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.
Copyright . 21 PR Newswire