratios(4):
Non-performing loans as a
percent of total loans
receivable(5) 2.12% 2.98% 2.12% 2.98% 1.29%
Non-performing assets as a
percent of total
assets(5) 3.19% 2.78% 3.19% 2.78% 2.62%
Allowance for loan losses
as a percent of non-
performing loans 31.35% 32.35% 31.35% 32.35% 47.27%
Allowance for loan losses
as a percent of total
loans 0.66% 0.96% 0.66% 0.96% 0.61%
Net (recoveries) / charge-
offs to average loans
receivable (0.03)% 1.19% (0.03)% 0.68% 0.81%
Capital Ratios(6):
Tier 1 leverage ratio 15.16% 13.18% 15.16% 13.18% 13.84%
Tier 1 risk-based capital
ratio 24.86% 21.36% 24.86% 21.36% 23.31%
Total risk-based capital
ratio 25.47% 22.28% 25.47% 22.28% 23.89%
---------------------------------------------------------------------------
(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 six-month periods ended June 30, 2011 and 2010, 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)
----------------------------------------------------------------------------
June 30, March 31, December 31,
2011 2011 2010
------------ ------------ ------------
(Dollars in Thousands)
Non-accruing loans:
One- to four-family residential $ 1,952 $ -- $ --
Multi-family residential and
commercial real estate(1) 2,005 1,514 1,348
Construction 6,910 5,547 5,664
Commercial business -- -- --
Home equity lines of credit -- -- --
Consumer non-real estate -- -- --
------------ ------------ ------------
Total non-accruing loans 10,867 7,061 7,012
------------ ------------ ------------
Accruing loans 90 days or more past
due:
One- to four-family residential(2) 677 1,028 1,211
Multi-family residential and
commercial real estate -- -- 725
Construction 2,271 14 14
Commercial business -- -- --
Home equity lines of credit 81 62 76
Consumer non-real estate -- -- --
------------ ------------ ------------
Total accruing loans 90 days or
more past due 3,029 1,104 2,026
------------ ------------ ------------
Total non-performing loans(3) 13,896 8,165 9,038
------------ ------------ ------------
Real estate owned, net 23,664 23,628 23,588
------------ ------------ ------------
Total non-performing assets 37,560 31,793 32,626
------------ ------------ ------------
Performing troubled debt
restructurings:
One- to four-family residential(4) 579 219 583
Multi-family residential and
commercial real estate 8,732 8,410 8,417
Construction 3,353 3,439 --
Commercial business -- -- --
Home equity lines of credit -- -- --
Consumer non-real estate -- -- --
------------ ------------ ------------
Total performing troubled debt
restructurings 12,664 12,068 9,000
------------ ------------ ------------
Total non-performing assets and
performing troubled debt
restructurings $ 50,224 $ 43,861 $ 41,626
============ ============ ============
Total non-performing loans as a
percentage of loans 2.12% 1.19% 1.29%
============ ============ ============
Total non-performing loans as a
percentage of total assets 1.18% 0.70% 0.72%
============ ============ ============
Total non-performing assets as a
percentage of total assets 3.19% 2.71% 2.62%
============ ============ ============
----------------------------------------------------------------------------
(1) Included in this category of non-accruing loans at March 31, 2011 and
December 31, 2010 is one troubled debt restructuring with a balance of $1.3
million at each such date.
(2) Included in this category of non-accruing loans at March 31, 2011 is one
troubled debt restructuring with a balance of $219,000 at such date.
(3) Non-performing loans consist of non-accruing loans plus accruing loans
90 days or more past due.
(4) 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.
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 Mai 2024 à Juin 2024
Abington Bancorp, Inc. (MM) (NASDAQ:ABBC)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024
