CLARKS SUMMIT, Pa.,
July 21 /PRNewswire-FirstCall/ --
Comm Bancorp, Inc. (Nasdaq: CCBP) today reported second quarter
2010 earnings of $1,190 thousand or
$0.69 per share compared to
$1,215 thousand or $0.70 per share for the second quarter of 2009.
Year-to-date earnings totaled $2,340
thousand or $1.36 per share in
2010 compared to $2,990 thousand or
$1.73 per share in 2009. Return on
average assets was 0.74% for the second quarter and 0.73% for the
six months ended June 30, 2010,
compared to 0.79% and 0.97% for the same periods of 2009. Return on
average stockholders' equity equaled 9.22% for the second quarter
and 9.19% year-to-date 2010, compared to 8.18% and 10.21% for the
respective periods of the prior year.
INCOME STATEMENT REVIEW
Tax-equivalent net interest income for the first half of 2010
totaled $9,876 thousand, a decrease
of $2,020 thousand or 17.0% from
$11,896 thousand for the same period
of 2009. Despite an increase of $24.0
million in average earning assets, tax-equivalent interest
income for the six months ended June
30, decreased $2,103 thousand to
$14,944 thousand in 2010, from $17,047 thousand in 2009. The decline in
tax-equivalent interest income was due, for the most part, to a
$43.7 million or 8.5% reduction in
average loans. Average tax-exempt loans decreased
$36.3 million, while taxable loans
declined $7.4 million. With regard to
tax-exempt loans, several large tax anticipation notes of local
municipalities, which were outstanding during the first half of
2009, matured by year end. As part of our tax planning strategy for
2010, we chose not to actively compete for these types of loans.
The maturities and repayments received from the loan portfolio were
reinvested in lower-yielding assets, which contributed to a 92
basis point decrease in the tax-equivalent yield on earning assets
to 4.91% in 2010 from 5.83% in 2009. Slightly mitigating the
reduction in interest income was an $83
thousand decrease in interest expense. Our cost of funds
decreased 15 basis points to 2.04% for the six months ended
June 30, 2010, from 2.19% for the
same period last year. The cost of funds was influenced primarily
by a 53 basis point decrease in the average rate paid for time
deposits. Partially offsetting the positive effect from the
reduction in funding costs was growth in the average balance of
interest-bearing liabilities of $27.5
million or 5.8% to $502.1
million for the six months ended June
30, 2010, from $474.6 million
for the same six months of 2009. For the first half of the year,
our tax-equivalent net interest margin contracted 82 basis points
to 3.25% in 2010 compared to 4.07% in 2009.
For the three and six months ended June
30, 2010, the provision for loan losses amounted to
$300 thousand and $1,300 thousand, compared to $520 thousand and $1,090
thousand for the respective periods of 2009.
Noninterest income totaled $2,327
thousand for the six months ended June 30, 2010, a decrease of $569 thousand or 19.6% from 2,896 thousand for
the same six months of 2009. Included in noninterest revenue in
2009 was a net gain of $294 thousand
from the disposition of our former Tunhannock and Eaton Township, Pennsylvania branch offices. For the six
months ended June 30, we recorded
gains on the sale of available-for-sale investment securities of
$361 thousand in 2010 and
$114 thousand in 2009. Activity in
our secondary mortgage banking division subsided, which caused a
$397 thousand decrease in mortgage
banking income comparing the first half of 2010 and 2009. Service
charges, fees and commissions decreased $125
thousand to $1,471 thousand in 2010 from $1,596 thousand in 2009. For the second quarter,
noninterest income decreased $378
thousand when comparing 2010 and 2009, which reflected
reductions in service charges, fees and commissions and mortgage
banking income.
For the six months ended June 30,
2010, noninterest expense amounted to $8,720 thousand, a decrease of $635 thousand or 6.8% from $9,355 thousand for the same period last year.
Decreases of $108 thousand in net
occupancy and equipment expense and $593
thousand in other expenses were partially offset by a
$66 thousand increase in salaries and
employee benefits expense. Reductions in equipment and software
depreciation and rental expense contributed to the 8.5% decrease in
net occupancy and equipment expense. With regard to the 15.6%
decline in other expenses, reductions in marketing-related
expenses, directors' fees and deposit insurance were the primary
factors influencing the overall decline. Comparing the second
quarter of 2010 and 2009, noninterest expense decreased
$641 thousand for primarily the same
reasons as discussed for the year-to-date changes.
BALANCE SHEET REVIEW
Total assets equaled $641.8
million at June 30, 2010, an
increase of $31.0 million from
$610.8 million at June 30, 2009. Subdued loan demand, coupled with
tax-planning strategies, resulted in a decrease of $45.8 million in loans, net of unearned income,
to $465.1 million at the close of the
second quarter of 2010 from $510.9
million one year earlier. Total deposits grew to
$576.7 million at the end of the
second quarter of 2010, from $538.8
million at June 30, 2009.
Noninterest-bearing deposits increased $5.3 million, while interest-bearing deposits
rose $32.6 million. Due to the
decline in loan volumes, the investment portfolio played a more
prominent role in our balance sheet composition. Available-for-sale
investment securities increased $39.7
million or 54.2%. In addition, we had federal funds sold
outstanding of $31.7 million at
June 30, 2010. Comparatively, we had
short-term borrowings outstanding of $8.0
million at June 30, 2009.
Stockholders' equity grew to $53.6
million or $31.13 per share at
June 30, 2010. In comparison,
stockholders' equity was $51.1
million or $29.66 per share at
March 31, 2010, and $50.3 million or $34.64 per share at December 31, 2009. Net income of $1,190 thousand for the second quarter of 2010
and $2,340 thousand year-to-date was
the primary factor leading to the capital improvement. At
June 30, 2010, we reported a Tier I
capital, Total capital and Leverage ratios of 10.4%, 13.3% and
8.0%. In addition, our subsidiary, Community Bank and Trust Company
reported Tier I capital, Total capital and Leverage ratios of 9.4%,
12.3% and 7.2%. Community Bank and Trust Company continued to
exceed the requirements to be categorized as well capitalized under
the regulatory framework for prompt corrective action at the close
of the second quarter of 2010.
Nonperforming assets decreased $2.7
million or 9.6% to $25.5
million or 5.41% of loans, net of unearned income and
foreclosed assets at June 30, 2010,
compared to $28.2 million or 5.86% at
December 31, 2009. Specifically, the
improvement from year end resulted from decreases of $2.4 million in nonaccrual loans, $2.3 million in restructured loans and
$1.1 million in loans past due 90
days or more and still accruing. Partially offsetting these
decreases was an increase in foreclosed assets of $3.1 million. Loans charged-off, net of
recoveries, for the six months ended June
30, equaled 1.64% of average loans outstanding in 2010 and
0.13% in 2009. The allowance for loan losses equaled $14.9 million or 3.21% of loans, net of unearned
income, at June 30, 2010, compared to
$17.5 million or 3.65% at
December 31, 2009, and $6.0 million or 1.18% at June 30, 2009.
Comm Bancorp, Inc. serves six Pennsylvania counties through Community Bank
and Trust Company's 15 community-banking offices and one loan
production office. Each office, interdependent with the community,
offers a comprehensive array of financial products and services to
individuals, businesses, not-for-profit organizations and
government entities. In addition, customers can take advantage of
Klick(SM) Banking, on-line banking services, by accessing the
Company's website at http://www.combk.com. The Company's business
philosophy includes offering direct access to senior management and
other officers and providing friendly, informed and courteous
service, local and timely decision-making, flexible and reasonable
operating procedures and consistently-applied credit policies.
[TABULAR MATERIAL FOLLOWS].
|
|
Summary Data
|
|
Comm Bancorp,
Inc.
|
|
Five Quarter
Trend
|
|
(In thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
|
|
2010
|
2010
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Key performance data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share data:
|
|
|
|
|
|
|
Net income (loss)
|
$ 0.69
|
$ 0.67
|
$(2.65)
|
$(1.95)
|
$ 0.70
|
|
Cash dividends
declared
|
|
|
$ 0.14
|
$ 0.28
|
$ 0.28
|
|
Book value
|
$31.13
|
$29.66
|
$29.25
|
$32.30
|
$34.64
|
|
Tangible book value
|
$30.93
|
$29.46
|
$29.05
|
$32.10
|
$34.44
|
|
Market value:
|
|
|
|
|
|
|
High
|
$23.56
|
$23.53
|
$34.50
|
$40.00
|
$40.00
|
|
Low
|
$17.50
|
$18.00
|
$21.80
|
$31.00
|
$35.31
|
|
Closing
|
$17.50
|
$18.50
|
$21.84
|
$34.50
|
$40.00
|
|
Market capitalization
|
$30,151
|
$31,874
|
$37,587
|
$59,286
|
$68,651
|
|
Common shares
outstanding
|
1,722,923
|
1,722,923
|
1,721,007
|
1,718,439
|
1,716,263
|
|
|
|
|
|
|
|
|
Selected ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average stockholders'
equity
|
9.22%
|
9.16%
|
(29.70)%
|
(22.63)%
|
8.18%
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.74%
|
0.72%
|
(2.60)%
|
(2.19)%
|
0.79%
|
|
|
|
|
|
|
|
|
Leverage
|
7.99%
|
7.77%
|
7.90%
|
8.68%
|
9.25%
|
|
|
|
|
|
|
|
|
Total risk-based
capital
|
13.29%
|
12.94%
|
12.61%
|
11.42%
|
11.97%
|
|
|
|
|
|
|
|
|
Efficiency
|
79.37%
|
71.45%
|
87.17%
|
60.78%
|
74.60%
|
|
|
|
|
|
|
|
|
Nonperforming assets to loans,
net, and foreclosed assets
|
5.41%
|
5.43%
|
5.86%
|
5.59%
|
5.45%
|
|
|
|
|
|
|
|
|
Net charge-offs to average
loans, net
|
0.23%
|
3.05%
|
1.38%
|
2.42%
|
0.03%
|
|
|
|
|
|
|
|
|
Allowance for loan losses to
loans, net
|
3.21%
|
3.19%
|
3.65%
|
2.28%
|
1.18%
|
|
|
|
|
|
|
|
|
Earning assets yield
(FTE)
|
4.82%
|
5.01%
|
5.01%
|
5.35%
|
5.79%
|
|
|
|
|
|
|
|
|
Cost of funds
|
1.99%
|
2.08%
|
2.01%
|
2.07%
|
2.11%
|
|
|
|
|
|
|
|
|
Net interest spread
(FTE)
|
2.83%
|
2.93%
|
3.00%
|
3.28%
|
3.68%
|
|
|
|
|
|
|
|
|
Net interest margin
(FTE)
|
3.19%
|
3.30%
|
3.37%
|
3.70%
|
4.09%
|
|
|
|
|
|
|
|
|
|
|
|
Comm Bancorp,
Inc.
|
|
Consolidated Statements of
Income
|
|
(In thousands, except per share
data)
|
|
|
|
|
|
Six Months Ended
|
June 30,
|
June 30,
|
|
|
2010
|
2009
|
|
|
|
|
|
Interest income:
|
|
|
|
Interest and fees on
loans:
|
|
|
|
Taxable
|
$11,883
|
$12,884
|
|
Tax-exempt
|
640
|
1,285
|
|
Interest and dividends on
investment securities available-for-sale:
|
|
|
|
Taxable
|
1,252
|
664
|
|
Tax-exempt
|
540
|
1,010
|
|
Dividends
|
4
|
20
|
|
Interest on federal funds
sold
|
17
|
1
|
|
Total interest income
|
14,336
|
15,864
|
|
|
|
|
|
Interest expense:
|
|
|
|
Interest on deposits
|
4,748
|
5,059
|
|
Interest on short-term
borrowings
|
|
92
|
|
Interest on long-term
debt
|
320
|
|
|
Total interest
expense
|
5,068
|
5,151
|
|
Net interest income
|
9,268
|
10,713
|
|
Provision for loan
losses
|
1,300
|
1,090
|
|
Net interest income after
provision for loan losses
|
7,968
|
9,623
|
|
|
|
|
|
Noninterest income:
|
|
|
|
Service charges, fees and
commissions
|
1,471
|
1,596
|
|
Mortgage banking
income
|
495
|
892
|
|
Net gain on sale of premises and
equipment
|
|
294
|
|
Net gain on sale of investment
securities available-for-sale
|
361
|
114
|
|
Total noninterest
income
|
2,327
|
2,896
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
Salaries and employee benefits
expense
|
4,370
|
4,304
|
|
Net occupancy and equipment
expense
|
1,150
|
1,258
|
|
Other expenses
|
3,200
|
3,793
|
|
Total noninterest
expense
|
8,720
|
9,355
|
|
Income before income
taxes
|
1,575
|
3,164
|
|
Provision for income tax expense
(benefit)
|
(765)
|
174
|
|
Net income
|
$ 2,340
|
$ 2,990
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
Unrealized holding gains on
investment securities available-for-sale
|
$ 1,755
|
$ 355
|
|
Reclassification adjustment for
gains included in net income
|
(361)
|
(114)
|
|
Income tax expense related to
other comprehensive income
|
474
|
82
|
|
Other comprehensive income, net
of income taxes
|
920
|
159
|
|
Comprehensive income
|
$ 3,260
|
$ 3,149
|
|
|
|
|
|
Per share data:
|
|
|
|
Net income
|
$ 1.36
|
$ 1.73
|
|
Cash dividends
declared
|
|
$ 0.56
|
|
Average common shares
outstanding
|
1,722,923
|
1,725,310
|
|
|
|
|
|
|
|
|
Comm Bancorp,
Inc.
|
|
Consolidated Statements of
Income
|
|
(In thousands, except per share
data)
|
|
|
|
|
|
|
|
|
Three months ended
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
|
|
2010
|
2010
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Interest income:
|
|
|
|
|
|
|
Interest and fees on
loans:
|
|
|
|
|
|
|
Taxable
|
$5,942
|
$ 5,941
|
$ 6,169
|
$6,194
|
$6,436
|
|
Tax-exempt
|
318
|
322
|
602
|
598
|
619
|
|
Interest and dividends on
investment securities available-for-sale:
|
|
|
|
|
|
|
Taxable
|
523
|
729
|
118
|
205
|
315
|
|
Tax-exempt
|
238
|
302
|
326
|
407
|
473
|
|
Dividends
|
2
|
2
|
(20)
|
9
|
9
|
|
Interest on federal funds
sold
|
9
|
8
|
14
|
4
|
|
|
Total interest income
|
7,032
|
7,304
|
7,209
|
7,417
|
7,852
|
|
|
|
|
|
|
|
|
Interest expense:
|
|
|
|
|
|
|
Interest on deposits
|
2,315
|
2,433
|
2,511
|
2,433
|
2,426
|
|
Interest on short-term
borrowings
|
|
|
|
5
|
36
|
|
Interest on long-term
debt
|
160
|
160
|
|
|
|
|
Total interest
expense
|
2,475
|
2,593
|
2,511
|
2,438
|
2,462
|
|
Net interest income
|
4,557
|
4,711
|
4,698
|
4,979
|
5,390
|
|
Provision for loan
losses
|
300
|
1,000
|
7,670
|
8,670
|
520
|
|
Net interest income (loss) after
provision for loan losses
|
4,257
|
3,711
|
(2,972)
|
(3,691)
|
4,870
|
|
|
|
|
|
|
|
|
Noninterest income:
|
|
|
|
|
|
|
Service charges, fees and
commissions
|
730
|
741
|
825
|
848
|
832
|
|
Mortgage banking
income
|
214
|
281
|
185
|
287
|
490
|
|
Net gain on sale of investment
securities available-for-sale
|
|
361
|
91
|
1,385
|
|
|
Total noninterest
income
|
944
|
1,383
|
1,101
|
2,520
|
1,322
|
|
|
|
|
|
|
|
|
Noninterest expense:
|
|
|
|
|
|
|
Salaries and employee benefits
expense
|
2,183
|
2,187
|
2,184
|
2,025
|
2,164
|
|
Net occupancy and equipment
expense
|
547
|
603
|
589
|
591
|
583
|
|
Other expenses
|
1,636
|
1,564
|
2,282
|
1,942
|
2,260
|
|
Total noninterest
expense
|
4,366
|
4,354
|
5,055
|
4,558
|
5,007
|
|
Income (loss) before income
taxes
|
835
|
740
|
(6,926)
|
(5,729)
|
1,185
|
|
Provision for income tax
benefit
|
(355)
|
(410)
|
(2,741)
|
(2,354)
|
(30)
|
|
Net income (loss)
|
$1,190
|
$1,150
|
$(4,185)
|
$(3,375)
|
$1,215
|
|
|
|
|
|
|
|
|
Other comprehensive income
(loss):
|
|
|
|
|
|
|
Unrealized holding gains
(losses) on investment securities available-for-sale
|
$2,030
|
$ (275)
|
$(1,174)
|
$ 1,118
|
$ 13
|
|
Reclassification adjustment for
gains included in net income
|
|
(361)
|
(91)
|
(1,385)
|
|
|
Income tax expense (benefit)
related to other comprehensive income (loss)
|
690
|
(216)
|
(430)
|
(91)
|
4
|
|
Other comprehensive income
(loss), net of income taxes
|
1,340
|
(420)
|
(835)
|
(176)
|
9
|
|
Comprehensive income
(loss)
|
$2,530
|
$ 730
|
$(5,020)
|
$(3,551)
|
$1,224
|
|
|
|
|
|
|
|
|
Per share data:
|
|
|
|
|
|
|
Net income (loss)
|
$ 0.69
|
$ 0.67
|
$ (2.43)
|
$ (1.95)
|
$ 0.70
|
|
Cash dividends
declared
|
|
|
$ 0.14
|
$ 0.28
|
$ 0.28
|
|
Average common shares
outstanding
|
1,722,923
|
1,722,923
|
1,721,007
|
1,718,439
|
1,722,282
|
|
|
|
|
|
|
|
|
|
Comm Bancorp,
Inc.
|
|
Details of Net Interest and Net
Interest Margin
|
|
(In thousands, fully taxable
equivalent basis)
|
|
|
|
|
|
|
|
|
Three months ended
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
|
|
2010
|
2010
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Net interest income:
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
Loans, net:
|
|
|
|
|
|
|
Taxable
|
$5,942
|
$5,941
|
$6,169
|
$6,194
|
$6,436
|
|
Tax-exempt
|
482
|
488
|
912
|
906
|
938
|
|
Total loans, net
|
6,424
|
6,429
|
7,081
|
7,100
|
7,374
|
|
Investments:
|
|
|
|
|
|
|
Taxable
|
525
|
731
|
98
|
214
|
324
|
|
Tax-exempt
|
360
|
458
|
494
|
616
|
717
|
|
Total investments
|
885
|
1,189
|
592
|
830
|
1,041
|
|
Federal funds sold
|
9
|
8
|
14
|
4
|
|
|
Total interest income
|
7,318
|
7,626
|
7,687
|
7,934
|
8,415
|
|
Interest expense:
|
|
|
|
|
|
|
Deposits
|
2,315
|
2,433
|
2,511
|
2,433
|
2,426
|
|
Borrowed funds
|
160
|
160
|
|
5
|
36
|
|
Total interest
expense
|
2,475
|
2,593
|
2,511
|
2,438
|
2,462
|
|
Net interest income
|
$4,843
|
$5,033
|
$5,176
|
$5,496
|
$5,953
|
|
|
|
|
|
|
|
|
Loans, net:
|
|
|
|
|
|
|
Taxable
|
5.48%
|
5.44%
|
5.46%
|
5.45%
|
5.80%
|
|
Tax-exempt
|
6.23%
|
6.29%
|
5.96%
|
5.89%
|
5.66%
|
|
Total loans, net
|
5.53%
|
5.50%
|
5.52%
|
5.50%
|
5.78%
|
|
Investments:
|
|
|
|
|
|
|
Taxable
|
2.23%
|
3.31%
|
1.80%
|
3.10%
|
3.92%
|
|
Tax-exempt
|
7.49%
|
7.46%
|
7.33%
|
7.07%
|
7.43%
|
|
Total investments
|
3.13%
|
4.21%
|
4.86%
|
5.32%
|
5.81%
|
|
Federal funds sold
|
0.12%
|
0.11%
|
0.11%
|
0.11%
|
|
|
Total earning assets
|
4.82%
|
5.01%
|
5.01%
|
5.35%
|
5.79%
|
|
Interest expense:
|
|
|
|
|
|
|
Deposits
|
1.89%
|
1.98%
|
2.01%
|
2.08%
|
2.18%
|
|
Borrowed funds
|
8.02%
|
8.08%
|
|
0.67%
|
0.68%
|
|
Total interest-bearing
liabilities
|
1.99%
|
2.08%
|
2.01%
|
2.07%
|
2.11%
|
|
Net interest spread
|
2.83%
|
2.93%
|
3.00%
|
3.28%
|
3.68%
|
|
Net interest margin
|
3.19%
|
3.30%
|
3.37%
|
3.70%
|
4.09%
|
|
|
|
|
|
|
|
Comm Bancorp,
Inc.
|
|
Consolidated Balance
Sheets
|
|
(In thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
|
At period end
|
2010
|
2010
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 10,050
|
$ 8,798
|
$ 23,978
|
$ 8,728
|
$ 8,315
|
|
Federal funds sold
|
31,700
|
33,800
|
25,300
|
46,100
|
|
|
Investment securities
available-for-sale
|
112,851
|
116,593
|
108,005
|
38,302
|
73,169
|
|
Loans held for sale,
net
|
110
|
811
|
2,016
|
|
787
|
|
Loans, net of unearned
income
|
465,143
|
466,296
|
476,944
|
507,094
|
510,870
|
|
Less: allowance for loan
losses
|
14,928
|
14,891
|
17,462
|
11,566
|
6,019
|
|
Net loans
|
450,215
|
451,405
|
459,482
|
495,528
|
504,851
|
|
Premises and equipment,
net
|
11,425
|
11,480
|
11,616
|
11,631
|
11,709
|
|
Accrued interest
receivable
|
1,962
|
2,213
|
2,122
|
2,597
|
2,526
|
|
Other assets
|
23,452
|
23,512
|
19,634
|
11,386
|
9,456
|
|
Total assets
|
$641,765
|
$648,612
|
$652,153
|
$614,272
|
$610,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Noninterest-bearing
|
$ 87,348
|
$ 90,999
|
$ 88,335
|
$ 79,591
|
$ 82,002
|
|
Interest-bearing
|
489,370
|
495,361
|
502,448
|
475,509
|
456,795
|
|
Total deposits
|
576,718
|
586,360
|
590,783
|
555,100
|
538,797
|
|
Short-term borrowings
|
|
|
|
|
7,950
|
|
Long-term debt
|
8,000
|
8,000
|
8,000
|
|
|
|
Accrued interest
payable
|
1,284
|
1,623
|
1,296
|
1,185
|
1,696
|
|
Other liabilities
|
2,124
|
1,520
|
1,740
|
2,478
|
2,912
|
|
Total liabilities
|
588,126
|
597,503
|
601,819
|
558,763
|
551,355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Common stock, par value $0.33
authorized
|
|
|
|
|
|
|
12,000,000, shares issued and
outstanding 1,722,923;
|
|
|
|
|
|
|
1,722,923; 1,721,007; 1,718,439;
1,716,263
|
569
|
569
|
568
|
567
|
566
|
|
Capital surplus
|
8,010
|
8,010
|
7,966
|
7,881
|
7,799
|
|
Retained earnings
|
43,321
|
42,131
|
40,981
|
45,407
|
49,263
|
|
Accumulated other comprehensive
income
|
1,739
|
399
|
819
|
1,654
|
1,830
|
|
Total stockholders'
equity
|
53,639
|
51,109
|
50,334
|
55,509
|
59,458
|
|
Total
liabilities and stockholders' equity
|
$641,765
|
$648,612
|
$652,153
|
$614,272
|
$610,813
|
|
|
|
|
|
|
|
Comm Bancorp,
Inc.
|
|
Consolidated Balance
Sheets
|
|
(In thousands, except per share
data)
|
|
|
|
|
|
|
|
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
|
Average quarterly
balances
|
2010
|
2010
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
Loans, net:
|
|
|
|
|
|
|
Taxable
|
$435,316
|
$442,821
|
$448,359
|
$451,025
|
$444,905
|
|
Tax-exempt
|
30,960
|
31,479
|
60,710
|
61,000
|
66,500
|
|
Total loans, net
|
466,276
|
474,300
|
509,069
|
512,025
|
511,405
|
|
Investments:
|
|
|
|
|
|
|
Taxable
|
94,305
|
89,635
|
21,598
|
27,354
|
33,115
|
|
Tax-exempt
|
19,269
|
24,889
|
26,740
|
34,562
|
38,729
|
|
Total investments
|
113,574
|
114,524
|
48,338
|
61,916
|
71,844
|
|
Federal funds sold
|
28,930
|
29,093
|
51,706
|
14,709
|
37
|
|
Total earning assets
|
608,780
|
617,917
|
609,113
|
588,650
|
583,286
|
|
Other assets
|
33,439
|
29,344
|
29,950
|
22,649
|
30,625
|
|
Total assets
|
$642,219
|
$647,261
|
$639,063
|
$611,299
|
$613,911
|
|
|
|
|
|
|
|
|
Liabilities and stockholders'
equity:
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Interest-bearing
|
$490,502
|
$497,712
|
$495,714
|
$464,411
|
$446,992
|
|
Noninterest-bearing
|
89,285
|
86,711
|
84,139
|
81,047
|
82,221
|
|
Total deposits
|
579,787
|
584,423
|
579,853
|
545,458
|
529,213
|
|
Short-term borrowings
|
1
|
33
|
|
2,970
|
21,359
|
|
Long-term debt
|
8,000
|
8,000
|
87
|
|
|
|
Other liabilities
|
2,646
|
3,881
|
3,223
|
3,710
|
3,743
|
|
Total liabilities
|
590,434
|
596,337
|
583,163
|
552,138
|
554,315
|
|
Stockholders' equity
|
51,785
|
50,924
|
55,900
|
59,161
|
59,596
|
|
Total liabilities and
stockholders' equity
|
$642,219
|
$647,261
|
$639,063
|
$611,299
|
$613,911
|
|
|
|
|
|
|
|
Comm Bancorp,
Inc.
|
|
Asset Quality
Data
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
June 30,
|
March 31,
|
Dec. 31,
|
Sept. 30,
|
June 30,
|
|
At quarter end
|
2010
|
2010
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
Nonperforming assets:
|
|
|
|
|
|
|
Nonaccrual loans
|
$16,678
|
$17,302
|
$19,015
|
$20,567
|
$20,166
|
|
Restructured loans
|
1,975
|
1,980
|
4,302
|
4,773
|
4,888
|
|
Accruing loans past due 90 days
or more
|
553
|
392
|
1,634
|
1,177
|
1,139
|
|
Foreclosed assets
|
6,322
|
5,979
|
3,209
|
1,932
|
1,726
|
|
Total nonperforming
assets
|
$25,528
|
$25,653
|
$28,160
|
$28,449
|
$27,919
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses:
|
|
|
|
|
|
|
Beginning balance
|
$14,891
|
$17,462
|
$11,566
|
$ 6,019
|
$ 5,531
|
|
Charge-offs
|
437
|
3,591
|
1,814
|
3,133
|
147
|
|
Recoveries
|
174
|
20
|
40
|
10
|
115
|
|
Provision for loan
losses
|
300
|
1,000
|
7,670
|
8,670
|
520
|
|
Ending balance
|
$14,928
|
$14,891
|
$17,462
|
$11,566
|
$ 6,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Except for the historical information contained, herein, the
matters discussed in this press release are forward-looking
statements that involve risks and uncertainties in the banking
industry and overall economy. Such risks and uncertainties are
detailed in the Company's Securities and Exchange Commission
reports, including the Annual Report on Form 10-K and quarterly
reports on Form 10-Q.
SOURCE Comm Bancorp, Inc.