Abington Bancorp Reports 9% Increase in First Quarter Earnings.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)--April 19, 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 earnings for the first quarter 2001. For the three-month period ended March 31, 2001, net income was $1,233,000 or $.38 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 $1,133,000 or $.35 per diluted share for the same quarter in 2000. 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:
Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. rate of approximately 20.9% in the first quarter of 2001. "Retail banking has been and continues to be a core strength of our franchise", added McDonough. "Our ability to obtain a solid market share position in new markets relatively quick through our proven strategies makes us feel positive about our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. prospects in this area, particularly with the pending application for a new branch opening in Hanover Hanover, city, Germany Hanover, Ger. Hannover, city (1994 pop. 524,820), capital of Lower Saxony, N Germany, on the Leine River and the Midland Canal. ", McDonough commented. "Additionally, mortgage banking activities contributed to our level of success in the first quarter of 2001", noted McDonough. "This area of our business resulted in a contribution of approximately $.01 per diluted share in the first quarter of 2001 as compared to an earnings dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. of $.02 per diluted share for the same period in 2000. This is reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of the favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market for residential loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and refinancings as well as the Company's solid position in the marketplace as a mortgage provider. The current outlook for the second quarter of 2001 remains positive as well for the mortgage banking business." At March 31, 2001, assets totaled $763,591,000, and net loans and deposits were $383,139,000 and $478,556,000, 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 $36,330,000 or 4.76% 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 March 31, 2001 was $11.70. 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:
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 and Whitman. Its deposits are insured 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
March 31,
(unaudited)
2001 2000
Interest and dividend income $ 12,526 $ 11,565
Net interest income 5,318 4,936
Provision for possible loan losses -- --
Non-interest income:
Loan fees 78 83
Customer service fees 1,713 1,125
Gains on securities, net 72 245
Gains on mortgages 460 243
Gain on sale of other real estate -- --
Other 123 101
Total non-interest income 2,446 1,797
Non-interest expenses:
Salaries and employee benefits 3,059 2,514
Occupancy and equipment 861 904
Trust preferred securities expense 280 280
Other non-interest expense 1,663 1,285
Total non-interest expense 5,863 4,983
Income before income taxes 1,901 1,750
Net income 1,233 1,133
Dividends per share $ .10 $ .09
Basic - earnings per share $ .40 $ .36
Weighted average common shares (Basic) 3,078,000 3,112,000
Diluted - earnings per share $ .38 $ .35
Weighted average common shares
and share equivalents (Diluted) 3,208,000 3,249,000
ABINGTON BANCORP, INC.
Balance Sheet Data
(Dollars in thousands, except per share data)
March 31, December 31, March 31,
2001 2000 2000
Investments(1) $ 312,290 $ 290,211 $ 258,495
Loans, net 383,139 374,138 387,444
Allowance for loan losses 3,838 3,856 3,767
Intangible assets 2,597 2,710
Total assets 763,591 728,249 703,050
Deposits 478,556 454,747 411,290
Borrowings 213,733 222,132 242,420
Stockholders' equity:
Equity, excluding effect
of unrealized loss on
securities, net of taxes 36,479 35,500 32,622
Less: Unrealized loss on
securities, net of taxes (149) (1,195) (4,225)
Total $ 36,330 $ 34,305 $ 28,397
Book value per share $ 11.70 $ 11.18 9.37
Shares outstanding 3,106,000 3,068,000 3,030,000
Branch Openings
Randolph April 1998
Hanson September 1998
Brockton May 1999
Canton November 2000
Hanover June 2001 (application pending)
(1) 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
Quarter Ended
March 31,
2001 2000
Return on assets .67% .66%
Return on equity 13.72% 16.52%
Net overhead ratio(1) 1.84% 1.79%
Yields
Quarter Ended
March 31,
2001 2000
Loans 7.77% 7.58%
Bonds and Government Obligations 7.27% 6.81%
Mortgage Backed Securities 6.91% 6.53%
Equities and FHLB Stock 5.21% 4.27%
Earning assets 7.37% 7.11%
Non-time deposits(2) 1.37% 1.41%
Time deposits 6.00% 5.16%
Borrowed funds 6.24% 5.92%
Cost of funds 4.30% 4.14%
Interest margin 3.13% 3.03%
(1) Excludes the accrued distributions (expenses) related to trust
preferred securities issued in June 1998.
(2) Includes the effect of average non-interest bearing DDAs which
were $53,333,000 and $46,673,000, in 2001 and 2000, respectively.
ABINGTON BANCORP, INC.
Asset Quality Statistics
(Dollars in thousands, except share data)
March 31, December 31, March 31,
2001 2000 2000
Non accrual loans $ 398(1) $ 549 $ 585
Loans greater than
90 days still accruing -- 7 --
Non performing loans 398 556 585
Other real estate owned 355 -- --
Non performing assets $ 753 $ 556 $ 585
Loan loss reserve
to non performing loans 964.3% 693.5% 643.9%
Loan loss reserve
to total loans .99% 1.02% .96%
Delinquency ratio .21% .22% .37%
Tier I capital leverage ratio 5.94% 6.13% 5.75%
Total risk-based capital ratio 12.90% 12.14% 12.00%
(1) Of this amount, the Company received $243,000 in payoffs as of
April 18, 2001 with no losses recorded.
ABINGTON BANCORP, INC
Segment Analysis
(Dollars in thousands, except share data)
Quarter Ended
March 31,
2001
Community Mortgage
Banking Banking Other Elimination Consolidated
Interest and
dividend income $12,545 $ 143 $ 8 $ (170) $12,526
Net interest income 5,306 4 8 -- 5,318
Provision for
possible loan losses -- -- -- -- --
Total non-interest
income 1,991 455 -- -- 2,446
Total non-interest
expense 5,174 409 280 -- 5,863
Net income (loss) 1,395 18 (180) -- 1,233
Efficiency Ratio(1) 70.9% 89.1% N/A N/A 71.9%
Quarter Ended
March 31,
2000
Community Mortgage
Banking Banking Other Elimination Consolidated
Interest and
dividend income $11,551 $ 67 $ 27 $ (80) $11,565
Net interest income 4,895 14 27 -- 4,936
Provision for
possible loan losses -- -- -- -- --
Total non-interest
income 1,554 293 -- (50) 1,797
Total non-interest
expense 4,274 395 314 -- 4,983
Net income (loss) 1,419 (63) (190) (33) 1,133
Efficiency Ratio(1) 66.3% 128.7% N/A N/A 69.8%
(1) Excludes the effect of paid and accrued distributions on trust
preferred securities.
ABINGTON BANCORP, INC.
Other Key Loan and Deposit Information
March 31, December 31, March 31,
2001 2000 2000
Loan portfolio:
Residential $268,572 $261,702 $288,178
Home equity 26,807 27,415 23,444
Commercial real estate 69,450 65,238 55,903
Commercial 14,671 15,981 16,737
Other 7,477 7,658 6,950
Total loans and
loans held for sale $386,977 $377,994 $391,211
Deposits:
DDA's $ 64,857 $ 62,025 $ 32,710
Now's 69,237 67,246 59,564
Savings & Money Market 146,035 135,494 124,360
Core deposits $280,129 $264,765 $236,634
Time deposits 198,427 189,982 174,656
Total Deposits $478,556 $454,747 $411,290
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