Abington Bancorp records $378K loss

Abington Bancorp Inc., the parent of Abington Bank, today announced a net loss of $378,000 (2 cents a share) for the second quarter, compared with net income of $1.7 million (8 cents a share) for the comparable quarter in 2008.

The company reported net income of $1.8 million (9 cents a share) for the six months ended June 30, over net income of $3.7 million (16 cents a share) for the prior year's comparable period.

The bank attributed those results to the bank's loan loss provision of $3.4 million for the quarter (over $676,848), and $3.5 million for the first six months (over $725,988 in the comparable period).

The bank said that increase was primarily due to two loans: a $7.1 million loan for a site near the Delaware (foreclosure has begun), and a $5.5 million loan for a lot near Independence Hall (foreclosure completed).

Abington Bancorp said its deposit insurance premium expense for the quarter was $960,357 (up from $56,732 a year ago), and for the six-month period was $1,154,504 (up from $81,042 a year earlier).