CLARKS SUMMIT, Pa., Oct. 21 /PRNewswire-FirstCall/ -- Comm Bancorp, Inc. (Nasdaq: CCBP) today reported third quarter 2010 earnings of $1,000 thousand or $0.58 per share compared to a net loss of $3,375 thousand or $1.95 per share for the third quarter of 2009. Year-to-date earnings totaled $3,340 thousand or $1.94 per share in 2010 compared to a net loss of $385 thousand or $0.22 per share in 2009. The earnings improvement resulted primarily from reductions in the provision for loan losses and noninterest expense, which were partially offset by lower net interest income and noninterest income.
Return on average assets was 0.62% for the quarter and 0.69% for the nine months ended September 30, 2010, compared to (2.19)% and (0.08)% for the respective 2009 periods. Return on average stockholders' equity was 7.32% and 8.54%, respectively, for the third quarter and year-to-date 2010, compared to (22.63)% and (0.87)% for the same periods of 2009.
INCOME STATEMENT REVIEW
Tax-equivalent net interest income for the nine months ended September 30, 2010, totaled $14,841 thousand, a decrease of $2,551 thousand or 14.7% from $17,392 thousand for the same period of 2009. Despite an increase of $20.6 million in average earning assets, tax-equivalent interest income for the nine months ended September 30, decreased $2,812 thousand to $22,169 thousand in 2010, from $24,981 thousand in 2009. The decline in tax-equivalent interest income was due, for the most part, to a $46.5 million or 9.1% reduction in average loans. Average tax-exempt loans decreased $34.0 million, while taxable loans declined $12.5 million. With regard to tax-exempt loans, several large tax anticipation notes of local municipalities, which were outstanding last year, matured at the end of 2009. 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 an 81 basis point decrease in the tax-equivalent yield on earning assets to 4.86% in 2010 from 5.67% in 2009. Slightly mitigating the reduction in interest income was a $261 thousand decrease in interest expense. Our cost of funds decreased 19 basis points to 1.96% for the nine months ended September 30, 2010, from 2.15% for the same period last year. The cost of funds was affected primarily by a 46 basis point decrease in the average rate paid for total time deposits. Partially offsetting the positive effect from the reduction in funding costs was growth in average interest-bearing liabilities of $27.5 million or 5.8% to $499.7 million for the nine months ended September 30, 2010, from $472.2 million for the same nine months of 2009. Year-to-date, the tax-equivalent net interest margin contracted 70 basis points to 3.25% in 2010 compared to 3.95% in 2009.
For the three and nine months ended September 30, 2010, the provision for loan losses amounted to $300 thousand and $1,600 thousand, compared to $8,670 thousand and $9,760 thousand for the respective periods of 2009. The provision for loan losses in 2009 reflected the effect of collateral valuation revisions to certain large commercial real estate loans, coupled with a change in the methodology for estimating the allowance for loan losses. With regard to collateral valuation revisions, independent appraisals for these commercial real estate loans indicated significant market devaluations brought on by the deterioration in the local economy at that time. In addition, in the third quarter of 2009, management revised its methodology for estimating losses in the remainder of the loan portfolio by shortening the number of periods considered for estimating loss factors in order to reflect rapidly changing market conditions.
Noninterest income totaled $3,443 thousand for the nine months ended September 30, 2010, a decrease of $1,973 thousand from $5,416 thousand for the same nine 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 nine months ended September 30, 2010, we recorded gains on the sale of available-for-sale investment securities of $361 thousand, a decrease of $1,138 thousand from gains of $1,499 thousand recorded in 2009. Activity in our secondary mortgage banking division provided income of $900 thousand in 2010 and $1,179 thousand in 2009. Service charges, fees and commissions decreased $262 thousand to $2,182 thousand in 2010 from $2,444 thousand in 2009. For the third quarter, noninterest income decreased $1,404 thousand, which reflected reductions in service charges, fees and commissions and net gains on the sale of available-for-sale investment securities, partially offset by an increase in mortgage banking income.
For the nine months ended September 30, 2010, noninterest expense amounted to $13,669 thousand, a decrease of $244 thousand from $13,913 thousand for the same period last year. Decreases of $141 thousand in net occupancy and equipment expense and $332 thousand in other expenses were partially offset by a $229 thousand increase in salaries and employee benefits expense. Reductions in equipment and software depreciation and rental expense contributed to the 7.6% decrease in net occupancy and equipment expense. With regard to the 5.8% decline in other expenses, reductions in marketing-related expenses, directors' fees and deposit insurance were the primary factors influencing the overall reduction. For the third quarter of 2010, noninterest expense increased $391 thousand, which resulted primarily from increases in legal expenses and expenditures related to other real estate and loan collection.
BALANCE SHEET REVIEW
Total assets equaled $652.8 million at September 30, 2010, an increase of $38.5 million from $614.3 million at September 30, 2009. Subdued loan demand, coupled with stricter underwriting and tax-planning strategies, resulted in a decrease of $59.8 million in loans, net of unearned income, to $447.3 million at the close of the third quarter of 2010 from $507.1 million one year earlier. Total deposits grew to $585.9 million at the end of the third quarter of 2010, from $555.1 million at September 30, 2009. Noninterest-bearing deposits increased $2.8 million, while interest-bearing deposits rose $28.0 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 $70.3 million or 183.4%. Federal funds outstanding at the end of the third quarter amounted to $19.5 million in 2010 and $46.1 million in 2009.
Stockholders' equity grew to $55.2 million or $32.01 per share at September 30, 2010. In comparison, stockholders' equity was $53.6 million or $31.13 per share at June 30, 2010, and $50.3 million or $29.25 per share at December 31, 2009. Net income of $1,000 thousand for the third quarter of 2010 and $3,340 thousand year-to-date was the primary factor leading to the capital improvement. At September 30, 2010, we reported Tier I capital, Total capital and Leverage ratios of 11.0%, 13.9% and 8.2%. In addition, our wholly owned subsidiary, Community Bank and Trust Company reported Tier I capital, Total capital and Leverage ratios of 9.9%, 12.9% and 7.4%. 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 third quarter of 2010.
Nonperforming assets decreased $3.6 million or 12.8% to $24.6 million or 5.42% of loans, net of unearned income and foreclosed assets at September 30, 2010, compared to $28.2 million or 5.86% at December 31, 2009. Specifically, the improvement from year end resulted from decreases of $4.2 million in nonaccrual loans, $2.3 million in restructured loans and $0.7 million in loans past due 90 days or more and still accruing. Partially offsetting these decreases was an increase in foreclosed assets of $3.6 million. Loans charged-off, net of recoveries, for the nine months ended September 30, equaled 1.54% of average loans outstanding in 2010 and 0.90% in 2009. The allowance for loan losses equaled $13.7 million or 3.06% of loans, net of unearned income, at September 30, 2010, compared to $17.5 million or 3.65% at December 31, 2009, and $11.6 million or 2.28% at September 30, 2009.
On August 9, 2010, F.N.B. Corporation and Comm Bancorp, Inc. issued a joint press release announcing the signing of a definitive merger agreement pursuant to which F.N.B. Corporation will acquire Comm Bancorp, Inc. A copy of the definitive merger agreement and joint press release have been filed as Exhibits 10.1 and 99.1 to our Current Report on Form 8-K with the Securities and Exchange Commission on August 10, 2010, Commission File Number: 0-17455.
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.
Summary Data |
||||||
Comm Bancorp, Inc. |
||||||
Five Quarter Trend |
||||||
(In thousands, except per share data) |
||||||
Sept. 30, |
June 30, |
March 31, |
Dec. 31, |
Sept. 30, |
||
2010 |
2010 |
2010 |
2009 |
2009 |
||
Key performance data: |
||||||
Per share data: |
||||||
Net income (loss) |
$ 0.58 |
$ 0.69 |
$ 0.67 |
$(2.65) |
$(1.95) |
|
Cash dividends declared |
$ 0.14 |
$ 0.28 |
||||
Book value |
$32.01 |
$31.13 |
$29.66 |
$29.25 |
$32.30 |
|
Tangible book value |
$31.81 |
$30.93 |
$29.46 |
$29.05 |
$32.10 |
|
Market value: |
||||||
High |
$39.11 |
$23.56 |
$23.53 |
$34.50 |
$40.00 |
|
Low |
$15.36 |
$17.50 |
$18.00 |
$21.80 |
$31.00 |
|
Closing |
$39.11 |
$17.50 |
$18.50 |
$21.84 |
$34.50 |
|
Market capitalization |
$67,384 |
$30,151 |
$31,874 |
$37,587 |
$59,286 |
|
Common shares outstanding |
1,722,923 |
1,722,923 |
1,722,923 |
1,721,007 |
1,718,439 |
|
Selected ratios: |
||||||
Return on average stockholders' equity |
7.32% |
9.22% |
9.16% |
(29.70)% |
(22.63)% |
|
Return on average assets |
0.62% |
0.74% |
0.72% |
(2.60)% |
(2.19)% |
|
Leverage |
8.16% |
7.99% |
7.77% |
7.90% |
8.68% |
|
Total risk-based capital |
13.91% |
13.29% |
12.94% |
12.61% |
11.42% |
|
Efficiency |
85.27% |
79.37% |
71.45% |
87.17% |
60.78% |
|
Nonperforming assets to loans, net, and foreclosed assets |
5.42% |
5.41% |
5.43% |
5.86% |
5.59% |
|
Net charge-offs to average loans, net |
1.34% |
0.23% |
3.05% |
1.38% |
2.42% |
|
Allowance for loan losses to loans, net |
3.06% |
3.21% |
3.19% |
3.65% |
2.28% |
|
Earning assets yield (FTE) |
4.76% |
4.82% |
5.01% |
5.01% |
5.35% |
|
Cost of funds |
1.81% |
1.99% |
2.08% |
2.01% |
2.07% |
|
Net interest spread (FTE) |
2.95% |
2.83% |
2.93% |
3.00% |
3.28% |
|
Net interest margin (FTE) |
3.27% |
3.19% |
3.30% |
3.37% |
3.70% |
|
Comm Bancorp, Inc. |
|||
Consolidated Statements of Income (Loss) |
|||
(In thousands, except per share data) |
|||
Nine Months Ended |
Sept. 30, |
Sept. 30, |
|
2010 |
2009 |
||
Interest income: |
|||
Interest and fees on loans: |
|||
Taxable |
$17,689 |
$19,078 |
|
Tax-exempt |
959 |
1,883 |
|
Interest and dividends on investment securities available-for-sale: |
|||
Taxable |
1,842 |
869 |
|
Tax-exempt |
759 |
1,417 |
|
Dividends |
6 |
29 |
|
Interest on federal funds sold |
29 |
5 |
|
Total interest income |
21,284 |
23,281 |
|
Interest expense: |
|||
Interest on deposits |
6,848 |
7,492 |
|
Interest on short-term borrowings |
97 |
||
Interest on long-term debt |
480 |
||
Total interest expense |
7,328 |
7,589 |
|
Net interest income |
13,956 |
15,692 |
|
Provision for loan losses |
1,600 |
9,760 |
|
Net interest income after provision for loan losses |
12,356 |
5,932 |
|
Noninterest income: |
|||
Service charges, fees and commissions |
2,182 |
2,444 |
|
Mortgage banking income |
900 |
1,179 |
|
Net gain on sale of premises and equipment |
294 |
||
Net gain on sale of investment securities available-for-sale |
361 |
1,499 |
|
Total noninterest income |
3,443 |
5,416 |
|
Noninterest expense: |
|||
Salaries and employee benefits expense |
6,558 |
6,329 |
|
Net occupancy and equipment expense |
1,708 |
1,849 |
|
Other expenses |
5,403 |
5,735 |
|
Total noninterest expense |
13,669 |
13,913 |
|
Income (loss) before income taxes |
2,130 |
(2,565) |
|
Income tax benefit |
(1,210) |
(2,180) |
|
Net income (loss) |
$ 3,340 |
$ (385) |
|
Other comprehensive income (loss): |
|||
Unrealized holding gains on investment securities available-for-sale |
$ 2,532 |
$ 1,473 |
|
Reclassification adjustment for gains included in net income |
(361) |
(1,499) |
|
Income tax expense (benefit) related to other comprehensive income (loss) |
738 |
(9) |
|
Other comprehensive income (loss), net of income taxes |
1,433 |
(17) |
|
Comprehensive income (loss) |
$ 4,773 |
$ (402) |
|
Per share data: |
|||
Net income (loss) |
$ 1.94 |
$ (0.22) |
|
Cash dividends declared |
$ 0.84 |
||
Average common shares outstanding |
1,722,923 |
1,722,994 |
|
Comm Bancorp, Inc. |
||||||
Consolidated Statements of Income (Loss) |
||||||
(In thousands, except per share data) |
||||||
Three months ended |
Sept. 30, |
June 30, |
March 31, |
Dec. 31, |
Sept. 30, |
|
2010 |
2010 |
2010 |
2009 |
2009 |
||
Interest income: |
||||||
Interest and fees on loans: |
||||||
Taxable |
$5,806 |
$5,942 |
$5,941 |
$ 6,169 |
$ 6,194 |
|
Tax-exempt |
319 |
318 |
322 |
602 |
598 |
|
Interest and dividends on investment securities available-for-sale: |
||||||
Taxable |
590 |
523 |
729 |
118 |
205 |
|
Tax-exempt |
219 |
238 |
302 |
326 |
407 |
|
Dividends |
2 |
2 |
2 |
(20) |
9 |
|
Interest on federal funds sold |
12 |
9 |
8 |
14 |
4 |
|
Total interest income |
6,948 |
7,032 |
7,304 |
7,209 |
7,417 |
|
Interest expense: |
||||||
Interest on deposits |
2,100 |
2,315 |
2,433 |
2,511 |
2,433 |
|
Interest on short-term borrowings |
5 |
|||||
Interest on long-term debt |
160 |
160 |
160 |
|||
Total interest expense |
2,260 |
2,475 |
2,593 |
2,511 |
2,438 |
|
Net interest income |
4,688 |
4,557 |
4,711 |
4,698 |
4,979 |
|
Provision for loan losses |
300 |
300 |
1,000 |
7,670 |
8,670 |
|
Net interest income (loss) after provision for loan losses |
4,388 |
4,257 |
3,711 |
(2,972) |
(3,691) |
|
Noninterest income: |
||||||
Service charges, fees and commissions |
711 |
730 |
741 |
825 |
848 |
|
Mortgage banking income |
405 |
214 |
281 |
185 |
287 |
|
Net gain on sale of investment securities available-for-sale |
361 |
91 |
1,385 |
|||
Total noninterest income |
1,116 |
944 |
1,383 |
1,101 |
2,520 |
|
Noninterest expense: |
||||||
Salaries and employee benefits expense |
2,188 |
2,183 |
2,187 |
2,184 |
2,025 |
|
Net occupancy and equipment expense |
558 |
547 |
603 |
589 |
591 |
|
Other expenses |
2,203 |
1,636 |
1,564 |
2,282 |
1,942 |
|
Total noninterest expense |
4,949 |
4,366 |
4,354 |
5,055 |
4,558 |
|
Income (loss) before income taxes |
555 |
835 |
740 |
(6,926) |
(5,729) |
|
Provision for income tax benefit |
(445) |
(355) |
(410) |
(2,741) |
(2,354) |
|
Net income (loss) |
$1,000 |
$1,190 |
$1,150 |
$(4,185) |
$(3,375) |
|
Other comprehensive income (loss): |
||||||
Unrealized holding gains (losses) on investment securities available-for-sale |
$ 777 |
$2,030 |
$ (275) |
$(1,174) |
$ 1,118 |
|
Reclassification adjustment for gains included in net income |
(361) |
(91) |
(1,385) |
|||
Income tax expense (benefit) related to other comprehensive income (loss) |
264 |
690 |
(216) |
(430) |
(91) |
|
Other comprehensive income (loss), net of income taxes |
513 |
1,340 |
(420) |
(835) |
(176) |
|
Comprehensive income (loss) |
$1,513 |
$2,530 |
$ 730 |
$(5,020) |
$(3,551) |
|
Per share data: |
||||||
Net income (loss) |
$ 0.58 |
$ 0.69 |
$ 0.67 |
$ (2.43) |
$ (1.95) |
|
Cash dividends declared |
$ 0.14 |
$ 0.28 |
||||
Average common shares outstanding |
1,722,923 |
1,722,923 |
1,722,923 |
1,721,007 |
1,718,439 |
|
Comm Bancorp, Inc. |
||||||
Details of Net Interest and Net Interest Margin |
||||||
(In thousands, fully taxable equivalent basis) |
||||||
Three months ended |
Sept. 30, |
June 30, |
March 31, |
Dec. 31, |
Sept. 30, |
|
2010 |
2010 |
2010 |
2009 |
2009 |
||
Net interest income: |
||||||
Interest income |
||||||
Loans, net: |
||||||
Taxable |
$5,806 |
$5,942 |
$5,941 |
$6,169 |
$6,194 |
|
Tax-exempt |
483 |
482 |
488 |
912 |
906 |
|
Total loans, net |
6,289 |
6,424 |
6,429 |
7,081 |
7,100 |
|
Investments: |
||||||
Taxable |
592 |
525 |
731 |
98 |
214 |
|
Tax-exempt |
332 |
360 |
458 |
494 |
616 |
|
Total investments |
924 |
885 |
1,189 |
592 |
830 |
|
Federal funds sold |
12 |
9 |
8 |
14 |
4 |
|
Total interest income |
7,225 |
7,318 |
7,626 |
7,687 |
7,934 |
|
Interest expense: |
||||||
Deposits |
2,100 |
2,315 |
2,433 |
2,511 |
2,433 |
|
Borrowed funds |
160 |
160 |
160 |
5 |
||
Total interest expense |
2,260 |
2,475 |
2,593 |
2,511 |
2,438 |
|
Net interest income |
$4,965 |
$4,843 |
$5,033 |
$5,176 |
$5,496 |
|
Loans, net: |
||||||
Taxable |
5.38% |
5.48% |
5.44% |
5.46% |
5.45% |
|
Tax-exempt |
6.07% |
6.23% |
6.29% |
5.96% |
5.89% |
|
Total loans, net |
5.43% |
5.53% |
5.50% |
5.52% |
5.50% |
|
Investments: |
||||||
Taxable |
2.62% |
2.23% |
3.31% |
1.80% |
3.10% |
|
Tax-exempt |
7.28% |
7.49% |
7.46% |
7.33% |
7.07% |
|
Total investments |
3.40% |
3.13% |
4.21% |
4.86% |
5.32% |
|
Federal funds sold |
0.14% |
0.12% |
0.11% |
0.11% |
0.11% |
|
Total earning assets |
4.76% |
4.82% |
5.01% |
5.01% |
5.35% |
|
Interest expense: |
||||||
Deposits |
1.71% |
1.89% |
1.98% |
2.01% |
2.08% |
|
Borrowed funds |
8.00% |
8.00% |
8.00% |
0.67% |
||
Total interest-bearing liabilities |
1.81% |
1.99% |
2.08% |
2.01% |
2.07% |
|
Net interest spread |
2.95% |
2.83% |
2.93% |
3.00% |
3.28% |
|
Net interest margin |
3.27% |
3.19% |
3.30% |
3.37% |
3.70% |
|
Comm Bancorp, Inc. |
||||||
Consolidated Balance Sheets |
||||||
(In thousands, except per share data) |
||||||
Sept. 30, |
June 30, |
March 31, |
Dec. 31, |
Sept. 30, |
||
At period end |
2010 |
2010 |
2010 |
2009 |
2009 |
|
Assets: |
||||||
Cash and due from banks |
$ 52,658 |
$ 10,050 |
$ 8,798 |
$ 23,978 |
$ 8,728 |
|
Federal funds sold |
19,501 |
31,700 |
33,800 |
25,300 |
46,100 |
|
Investment securities available-for-sale |
108,555 |
112,851 |
116,593 |
108,005 |
38,302 |
|
Loans held for sale, net |
625 |
110 |
811 |
2,016 |
||
Loans, net of unearned income |
447,282 |
465,143 |
466,296 |
476,944 |
507,094 |
|
Less: allowance for loan losses |
13,669 |
14,928 |
14,891 |
17,462 |
11,566 |
|
Net loans |
433,613 |
450,215 |
451,405 |
459,482 |
495,528 |
|
Premises and equipment, net |
11,300 |
11,425 |
11,480 |
11,616 |
11,631 |
|
Accrued interest receivable |
2,023 |
1,962 |
2,213 |
2,122 |
2,597 |
|
Other assets |
24,502 |
23,452 |
23,512 |
19,634 |
11,386 |
|
Total assets |
$652,777 |
$641,765 |
$648,612 |
$652,153 |
$614,272 |
|
Liabilities: |
||||||
Deposits: |
||||||
Noninterest-bearing |
$ 82,407 |
$ 87,348 |
$ 90,999 |
$ 88,335 |
$ 79,591 |
|
Interest-bearing |
503,536 |
489,370 |
495,361 |
502,448 |
475,509 |
|
Total deposits |
585,943 |
576,718 |
586,360 |
590,783 |
555,100 |
|
Short-term borrowings |
||||||
Long-term debt |
8,000 |
8,000 |
8,000 |
8,000 |
||
Accrued interest payable |
1,110 |
1,284 |
1,623 |
1,296 |
1,185 |
|
Other liabilities |
2,572 |
2,124 |
1,520 |
1,740 |
2,478 |
|
Total liabilities |
597,625 |
588,126 |
597,503 |
601,819 |
558,763 |
|
Stockholders' equity: |
||||||
Common stock, par value $0.33 authorized |
||||||
12,000,000, shares issued and outstanding 1,722,923; |
||||||
1,722,923; 1,722,923; 1,721,007; 1,718,439 |
569 |
569 |
569 |
568 |
567 |
|
Capital surplus |
8,010 |
8,010 |
8,010 |
7,966 |
7,881 |
|
Retained earnings |
44,321 |
43,321 |
42,131 |
40,981 |
45,407 |
|
Accumulated other comprehensive income |
2,252 |
1,739 |
399 |
819 |
1,654 |
|
Total stockholders' equity |
55,152 |
53,639 |
51,109 |
50,334 |
55,509 |
|
Total liabilities and stockholders' equity |
$652,777 |
$641,765 |
$648,612 |
$652,153 |
$614,272 |
|
Comm Bancorp, Inc. |
||||||
Consolidated Balance Sheets |
||||||
(In thousands, except per share data) |
||||||
Sept. 30, |
June 30, |
March 31, |
Dec. 31, |
Sept. 30, |
||
Average quarterly balances |
2010 |
2010 |
2010 |
2009 |
2009 |
|
Assets: |
||||||
Loans, net: |
||||||
Taxable |
$428,327 |
$435,316 |
$442,821 |
$448,359 |
$451,025 |
|
Tax-exempt |
31,547 |
30,960 |
31,479 |
60,710 |
61,000 |
|
Total loans, net |
459,874 |
466,276 |
474,300 |
509,069 |
512,025 |
|
Investments: |
||||||
Taxable |
89,740 |
94,305 |
89,635 |
21,598 |
27,354 |
|
Tax-exempt |
18,084 |
19,269 |
24,889 |
26,740 |
34,562 |
|
Total investments |
107,824 |
113,574 |
114,524 |
48,338 |
61,916 |
|
Federal funds sold |
34,910 |
28,930 |
29,093 |
51,706 |
14,709 |
|
Total earning assets |
602,608 |
608,780 |
617,917 |
609,113 |
588,650 |
|
Other assets |
37,023 |
33,439 |
29,344 |
29,950 |
22,649 |
|
Total assets |
$639,631 |
$642,219 |
$647,261 |
$639,063 |
$611,299 |
|
Liabilities and stockholders' equity: |
||||||
Deposits: |
||||||
Interest-bearing |
$487,033 |
$490,502 |
$497,712 |
$495,714 |
$464,411 |
|
Noninterest-bearing |
87,204 |
89,285 |
86,711 |
84,139 |
81,047 |
|
Total deposits |
574,237 |
579,787 |
584,423 |
579,853 |
545,458 |
|
Short-term borrowings |
1 |
33 |
2,970 |
|||
Long-term debt |
8,000 |
8,000 |
8,000 |
87 |
||
Other liabilities |
3,191 |
2,646 |
3,881 |
3,223 |
3,710 |
|
Total liabilities |
585,428 |
590,434 |
596,337 |
583,163 |
552,138 |
|
Stockholders' equity |
54,203 |
51,785 |
50,924 |
55,900 |
59,161 |
|
Total liabilities and stockholders' equity |
$639,631 |
$642,219 |
$647,261 |
$639,063 |
$611,299 |
|
Comm Bancorp, Inc. |
||||||
Asset Quality Data |
||||||
(In thousands) |
||||||
Sept. 30, |
June 30, |
March 31, |
Dec. 31, |
Sept. 30, |
||
At quarter end |
2010 |
2010 |
2010 |
2009 |
2009 |
|
Nonperforming assets: |
||||||
Nonaccrual loans |
$14,875 |
$16,678 |
$17,302 |
$19,015 |
$20,567 |
|
Restructured loans |
1,969 |
1,975 |
1,980 |
4,302 |
4,773 |
|
Accruing loans past due 90 days or more |
897 |
553 |
392 |
1,634 |
1,177 |
|
Foreclosed assets |
6,853 |
6,322 |
5,979 |
3,209 |
1,932 |
|
Total nonperforming assets |
$24,594 |
$25,528 |
$25,653 |
$28,160 |
$28,449 |
|
Three months ended |
||||||
Allowance for loan losses: |
||||||
Beginning balance |
$14,928 |
$14,891 |
$17,462 |
$11,566 |
$ 6,019 |
|
Charge-offs |
1,693 |
437 |
3,591 |
1,814 |
3,133 |
|
Recoveries |
134 |
174 |
20 |
40 |
10 |
|
Provision for loan losses |
300 |
300 |
1,000 |
7,670 |
8,670 |
|
Ending balance |
$13,669 |
$14,928 |
$14,891 |
$17,462 |
$11,566 |
|
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.
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