Washington, D. C. 20549

 

 

FORM 10-Q

 

QUARTERLY REPORT UNDER SECTION 13 OF THE SECURITIES

EXCHANGE ACT OF 1934 for Quarter Ended June 30, 2002

 

 

Commission File Number 0–16018

 

ABINGTON BANCORP, INC.

(Exact name of Registrant as specified in its charter)

 

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý No o

 

Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date: 3,199,352 shares as of August 6, 2002.

 

 

Certain statements in this Form 10–Q constitute “forward–looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Further, any statements contained in this Form 10–Q that are not statements of historical fact may be deemed to be forward–looking statements.  Without limiting the foregoing, the words “expect,” “anticipate,” “plan,” “believe,” “seek,” “estimate,” “internal” and similar words are intended to identify expressions that may be forward–looking statements. Forward–looking statements involve certain risks and uncertainties, and actual results may differ materially from those contemplated by such statements. For example, actual results may be adversely affected by the following possibilities: (1) competitive pressure among depository institutions may increase; (2) changes in interest rates may reduce banking interest margins; (3) general economic conditions and real estate values may be less favorable than contemplated; and (4) adverse legislation or regulatory requirements may be adopted.  Many of such factors are beyond the Company’s ability to control or predict. Readers of this Form 10–Q are accordingly cautioned not to place undue reliance on forward–looking statements. The Company disclaims any intent or obligation to update publicly any of the forward–looking statements herein, whether in response to new information, future events or otherwise.

 

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ABINGTON BANCORP, INC.

FORM 10-Q

 

INDEX

 

Part I  Financial Information
Item 1.  Financial Statements
	Consolidated Balance Sheets as of June 30, 2002
	(Unaudited) and December 31, 2001
	Consolidated Statements of Operations (Unaudited) for the Three and
	Six Months Ended June 30, 2002 and 2001
	Consolidated Statements of Changes in Stockholders’
	Equity (Unaudited) for the Six Months Ended June 30, 2002 and 2001
	Consolidated Statements of Comprehensive Income (Unaudited) for the
	Three and Six Months Ended June 30, 2002 and 2001
	Consolidated Statements of Cash Flows (Unaudited)
	for the Six Months Ended June 30, 2002 and 2001
	Notes to Unaudited Consolidated Financial Statements
Item 2.  Management’s Discussion and Analysis of Consolidated
	Financial Condition and Results of Operations
Item 3.  Quantitative and Qualitative Disclosures about Market Risk
Part II  Other Information
Item 1.  Legal Proceedings
Item 2.  Change in Securities
Item 3.  Defaults upon Senior Securities
Item 4.  Submission of Matters to a Vote of Security Holders
Item 5.  Other Information
Item 6.  Exhibits and Reports on Form 8-K
Signature Page

 

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ABINGTON BANCORP, INC.

 

CONSOLIDATED BALANCE SHEETS

 

		June 30, 2002			December 31, 2001
		(Unaudited)
		(In Thousands)
ASSETS
Cash and due from banks		$	31,886		$	21,706
Short-term investments		435			32,870
Total cash and cash equivalents		32,321			54,576
Loans held for sale		9,733			22,705
Securities available for sale - at market value		380,064			277,627
Loans		347,329			386,329
Less:
Allowance for possible loan loss		(5,403		)	(5,482		)
Loans, net		341,926			380,847
Federal Home Loan Bank stock, at cost		12,910			12,910
Banking premises and equipment, net .		8,621			8,784
Other real estate owned, net		—			—
Intangible assets		2,151			2,259
Bank-owned life insurance - contract value		3,774			3,678
Deferred tax asset, net		—			393
Other assets		6,991			6,339
		$	798,491		$	770,118
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits		$	551,384		$	497,459
Short-term borrowings		9,263			8,049
Long-term debt		174,500			193,500
Accrued taxes and expenses		4,846			4,100
Other liabilities		1,176			15,696
Total liabilities		$	741,169		$	718,804
Guaranteed preferred beneficial interest in the Company’s junior subordinated debentures		12,200			12,163
Commitments and contingencies
Stockholders’ equity:
Serial preferred stock, $.10 par value, 3,000,000 shares authorized; none issued		—			—
Common stock, $.10 par value 12,000,000 shares authorized; 4,997,000 and 4,925,000 shares issued in 2002 and 2001, respectively		500			492
Additional paid-in capital		23,358			23,081
Retained earnings		34,451			31,403
		58,309			54,976
Treasury stock 1,807,000 shares in 2002 and 2001, at cost		(17,584		)	(17,584		)
Compensation plans		120			120
Other accumulated comprehensive income -
Net unrealized gain on available for sale securities, net of taxes		4,277			1,639
Total stockholders’ equity		45,122			39,151
		$	798,491		$	770,118

 

See accompanying notes to unaudited consolidated financial statements

 

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ABINGTON BANCORP, INC.

 

CONSOLIDATED STATEMENTS of OPERATIONS

(UNAUDITED)

 

		Three Months Ended June 30						Six Months Ended June 30
		2002			2001			2002			2001
		(In thousands, except per share data)
Interest and dividend income:
Interest and fees on loans		$	6,070		$	7,166		$	12,688		$	14,407
Interest on mortgage-backed investments		5,021			4,102			9,245			7,629
Interest on bonds and obligations		560			1,218			1,135			2,670
Dividend income		125			264			282			556
Interest on short-term investments		128			16			250			30
Total interest and dividend income		11,904			12,766			23,600			25,292