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Abington Bancorp, Inc. Announces Results for the Fourth Quarter of 2010

JENKINTOWN, PA -- (Marketwire) -- 01/26/11 -- Abington Bancorp, Inc. (the "Company") (NASDAQ: ABBC), the parent holding company for Abington Bank (the "Bank"), reported net income of $1.9 million for the quarter ended December 31, 2010, compared to a net loss of $2.0 million for the quarter ended December 31, 2009. The Company's basic and diluted earnings per share were $0.11 and $0.09, respectively, for the fourth quarter of 2010 compared to basic and diluted loss per share of $0.10 for the fourth quarter of 2009. Additionally, the Company reported net income of $7.7 million for the year ended December 31, 2010, compared to a net loss of $7.2 million for the year ended December 31, 2009. Basic and diluted earnings per share were $0.41 and $0.39, respectively, for 2010 compared to basic and diluted loss per share of $0.36 for 2009.

Mr. Robert W. White, Chairman, President and CEO of the Company, stated, "We are very pleased to announce our results for the quarter and the full year. Abington Bancorp ended 2010 with solid earnings and marked improvement in the reduction of our non-performing assets. Supported by our strong capital and liquidity positions, we increased our dividend from $0.05 to $0.06 for the fourth quarter of 2010."

Net Interest Income

Net interest income was $8.4 million and $33.3 million for the three months and year ended December 31, 2010, respectively, representing increases of 1.7% and 8.1% over the comparable 2009 periods, respectively. The increases in our net interest income for the 2010 periods over the 2009 periods occurred as lower interest expense more than offset a reduction in interest income. Our average interest rate spread increased to 2.75% and 2.72%, respectively, for the three months and year ended December 31, 2010 from 2.67% and 2.43%, respectively, for the three months and year ended December 31, 2009. The improvements in our average interest rate spread occurred as a decrease in the average yield earned on our interest-earning assets was more than offset by a decrease in the average rate paid on our interest-bearing liabilities. Our net interest margin also increased period-over-period to 2.97% and 2.95%, respectively, for the three months and year ended December 31, 2010 from 2.96% and 2.81%, respectively, for the three months and year ended December 31, 2009.

Interest income for the three months ended December 31, 2010 decreased $1.1 million or 8.1% over the comparable 2009 period to $12.3 million. The decrease occurred as growth in the average balance of our total interest-earning assets was more than offset by a decrease in the average yield earned on those assets. The average balance of our total interest-earning assets increased $15.2 million or 1.4% to $1.13 billion for the fourth quarter of 2010 from $1.11 billion for the fourth quarter of 2009. The increase was driven by increases in the average balances of our investment securities, mortgage-backed securities and other interest-earning assets of $35.2 million, $16.9 million and $24.6 million, respectively. These increases were partially offset by a $61.6 million decrease in the average balance of our loans receivable quarter-over-quarter. The average yield earned on our total interest-earning assets decreased 45 basis points to 4.38% for the fourth quarter of 2010 from 4.83% for the fourth quarter of 2009. The decrease in the average yield earned on our interest-earning assets was primarily the result of the current interest rate environment.

Interest income for the year ended December 31, 2010 decreased $2.4 million or 4.5% over 2009 to $51.3 million. As was the case for the three-month period, the decrease occurred as growth in the average balance of our total interest-earning assets was more than offset by a decrease in the average yield earned on those assets.

Interest expense for the three months ended December 31, 2010 decreased $1.2 million or 23.5% from the comparable 2009 period to $4.0 million. The decrease in our interest expense occurred as a reduction in the average rate paid on our total interest-bearing liabilities more than offset an increase in the average balance of those liabilities. The average rate we paid on our total interest-bearing liabilities decreased 53 basis points to 1.63% for the fourth quarter of 2010 from 2.16% for the fourth quarter of 2009. The average rate we paid on our total deposits decreased 41 basis points quarter-over-quarter, driven by a 24 basis point decrease in the average rate paid on our certificates of deposit and a 51 basis point decrease in the average rate paid on our savings and money market accounts. The average balance of our total deposits increased $62.1 million or 7.9% to $852.8 million for the fourth quarter of 2010 from $790.6 million for the fourth quarter of 2009 due primarily to growth in our core deposits. The average balance of our core deposits increased $78.1 million or 23.7% to $408.0 million for the fourth quarter of 2010 from $329.9 million for the fourth quarter of 2009. The average rate paid on our advances from the Federal Home Loan Bank ("FHLB") decreased 65 basis points for the fourth quarter of 2010 compared to the fourth quarter of 2009, resulting in a decrease to our interest expense on FHLB advances of $649,000 or 39.6% when combined with a decline of $43.4 million or 29.0% in the average balance of those advances quarter-over-quarter.

Interest expense for the year ended December 31, 2010 decreased $4.9 million or 21.5% from 2009 to $18.0 million. As was the case for the three-month period, the decrease in our interest expense occurred as a decrease in the average rate paid on our total interest-bearing liabilities offset an increase in the average balance of those liabilities.

Provision for Loan Losses and Asset Quality

We recorded a provision for loan losses of $413,000 for the fourth quarter of 2010 compared to $6.4 million for the fourth quarter of 2009. Our provision for loan losses amounted to $977,000 and $18.7 million, respectively, for the years ended December 31, 2010 and 2009. The provision for loan losses is charged to expense as necessary to bring our allowance for loan losses to a sufficient level to cover known and inherent losses in the loan portfolio. The decrease in our provision for loan losses period-over-period is the result of the resolution of certain non-performing loans, as well as an improvement in the overall credit quality of our remaining loan portfolio.

Our non-accrual loans decreased $5.0 million or 41.8% during the fourth quarter of 2010 to $7.0 million at December 31, 2010 compared to $12.0 million at September 30, 2010 and $28.3 million at December 31, 2009. The decrease was due primarily to the transfer of loans with an aggregate outstanding balance of $4.3 million at September 30, 2010 to real estate owned ("REO") during the quarter. The loans transferred included one construction loan and one commercial real estate loan. In conjunction with these transfers, an aggregate of approximately $612,000 of the aggregate outstanding loan balance was charged-off through the allowance for loan losses during the 2010 fourth quarter. At September 30, 2010, approximately $220,000 of our allowance for loan losses was allocated to these loans. Our total non-performing loans, defined as non-accruing loans and accruing loans 90 days or more past due, decreased to $9.0 million at December 31, 2010 from $12.2 million at September 30, 2010 and $34.6 million at December 31, 2009 as the aforementioned reduction in non-accrual loans was partially offset by an increase in delinquent loans during the fourth quarter of 2010. Our REO increased to $23.6 million at December 31, 2010 from $20.0 million at September 30, 2010 and $22.8 million at December 31, 2009, primarily as a result of the aforementioned transfer of two properties. During the fourth quarter of 2010, we sold one REO property, which had a book value of $400,000 at September 30, 2010. A loss of $4,000 was recognized on the sale. Our total non-performing assets, which include non-performing loans and REO, amounted to $32.6 million at December 31, 2010 compared to $32.2 million at September 30, 2010 and $57.4 million at December 31, 2009, representing a decrease of 43.2% during 2010. At December 31, 2010 and 2009, our non-performing loans amounted to 1.29% and 4.47%, respectively, of loans receivable, and our allowance for loan losses amounted to 47.27% and 26.28%, respectively, of non-performing loans. At December 31, 2010 and 2009, our non-performing assets amounted to 2.62% and 4.64% of total assets, respectively.

Non-Interest Income and Expenses

Our total non-interest income increased to $867,000 for the fourth quarter of 2010 from $503,000 for the fourth quarter of 2009. The increase was due primarily to a $517,000 improvement in our net loss on REO quarter-over-quarter that was partially offset by a $114,000 decrease in our service charge income.

Our total non-interest income increased to $2.6 million for the year 2010 from a loss of $1.5 million for 2009. As was the case for the three-month period, the increase was due primarily to a $4.5 million improvement in loss on REO during 2010 partially offset by a $386,000 decrease in our service charge income.

Our total non-interest expenses for the fourth quarter of 2010 amounted to $6.2 million, representing an increase of $506,000 or 8.9% from the fourth quarter of 2009. The largest increases were in our salaries and employee benefits and deposit insurance premium expenses, which increased $237,000 and $193,000, respectively, quarter-over-quarter. The increase in salaries and employee benefits expenses was due primarily to an increase in our employee profit sharing expense. We had no expense for employee profit sharing during the fourth quarter of 2009 as a result of our net loss for the quarter. The increase in the deposit insurance premium was due to an increase in our regular quarterly premium as a result of a new fee structure implemented by the FDIC and growth in deposits.

Our total non-interest expenses for the year 2010 amounted to $24.7 million, representing an increase of $1.7 million or 7.2% from 2009. Our largest increases were in our salaries and employee benefits, occupancy, and professional services expenses. The increase in salaries and employee benefits expense for the year was, again, primarily driven by the increase in our profit sharing expense. The increase in occupancy expense was due largely to higher real estate taxes. The increase in professional services expenses was due primarily to additional legal fees incurred in conjunction with our resolution of certain non-performing assets.

The Company recorded an income tax expense of approximately $663,000 for the fourth quarter of 2010 compared to an income tax benefit of approximately $1.4 million for the fourth quarter of 2009. The Company recorded an income tax expense of approximately $2.5 million for the year 2010 compared to an income tax benefit of approximately $5.3 million for 2009. For both the three months and year, the fluctuations in our income tax expense were primarily a result of the changes in our pre-tax income.

Statement of Financial Condition

The Company's total assets increased $9.0 million, or 0.7%, to $1.25 billion at December 31, 2010 compared to $1.24 billion at December 31, 2009. The most significant increases were in our cash and cash equivalents and our investment and mortgage-backed securities, which grew by $33.0 million and $49.9 million, respectively, during 2010. These increases were largely funded by our deposit growth and our loan repayments. Our net loans receivable decreased $68.1 million or 8.9% to $696.4 million at December 31, 2010 from $764.6 million at December 31, 2009. Our gross construction loans decreased $65.1 million during 2010, however, this was partially offset by a $24.1 million decrease in the balance of our loans-in-process. Our one- to four-family residential loans also decreased significantly during 2010 to $393.4 million at December 31, 2010 from $432.0 million at December 31, 2009. Our multi-family residential and commercial real estate loans and our home equity lines of credit increased $5.6 million and $4.9 million, respectively, during 2010.

Our total deposits increased $49.9 million or 5.9% to $900.1 million at December 31, 2010 compared to $850.2 million at December 31, 2009. The increase during 2010 was due primarily to growth in our core deposits. During 2010, our core deposits increased $74.6 million or 19.0% driven by an increase in our savings and money market accounts of $60.6 million, or 22.8%. Our advances from the FHLB decreased $36.9 million or 25.1% to $109.9 million at December 31, 2010 from $146.7 million at December 31, 2009, as we continued to repay existing balances.

Our total stockholders' equity decreased to $211.9 million at December 31, 2010 from $214.2 million at December 31, 2009. The decrease was due primarily to our purchases of treasury stock and the payment of our quarterly dividends, partially offset by our net income for the period. During 2010 we repurchased approximately 860,000 shares of the Company's common stock for an aggregate cost of approximately $7.4 million as part of our stock repurchase plans. We paid an aggregate of $4.0 million in cash dividends during 2010, including an increased dividend during the fourth quarter. The Bank's regulatory capital levels continue to far exceed requirements for well capitalized institutions.

Abington Bancorp, Inc. is the holding company for Abington Bank. Abington Bank is a Pennsylvania-chartered, FDIC-insured savings bank which was originally organized in 1867. Abington Bank conducts business from its headquarters and main office in Jenkintown, Pennsylvania as well as 12 additional full service branch offices and seven limited service banking offices located in Montgomery, Bucks and Delaware Counties, Pennsylvania. As of December 31, 2010, Abington Bancorp had $1.25 billion in total assets, $900.1 million in total deposits and $211.9 million in stockholders' equity.

This news release contains certain forward-looking statements, including statements about the financial condition, results of operations and earnings outlook for Abington Bancorp, Inc. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors -- many of which are beyond the Company's control -- could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company's reports filed from time-to-time with the Securities and Exchange Commission describe some of these factors, including general economic conditions, changes in interest rates, deposit flows, the cost of funds, changes in credit quality and interest rate risks associated with the Company's business and operations and the adequacy of our allowance for loan losses. Other factors described include changes in our loan portfolio, changes in competition, fiscal and monetary policies and legislation and regulatory changes. Investors are encouraged to access the Company's periodic reports filed with the Securities and Exchange Commission for financial and business information regarding the Company at www.abingtonbank.com under the Investor Relations menu. We undertake no obligation to update any forward-looking statements.




ABINGTON BANCORP, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION


                                            December 31,     December 31,
                                                2010             2009
                                          ---------------  ---------------
ASSETS

Cash and due from banks                   $    17,917,261  $    18,941,066
Interest-bearing deposits in other banks       59,769,447       25,773,173
                                          ---------------  ---------------
    Total cash and cash equivalents            77,686,708       44,714,239
Investment securities held to maturity
 (estimated fair value--2010,
 $20,806,340; 2009, $20,787,269)               20,384,781       20,386,944
Investment securities available for sale
 (amortized cost--2010, $124,245,038;
 2009, $82,905,101)                           124,903,901       84,317,271
Mortgage-backed securities held to
 maturity (estimated fair value--2010,
 $58,338,548; 2009, $77,297,497)               56,872,188       77,149,936
Mortgage-backed securities available for
 sale (amortized cost--2010,
 $164,632,654; 2009, $133,916,731)            168,172,796      138,628,592
Loans receivable, net of allowance for
 loan losses (2010, $4,271,618; 2009,
 $9,090,353)                                  696,443,502      764,559,941
Accrued interest receivable                     4,102,984        4,279,032
Federal Home Loan Bank stock--at cost          13,877,300       14,607,700
Cash surrender value - bank owned life
 insurance                                     42,744,766       40,983,202
Property and equipment, net                     9,751,694       10,423,190
Real estate owned                              23,588,139       22,818,856
Deferred tax asset                              3,631,218        4,711,447
Prepaid expenses and other assets               4,938,037       10,531,771
                                          ---------------  ---------------

TOTAL ASSETS                              $ 1,247,098,014  $ 1,238,112,121
                                          ===============  ===============

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES:
  Deposits:
    Noninterest-bearing                   $    49,807,778  $    45,146,650
    Interest-bearing                          850,251,190      805,053,843
                                          ---------------  ---------------
      Total deposits                          900,058,968      850,200,493
  Advances from Federal Home Loan Bank        109,874,674      146,739,435
  Other borrowed money                         15,881,449       16,673,480
  Accrued interest payable                        912,321        1,807,334
  Advances from borrowers for taxes and
   insurance                                    2,956,425        3,142,470
  Accounts payable and accrued expenses         5,504,215        5,366,909
                                          ---------------  ---------------

        Total liabilities                   1,035,188,052    1,023,930,121
                                          ---------------  ---------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
  Preferred stock, $0.01 par value,
   20,000,000 shares authorized
   none issued                                          -                -
  Common stock, $0.01 par value,
   80,000,000 shares authorized;
   24,460,240 shares issued;
   outstanding: 20,166,742 shares in
   2010, 21,049,025 shares in 2009                244,602          244,602
  Additional paid-in capital                  202,517,175      201,922,651
  Treasury stock--at cost, 4,293,498
   shares in 2010, 3,411,215 shares
   in 2009                                    (34,949,051)     (27,446,596)
  Unallocated common stock held by:
    Employee Stock Ownership Plan (ESOP)      (13,460,338)     (14,299,378)
    Recognition & Retention Plan Trust
     (RRP)                                     (2,589,310)      (3,918,784)
    Deferred compensation plans trust          (1,045,153)        (995,980)
  Retained earnings                            58,519,670       54,804,913
  Accumulated other comprehensive income        2,672,367        3,870,572
                                          ---------------  ---------------

        Total stockholders' equity            211,909,962      214,182,000
                                          ---------------  ---------------

TOTAL LIABILITIES AND STOCKHOLDERS'
 EQUITY                                   $ 1,247,098,014  $ 1,238,112,121
                                          ===============  ===============






ABINGTON BANCORP, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS


                         Three Months Ended
                           December 31,           Year Ended December 31,
                     -------------------------  --------------------------
                         2010         2009          2010          2009
                     -----------  ------------  ------------  ------------
INTEREST INCOME:
  Interest on loans  $ 9,437,274  $ 10,269,490  $ 39,202,997  $ 40,320,206
  Interest and
   dividends on
   investment and
   mortgage-backed
   securities:
    Taxable            2,499,345     2,756,995    10,480,194    11,779,255
    Tax-exempt           382,956       399,960     1,554,400     1,604,606
  Interest and
   dividends on
   other
   interest-earning
   assets                 28,581         7,539        80,682        41,076
                     -----------  ------------  ------------  ------------

      Total interest
       income         12,348,156    13,433,984    51,318,273    53,745,143

INTEREST EXPENSE:
  Interest on
   deposits            2,973,577     3,550,329    12,674,506    15,439,913
  Interest on
   Federal Home Loan
   Bank advances         990,772     1,639,615     5,261,704     7,422,856
  Interest on other
   borrowed money         18,255        17,553        72,939        73,767
                     -----------  ------------  ------------  ------------

      Total interest
       expense         3,982,604     5,207,497    18,009,149    22,936,536
                     -----------  ------------  ------------  ------------

NET INTEREST INCOME    8,365,552     8,226,487    33,309,124    30,808,607

PROVISION FOR LOAN
 LOSSES                  413,105     6,412,757       976,550    18,736,847
                     -----------  ------------  ------------  ------------

NET INTEREST INCOME
 AFTER PROVISION FOR
 LOAN LOSSES           7,952,447     1,813,730    32,332,574    12,071,760
                     -----------  ------------  ------------  ------------

NON-INTEREST INCOME
 (LOSS)
  Service charges        297,952       411,925     1,201,750     1,587,440
  Income on bank
   owned life
   insurance             434,573       444,835     1,761,564     1,798,313
  Net loss on real
   estate owned          (42,090)     (558,945)   (1,033,438)   (5,542,750)
  Net gain on sale
   of securities               -             -             -         5,102
  Other income           176,876       204,917       709,787       656,754
                     -----------  ------------  ------------  ------------

      Total
       non-interest
       income (loss)     867,311       502,732     2,639,663    (1,495,141)
                     -----------  ------------  ------------  ------------

NON-INTEREST
 EXPENSES
  Salaries and
   employee benefits   3,068,370     2,831,551    11,963,396    11,335,543
  Occupancy              654,585       660,390     2,724,441     2,394,930
  Depreciation           212,756       229,924       889,851       906,581
  Professional
   services              372,910       289,138     1,902,382     1,323,161
  Data processing        487,689       430,739     1,771,521     1,606,529
  Deposit insurance
   premium               534,029       341,433     1,911,391     1,827,672
  Advertising and
   promotions            117,850       132,407       545,816       442,076
  Director
   compensation          142,550       227,231       739,758       900,795
  Other                  621,796       563,748     2,288,681     2,331,321
                     -----------  ------------  ------------  ------------

      Total
       non-interest
       expenses        6,212,535     5,706,561    24,737,237    23,068,608
                     -----------  ------------  ------------  ------------

INCOME (LOSS) BEFORE
 INCOME TAXES          2,607,223    (3,390,099)   10,235,000   (12,491,989)

PROVISION (BENEFIT)
 FOR INCOME TAXES        663,324    (1,398,798)    2,545,224    (5,299,167)
                     -----------  ------------  ------------  ------------

NET INCOME (LOSS)    $ 1,943,899  $ (1,991,301) $  7,689,776  $ (7,192,822)
                     ===========  ============  ============  ============

BASIC EARNINGS
 (LOSS) PER COMMON
 SHARE               $      0.11  $      (0.10) $       0.41  $      (0.36)
DILUTED EARNINGS
 (LOSS) PER COMMON
 SHARE               $      0.09  $      (0.10) $       0.39  $      (0.36)

BASIC AVERAGE COMMON
 SHARES OUTSTANDING:  18,428,186    19,339,207    18,684,819    19,805,868
DILUTED AVERAGE
 COMMON SHARES
 OUTSTANDING:         20,871,106    19,339,207    19,929,404    19,805,868








ABINGTON BANCORP, INC.

UNAUDITED SELECTED FINANCIAL DATA


                                 Three Months Ended        Year Ended
                                    December 31,          December 31,
                                -------------------   -------------------
                                  2010       2009       2010       2009
                                ---------  --------   ---------  --------

Selected Operating Ratios(1):
Average yield on
 interest-earning assets             4.38%     4.83%      4.55%      4.90%
Average rate on
 interest-bearing liabilities        1.63%     2.16%      1.83%      2.47%
Average interest rate spread(2)      2.75%     2.67%      2.72%      2.43%
Net interest margin(2)               2.97%     2.96%      2.95%      2.81%
Average interest-earning assets
 to average interest-bearing
 liabilities                       115.26%   115.63%    114.32%    118.21%
Net interest income after
 provision for loan losses to
 non-interest expense              128.01%    31.79%    130.70%     52.33%
Total non-interest expense to
 average assets                      1.99%     1.84%      1.97%      1.91%
Efficiency ratio(3)                 67.29%    65.37%     68.81%     78.70%
Return on average assets             0.62%    (0.64)%     0.61%     (0.59)%
Return on average equity             3.64%    (3.63)%     3.60%     (3.15)%
Average equity to average
 assets                             17.06%    17.70%     17.00%     18.85%

Asset Quality Ratios(4):
Non-performing loans as a
 percent of total loans
 receivable(5)                       1.29%     4.47%      1.29%      4.47%

Non-performing assets as a
 percent of total assets(5)          2.62%     4.64%      2.62%      4.64%

Allowance for loan losses as a
 percent of non-performing loans    47.27%    26.28%     47.27%     26.28%

Allowance for loan losses as a
 percent of total loans              0.61%     1.17%      0.61%      1.17%

Net charge-offs to average
 loans receivable                    0.47%     8.49%      0.81%      2.81%

Capital Ratios(6):
Tier 1 leverage ratio               13.84%    13.14%     13.84%     13.14%
Tier 1 risk-based capital ratio     23.31%    20.04%     23.31%     20.04%
Total risk-based capital ratio      23.89%    21.16%     23.89%     21.16%


(1) With the exception of end of period ratios, all ratios are based on
    average monthly balances during the indicated periods and, for the
    three-month periods ended December 31, 2010 and 2009, are annualized
    where appropriate.
(2) Average interest rate spread represents the difference between the
    average yield on interest-earning assets and the average rate paid on
    interest-bearing liabilities, and net interest margin represents net
    interest income as a percentage of average interest-earning assets.
(3) The efficiency ratio represents the ratio of non-interest expense
    divided by the sum of net interest income and non-interest income.
(4) Asset quality ratios are end of period ratios, except for net
    charge-offs to average loans receivable.
(5) Non-performing assets consist of non-performing loans and real estate
    owned.  Non-performing loans consist of all accruing loans 90 days or
    more past due and all non-accruing loans.  It is our policy, with
    certain limited exceptions, to cease accruing interest on single-family
    residential mortgage loans 120 days or more past due and all other
    loans 90 days or more past due.  Real estate owned consists of real
    estate acquired through foreclosure and real estate acquired by
    acceptance of a deed-in-lieu of foreclosure.
(6) Capital ratios are end of period ratios and are calculated for Abington
    Bank per regulatory requirements.







ABINGTON BANCORP, INC.

UNAUDITED SELECTED FINANCIAL DATA (continued)



                                         December   September    December
                                            31,         30,         31,
                                           2010        2010        2009
                                        ----------  ----------  ----------
                                              (Dollars in Thousands)

Non-accruing loans:
  One- to four-family residential       $       --  $       --  $      237
  Multi-family residential and
   commercial real estate(1)                 1,348       3,455       4,801
  Construction                               5,664       8,583      23,303
  Commercial business                           --          --          --
  Home equity lines of credit                   --          --          --
  Consumer non-real estate                      --          --          --
                                        ----------  ----------  ----------
    Total non-accruing loans                 7,012      12,038      28,341
                                        ----------  ----------  ----------
Accruing loans 90 days or more past
 due:
  One- to four-family residential            1,211          60         110
  Multi-family residential and
   commercial real estate                      725          --          --
  Construction                                  14          16       5,998
  Commercial business                           --          --          --
  Home equity lines of credit                   76         107         141
  Consumer non-real estate                      --          --          --
                                        ----------  ----------  ----------
    Total accruing loans 90 days or
     more past due                           2,026         183       6,249
                                        ----------  ----------  ----------
    Total non-performing loans(2)            9,038      12,221      34,590
                                        ----------  ----------  ----------
Real estate owned, net                      23,588      20,028      22,819
                                        ----------  ----------  ----------
    Total non-performing assets             32,626      32,249      57,409
                                        ----------  ----------  ----------
Performing troubled debt
 restructurings:
  One- to four-family residential              583         583          --
  Multi-family residential and
   commercial real estate(3)                 8,417          --          --
  Construction                                  --          --          --
  Commercial business                           --          --          --
  Home equity lines of credit                   --          --          --
  Consumer non-real estate                      --          --          --
                                        ----------  ----------  ----------
      Total performing troubled debt
       restructurings                        9,000         583          --
                                        ----------  ----------  ----------
      Total non-performing assets and
       performing troubled debt
       restructurings                   $   41,626  $   32,832  $   57,409
                                        ==========  ==========  ==========
Total non-performing loans as a
 percentage of loans                          1.29%       1.70%       4.47%
                                        ==========  ==========  ==========
Total non-performing loans as a
 percentage of total assets                   0.72%       0.97%       2.79%
                                        ==========  ==========  ==========
Total non-performing assets as a
 percentage of total assets                   2.62%       2.56%       4.64%
                                        ==========  ==========  ==========


(1) Included in this category of non-accruing loans at December 31 and
    September 30, 2010 and December 31, 2009 is one troubled debt
    restructuring with a balance of $1.3 million, $1.4 million, and $2.5
    million, respectively.
(2) Non-performing loans consist of non-accruing loans plus accruing loans
    90 days or more past due.
(3) Two performing troubled debt restructurings ("TDRs") included in
    multi-family residential and commercial real estate loans with an
    aggregate outstanding balance of $6.0 million at September 30, 2010
    were identified as a result of enhanced procedures, although no such
    balances were previously reported at such date.






The following table shows the activity in our allowance for loan losses for
 the years ended December 31, 2010 and 2009.


                                                      For the Years Ended
                                                         December 31,
                                                    ----------------------
                                                       2010        2009
                                                    ----------  ----------
                                                    (Dollars in Thousands)

Allowance for loan losses, beginning of period      $    9,090  $   11,597
  Provision for loan losses                                977      18,737
  Charge-offs                                           (7,076)    (21,395)
  Recoveries on loans previously charged-off             1,281         151
                                                    ----------  ----------
    (Charge-offs)/recoveries - net                      (5,795)    (21,244)
                                                    ----------  ----------
      Allowance for loan losses, end of period      $    4,272  $    9,090
                                                    ==========  ==========

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