Abington Reports MBS-Linked Earnings Revisions

Abington Bancorp, Abington, Mass., has announced a revision of its 2002 financial results and a restatement of its 2001 results to correct certain accounting errors related to prepayments on mortgage-backed securities, among other things.Abington, the holding company for Abington Savings Bank, reported revised net income of $6.17 million ($1.76 per share) for 2002, compared with the previously reported $7.26 million ($2.07 per share). The restated income for 2001 totaled $2.03 million ($0.63 per share), compared with the previously reported $3.08 million ($0.95 per share). The company said the accounting errors related to the acceleration of prepayments on MBS and the recording of prepayments on certain investment securities. In addition, adjustments were made to accruals for income and expense. The bank can be found online at http://www.abingtonsavings.com.