UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
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EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
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EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number: 333-116370 |
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Abington Community Bancorp, Inc. |
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(Exact Name of Registrant as Specified in Its Charter) |
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Pennsylvania |
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02-0724068 |
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(State or Other Jurisdiction of Incorporation or Organization) |
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(I.R.S. Employer Identification No.) |
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180 Old York Road |
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19046 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
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(215) 886-8280 |
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(Registrant’s Telephone Number, Including Area Code) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) 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 o No ý
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: As of December 3, 2004, no shares of the Registrant’s common stock were issued and outstanding. *
* The issuer became subject to the filing requirements of Sections 13 and 15(d) when its Form S-1 was declared effective by the SEC on October 21, 2004.
ABINGTON BANK AND SUBSIDIARIES
TABLE OF CONTENTS
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PART I – FINANANCIAL INFORMATION |
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ITEM 1. |
FINANCIAL STATEMENTS |
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Unaudited Statements of Cash Flows for the Nine Months Ended September 30, 2004 and 2003 |
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
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ABINGTON BANK AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
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September 30, 2004 |
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December 31, 2003 |
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(as restated - see note 6) |
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ASSETS |
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Cash and cash equivalents |
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$ |
29,498,897 |
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$ |
19,695,625 |
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Investment securities held to maturity (estimated fair value—2004, $10,315,138) |
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10,220,473 |
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Investment securities available for sale (amortized cost—2004, $67,528,178; 2003, $79,579,757) |
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66,582,164 |
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78,984,495 |
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Mortgage-backed securities held to maturity (estimated fair value—2004, $46,981,990; 2003, $42,891,508) |
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47,438,046 |
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43,009,221 |
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Mortgage-backed securities available for sale (amortized cost—2004, $84,836,167; 2003, $77,908,514) |
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84,951,431 |
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78,212,883 |
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Loans receivable, net of allowance for loan loss (2004, $1,412,469; 2003, $1,455,889) |
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395,968,387 |
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364,619,621 |
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Accrued interest receivable |
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2,632,882 |
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2,386,841 |
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Federal Home Loan Bank stock—at cost |
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10,968,700 |
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10,039,300 |
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Property and equipment, net |
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5,581,019 |
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5,800,068 |
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Deferred tax asset |
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1,152,765 |
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1,062,471 |
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Prepaid expenses and other assets |
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2,749,322 |
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628,431 |
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TOTAL ASSETS |
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$ |
657,744,086 |
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$ |
604,438,956 |
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LIABILITIES AND RETAINED EARNINGS |
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LIABILITIES: |
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Deposits: |
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Noninterest-bearing |
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$ |
38,247,718 |
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37,855,415 |
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Interest-bearing |
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350,815,514 |
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324,810,757 |
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Total deposits |
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389,063,232 |
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362,666,172 |
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Advances from Federal Home Loan Bank |
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185,587,714 |
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173,731,623 |
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Other borrowed money |
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19,317,116 |
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8,680,916 |
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Accrued interest payable |
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2,637,094 |
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943,949 |
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Advances from borrowers for taxes and insurance |
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351,670 |
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2,135,301 |
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Accounts payable and accrued expenses |
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4,762,705 |
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3,046,727 |
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Total liabilities |
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601,719,531 |
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551,204,688 |
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RETAINED EARNINGS: |
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Retained earnings |
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56,572,850 |
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53,426,380 |
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Accumulated other comprehensive loss |
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(548,295 |
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(192,112 |
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Total retained earnings |
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56,024,555 |
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53,234,268 |
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TOTAL LIABILITIES AND RETAINED EARNINGS |
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$ |
657,744,086 |
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$ |
604,438,956 |
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See notes to unaudited consolidated financial statements.
1
ABINGTON BANK AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
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Three Months Ended September 30, |
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