Abington Bancorp Reports Third Quarter Earnings.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)--Oct. 15, 1999-- 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 third quarter 1999. For the three-month period ended September September: see month. 30, 1999, net income was $1,033,000 or $.30 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 $1,065,000 or $.29 per diluted share for the same quarter in 1998. 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:
The results for the third quarter of 1999 reflect the impact of four supermarket supermarket 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. branches opened by the Bank between August 1997 and May 1999. "This investment, as anticipated, has had an unfavorable impact on earnings in 1998 and 1999," McDonough said. "However, we are confident our retail strategies and product lines combined with innovative supermarket banking methodologies should enhance core earnings and franchise value in future periods. We are pleased with the progress of these supermarket branches as they continue to exceed our internal profitability forecasts." The results of these branches reduced the third quarter earnings in 1999 by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $.03 per share on a fully diluted basis as compared to approximately $.02 per fully diluted share for the third quarter of 1998. Business banking trends also continue to be favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. as the Bank's business banking portfolio grew approximately 16% to $69.1 million at September 30, 1999, compared to September 30, 1998. "This trend has continued despite heavy pricing pressures on good credits," noted McDonough. "Also, we have been able to obtain more non-transaction oriented o·ri·ent n. 1. Orient The countries of Asia, especially of eastern Asia. 2. a. The luster characteristic of a pearl of high quality. b. A pearl having exceptional luster. 3. business loans over the past year. These borrowers are more focused on developing a business relationship with us, which tends to produce more stable loan balances and provides more deposit relationships as well." At September 30, 1999, assets totaled $656,361,000, and net loans and deposits were $384,927,000 and $382,784,000, 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 $29,759,000 or 4.5% 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 September 30, 1999, was $9.09. 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. , 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. -0-
ABINGTON BANCORP, INC.
Operating Results
(Dollars in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
(unaudited) (unaudited)
1999 1998 1999 1998
Interest and
dividend income $ 10,821 $ 9,666 $ 31,022 $ 28,530
Net interest income 4,850 4,312 14,291 12,358
Provision for possible
loan losses 190 190 450 570
Non-interest income:
Loan fees 91 119 279 358
Customer service fees 1,194 972 3,229 2,755
Gains on securities 152 366 557 1,388
Gains on mortgages 384 128 906 342
Gain on sale of other
real estate -- -- 68 43
Other 82 115 301 269
Total non-interest income 1,903 1,700 5,340 5,155
Non-interest expenses:
Salaries and employee
benefits 2,289 2,103 6,768 5,766
Occupancy and equipment 837 747 2,411 2,059
Trust preferred securities
expense 280 259 840 325
Other non-interest expense 1,555 1,075 4,202 3,618
Total non-interest expense 4,961 4,184 14,221 11,768
Income before income taxes 1,602 1,638 4,959 5,175
Net income 1,033 1,065 3,176 3,355
Dividends per share $ .05 $ .05 $ .30 $ .25
Basic - earnings per share $ .32 $ .31 $ .96 $ .95
Weighted average common
shares (Basic) 3,277,000 3,470,000 3,299,000 3,539,000
Diluted - earnings
per share $ .30 $ .29 $ .91 $ .89
Weighted average common
shares and share
equivalents (Diluted) 3,441,000 3,687,000 3,481,000 3,781,000
ABINGTON BANCORP, INC.
Balance Sheet Data
(Dollars in thousands, except per share data)
September 30, December 31 September 30,
1999 1998 1998
(unaudited) (unaudited)
Total assets $ 656,361 $ 591,151 $ 559,778
Loans, net 384,927 360,735 327,470
Allowance for loan losses 3,543 3,077 2,908
Deposits 382,784 363,953 348,792
Stockholders' equity 29,759 33,060 34,276
Book value per share $ 9.09 $ 9.88 $ 10.24
Shares outstanding 3,275,000 3,347,000 3,347,000
Supermarket Branch Openings
Cohasset August 1997
Randolph April 1998
Hanson September 1998
Brockton May 1999
Canton TBD
ABINGTON BANCORP, INC.
Other Key Statistics
Quarter Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Return on assets .64% .76% .69% .82%
Return on equity 13.89% 12.35% 13.37% 12.81%
Net overhead ratio(a) 1.82% 1.71% 1.84% 1.63%
Yields
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Loans 7.53% 7.85% 7.55% 7.83%
Investments and other 6.36% 6.74% 6.36% 6.57%
Earning assets 7.07% 7.45% 7.10% 7.39%
Non-time deposits 1.41% 1.62% 1.40% 1.62%
Time deposits 5.11% 5.62% 5.12% 5.63%
Borrowed funds 5.63% 5.99% 5.55% 5.92%
Cost of funds 3.97% 4.25% 3.91% 4.29%
Interest margin 3.17% 3.32% 3.27% 3.20%
Interest spread 3.11% 3.20% 3.20% 3.10%
ABINGTON BANCORP, INC.
Asset Quality Statistics
(Dollars in thousands, except share data)
September 30, September 30,
1999 1998
Non accrual loans $648 $588
Loans greater than 90 days still accruing 8 22
Non performing loans 656 610
Other real estate owned -- --
Non performing assets $656 $610
Loan loss reserve to non performing loans 540.1% 476.7%
Delinquency ratio .47% .51%
ABINGTON BANCORP, INC
Segment Analysis
(Dollars in thousands, except share data)
Three Months Ended
September 30,
1999
Community Mortgage(b)
Banking Banking Other Elimination Consolidated
Total interest
income $10,821 $ 80 $ 9 $ (89) $10,821
Net interest margin 4,843 7 -- -- 4,850
Provision for
possible loan losses 190 -- -- -- 190
Total non-interest
income 1,532 434 -- (63) 1,903
Total non-interest
expense 4,215 431 315 -- 4,961
Net income (loss) 1,270 (2) (196) (39) 1,033
Efficiency Ratio(c) 66.8% 97.7% N/A 69.3%
Three Months Ended
September 30,
1998
Community
Banking Other Elimination Consolidated
Total interest income $9,666 139 $ (139) $9,666
Net interest margin 4,312 -- -- 4,312
Provision for possible
loan losses 190 -- -- 190
Total non-interest income 1,700 -- -- 1,700
Total non-interest
expense 3,899 285 -- 4,184
Net income (loss) 1,261 (196) -- 1,065
Efficiency Ratio(c) 64.9% N/A 64.9%
ABINGTON BANCORP, INC
Segment Analysis
(Dollars in thousands, except share data)
Nine Months Ended
September 30,
1999
Community Mortgage(b)
Banking Banking Other Elimination Consolidated
Total interest
income $31,001 $ 132 $ 16 $ (127) $31,022
Net interest margin 14,281 10 -- -- 14,291
Provision for
possible loan losses 450 -- -- -- 450
Total non-interest
income 4,610 793 -- (63) 5,340
Total non-interest
expense 12,452 826 943 -- 14,221
Net income (loss) 3,814 (22) (577) (39) 3,176
Efficiency Ratio(c) 66.1% 102.9% N/A 68.2%
Nine Months Ended
September 30,
1998
Community
Banking Other Elimination Consolidated
Total interest
income $28,530 55 $ (55) $28,530
Net interest margin 12,358 -- -- 12,358
Provision for
possible loan losses 570 -- -- 570
Total non-interest
income 5,155 -- -- 5,155
Total non-interest
expense 11,768 372 -- 11,768
Net income (loss) 3,355 (312) -- 3,355
Efficiency Ratio(c) 67.2% N/A 65.1%
(a) Excludes the accrued distributions (expenses) related to trust
preferred securities issued in June 1998.
(b) The Company considers the acquisition of Old Colony Mortgage
which was completed on April 1, 1999 to constitute the
establishment of a mortgage banking segment.
(c) Excludes the effect of paid and accrued distributions on trust
preferred securities.
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion