ABINGTON BANCORP, INC./PA

CIK:0001397533|SEC Filings

Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
Consolidated Statements of Operations (USD $)	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 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

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
Consolidated Statements of Cash Flows (USD $)	Jun. 30, 2011	Jun. 30, 2010
OPERATING ACTIVITIES:
Net income	$ 3,692,670	$ 3,580,639
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses		563,445
Depreciation	386,953	457,535
Stock-based compensation expense	1,298,097	1,577,804
Net loss on real estate owned		417,121
Deferred income tax expense	23,930	1,656,983
Amortization of:
Deferred loan fees	(561,910)	(648,728)
Premiums and discounts, net	(76,329)	(90,396)
Income from bank owned life insurance	(869,886)	(884,498)
Changes in assets and liabilities which provided (used) cash:
Accrued interest receivable	356,677	23,882
Prepaid expenses and other assets	(37,569)	(3,805,507)
Accrued interest payable	2,305,887	1,538,195
Accounts payable and accrued expenses	450,776	6,010,576
Net cash provided by operating activities	6,969,296	10,397,051
INVESTING ACTIVITIES:
Principal collected on loans	83,046,394	59,774,629
Disbursements for loans	(38,590,630)	(30,667,063)
Purchases of: Mortgage-backed securities available for sale	(22,787,383)	(34,888,048)
Purchases of: Investments available for sale	(31,011,558)	(96,722,138)
Purchases of: Property and equipment	(28,160)	(38,838)
Additions to real estate owned, net	(76,340)	(186,560)
Proceeds from:
Maturities of mortgage-backed securities held to maturity		150,178
Maturities of mortgage-backed securities available for sale	522,951	1,883,210
Maturities of investments available for sale	43,380,000	50,835,000
Principal repayments of mortgage-backed securities held to maturity	7,252,008	10,417,483
Principal repayments of mortgage-backed securities available for sale	24,923,858	25,419,334
Redemption of Federal Home Loan Bank stock	1,353,100
Sales of real estate owned		9,446,295
Net cash provided by (used in) investing activities	67,984,240	(4,576,518)
FINANCING ACTIVITIES:
Net (decrease) increase in demand deposits and savings accounts	(32,367,610)	29,273,922
Net (decrease) increase in certificate accounts	(26,986,006)	2,731,782
Net increase in other borrowed money	12,944,584	9,846,588
Advances from Federal Home Loan Bank		935,000
Repayments of advances from Federal Home Loan Bank	(33,005,607)	(20,505,592)
Net increase in advances from borrowers for taxes and insurance	1,921,614	1,980,151
Proceeds from exercise of stock options	856,012	51,428
Excess tax benefit (liability) from stock-based compensation	105,770	(63,591)
Purchase of treasury stock	(276,789)	(5,880,430)
Payment of cash dividend	(2,253,702)	(1,927,203)
Net cash (used in) provided by financing activities	(79,061,734)	16,442,055
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(4,108,198)	22,262,588
CASH AND CASH EQUIVALENTS-Beginning of period	77,686,708	44,714,239
CASH AND CASH EQUIVALENTS-End of period	73,578,510	66,976,827
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the year for: Interest on deposits and other borrowings	4,820,847	7,986,219
Cash paid during the year for: Income Taxes		1,000,000
Non-cash transfer of loans to real estate owned
Acquisition of stock for deferred compensation plans trust		25,979
Release of stock from deferred compensation plans trust	$ 2,600	$ 5,200

Consolidated Statements of Financial Condition (USD $)	Jun. 30, 2011	Dec. 31, 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:
Deposits: Noninterest-bearing	42,675,317	49,807,778
Deposits: 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	0	0
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