CLARKS SUMMIT, Pa.,
May 18 /PRNewswire-FirstCall/ -- Comm
Bancorp, Inc. (Nasdaq: CCBP) today reported first quarter 2010
earnings of $1,150 thousand or
$0.67 per share compared to
$1,775 thousand or $1.03 per share for the first quarter of 2009.
For the three months ended March 31,
return on average assets and return on average stockholders' equity
equaled 0.72% and 9.16% in 2010, compared to 1.15% and 12.30% in
2009.
INCOME STATEMENT REVIEW
For the three months ended March
31, tax-equivalent net interest income decreased
$910 thousand or 15.3% to
$5,033 thousand in 2010 from
$5,943 thousand in 2009. An 11.7%
decrease in tax-equivalent interest income was partially offset by
a 3.6% reduction in interest expense. Despite growth of
$22.5 million in average earning
assets, tax-equivalent interest income declined $1,006 thousand comparing the first quarters of
2010 and 2009, due largely to a $42.2
million or 8.2% decrease in average loans. Average
tax-exempt loans decreased $37.1
million, while taxable loans declined $5.1 million. With regard to tax-exempt loans,
several large tax anticipation notes of local municipalities, which
were outstanding in the first quarter of 2009, matured at the end
of 2009. As part of our tax planning strategy for 2010, we chose
not to actively compete for tax-exempt loans. The maturities and
repayments received from the loan portfolio were reinvested in
lower-yielding assets, which resulted in an 87 basis point decrease
in the tax-equivalent yield on earning assets to 5.01% in 2010 from
5.88% in 2009. With regard to interest expense, our cost of funds
decreased 19 basis points to 2.08% for the first quarter of 2010
from 2.27% for the same quarter of last year. We experienced
reductions in the rates paid for all interest-bearing liability
categories except for money market accounts. Specifically, a
decrease in the cost of time deposits had the greatest impact. For
the three months ended March 31, the
average cost of total time deposits decreased 64 basis points to
2.94% in 2010 from 3.58% in 2009. Partially offsetting the positive
effect from the reduction in funding costs was growth in
interest-bearing liabilities of $24.7
million or 5.1% to $505.7
million for the three months ended March 31, 2010 from $481.0
million for the same three months of 2009. Our
tax-equivalent net interest margin for the first quarter contracted
75 basis points to 3.30% in 2010 compared to 4.05% in 2009.
For the three months ended March 31,
2010, the provision for loan losses totaled $1,000 thousand, an increase of $430 thousand compared to $570 thousand for the same three months of
2009.
Noninterest revenue for the first quarter decreased $191 thousand or 12.1% to $1,383 thousand in 2010 from $1,574 thousand in 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 three
months ended March 31, 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 somewhat, which
caused a $121 thousand decrease in
mortgage banking income comparing the first quarters of 2010 and
2009. Service charges, fees and commissions decreased $23 thousand to $741 thousand in 2010 from
$764 thousand in 2009.
Noninterest expense for the first quarter amounted to
$4,354 thousand in 2010 and
$4,348 thousand in 2009. Increases of
$47 thousand in salaries and employee
benefits expense and $31 thousand in
other expenses were almost entirely offset by a decrease in net
occupancy and equipment expense of $72
thousand.
BALANCE SHEET REVIEW
Total assets equaled $648.6
million at March 31, 2010, a
decrease of $3.6 million from
$652.2 million at December 31, 2009. Subdued loan demand resulted
in a decrease of $10.6 million in
loans, net of unearned income, to $466.3
million at the close of the first quarter of 2010 from
$476.9 million at the end of 2009.
Cyclical deposit trends of local school district and municipal
customers caused a $4.4 million
decrease in total deposits to $586.4
million at the end of the first quarter of 2010, from
$590.8 million at the end of 2009.
Available-for-sale investment securities increased $8.6 million, while federal funds sold rose
$8.5 million from December 31, 2009.
Stockholders' equity equaled $51.1
million or $29.66 per share at
March 31, 2010, an increase of
$0.8 million compared to $50.3 million or $29.25 per share at December 31, 2009. At March 31, 2010, we reported a Tier I capital,
Total capital and Leverage ratios of 10.1 percent, 12.9 percent and
7.8 percent. In addition, Community Bank and Trust Company reported
Tier I capital, Total capital and Leverage ratios of 9.0 percent,
11.9 percent and 7.0 percent. 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 first quarter of 2010.
As a result of concentrated remedial efforts, nonperforming
assets decreased $2.5 million or 8.9%
to $25.7 million or 5.43% of loans,
net of unearned income and foreclosed assets at March 31, 2010, compared to $28.2 million or 5.86% at December 31, 2009. Specifically, the improvement
from year end resulted from decreases of $1.7 million in nonaccrual loans, $2.3 million in restructured loans and
$1.3 million in loans past due 90
days or more and still accruing. Partially offsetting these
decreases was an increase in foreclosed assets of $2.8 million. Loans charged-off, net of
recoveries, for the first quarter equaled 3.05% and 0.23% of
average loans outstanding for the three months ended March 31, 2010 and 2009. The allowance for loan
losses equaled $14.9 million or 3.19%
of loans, net of unearned income, at March
31, 2010, compared to $17.5
million or 3.65% at December 31,
2009, and compared to $5.5
million or 1.09% at March 31,
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)
|
|
|
|
|
|
|
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
|
2010
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
Key
performance data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per
share data:
|
|
|
|
|
|
|
|
Net
income (loss)
|
$
0.67
|
$(2.65)
|
$(1.95)
|
$
0.70
|
$
1.03
|
|
|
Cash
dividends declared
|
|
$
0.14
|
$
0.28
|
$
0.28
|
$
0.28
|
|
|
Book
value
|
$29.66
|
$29.25
|
$32.30
|
$34.64
|
$34.22
|
|
|
Tangible
book value
|
$29.46
|
$29.05
|
$32.10
|
$34.44
|
$34.02
|
|
|
Market
value:
|
|
|
|
|
|
|
|
High
|
$23.53
|
$34.50
|
$40.00
|
$40.00
|
$40.99
|
|
|
Low
|
$18.00
|
$21.80
|
$31.00
|
$35.31
|
$35.04
|
|
|
Closing
|
$18.50
|
$21.84
|
$34.50
|
$40.00
|
$36.75
|
|
|
Market
capitalization
|
$31,874
|
$37,587
|
$59,286
|
$68,651
|
$63,278
|
|
|
Common
shares outstanding
|
1,722,923
|
1,721,007
|
1,718,439
|
1,716,263
|
1,721,845
|
|
|
|
|
|
|
|
|
|
Selected
ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return
on average stockholders' equity
|
9.16%
|
(29.70)%
|
(22.63)%
|
8.18%
|
12.30%
|
|
|
|
|
|
|
|
|
|
Return
on average assets
|
0.72%
|
(2.60)%
|
(2.19)%
|
0.79%
|
1.15%
|
|
|
|
|
|
|
|
|
|
Leverage
|
7.77%
|
7.90%
|
8.68%
|
9.25%
|
9.10%
|
|
|
|
|
|
|
|
|
|
Total
risk-based capital
|
12.94%
|
12.61%
|
11.42%
|
11.97%
|
11.89%
|
|
|
|
|
|
|
|
|
|
Efficiency
|
71.45%
|
87.17%
|
60.78%
|
74.60%
|
63.26%
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets to loans, net, and foreclosed assets
|
5.43%
|
5.86%
|
5.59%
|
5.45%
|
5.26%
|
|
|
|
|
|
|
|
|
|
Net
charge-offs to average loans, net
|
3.05%
|
1.38%
|
2.42%
|
0.03%
|
0.23%
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses to loans, net
|
3.19%
|
3.65%
|
2.28%
|
1.18%
|
1.09%
|
|
|
|
|
|
|
|
|
|
Earning
assets yield (FTE)
|
5.01%
|
5.01%
|
5.35%
|
5.79%
|
5.88%
|
|
|
|
|
|
|
|
|
|
Cost of
funds
|
2.08%
|
2.01%
|
2.07%
|
2.11%
|
2.27%
|
|
|
|
|
|
|
|
|
|
Net
interest spread (FTE)
|
2.93%
|
3.00%
|
3.28%
|
3.68%
|
3.61%
|
|
|
|
|
|
|
|
|
|
Net
interest margin (FTE)
|
3.30%
|
3.37%
|
3.70%
|
4.09%
|
4.05%
|
|
|
|
|
|
|
|
|
|
Comm
Bancorp, Inc.
|
|
|
Consolidated
Statements of Income
|
|
|
(In
thousands, except per share data)
|
|
|
|
|
|
|
Three
Months Ended
|
Mar.
31,
|
Mar.
31,
|
|
|
2010
|
2009
|
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
Interest
and fees on loans:
|
|
|
|
|
Taxable
|
$5,941
|
$6,448
|
|
|
Tax-exempt
|
322
|
666
|
|
|
Interest
and dividends on investment securities
available-for-sale:
|
|
|
|
|
Taxable
|
729
|
349
|
|
|
Tax-exempt
|
302
|
537
|
|
|
Dividends
|
2
|
11
|
|
|
Interest
on federal funds sold
|
8
|
1
|
|
|
Total
interest income
|
7,304
|
8,012
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
Interest
on deposits
|
2,433
|
2,633
|
|
|
Interest
on short-term borrowings
|
|
56
|
|
|
Interest
on long-term debt
|
160
|
|
|
|
Total
interest expense
|
2,593
|
2,689
|
|
|
Net
interest income
|
4,711
|
5,323
|
|
|
Provision
for loan losses
|
1,000
|
570
|
|
|
Net
interest income after provision for loan losses
|
3,711
|
4,753
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
Service
charges, fees and commissions
|
741
|
764
|
|
|
Mortgage
banking income
|
281
|
402
|
|
|
Net gain
on sale of premises and equipment
|
|
294
|
|
|
Net gain
on sale of investment securities available-for-sale
|
361
|
114
|
|
|
Total
noninterest income
|
1,383
|
1,574
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
Salaries
and employee benefits expense
|
2,187
|
2,140
|
|
|
Net
occupancy and equipment expense
|
603
|
675
|
|
|
Other
expenses
|
1,564
|
1,533
|
|
|
Total
noninterest expense
|
4,354
|
4,348
|
|
|
Income
before income taxes
|
740
|
1,979
|
|
|
Provision
for income tax expense (benefit)
|
(410)
|
204
|
|
|
Net
income
|
$1,150
|
$1,775
|
|
|
|
|
|
|
Other
comprehensive income (loss):
|
|
|
|
|
Unrealized
holding gains (losses) on investment securities
available-for-sale
|
$
(275)
|
$
342
|
|
|
Reclassification
adjustment for gains included in net income
|
(361)
|
(114)
|
|
|
Income
tax expense (benefit) related to other comprehensive income
(loss)
|
(216)
|
78
|
|
|
Other
comprehensive income (loss), net of income taxes
|
(420)
|
150
|
|
|
Comprehensive
income
|
$
730
|
$1,925
|
|
|
|
|
|
|
Per
share data:
|
|
|
|
|
Net
income
|
$
0.67
|
$
1.03
|
|
|
Cash
dividends declared
|
|
$
0.28
|
|
|
Average
common shares outstanding
|
1,722,923
|
1,728,371
|
|
|
|
|
|
|
Comm
Bancorp, Inc.
|
|
|
Consolidated
Statements of Income
|
|
|
(In
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
Three
months ended
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
|
2010
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
Interest
income:
|
|
|
|
|
|
|
|
Interest
and fees on loans:
|
|
|
|
|
|
|
|
Taxable
|
$5,941
|
$
6,169
|
$
6,194
|
$6,436
|
$6,448
|
|
|
Tax-exempt
|
322
|
602
|
598
|
619
|
666
|
|
|
Interest
and dividends on investment securities
available-for-sale:
|
|
|
|
|
|
|
|
Taxable
|
729
|
118
|
205
|
315
|
349
|
|
|
Tax-exempt
|
302
|
326
|
407
|
473
|
537
|
|
|
Dividends
|
2
|
(20)
|
9
|
9
|
11
|
|
|
Interest
on federal funds sold
|
8
|
14
|
4
|
|
1
|
|
|
Total
interest income
|
7,304
|
7,209
|
7,417
|
7,852
|
8,012
|
|
|
|
|
|
|
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
Interest
on deposits
|
2,433
|
2,511
|
2,433
|
2,426
|
2,633
|
|
|
Interest
on short-term borrowings
|
|
|
5
|
36
|
56
|
|
|
Interest
on long-term debt
|
160
|
|
|
|
|
|
|
Total
interest expense
|
2,593
|
2,511
|
2,438
|
2,462
|
2,689
|
|
|
Net
interest income
|
4,711
|
4,698
|
4,979
|
5,390
|
5,323
|
|
|
Provision
for loan losses
|
1,000
|
7,670
|
8,670
|
520
|
570
|
|
|
Net
interest income (loss) after provision for loan losses
|
3,711
|
(2,972)
|
(3,691)
|
4,870
|
4,753
|
|
|
|
|
|
|
|
|
|
Noninterest
income:
|
|
|
|
|
|
|
|
Service
charges, fees and commissions
|
741
|
825
|
848
|
832
|
764
|
|
|
Mortgage
banking income
|
281
|
185
|
287
|
490
|
402
|
|
|
Net gain
on sale of premises and equipment
|
|
|
|
|
294
|
|
|
Net gain
on sale of investment securities available-for-sale
|
361
|
91
|
1,385
|
|
114
|
|
|
Total
noninterest income
|
1,383
|
1,101
|
2,520
|
1,322
|
1,574
|
|
|
|
|
|
|
|
|
|
Noninterest
expense:
|
|
|
|
|
|
|
|
Salaries
and employee benefits expense
|
2,187
|
2,184
|
2,025
|
2,164
|
2,140
|
|
|
Net
occupancy and equipment expense
|
603
|
589
|
591
|
583
|
675
|
|
|
Other
expenses
|
1,564
|
2,282
|
1,942
|
2,260
|
1,533
|
|
|
Total
noninterest expense
|
4,354
|
5,055
|
4,558
|
5,007
|
4,348
|
|
|
Income
(loss) before income taxes
|
740
|
(6,926)
|
(5,729)
|
1,185
|
1,979
|
|
|
Provision
for income tax expense (benefit)
|
(410)
|
(2,741)
|
(2,354)
|
(30)
|
204
|
|
|
Net
income (loss)
|
$1,150
|
$(4,185)
|
$(3,375)
|
$1,215
|
$1,775
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income (loss):
|
|
|
|
|
|
|
|
Unrealized
holding gains (losses) on investment securities
available-for-sale
|
$
(275)
|
$(1,174)
|
$
1,118
|
$
13
|
$
342
|
|
|
Reclassification
adjustment for gains included in net income
|
(361)
|
(91)
|
(1,385)
|
|
(114)
|
|
|
Income
tax expense (benefit) related to other comprehensive income
(loss)
|
(216)
|
(430)
|
(91)
|
4
|
78
|
|
|
Other
comprehensive income (loss), net of income taxes
|
(420)
|
(835)
|
(176)
|
9
|
150
|
|
|
Comprehensive
income (loss)
|
$
730
|
$(5,020)
|
$(3,551)
|
$1,224
|
$1,925
|
|
|
|
|
|
|
|
|
|
Per
share data:
|
|
|
|
|
|
|
|
Net
income (loss)
|
$
0.67
|
$
(2.43)
|
$
(1.95)
|
$
0.70
|
$
1.03
|
|
|
Cash
dividends declared
|
|
$
0.14
|
$
0.28
|
$
0.28
|
$
0.28
|
|
|
Average
common shares outstanding
|
1,722,923
|
1,721,007
|
1,718,439
|
1,722,282
|
1,728,371
|
|
|
|
|
|
|
|
|
|
Comm
Bancorp, Inc.
|
|
|
Details
of Net Interest and Net Interest Margin
|
|
|
(In
thousands, fully taxable equivalent basis)
|
|
|
|
|
|
|
|
|
|
Three
months ended
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
|
2010
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
Net
interest income:
|
|
|
|
|
|
|
|
Interest
income
|
|
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
|
|
Taxable
|
$5,941
|
$6,169
|
$6,194
|
$6,436
|
$6,448
|
|
|
Tax-exempt
|
488
|
912
|
906
|
938
|
1,009
|
|
|
Total
loans, net
|
6,429
|
7,081
|
7,100
|
7,374
|
7,457
|
|
|
Investments:
|
|
|
|
|
|
|
|
Taxable
|
731
|
98
|
214
|
324
|
360
|
|
|
Tax-exempt
|
458
|
494
|
616
|
717
|
814
|
|
|
Total
investments
|
1,189
|
592
|
830
|
1,041
|
1,174
|
|
|
Federal
funds sold
|
8
|
14
|
4
|
|
1
|
|
|
Total
interest income
|
7,626
|
7,687
|
7,934
|
8,415
|
8,632
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
Deposits
|
2,433
|
2,511
|
2,433
|
2,426
|
2,633
|
|
|
Borrowed
funds
|
160
|
|
5
|
36
|
56
|
|
|
Total
interest expense
|
2,593
|
2,511
|
2,438
|
2,462
|
2,689
|
|
|
Net
interest income
|
$5,033
|
$5,176
|
$5,496
|
$5,953
|
$5,943
|
|
|
|
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
|
|
Taxable
|
5.44%
|
0.72%
|
5.45%
|
5.80%
|
5.84%
|
|
|
Tax-exempt
|
6.29%
|
5.96%
|
5.89%
|
5.66%
|
5.97%
|
|
|
Total
loans, net
|
5.50%
|
5.52%
|
5.50%
|
5.78%
|
5.86%
|
|
|
Investments:
|
|
|
|
|
|
|
|
Taxable
|
3.31%
|
1.80%
|
3.10%
|
3.92%
|
4.29%
|
|
|
Tax-exempt
|
7.46%
|
7.33%
|
7.07%
|
7.43%
|
7.49%
|
|
|
Total
investments
|
4.21%
|
4.86%
|
5.32%
|
5.81%
|
6.09%
|
|
|
Federal
funds sold
|
0.11%
|
0.11%
|
0.11%
|
|
0.49%
|
|
|
Total
earning assets
|
5.01%
|
5.01%
|
5.35%
|
5.79%
|
5.88%
|
|
|
Interest
expense:
|
|
|
|
|
|
|
|
Deposits
|
1.98%
|
2.01%
|
2.08%
|
2.18%
|
2.38%
|
|
|
Borrowed
funds
|
8.08%
|
|
0.67%
|
0.68%
|
0.71%
|
|
|
Total
interest-bearing liabilities
|
2.08%
|
2.01%
|
2.07%
|
2.11%
|
2.27%
|
|
|
Net
interest spread
|
2.93%
|
3.00%
|
3.28%
|
3.68%
|
3.61%
|
|
|
Net
interest margin
|
3.30%
|
3.37%
|
3.70%
|
4.09%
|
4.05%
|
|
|
|
|
|
|
|
|
|
Comm
Bancorp, Inc.
|
|
|
Consolidated
Balance Sheets
|
|
|
(In
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
|
At
period end
|
2010
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
Cash and
due from banks
|
$
8,798
|
$
23,978
|
$
8,728
|
$
8,315
|
$
9,441
|
|
|
Federal
funds sold
|
33,800
|
25,300
|
46,100
|
|
|
|
|
Investment
securities available-for-sale
|
116,593
|
108,005
|
38,302
|
73,169
|
75,249
|
|
|
Loans
held for sale, net
|
811
|
2,016
|
|
787
|
2,243
|
|
|
Loans,
net of unearned income
|
466,296
|
476,944
|
507,094
|
510,870
|
507,166
|
|
|
Less:
allowance for loan losses
|
14,891
|
17,462
|
11,566
|
6,019
|
5,531
|
|
|
Net
loans
|
451,405
|
459,482
|
495,528
|
504,851
|
501,635
|
|
|
Premises
and equipment, net
|
11,480
|
11,616
|
11,631
|
11,709
|
11,785
|
|
|
Accrued
interest receivable
|
2,213
|
2,122
|
2,597
|
2,526
|
2,456
|
|
|
Other
assets
|
23,512
|
19,634
|
11,386
|
9,456
|
8,951
|
|
|
Total
assets
|
$648,612
|
$652,153
|
$614,272
|
$610,813
|
$611,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Noninterest-bearing
|
$
90,999
|
$
88,335
|
$
79,591
|
$
82,002
|
$
77,752
|
|
|
Interest-bearing
|
495,361
|
502,448
|
475,509
|
456,795
|
443,114
|
|
|
Total
deposits
|
586,360
|
590,783
|
555,100
|
538,797
|
520,866
|
|
|
Short-term
borrowings
|
|
|
|
7,950
|
27,450
|
|
|
Long-term
debt
|
8,000
|
8,000
|
|
|
|
|
|
Accrued
interest payable
|
1,623
|
1,296
|
1,185
|
1,696
|
2,124
|
|
|
Other
liabilities
|
1,520
|
1,740
|
2,478
|
2,912
|
2,397
|
|
|
Total
liabilities
|
597,503
|
601,819
|
558,763
|
551,355
|
552,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
Common
stock, par value $0.33 authorized
|
|
|
|
|
|
|
|
12,000,000,
shares issued and outstanding 1,722,923;
|
|
|
|
|
|
|
|
1,721,007;
1,718,439; 1,716,263; 1,721,845
|
569
|
568
|
567
|
566
|
568
|
|
|
Capital
surplus
|
8,010
|
7,966
|
7,881
|
7,799
|
7,741
|
|
|
Retained
earnings
|
42,131
|
40,981
|
45,407
|
49,263
|
48,793
|
|
|
Accumulated
other comprehensive income
|
399
|
819
|
1,654
|
1,830
|
1,821
|
|
|
Total
stockholders' equity
|
51,109
|
50,334
|
55,509
|
59,458
|
58,923
|
|
|
Total liabilities and stockholders' equity
|
$648,612
|
$652,153
|
$614,272
|
$610,813
|
$611,760
|
|
|
|
|
|
|
|
|
|
Comm
Bancorp, Inc.
|
|
|
Consolidated
Balance Sheets
|
|
|
(In
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
|
Average
quarterly balances
|
2010
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
Loans,
net:
|
|
|
|
|
|
|
|
Taxable
|
$442,821
|
$448,359
|
$451,025
|
$444,905
|
$447,922
|
|
|
Tax-exempt
|
31,479
|
60,710
|
61,000
|
66,500
|
68,567
|
|
|
Total
loans, net
|
474,300
|
509,069
|
512,025
|
511,405
|
516,489
|
|
|
Investments:
|
|
|
|
|
|
|
|
Taxable
|
89,635
|
21,598
|
27,354
|
33,115
|
34,068
|
|
|
Tax-exempt
|
24,889
|
26,740
|
34,562
|
38,729
|
44,051
|
|
|
Total
investments
|
114,524
|
48,338
|
61,916
|
71,844
|
78,119
|
|
|
Federal
funds sold
|
29,093
|
51,706
|
14,709
|
37
|
833
|
|
|
Total
earning assets
|
617,917
|
609,113
|
588,650
|
583,286
|
595,441
|
|
|
Other
assets
|
29,344
|
29,950
|
22,649
|
30,625
|
27,910
|
|
|
Total
assets
|
$647,261
|
$639,063
|
$611,299
|
$613,911
|
$623,351
|
|
|
|
|
|
|
|
|
|
Liabilities
and stockholders' equity:
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
Interest-bearing
|
$497,712
|
$495,714
|
$464,411
|
$446,992
|
$449,242
|
|
|
Noninterest-bearing
|
86,711
|
84,139
|
81,047
|
82,221
|
79,997
|
|
|
Total
deposits
|
584,423
|
579,853
|
545,458
|
529,213
|
529,239
|
|
|
Short-term
borrowings
|
33
|
|
2,970
|
21,359
|
31,773
|
|
|
Long-term
debt
|
8,000
|
87
|
|
|
|
|
|
Other
liabilities
|
3,881
|
3,223
|
3,710
|
3,743
|
3,821
|
|
|
Total
liabilities
|
596,337
|
583,163
|
552,138
|
554,315
|
564,833
|
|
|
Stockholders'
equity
|
50,924
|
55,900
|
59,161
|
59,596
|
58,518
|
|
|
Total
liabilities and stockholders' equity
|
$647,261
|
$639,063
|
$611,299
|
$613,911
|
$623,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comm
Bancorp, Inc.
|
|
|
Asset
Quality Data
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
March
31,
|
Dec.
31,
|
Sept.
30,
|
June
30,
|
March
31,
|
|
|
At
quarter end
|
2010
|
2009
|
2009
|
2009
|
2009
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets:
|
|
|
|
|
|
|
|
Nonaccrual
loans
|
$17,302
|
$19,015
|
$20,567
|
$20,166
|
$20,154
|
|
|
Restructured
loans
|
1,980
|
4,302
|
4,773
|
4,888
|
3,357
|
|
|
Accruing
loans past due 90 days or more
|
392
|
1,634
|
1,177
|
1,139
|
1,402
|
|
|
Foreclosed
assets
|
5,979
|
3,209
|
1,932
|
1,726
|
1,854
|
|
|
Total
nonperforming assets
|
$25,653
|
$28,160
|
$28,449
|
$27,919
|
$26,767
|
|
|
|
|
|
|
|
|
|
Three
months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance
for loan losses:
|
|
|
|
|
|
|
|
Beginning
balance
|
$17,462
|
$
11,566
|
$
6,019
|
$
5,531
|
$
5,255
|
|
|
Charge-offs
|
3,591
|
1,814
|
3,133
|
147
|
324
|
|
|
Recoveries
|
20
|
40
|
10
|
115
|
30
|
|
|
Provision
for loan losses
|
1,000
|
7,670
|
8,670
|
520
|
570
|
|
|
Ending
balance
|
$14,891
|
$17,462
|
$11,566
|
$
6,019
|
$
5,531
|
|
|
|
|
|
|
|
|
|
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.