Abington Bancorp Reports 18% Increase in 2000 Earnings Per Share.Business Editors ABINGTON Abington, township (1990 pop. 59,084), Montgomery co., SE Pa., a residential suburb of Philadelphia; settled 1696, inc. 1906. The site of combat during the Revolutionary War, Abington has abrasives and other light manufacturing industries. , Mass.--(BUSINESS WIRE)--Jan. 17, 2001 Abington Bancorp, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. :ABBK) a one-bank holding company for Abington Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. ("the Bank"), today announced its 2000 earnings were up 18% over 1999 results. For the year-ended December December: see month. 31, 2000, net income was $4,493,000 or $1.41 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $4,149,000 or $1.20 per diluted share for 1999. For the three-month period ended December 31, 2000, net income was $1,038,000 or $.33 per diluted share, compared to $973,000 or $.29 per diluted share for the same quarter in 1999. Commenting on these results, President and Chief Executive Officer James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. P. McDonough McDonough is the name of several places in the United States:
Large retail store operated on a self-service basis, selling groceries, produce, meat, bakery and dairy products, and sometimes nonfood goods. Supermarkets were first established in the U.S. during the 1930s as no-frills retail stores offering low prices. banking. Customer service fees grew due to our continued ability to attract new customers and improved success in cross-selling Cross-selling is the term used to describe the sale of additional products or services to a customer. Less frequently it is used to describe the sale of services to additional business units at an account or to different geographic units of a customer. products and services to existing customers." Customer service fees grew 42.4% or $1,905,000 in 2000, compared to 1999. Deposit balances also grew at a rate of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 16.7% in 2000. "Additionally, net income improved despite challenges that the current interest rate environment posed pose 1 v. posed, pos·ing, pos·es v.intr. 1. To assume or hold a particular position or posture, as in sitting for a portrait. 2. To affect a particular mental attitude. to our mortgage banking activities and to overall interest margins," said McDonough. Business Banking trends also continue to be quite positive as the loan portfolio grew 13.7% since December 31, 1999. "The Bank has positioned itself as a community banking alternative to large commercial banks, and this message has continued to be positively received by the business community in our marketplace," noted McDonough. At December 31, 2000, assets totaled $728,249,000, and net loans and deposits were $374,138,000 and $454,747,000, respectively. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $34,305,000 or 4.7% of total assets. Book value per common share Book Value Per Common Share A measure used by owners of common shares in a firm to determine the level of safety associated with each individual share after all debts are paid accordingly. Formula: at December 31, 2000, was $11.18. Abington Savings Bank is a Massachusetts-chartered savings bank with offices in Abington, Brockton Brockton, industrial city (1990 pop. 92,788), Plymouth co., E Mass.; settled c.1700, set off from Bridgewater 1821, inc. as a city 1881. It formerly had a large shoe and leather products industry. , Canton Canton, cities, United States Canton. 1 City (1990 pop. 13,922), Fulton co., W central Ill., in the corn belt; inc. 1849. It is a trade and industrial center for a coal and farm area. 2 Town (1990 pop. 18,530), Norfolk co. , Cohasset Cohasset can refer to:
Halifax, city (1991 pop. 114,455), provincial capital, S central N.S., Canada, on the Atlantic Ocean. It is the largest city in the Maritime Provinces and is one of Canada's principal ice-free Atlantic ports. , Hanson Hanson may refer to:
Hull, city (1991 pop. 60,707), SW Que., Canada, at the confluence of the Ottawa and Gatineau rivers, opposite Ottawa; inc. 1875. Hull has a hydroelectric power station. , Kingston Kingston, city, Canada Kingston, city (1991 pop. 56,597), S Ont., Canada, on Lake Ontario, near the head of the St. Lawrence River and at the end of Rideau Canal from Ottawa. Kingston has probably the best harbor on the lake. , Pembroke Pembroke, town, Canada Pembroke (pĕm`brōk), town (1991 pop. 13,997), SE Ont., Canada, NW of Ottawa, on the Ottawa River. It is a lumbering center and also has steel and electric-products factories. , Randolph Randolph, town (1990 pop. 30,093), Norfolk co., E Mass.; settled c.1710, set off from Braintree and inc. 1793. A suburb of Boston, it has diverse light manufacturing. and Whitman Whitman, town (1990 pop. 13,240), Plymouth co., SE Mass., S of Boston; settled c.1670, set off from Abington and inc. 1875. It is an industrial town that manufactures shoes, plastics, foundry products, and textile machinery. The Toll House (1709) is restored. . Its deposits are insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. and Depositors Insurance Fund The Depositors Insurance Fund was created by the state government of Massachusetts in response to the large number of Massachusetts bank failures during the Great Depression. The Federal Deposit Insurance Corporation was inspired by this fund. . Certain statements herein constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ," and actual results may differ from those contemplated by these statements. The Bank disclaims any intent or obligation to update publicly any such forward-looking statements, whether in response to new information, future events or otherwise.
ABINGTON BANCORP, INC.
Operating Results
(Dollars in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
(unaudited) (unaudited)
2000 1999 2000 1999
---- ---- ---- ----
Interest and
dividend income $ 12,496 $ 11,219 $ 48,349 $ 42,241
Net interest income 5,058 4,859 19,953 19,150
Provision for
possible loan losses 100 190 160 640
Non-interest income:
Loan fees 72 86 311 365
Customer service
fees 1,921 1,262 6,396 4,491
Gains on securities 3 266 405 823
Gains on mortgages 437 316 1,315 1,222
Gain on sale of
other real estate -- -- -- 68
Other 115 103 472 404
---------- ---------- ---------- ----------
Total non-interest
income 2,548 2,033 8,899 7,373
---------- ---------- ---------- ----------
Non-interest expenses:
Salaries and
employee benefits 2,989 2,468 11,022 9,236
Occupancy and
equipment 809 966 3,201 3,377
Trust preferred
securities expense 280 280 1,120 1,120
Other non-interest
expense 1,753 1,485 6,332 5,687
---------- ---------- ---------- ----------
Total non-interest
expense 5,831 5,199 21,675 19,420
---------- ---------- ---------- ----------
Income before
income taxes 1,675 1,503 7,017 6,463
Net income 1,038 973 4,493 4,149
Dividends per share $ .09 $ .05 $ .36 $ .35
Basic - earnings
per share $ .34 $ .30 $ 1.46 $ 1.26
Weighted average
common shares (Basic) 3,067,000 3,245,000 3,068,000 3,285,000
Diluted - earnings
per share $ .33 $ .29 $ 1.41 $ 1.20
Weighted average
common shares and
share equivalents
(Diluted) 3,172,000 3,399,000 3,186,000 3,460,000
ABINGTON BANCORP, INC.
Balance Sheet Data
(Dollars in thousands, except per share data)
Dec. 31, Dec. 31,
2000 1999
---- ----
Investments (a) $ 290,211 $ 235,623
Loans, net 374,138 388,710
Allowance for loan losses 3,856 3,701
Intangible assets 2,710 3,161
Total assets 728,249 696,250
Deposits 454,747 389,692
Stockholders' equity:
Equity, excluding effect
of investment market value,
net of taxes 35,500 33,413
Less: Unrealized loss on
securities, net of taxes (1,195) (5,581)
----------- -----------
Total $ 34,305 $ 27,832
=========== ===========
Book value per share $ 11.18 $ 8.72
Shares outstanding 3,068,000 3,193,000
Supermarket Branch Openings
Cohasset August 1997
Randolph April 1998
Hanson September 1998
Brockton May 1999
Canton November 2000
(a) All of the Company's investments are classified as available for
sale even though management does not necessarily have any plans or
intentions to sell these securities in the immediate future. As
required by the accounting rules, these securities are marked to
market, net of applicable taxes, through shareholders equity.
ABINGTON BANCORP, INC.
Yields and Returns
Year Ended
December 31,
2000 1999
---- ----
Return on assets .64% .66%.
Return on equity 15.14% 13.42%
Net overhead ratio(b) 1.74% 1.84%
Yields
Year Ended
December 31,
2000 1999
---- ----
Loans 7.60% 7.55%
Bonds and Government Obligations 6.92% 6.66%
Mortgage Backed Securities 6.78% 6.44%
Equities and FHLB Stock 4.81% 4.19%
Earning assets 7.20% 7.09%
Non-time deposits(c) 1.39% 1.41%
Time deposits 5.54% 5.12%
Borrowed funds 6.32% 5.58%
Cost of funds 4.31% 3.94%
Interest margin 2.97% 3.21%
(b) Excludes the accrued distributions (expenses) related to trust
preferred securities issued in June 1998.
(c) Includes the effect of average non-interest bearing DDAs which
were $53,553,000 and $44,338,000, in 2000 and 1999, respectively.
ABINGTON BANCORP, INC.
Asset Quality Statistics
(Dollars in thousands, except share data)
Dec. 31, Dec. 31,
2000 1999
---- ----
Non accrual loans $ 549 $ 616
Loans greater than 90 days still accruing 7 --
------- -------
Non performing loans 556 616
Other real estate owned -- --
------- -------
Non performing assets $ 556 $ 616
======= =======
Loan loss reserve to non performing loans 693.5% 600.8%
Loan loss reserve to total loans 1.02% .95%
Delinquency ratio .22% .28%
Tier I capital leverage ratio 6.13% 5.94%
Total risk-based capital ratio 12.14% 12.24%
12 months, 12 Months
Ended Ended
Dec. 31, Dec. 31,
2000 1999
---- ----
Allowance for loan losses,
beginning of period $ 3,701 $ 3,077
Charge-offs (284) (264)
Recoveries 279 248
-------- ----------
Net (charge-offs) recoveries (5) (16)
Provision for possible loan losses 160 640
-------- ----------
Allowance for loan losses, end of
Period $ 3,856 $ 3,701
======== ==========
ABINGTON BANCORP, INC
Segment Analysis
(Dollars in thousands, except share data)
Year Ended
December 31,
2000
Community Mortgage
Banking Banking Other Elimination Consolidated
Total interest
income $48,386 $ 341 $ 61 $ (439) $48,349
Net interest
income 19,867 25 61 -- 19,953
Provision for
possible loan
losses 160 -- -- -- 160
Total
non-interest
income 7,585 1,507 -- (193) 8,899
Total
non-interest
expense 18,887 1,549 1,239 -- 21,675
Net income (loss) 5,451 (57) (776) (125) 4,493
Efficiency Ratio(d) 68.8% 101.1% N/A N/A 71.2%
Year Ended
December 31,
1999
Community Mortgage
Banking Banking Other Elimination Consolidated
Total interest
income $42,219 $ 218 $ 92 $ (287) $42,242
Net interest
income 19,047 11 92 -- 19,150
Provision for
possible loan
losses 640 -- -- -- 640
Total
non-interest
income 6,387 1,200 -- (214) 7,373
Total
non-interest
expense 16,850 1,281 1,289 -- 19,420
Net income (loss) 5,150 (76) (788) (137) 4,149
Efficiency Ratio(d) 66.3% 105.8% N/A N/A 69.0%
(d) Excludes the effect of paid and accrued distributions on trust
preferred securities.
ABINGTON BANCORP, INC.
Other Key Loan and Deposit Information
Dec. 31, Dec. 31,
2000 1999
---- ----
Loan portfolio:
Residential $261,702 $290,036
Home equity 27,415 23,490
Commercial real estate 65,238 55,038
Commercial 15,981 16,438
Other 7,658 7,409
-------- --------
Total loans and loans held for sale $377,994 $392,411
======== ========
Deposits:
DDA's $ 62,025 $ 45,277
Now's 67,246 54,102
Savings & Money Market 135,494 121,031
-------- --------
Core deposits $264,765 $220,410
Time deposits 189,982 169,282
-------- --------
Total Deposits $454,747 $389,692
======== ========
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